Kingsway Q3 net income $37.3M vs loss; sells PWSC for $51.2M, acquires CSuite

KINGSWAY FINANCIAL SERVICES INC

2022-Q3 EPS reported $1.32 revenue$79,375,000

Net income of $37.3M in Q3 2022 vs net loss of $0.2M in Q3 2021; non-GAAP adjusted net income $2.6M vs $2.1M.
Completed sale of PWSC subsidiary for $51.2M base price; net cash $37.2M, ~10x return on $5M investment.
Entered option agreements to repurchase five trust preferred debt instruments for $59.4M (face $75.5M + deferred interest $19.3M).
Acquired CSuite Financial Partners on Nov 1, 2022; second acquisition under Kingsway Search Xcelerator Program.
Cash from operations for nine months $9.3M vs used $8.0M a year ago; cash balance $48.6M at Sept 30, 2022.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

KINGSWAY FINANCIAL SERVICES INC reported the three months ended September 30, 2022 results: net income $37.3 million.

Period: the three months ended September 30, 2022
Net income: $37.3 million
Result: reported results

Exact text from the filing

Net income was $37.3 million, compared to net loss of ($0.2) million for the 2021 period

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KINGSWAY FINANCIAL SERVICES INC filing history →

Source: SEC EDGAR

accession 0001437749-22-026893

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