TORONTO, Nov. 27, 2018 /CNW/ - Fountain Asset Corp.
(TSXV:FA) ("Fountain" or the "Company") is pleased to announce its
financial results for the third quarter ended September 30, 2018.
Highlights from the Q3 ending September 30, 2018:
- Total revenue from investment activity increased to
$7.8 million compared to revenue of
$0.9 million in Q3/17;
- Net realized gains on the sale of portfolio investments of
$5.7 million compared to net realized
gains of $0.8 in Q3/17;
- Net unrealized gains on portfolio investments of $1.9 million compared to net unrealized losses of
$0.1 million in Q3/17;
- Total expenses were $2.5 million
compared to $0.4 million in
Q3/17;
- Net income increased to $5.0
million ($0.08/share) compared
to net income of $0.5 million
($0.01/share) in Q3/17; and
- Adjusted net asset value ("NAV") was $35.5 million ($0.60/share) at September
30, 2018 compared to $25.5
million ($0.47/share) at
December 31, 2017.
For the quarter ended September 30,
2018, the Company reported net income of $5.0 million compared to net income of
$0.5 million in the quarter ended
September 30, 2017. The current
quarter net income was primarily attributable to gains on
investment activity which included net realized gains on the sale
of portfolio investments of $5.7
million as well as net unrealized gains on portfolio
investments of $1.9 million.
As at September 30, 2018, the
Company's Adjusted NAV per share was $0.60 compared to $0.47 at the end of December 31, 2017. This 28% increase was
mainly due the gains on portfolio investments offset by a further
reduction in available tax losses as we continued to realize gains
on our portfolio.
"The third quarter's strong performance was driven by a private
investment which began trading publicly as expected. This
quarter further demonstrated Fountain's ability to source and
invest in early stage companies." said Andrew Parks, CEO of Fountain.
A full set of the Q3 2018 unaudited financial statements and the
related management's discussion & analysis are available on
SEDAR.
About Fountain Asset Corp.
Fountain Asset Corp. is a merchant bank which provides equity
financing, bridge loan services (asset back/collateralized
financing) and strategic financial consulting services to companies
across many industries such as marijuana, oil & gas, mining,
real estate, manufacturing, retail, financial services, blockchain
technology and biotechnology.
Neither TSX Venture Exchange Inc. nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Fountain Asset Corp.
