BALTIMORE, Feb. 20, 2020 /PRNewswire/ -- MMA Capital
Holdings, Inc. (Nasdaq: MMAC) ("MMA Capital" or the
"Company") today announced that it expects to report the
release of a portion of the Company's valuation allowance
associated with its deferred tax assets that is expected to result
in a material increase to net income and common shareholders'
equity for the year ended December 31,
2019. Such anticipated release reflects the Company's
assessment that, based on all available evidence as of December 31, 2019, it is more likely than not
that a portion of the Company's net operating loss carryforwards
will be utilized. Evidence evaluated by the Company included,
but was not limited to, its three-year cumulative income position,
the results and trend of pretax book income from core operations
and its forecast of pretax book income.
Michael Falcone, MMA Capital's
Chief Executive Officer stated, "As a result of the strategic
repositioning of our business over the last two years, especially
recent transactions involving the Company's new revolving credit
facility and repayment of the Hunt note, we believe that the
likelihood that a portion of the Company's deferred tax benefits
will be realized has risen to a level where it is appropriate to
recognize a net deferred tax asset in the Company's financial
statements. Given the expected materiality of this non-cash
benefit, and beginning with the Annual Report on Form 10-K for the
year ended December 31, 2019, we
expect to disclose supplemental financial metrics that will enable
investors to evaluate the Company's performance both with and
without recognition of the net deferred tax asset. By doing
so, investors will be able to assess the Company's underlying
financial performance and trends of its business from period to
period without considering the effect of a financial asset whose
measurement is calculated and subject to change based on
significant judgment."
About MMAC
MMA Capital invests in debt associated with renewable energy
infrastructure and real estate. MMA Capital is externally managed
and advised by Hunt Investment Management, LLC, an affiliate of
Hunt Companies, Inc. For additional information about MMA Capital
Holdings, Inc. (Nasdaq: MMAC), please visit MMA Capital's website
at www.mmacapitalholdings.com. For additional
information about Hunt Investment Management, LLC, please see its
Form ADV and brochure (Part 2A of Form ADV) available at
https://www.adviserinfo.sec.gov.
Source: MMA Capital Holdings, Inc.
Cautionary Statement Regarding Forward-Looking
Statements
This Release contains forward-looking statements intended to
qualify for the safe harbor contained in Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements include statements regarding the expected partial
release of the valuation allowance and other statements identified
by words such as "may," "will," "should," "anticipate," "estimate,"
"expect," "project," "intend," "plan," "believe," "seek," "would,"
"could," and similar words or expressions and are made in
connection with discussions of future events and operating or
financial performance.
Forward-looking statements reflect our management's
expectations at the date of this release regarding future
conditions, events or results. They are not guarantees of future
performance. By their nature, forward-looking statements are
subject to risks and uncertainties. Our actual results and
financial condition may differ materially from what is anticipated
in the forward-looking statements. There are many factors that
could cause actual conditions, events or results to differ from
those anticipated by the forward-looking statements contained in
this release. For a discussion of certain of those risks and
uncertainties and the factors that could cause our actual results
to differ materially because of those risks and uncertainties, see
Part I, Item 1A, Risk Factors of our Annual Report on Form 10-K for
the year ended December 31, 2018. All
forward-looking statements made herein are expressly qualified in
their entirety by these cautionary statements and there can be no
assurance that the actual results, events or developments
referenced herein will occur or be realized. Readers are cautioned
not to place undue reliance on forward-looking statements in this
release or that we may make from time to time. We expressly
disclaim any obligation to revise or update any forward-looking
statements in this release, whether as a result of new information,
future events or otherwise.
www.mmacapitalholdings.com
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SOURCE MMA Capital Holdings, Inc.
