TORONTO, March 26, 2020 (GLOBE NEWSWIRE) -- Dundee Corporation (TSX: DC.A) (the “Corporation” or “Dundee”) today announced its financial results for the three months and year ended December 31, 2019.
FINANCIAL RESULTS
During 2019, the Corporation recognized a net loss attributable to owners of the Corporation of $15.3 million, or a loss of $0.26 per share. This compares with a net loss attributable to owners of the Corporation of $202.4 million in 2018, representing a loss of $3.49 per share.
During the fourth quarter of 2019, the Corporation recognized net earnings attributable to owners of Dundee Corporation of $6.3 million, or earnings of $0.04 per share, before the effect of any dilutive securities. This compares with a net loss of $46.4 million or $0.79 per share incurred during the same quarter of the prior year.
“Our primary objectives in 2019 were two-fold and focused on continuing the rationalization of our investment portfolio, while strengthening the capital structure of our business. On both fronts, we made significant progress during the year,” said Jonathan Goodman, Chairman and CEO. “We were able to crystalize value and generate cash proceeds from the sale of a number of non-core businesses last year, including Union Group, Dundee 360 Real Estate Corporation’s brokerage division and preference shares of Red Leaf Resources Inc. We have also improved our financial position with the successful conversion of Preference Shares, series 5 to Class A subordinate voting shares in May 2019.
COVID-19 UPDATE
The Corporation’s top priority during the COVID-19 pandemic is the health and well-being of its employees. To that end, steps have been taken in recent weeks to implement the business continuity plan in order to maintain business operations during this tumultuous period in both the stock markets and greater society. As a result, head office employees have the option of working from home, limiting their personal risks and helping ensure their safety.
“Due to planning, preparation and investment in technology, we have been able to seamlessly transition the majority of our head office employees to work from home,” said Robert Sellars, Executive Vice President and Chief Financial Officer. “All employees are doing their part during this unprecedented global pandemic. On behalf of our board of directors, thanks to all of our staff for helping us remain fully operational during the COVID-19 pandemic.”
FINANCIAL REVIEW
HIGHLIGHTS
SHAREHOLDERS’ EQUITY ON A PER SHARE BASIS
Carrying Value | |||||
as at | |||||
31-Dec-19 | |||||
Operating subsidiaries | $ | 201,694 | |||
Equity accounted investments | 28,699 | ||||
Investments carried at fair value through profit or loss | 306,687 | ||||
Other net corporate account balances | 29,999 | ||||
Total shareholders' equity | 567,079 | ||||
Less: Shareholders' equity attributable to holders of: | |||||
Preference Shares, series 2 | (75,026 | ) | |||
Preference Shares, series 3 | (50,473 | ) | |||
Shareholders' equity attributable to holders of Class A | |||||
Subordinate Voting Shares and Class B Shares of the Corporation | $ | 441,580 | |||
Number of Class A Subordinate Voting Shares and Class B Shares of the Corporation issued and outstanding | |||||
Class A Subordinate Voting Shares | 99,977,802 | ||||
Class B Shares | 3,114,713 | ||||
103,092,515 | |||||
Shareholders' Equity on a Per Share Basis | $ | 4.28 |
FOURTH QUARTER 2019 CONFERENCE CALL AND WEBCAST DETAILS
The Corporation’s audited consolidated financial statements as at and for the years ended December 31, 2019 and 2018, along with the accompanying management’s discussion and analysis have been filed on the System for Electronic Document Analysis and Retrieval (“SEDAR”) and may be viewed by interested parties under the Corporation’s profile at www.sedar.com or the Corporation’s website at www.dundeecorp.com.
The Corporation will host a conference call and webcast to discuss its fourth quarter and year end 2019 financial results. The details for the event are as follows:
Date: | Friday, March 27, 2020 | |
Time: | 10 a.m. EDT | |
Webcast: | www.dundeecorp.com | |
Live Call: | 1.888.231.8191 or 1.647.427.7450 |
The conference call will be archived for replay until Friday, April 3, 2020 at midnight. To access the archived conference call, please dial 1.855.859.2056 or 1.416.849.0833 and enter the encore code 9978907. An archive of the audio webcast will also be posted to Dundee Corporation’s website.
ABOUT DUNDEE CORPORATION
Dundee Corporation is a public Canadian independent holding company, listed on the Toronto Stock Exchange under the symbol “DC.A”. Through its operating subsidiaries, Dundee Corporation is engaged in diverse business activities in the areas of investment advisory, corporate finance, energy, resources, agriculture, real estate and infrastructure. Dundee Corporation also holds, directly and indirectly, a portfolio of investments mostly in these key areas, as well as other select investments in both publicly listed and private enterprises.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Dundee Corporation’s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dundee Corporation’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under “Risk Factors” in the Annual Information Form of Dundee Corporation and subsequent filings made with securities commissions in Canada. Dundee Corporation does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
FOR FURTHER INFORMATION PLEASE CONTACT:
John Vincic
Investor and Media Relations for Dundee Corporation
Vincic Advisors
T: (647) 402-6375
E: jvincic@dundeecorporation.com