Consolidated HCI Holdings Corporation announces its 2017 first quarter results

WOODBRIDGE, ON, Feb. 7, 2017 /CNW/ - Consolidated HCI Holdings Corporation today announced its fiscal 2017 first quarter results. The results, segregating discontinued operations as a result of an expected asset sale as described below are as follows:

($000's except earnings per share)

3 months ended

December 31


2016

2015



Continuing operations




Revenue

$

27

$

29


Net loss

$

(137)

$

(132)

Discontinued operations




Earnings, net of income taxes – see note below

981

118


Net earnings (loss) for the period

$

844

$

(14)




Basic and diluted earnings (loss) per share from:




Continuing operations

$

(0.01)

$

(0.01)


Discontinued operations

0.05

0.01


$

0.04

$

-

 

Note: The 2016 net earnings from discontinued operations includes an after-tax fair value gain on one of the Company's investment properties of $874. No fair value change was recorded for the 2015 comparative period.

The Company announces that it has engaged a firm of real estate professionals to market its 50% co-tenancy interests in both of its investment properties. A purchaser is expected to be found to purchase the Company's interests in the assets of, and assume the Company's obligations for the liabilities of the co-tenancies, and a successful transaction, subject to shareholder approval, is expected to be concluded by December 31, 2017. Accordingly, the 2017 first quarter results above and those of the comparative period have been segregated and presented separately as discontinued operations, relative to the Company's investment property operations and continuing operations, relative to all other activities.

A summary of the assets held for sale and related liabilities at December 31, 2016 is as follows:

Investment properties at fair value

$

13,521

Amounts receivable

382

Cash and cash equivalents

311

Tenant inducements

327

Assets held for sale

14,541

Loan payable

2,851

Accounts payable and accrued liabilities

183

Liabilities related to assets held for sale

3,034

Net assets of discontinued operations

$

11,507

 

Consolidated HCI Holdings Corporation is an Ontario-based real estate and development company that trades on The Toronto Stock Exchange under the symbol "CXA.B"

SOURCE Consolidated HCI Holdings Corporation

For further information: Mr. Arnold J. Resnick, 905-851-7741 (106)


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890