Kingsway Q1 net income $27.8M vs loss; revenue up 17% to $26.4M

KINGSWAY FINANCIAL SERVICES INC

2023-Q1 EPS reported $1.05 revenue$26,389,000

Consolidated revenue $26.4M (+17% YoY); net income $27.8M vs net loss $2.5M in prior year.
Adjusted EBITDA $2.4M vs $1.0M; twelve-month run-rate remains $18M-$19M.
Repurchased $96.7M of trust preferred debt at 60.8 cents on dollar, realizing IRR >20%.
KSX segment revenue surged 131% to $9.7M, driven by acquisitions of CSuite and SNS.
Board authorized $10M share repurchase program; added two new hires to KSX platform.

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