KINGSWAY FINANCIAL SERVICES INC. KFS Income Statement

Kingsway financial services inc. (KFS)

Income statement / Yearly

Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11
Revenues:
Net premiums earned
-	-	127,608	117,433	117,593	109,608	114,937	156,382
Service fee and commission income
38,286	30,530	24,232	22,966	24,659	49,543	35,491	31,607
Rental income
13,376	13,384	5,436	0	0	-	-	-
Other-than-temporary impairment loss
-	-	157	10	0	-	-	-
Other-than-temporary impairment loss
-	-	-	-	-	1,800	2,703	0
Other Income
416	684	10,907	15,425	9,315	9,236	7,617	9,504
Total revenues
52,078	44,598	176,630	159,966	158,224	172,278	159,591	228,547
Operating expenses:
Claims authorized on vehicle service agreements
5,711	5,327	-	-	-	-	-	-
Loss and loss adjustment expenses
1,631	404	109,609	92,812	86,227	87,553	100,184	143,145
Commissions
3,756	3,086	24,562	22,773	23,238	23,134	15,422	24,305
Cost of services sold
7,370	6,535	4,193	4,044	3,880	-	-	-
Cost of services sold
-	-	-	-	-	1,843	0	-
General and administrative expenses
29,732	27,311	41,629	41,760	41,613	79,812	73,856	77,936
Leased real estate segment interest expense
6,171	6,264	2,899	0	0	-	-	-
Impairment of intangible assets
-	-	0	0	-	-	-	-
Impairment of asset held for sale
-	-	-	-	1,180	-	-	-
Contingent consideration expense
-	-	-	-	-	-	75	-
Impairment of asset held for sale
-	-	-	-	-	-2,390	0	-
Goodwill impairment
-	-	-	-	-	-	-	2,830
Total operating expenses
54,371	48,927	183,477	161,494	155,535	206,827	200,114	255,767
Income (Loss) from Operations before Extraordinary Items
-2,293	-4,329	-6,847	-1,528	2,689	-	-	-
Other revenues (expenses), net:
Other revenues (expenses), net:
Net investment income
-	-	8,244	2,955	1,616	2,186	3,165	4,083
Net investment income
2,957	7,087	-	-	-	-	-	-
Net realized gains (losses)
-17	306	360	1,197	5,041	3,505	1,084	1,095
(Loss) gain on change in fair value of equity investments
381	0	-	-	-	-	-	-
Investment Company, Net Assets, Period Increase (Decrease)
-7,393	-1,832	-	-	-	-	-	-
Net change in unrealized (loss) gain on private company investments
-1,629	-758	-	-	-	-	-	-
Non-operating other income
30	605	-	-	-	-	-	-
Operating loss
-	-	-	-	-	-34,549	-40,523	-27,220
Restructuring expense
-	-	-	-	-	1,861	1,980	0
Interest expense not allocated to segments
7,407	6,348	4,496	5,278	5,645	7,263	7,638	7,478
Amortization of intangible assets
2,376	1,085	1,242	1,244	1,620	2,186	959	73
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability
0	-212	-657	-1,139	-2,223	785	75	-
Foreign exchange losses, net
-	-	-15	-1,215	-419	-	-	-
Gain (loss) on change in fair value of debt
-1,720	-8,487	-3,721	1,458	-10,953	-9,060	-9,234	25,876
Gain on disposal of subsidiary
17	0	0	0	-1,244	0	-	-
Loss on disposal of asset held for sale
-	-	-	-	-125	-	-	-
(Gain) loss on deconsolidation of subsidiaries
-	-	5,643	-4,420	0	-	-	-
Gain (Loss) on Sale of Leased Assets, Net, Operating Leases
-	-	-	-	-	0	-	-
Gains (Losses) on Extinguishment of Debt
-	-	-	-	-	-24	500	556
Income (Loss) from Equity Method Investments
-2,499	2,115	-1,017	-339	-190	255	-1,004	417
Total other revenues (expenses), net
-19,656	-8,185	-3,606	-9,794	-18,576	-	-	-
Loss from continuing operations before income tax expense (benefit)
-21,949	-12,514	-10,453	-11,322	-15,887	-43,378	-50,261	-26,247
Income tax expense (benefit)
315	-16,688	-9,720	93	-1,221	-67	3,017	-169
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest
-22,264	4,174	-733	-11,415	-14,666	-43,311	-53,278	-26,078
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, before Income Tax
0	-494	-	-	-	-	-	-
Income from discontinued operations, net of taxes
1,064	-16,306	0	1,417	3,442	-	-	-
Loss on disposal of discontinued operations, net of taxes
-7,136	1,017	1,255	11,267	0	7,227	0	-1,293
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
-28,336	-11,609	522	1,269	-11,224	-36,084	-53,278	-27,371
Net Income (Loss) Attributable to Noncontrolling Interest
1,765	4,085	-281	162	1,596	777	-1,195	-7,233
Preferred Stock Dividends, Income Statement Impact
620	1,248	565	394	-	-	-	-
Less: dividends on preferred stock, net of tax
-	-	-	394	300	0	-	-
Net loss attributable to common shareholders
-	-	238	713	-13,120	-44,088	-	-
Net Income (Loss) Attributable to Parent
-30,721	-16,942	-	-	-	-36,861	-52,083	-20,138
Loss per share - continuing operations:
Basic (in dollars per share)
-1.13	-0.05	-0.05	-0.61	-0.95	-3.12	-4.05	-1.99
Diluted (in dollars per share)
-1.13	-0.05	-0.05	-0.61	-0.95	-3.12	-4.05	-1.99
Loss per share - discontinued operations:
Earnings per share - discontinued operations [Abstract]
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic and Diluted Share [Abstract]
Basic (in dollars per share)
-0.28	-0.73	0.06	0.64	0.20	-	-	-
Diluted (in dollars per share)
-0.28	-0.73	0.06	0.64	0.20	-	-	-
Loss per share – net loss attributable to common shareholders:
Loss per share – net loss attributable to common shareholders:
Basic (in dollars per share)
-1.41	-0.79	0.01	0.04	-0.75	-2.61	-4.05	-2.09
Diluted (in dollars per share)
-1.41	-0.79	0.01	0.04	-0.75	-2.61	-4.05	-2.09
Weighted-average shares outstanding (in ‘000s):
Weighted Average Number of Shares Outstanding, Basic
21,728	21,547	20,003	19,710	17,398	14,111	13,149	13,086
Weighted Average Number of Shares Outstanding, Diluted
21,728	21,547	20,003	19,710	17,398	-	13,149	13,086