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Published on May 6, 2024 • 6 minute read
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CALGARY, Alberta, May 06, 2024 (GLOBE NEWSWIRE) — Wilmington Capital Management Inc. has announced… (“Wilmington” or the “Company”) reported net income for the three months ended March 31, 2024, of $1.3 million, or $0.10 per share, compared to a net loss of $0.5 million, or ($0.05) per share, for the same period in 2023.
The following is a summary of the company’s activities and the operations of investee companies:
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summary
As previously reported, the company has set its sights on streamlining its business and monetizing those investments as the value embedded has been significantly realized. In the previous nine months, the company monetized its investments in Bow City Partnerships, Northbridge, some core energy funds and more recently its investment in the marina business.
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Investors
Sanchezer Partnership
The success of the 2023 camping season is expected to continue into 2024 as the company continues to provide value and compelling experiences to its customers. The first phase of the 114-unit expansion of Half Moon Resort has been a resounding success. An application for the second phase expansion to 112 units is being submitted. As interest rates begin to rise, RV resort owners are adjusting their price expectations to become more realistic. The Sunchaser Partnership continues to actively seek opportunities to expand its presence in the RV resort business.
Bay Moorings Partnership
The redevelopment of the existing marina, Champlain Shores, continues to progress with the ongoing sale of homes and residential sites. Of the 50 home sites available, 21 are sold. The project, owned by Bay Moorings Holdings Limited Partnership, is also earmarked to accommodate an 88-unit residential complex.
Bow City 2 Partnership (development owned lands)
The company's development plans for the Seaton project, which consists of a 92,000-square-foot self-storage facility and a 17-bay residential and retail complex, advanced during the first quarter. The tender process has largely been completed, and discussions are underway with lenders to finance construction.
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Special profits
On March 6, 2024, the Company declared a special dividend of $2.75 per Class A and Class B share, for a total of $33.9 million payable on May 7, 2024. Class A shareholders will receive $1.25 per Class A share as a return of capital and $1.50 as a qualifying dividend. Class B shareholders will receive $1.12 per Class B share as a return of capital and $1.63 in qualified dividends.
Prospects
The organization has made significant strides to re-evaluate its business opportunities in the context of a changing economic environment, streamline its business, and reward shareholders for their support by paying dividends and a return of capital. The Company will continue to focus on streamlining its business, re-evaluating its ongoing liquidity needs and on potential opportunities to expand its footprint in the RV resort business.
Financial results
Consolidated statement of income (loss) and comprehensive income (loss). (Unaudited)
| to | The three months ending March 31 | |
| (Thousands of Canadian dollars, excluding per share amounts) | 2024 | 2023 |
| Administrative fee revenue | 140 | 120 |
| Interest, distribution and other income | 548 | 626 |
| 688 | 746 | |
| Expenses | ||
| General and administrative | (625) | (467) |
| Extinguishing | (7) | (7) |
| Financing costs | (1) | (2) |
| Stock-based compensation | (18) | (49) |
| (651) | (525) | |
| Fair value adjustments and other activities | ||
| Fair value adjustments to investments | 194 | (610) |
| Profits from disposal of investments | 1,010 | — |
| The share of accounting loss in equity | — | (13) |
| 1,204 | (623) | |
| Income (loss) before income taxes | 1,241 | (402) |
| Current income tax expense | (416) | (120) |
| Deferred income tax recovery (expense) | 429 | (52) |
| Income tax provision | 13 | (172) |
| Net income (loss) | 1,254 | (574) |
| Other comprehensive income | ||
| Items that will not be reclassified to net income (loss): | ||
| Fair value adjustments to investments | — | (170) |
| Related income taxes | 37 | 34 |
| Other comprehensive income (loss), net of income taxes | 37 | (136) |
| Comprehensive income (loss). | 1,291 | (710) |
| Net income (loss) per share – basic | 0.10 | (0.05) |
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Consolidated balance sheet (Unaudited)
| as in | March 31, | December 31, |
| (thousands of Canadian dollars) | 2024 | 2023 |
| Origins | ||
| Non-current assets | ||
| Investing in Maple Leaf Partnerships | 910 | 22,910 |
| Investing in Sunchaser Partnership | 4700 | 4700 |
| Investing in energy securities | 2,108 | 7,584 |
| Land held for development | 7,245 | 6,632 |
| Right-of-use assets | 57 | 64 |
| 15,020 | 41,890 | |
| Assets | ||
| monetary | 41,861 | 10,664 |
| Short term securities | 13000 | 17000 |
| Amounts receivable and other assets | 5,349 | 4,616 |
| Total assets | 75,230 | 74,170 |
| Commitments | ||
| Non-current liabilities | ||
| Deferred income tax liabilities | 219 | 1,773 |
| Lease obligations | 67 | 85 |
| 286 | 1,858 | |
| Current liabilities | ||
| Lease obligations | 38 | 38 |
| Income taxes due | 1,674 | 171 |
| Dividends payable | 33896 | — |
| Amounts due and others | 620 | 800 |
| Total liabilities | 36,514 | 2,867 |
| justice | ||
| Shareholders' equity | 36,046 | 51,324 |
| Contribute the surplus | 1,150 | 1,132 |
| retained earnings | 1300 | 10,364 |
| Accumulated other comprehensive income | 220 | 8,483 |
| Total shares | 38,716 | 71,303 |
| Total liabilities and equity | 75,230 | 74,170 |
Corporation executives will be available at 403-705-8038 to answer any questions about the company's financial results.
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Statement Regarding Forward-Looking Statements and Other Measurements
Certain statements contained herein may constitute forward-looking statements or information under applicable securities legislation. Forward-looking statements that are predictive in nature, depend on or refer to future events or conditions, and include statements regarding the operations, business, financial conditions, expected financial results, performance, opportunities, priorities, ongoing objectives, strategies and future prospects of the Company and its investee entities and contain words such as “expect,” “believe.” , “expect,” “plan,” “intend,” “estimate,” “propose,” or similar expressions and statements relating to matters that are not historical facts constitute “forward-looking information” within the meaning of applicable Canadian securities legislation.
While the Company believes that the anticipated future results, performance or achievements reflected or implied by such forward-looking statements are based on reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks. and uncertainties and other factors, many of which are beyond the Company's control, which may cause the actual results, performance and achievements of the Company to differ materially from the anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.
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Factors and risks that could cause actual results to differ materially from those contemplated or implied in forward-looking statements include, but are not limited to: the ability of management of Wilmington and its investee entities to implement their business plans and plans; the availability of equity and debt financing and refinancing within the equity and capital markets; Strategic actions including actions; business competition; Delays in business operations. The risks of implementing operations with minimal environmental impact; industry conditions including changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and implemented; Operational matters relating to the business of investee entities; incorrect assessments of the value of acquisitions; Fluctuations in interest rates. stock market fluctuations; general economic, market and business conditions; risks associated with current and potential future litigation and regulatory actions against Wilmington and its investee entities; uncertainties associated with regulatory approvals; uncertainty about changes in government policy; uncertainties associated with credit facilities; Changes in income tax laws and tax laws; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); The impact of implementing future accounting changes. and other risks, factors and uncertainties described elsewhere in this document or in Wilmington's other filings with Canadian securities regulatory authorities.
The foregoing list of important factors that may affect future results is not exhaustive. When relying on forward-looking statements, investors and others should carefully consider the above factors and other uncertainties and potential events. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements or information, which may be a result of new information, future events or otherwise. These forward-looking statements speak only as of the date hereof.
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