Consolidated HCI Holdings Corporation Announces Its 2018 Annual and Fourth Quarter Results

WOODBRIDGE, ON, Nov. 20, 2018 /CNW/ - Consolidated HCI Holdings Corporation today announced its annual and fourth quarter results for fiscal 2018.

Revenue in all of 2018 and the fourth quarter of 2017 includes only interest income with no revenue from active business operations since, as previously announced, the Company sold its two remaining investment properties at the end of the third quarter of 2017 and wound up the last of its house building co-tenancies at the end of the third quarter of 2018.

The net loss for 2018 includes foreign exchange gains of $110 and $56 of cost recoveries from the Company's house building co-tenancies which were wound up in the third quarter.

Net earnings for 2017 includes a fair value gain of $567 on the Company's last two remaining investment properties referred to above and a $1,814 gain on the sale of a marketable security investment.

The net loss in the fourth quarter of 2017 is reflective of  the absence of rental revenue, along with a 2017 fourth quarter expense provision of $840 for severance payments to the Company's remaining employees and a $415 expense related to the write-off of amounts receivable from the Company's house building joint ventures.

Consolidated HCI Holdings Corporation is an Ontario-based company that trades on the TSX Venture Exchange (NEX) under the symbol "CXA.H"

SOURCE Consolidated HCI Holdings Corporation