TORONTO, March 28, 2018 (GLOBE NEWSWIRE) -- Dundee Corporation (TSX:DC.A) (the “Corporation” or “Dundee”) is reporting its financial results for the three months and the year ended December 31, 2017.
During 2017, the Corporation incurred a net loss attributable to owners of Dundee Corporation of $52.5 million, or a loss of $1.01 per share, compared to the prior year’s net loss attributable to owners of Dundee Corporation of $147.0 million or $2.62 per share.
The net loss attributable to owners of Dundee Corporation during the fourth quarter of 2017 was $69.6 million, or a loss of $1.20 per share, compared with a net loss of $106.4 million or $1.84 per share incurred during the same period of the prior year. Losses incurred during the fourth quarter of 2017 included net losses of $22.8 million related to discontinued operations attributable to owners of Dundee Corporation, compared with losses from discontinued operations of $2.1 million attributable to owners of Dundee Corporation incurred in the fourth quarter of the prior year.
“As planned, we made progress towards key longer-term objectives, which included lowering our expense profile, reducing our interest expense payments and continuing to rationalize holdings in our portfolio,” said Jonathan Goodman, Executive Chairman of the Corporation. “Our business continues through a period of transition, but we are optimistic results will improve as we recalibrate our strategic focus.”
“We are encouraged by the performance of our investment portfolio, which includes investments in a number of companies in the resources sector. As we pivot our business to focus more on this segment of the market we feel we are well positioned,” added Mr. Goodman.
STRATEGIC UPDATE
As part of its ongoing focus on maximizing shareholder value, the Corporation will undertake a process to review and evaluate its entire portfolio of public and private investment holdings. This portfolio includes companies in a cross section of industries including mining, energy, real estate, financial services, agriculture, pharmaceuticals and industrials.
In addition, the Corporation also announced today that it is relaunching a resource-focused capital markets platform. Dundee has a long legacy of successfully investing in the mining industry and is recognized as an international leader in natural resources investing. To support its re-entry into capital markets, Dundee has hired a team of professionals in Vancouver who will be actively involved in financing and strategic advisory services in the mining sector. Effective April 2, 2018, Messrs. Rick Cohen, Rob Klassen, Olav Langelaar and associate, Andrew Nelson, will join the Corporation.
FINANCIAL RESULTS
OPERATIONAL REVIEW
SHAREHOLDERS’ EQUITY ON A PER SHARE BASIS
Carrying Value | |||||
as at | |||||
31-Dec-17 | |||||
Operating subsidiaries | $ | 275,137 | |||
Equity accounted investments | 104,761 | ||||
Investments carried at fair value through profit or loss | 385,193 | ||||
Other net corporate account balances | (28,531 | ) | |||
Total shareholders' equity | 736,560 | ||||
Less: Shareholders' equity attributable to holders of: | |||||
Preference Shares, series 2 | (84,053 | ) | |||
Preference Shares, series 3 | (43,015 | ) | |||
Shareholders' equity attributable to holders of Class A | |||||
Subordinate Voting Shares and Class B Shares of the Corporation | $ | 609,492 | |||
Number of Class A Subordinate Voting Shares and Class B Shares | |||||
of the Corporation issued and outstanding | |||||
Class A Subordinate Voting Shares | 55,701,603 | ||||
Class B Shares | 3,114,804 | ||||
58,816,407 | |||||
Shareholders' Equity on a Per Share Basis | $ | 10.36 | |||
FOURTH QUARTER AND YEAR END 2017 CONFERENCE CALL AND WEBCAST DETAILS
The Corporation’s audited consolidated financial statements as at and for the year ended December 31, 2017, along with the accompanying management’s discussion and analysis, and the Corporation’s 2017 Annual Information Form 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 2017 financial results. The details for the event are as follows:
Date: Time: Webcast: Live Call: | Thursday, March 29, 2018 10 a.m. EDT www.dundeecorp.com 1.888.231.8191 or 1.647.427.7450 | |
The conference call will be archived for replay until Thursday, April 5, 2018 at midnight. To access the archived conference call, please dial 1.855.859.2056 or 1.416.849.0833 and enter the encore code 3679797. 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 2017 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
Dundee Corporation
(647) 402-6375
or
Lucie Presot
Executive Vice President and
Chief Financial Officer
Dundee Corporation
(416) 365-5157