HAMILTON, Bermuda--( BUSINESS WIRE)--Till Capital Ltd. (TSX.V: TIL) (the “Company” or “Till), a Bermuda domiciled company, announces today its inaugural first quarter earnings report showing net income of $2.0 million, or $0.69 per share. Till’s book value per share was $17.45 as of June 30, 2014. All figures are in Canadian dollars unless otherwise indicated. “During this reporting period we completed several initiatives associated with the transition to our reinsurance business strategy.”
“We are very pleased with our initial results from our new business model, and extremely pleased to have produced net earnings in the first reporting quarter,” stated William M. Sheriff, Chairman and CEO. “The significant investment income in the period illustrates we are on course with our trading and investment model. We continue to actively pursue reinsurance premium revenue opportunities in this competitive underwriting environment.”
Financial highlights for Till Capital for the first quarter ended June 30, 2014 include:
Pre-tax income, before reorganization related charges, of $1.0 million, or $0.33 per share; Net income of $2.0 million, or $0.69 per share; $33.7 million in cash and marketable securities; Shareholders’ equity of $50.6 million. "We are very pleased with the overall performance of the investment strategy, particularly in our first reporting quarter which saw our transition to the newly merged company,” said William Lupien, Chief Investment Officer. “During this reporting period we completed several initiatives associated with the transition to our reinsurance business strategy.”
The partial sale of shareholdings in EMC Metals Corp. (TSX:EMC) resulted in a realized a gain of approximately $600,000 during the period and a share position no longer meeting the threshold for reporting as an insider. |
