Kingsway financial services inc. (KFS)
Income statement / Quarterly
Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Revenues:
Net premiums earned

-

-

-

-

-

-

-

-

-

-

-

33,419

32,949

31,813

29,427

29,006

29,197

30,200

29,030

28,500

28,418

28,755

31,920

27,202

26,041

28,297

28,068

28,184

26,501

30,985

29,267

31,557

36,614

42,575

45,636

Service fee and commission income

12,904

11,772

9,815

9,904

9,871

8,860

9,651

9,624

7,687

6,564

6,655

7,186

6,330

5,394

5,322

5,536

6,184

5,848

5,398

5,619

6,949

6,026

6,065

12,211

12,156

12,052

13,124

10,176

7,648

8,138

9,529

7,142

7,687

7,806

8,972

Rental income

3,341

3,341

3,341

3,342

3,341

3,345

3,348

3,344

3,345

3,348

3,347

3,010

2,426

0

0

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net realized losses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other-than-temporary impairment loss

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

10

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other-than-temporary impairment loss

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

0

1,800

-

-

0

488

-

-

0

0

-

Loss on change in fair value of debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

17,189

11,237

-2,605

Other Income

110

113

145

112

-17

108

213

83

93

211

297

2,737

3,005

2,791

2,374

2,251

2,303

2,514

8,357

2,602

2,369

2,286

2,058

2,121

2,723

2,174

2,218

1,850

1,940

2,744

1,083

695

5,587

1,311

1,911

Total revenues

16,355

15,226

13,301

13,358

13,195

12,313

13,212

13,051

11,125

10,123

10,299

52,788

45,825

41,137

36,880

38,177

38,558

39,143

44,088

36,623

38,607

42,499

40,495

46,476

41,650

41,571

42,581

48,411

34,798

39,735

36,647

41,297

68,180

64,078

54,992

Operating expenses:
Claims authorized on vehicle service agreements

2,445

2,506

1,887

1,505

1,442

1,392

1,372

1,261

1,387

1,318

1,361

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss and loss adjustment expenses

2

601

107

3

-19

1,301

346

-

-

-

0

34,470

26,804

24,838

23,497

23,758

22,914

24,187

21,953

21,011

22,361

21,794

21,061

19,764

21,343

24,615

21,831

21,445

33,348

23,616

21,775

30,250

34,304

37,014

41,577

Liability for Future Policy Benefits, Period Expense (Income)

-

-

-

-

-

-

-

-

266

-1

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Commissions

1,256

1,103

918

1,038

971

834

913

932

525

834

795

6,933

5,928

6,103

5,598

5,574

5,653

5,799

5,747

5,415

5,738

5,532

6,553

4,568

6,683

5,171

6,712

3,798

2,458

4,747

4,419

4,598

5,421

6,908

7,378

Cost of services sold

1,533

1,160

1,359

1,621

2,033

1,464

2,252

1,989

1,951

1,291

1,304

1,269

1,381

770

773

915

1,408

1,058

663

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cost of services sold

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,544

937

856

746

951

146

0

-

-

-

-

-

-

-

-

General and administrative expenses

9,156

9,164

8,402

9,557

5,404

7,295

7,476

8,304

6,522

6,499

5,986

11,303

9,949

10,826

9,551

10,012

9,997

10,175

11,576

8,437

10,206

11,066

11,904

21,190

19,030

19,988

19,604

21,082

16,819

17,154

18,801

15,569

17,986

22,810

21,571

Leased real estate segment interest expense

1,513

1,520

1,527

1,533

1,540

1,546

1,552

1,558

1,563

1,569

1,574

1,580

1,319

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Impairment of intangible assets

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Impairment of asset held for sale

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

1,180

-

-

-

-

-

-

-

-

-

-

-

-

-

Contingent consideration expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

144

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Impairment of asset held for sale

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-1,446

-

-

0

0

-

-

-

-

-

Total operating expenses

15,905

16,054

14,200

15,257

11,371

13,832

13,911

14,183

12,214

11,510

11,020

55,416

46,160

42,187

39,714

39,063

40,389

41,642

40,400

31,329

40,513

41,185

42,508

50,550

50,701

54,103

51,473

49,353

56,484

47,433

46,844

55,134

59,603

68,583

72,447

Operating income (loss)

450

-828

-899

-

1,824

-1,519

-699

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Income (Loss) from Operations before Extraordinary Items

-

-

-

-

-

-

-

-1,132

-1,089

-1,387

-721

-2,628

-335

-1,050

-2,834

-886

-1,831

-2,499

3,688

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other revenues (expenses), net:
Other revenues (expenses), net:
Net investment income

897

749

699

-

629

1,010

638

-

1,133

864

1,168

6,175

1,069

1,072

-72

323

791

528

1,313

320

542

341

413

381

409

816

580

765

777

797

826

855

999

1,152

1,077

Net realized gains (losses)

1,001

-556

315

0

-414

132

265

307

0

-1

0

418

46

67

-171

-

83

53

-

-418

329

5,091

39

4,561

321

32

-1,409

-275

1,109

-23

273

993

104

-3

1

(Loss) gain on change in fair value of equity investments

-38

-63

-

-

337

-421

-

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Gain on change in fair value of equity investments

-

-

78

-

-

-

1,165

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(Loss) gain on change in fair value of limited liability investments, at fair value

-3,356

2,347

4,265

-

-131

-525

-936

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Investment Company, Net Assets, Period Increase (Decrease)

-

-

-

-

-

-

-

-2,621

2,448

-1,713

54

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net change in unrealized (loss) gain on private company investments

-343

0

19

-1,493

19

-155

0

507

0

-1,512

247

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other-than-temporary impairment loss

0

0

75

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Non-operating other income

50

19

154

-5

14

14

7

-3

582

13

13

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Operating loss

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,906

1,314

-2,013

-4,074

-9,051

-12,532

-8,892

-942

-21,686

-7,698

-10,197

-13,837

8,577

-4,505

-17,455

Restructuring expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

20

711

223

147

780

8

1,972

0

0

-

0

-

-

Interest expense not allocated to segments

2,314

2,339

2,102

1,946

1,900

1,844

1,717

1,698

1,602

1,549

1,499

1,166

1,129

1,108

1,093

1,225

1,248

1,414

1,391

1,431

1,417

1,364

1,433

1,695

1,808

1,927

1,833

1,986

1,887

1,916

1,849

1,868

1,874

1,833

1,903

Amortization of intangible assets

675

676

521

528

1,339

254

255

270

269

272

274

-139

779

307

295

307

307

313

317

400

397

409

414

612

508

508

558

959

0

0

0

19

18

18

18

Impairment of intangible assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability

-

-

-

-

-

-

-

-

0

-212

-

-

0

-657

-

-

110

110

-

-3,024

267

267

267

320

155

155

155

-

-

-

-

-

-

-

-

Foreign exchange losses, net

-

-

-

-

-

-

-

-

-

-

-

-1

-4

-9

-1

-5

-58

-760

-392

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Foreign exchange losses, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-230

175

-

-

-

-

-

-

-

-

-

-

-

-

-

Gain (loss) on change in fair value of debt

610

918

576

791

-1,450

-142

-919

-2,718

-1,178

-2,702

-1,889

-4,845

-2,472

1,068

2,528

-33

2,458

-1,228

261

-754

-2,963

-7,799

563

-6,248

3,801

2,338

-8,951

692

-3,177

-2,418

-4,331

-

-

-

-

Gain on disposal of subsidiary

0

0

-

-

0

17

-

-

0

0

-

-

-

-

-

-

-

-

-

-2

0

0

-1,242

-

-

-

-

-

-

-

-

-

-

-

-

(Gain) loss on deconsolidation of subsidiaries

-

-

-

-

-

-

-

-

-

-

-

-

5,643

-

-

-

0

-4,420

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on deconsolidation of subsidiary

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

Gains (Losses) on Extinguishment of Debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-24

0

500

0

0

-

3

553

-

Income (Loss) from Equity Method Investments

-126

201

-33

-1,876

-339

-385

101

772

-897

-145

2,385

-13

-61

-874

-69

60

-192

-71

-136

-107

-83

0

0

0

0

0

255

1,067

98

97

-2,266

801

145

-529

0

Total other expenses (revenues), net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

7,893

1,658

-

4,693

8,988

-

-

-

-

-

-

-

-

-

-

-

-

-

Total other revenues (expenses), net

-4,294

600

3,375

-10,878

-4,574

-2,553

-1,651

-1,802

217

-6,805

205

-6,025

1,977

-923

1,365

-

960

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss from continuing operations before income tax expense (benefit)

-3,844

-228

2,476

-12,777

-2,750

-4,072

-2,350

-2,934

-872

-8,192

-516

-8,653

1,642

-1,973

-1,469

-2,089

-871

-10,392

2,030

1,078

-6,599

-7,674

-2,692

-10,322

-5,250

-10,194

-17,612

-9,109

-21,088

-7,601

-12,463

-13,036

8,725

-4,481

-17,455

Income tax expense (benefit)

162

168

-713

15

-144

190

254

-18,336

124

1,255

269

-9,827

55

26

26

14

23

34

22

-250

28

-1,059

60

331

403

-525

-276

3,896

-1,054

116

59

-2,461

2,433

267

-408

Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest

-4,006

-396

3,189

-12,792

-2,606

-4,262

-2,604

15,402

-996

-9,447

-785

-

1,587

-1,999

-

-2,103

-894

-10,426

2,008

1,328

-6,627

-6,615

-2,752

-10,653

-5,653

-9,669

-17,336

-

-20,034

-

-

-10,575

6,292

-4,748

-17,047

Income from discontinued operations, net of taxes

0

0

0

-333

417

594

386

-15,838

-371

358

-455

-

-

-

-

-9

0

0

1,426

-

532

1,141

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on disposal of discontinued operations, net of taxes

0

0

-

-

-1,172

-6,628

-

-

0

1,017

-

-

0

1,124

-

-

0

11,259

-

0

0

-1,746

1,746

-

7,227

-

-

-

0

-

-

0

0

0

-1,293

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

-4,006

-396

3,189

-12,461

-3,361

-10,296

-2,218

-930

-1,367

-8,072

-1,240

1,305

1,587

-875

-1,495

-2,104

-894

833

3,434

1,351

-6,095

-5,474

-1,006

-

1,574

-

-17,336

-13,005

-20,034

-7,717

-12,522

-10,575

6,292

-4,748

-18,340

Net Income (Loss) Attributable to Noncontrolling Interest

202

258

211

1,048

200

158

359

4,029

195

-338

199

71

48

-361

-39

88

-86

-1,064

1,224

723

778

-558

653

370

-305

617

95

3,184

-1,165

-1,700

-1,514

-3,549

-960

-2,190

-534

Preferred Stock Dividends, Income Statement Impact

258

252

246

-157

265

259

253

257

403

286

302

-

110

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Less: dividends on preferred stock, net of tax

-

-

-

-

-

-

-

-

-

-

-

-

-

82

82

148

83

82

81

82

83

82

53

-

0

-

-

-

-

-

-

-

-

-

-

Net loss attributable to common shareholders

-4,466

-906

2,732

-

-3,826

-10,713

-2,830

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net Income (Loss) Attributable to Parent

-

-

-

-

-

-

-

-5,216

-1,965

-8,020

-1,741

-

1,429

-596

-1,538

-

-891

1,815

2,129

-

-6,956

-4,998

-1,712

-11,023

1,879

-10,286

-17,431

-16,189

-18,869

-6,017

-11,008

-7,026

7,252

-2,558

-17,806

Loss per share - continuing operations:
Basic (in dollars per share)

-0.20

-0.04

0.13

-0.62

-0.14

-0.22

-0.15

-

-0.07

-0.44

-

-

0.07

-0.09

-

-0.12

-0.05

-0.48

0.04

0.07

-0.44

-0.37

-0.21

-

-0.39

-

-

-

-1.52

-

-

-

0.48

-0.36

-

Diluted (in dollars per share)

-0.20

-0.04

0.13

-0.62

-0.14

-0.22

-0.15

-

-0.07

-0.44

-

-

0.06

-0.09

-

-0.11

-0.05

-0.48

0.03

0.07

-0.44

-0.37

-0.21

-

-0.39

-

-

-

-1.52

-

-

-

0.48

-0.36

-

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)

0.00

0.00

0.00

0.01

-0.03

-0.28

0.02

-

-0.02

-

-

-

0.00

0.06

-

0.00

0.00

0.57

0.07

-0.01

0.03

0.07

0.11

-

-

-

-

-

-

-

-

-

-

-

-

Diluted (in dollars per share)

0.00

0.00

0.00

0.01

-0.03

-0.28

0.02

-

-0.02

-

-

-

0.00

0.06

-

0.00

0.00

0.57

0.07

-0.01

0.03

0.07

0.11

-

-

-

-

-

-

-

-

-

-

-

-

Loss per share – net loss attributable to common shareholders:
Loss per share – net loss attributable to common shareholders:
Basic (in dollars per share)

-0.20

-0.04

0.13

-0.61

-0.18

-0.49

-0.13

-0.25

-0.09

-0.37

-0.08

0.05

0.07

-0.03

-0.08

-0.11

-0.05

0.09

0.11

0.07

-0.41

-0.31

-0.10

-0.64

0.14

-0.78

-1.33

-0.98

-1.52

-0.59

-0.96

-

0.48

-0.36

-

Diluted (in dollars per share)

-0.20

-0.04

0.13

-0.61

-0.18

-0.49

-0.13

-0.25

-0.09

-0.37

-0.08

0.06

0.06

-0.03

-0.08

-0.10

-0.05

0.09

0.10

0.07

-0.41

-0.31

-0.10

-0.64

0.14

-0.78

-1.33

-0.98

-1.52

-0.59

-0.96

-

0.48

-0.36

-

Weighted-average shares outstanding (in ‘000s):
Weighted Average Number of Shares Outstanding, Basic

21,867

21,867

21,841

21,788

21,708

21,708

21,708

21,713

21,559

21,458

21,458

20,641

19,843

19,818

19,710

19,710

19,710

19,710

19,710

19,739

16,993

16,430

16,430

16,462

13,684

13,149

13,149

13,196

13,149

13,149

13,102

-

13,086

13,086

-

Basic and diluted:

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-0.33

Basic and diluted:

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-0.35

Weighted Average Number of Shares Outstanding, Diluted

21,867

21,867

21,841

21,788

21,708

21,708

21,708

21,713

21,559

21,458

21,458

17,526

22,958

19,818

19,710

18,271

19,710

19,710

21,149

19,739

16,993

16,430

16,430

-

13,684

13,149

-

13,196

13,149

13,149

13,102

-25,984

13,086

13,086

52,156