Kingsway FY2022 revenue $93.3M, turns profitable, sells railyard, two acquisitions

KINGSWAY FINANCIAL SERVICES INC

Revenue $93.3M (vs $78.4M in 2021); income from cont ops $30.1M vs loss $2.7M; Adj EBITDA $10.2M vs $7.1M.
Sold Texas railyard for $215.2M ($44.5M cash, $170.7M mortgage assumption), net $21.4M to Kingsway.
Acquired Secure Nursing Service ($10.9M) and CSuite Financial Partners ($8.5M), both accretive.
Unrestricted cash $64.2M (vs $10.1M Dec 2021); amended debt facility for up to $10M additional.
Announced repurchase of 100% of principal & deferred interest on five of six trust preferred debt.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

KINGSWAY FINANCIAL SERVICES INC reported the 12 months ended December 31, 2022 results: revenue $93.3 million, net income $30.1 million.

Period: the 12 months ended December 31, 2022
Revenue: $93.3 million
Net income: $30.1 million
Result: reported results

Exact text from the filing

Total revenue was $93.3 million for 2022, compared to $78.4 million for 2021, and now consists of just Extended Warranty and Kingsway Search Xcelerator (“KSX”) segment revenues

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KINGSWAY FINANCIAL SERVICES INC filing history →

Source: SEC EDGAR

accession 0001437749-23-005798

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