KINGSWAY FINANCIAL SERVICES INC. KFS Income Statement

Kingsway financial services inc. (KFS)

Income statement / TTM

Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11
Revenues:
Net premiums earned
-	-	-	-	-	-	-	-	-	-	-	127,608	123,195	119,443	117,830	117,433	116,927	116,148	114,703	117,593	116,295	113,918	113,460	109,608	110,590	111,050	113,738	114,937	118,310	128,423	140,013	156,382	0	0	0
Service fee and commission income
44,395	41,362	38,450	38,286	38,006	35,822	33,526	30,530	28,092	26,735	25,565	24,232	22,582	22,436	22,890	22,966	23,049	23,814	23,992	24,659	31,251	36,458	42,484	49,543	47,508	43,000	39,086	35,491	32,457	32,496	32,164	31,607	0	0	0
Rental income
13,365	13,365	13,369	13,376	13,378	13,382	13,385	13,384	13,050	12,131	8,783	5,436	2,426	0	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net realized losses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other-than-temporary impairment loss
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	10	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other-than-temporary impairment loss
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	1,800	0	-	0	0	-	-	0	0	-	-	0	0	-
Loss on change in fair value of debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0
Other Income
480	353	348	416	387	497	600	684	3,338	6,250	8,830	10,907	10,421	9,719	9,442	15,425	15,776	15,842	15,614	9,315	8,834	9,188	9,076	9,236	8,965	8,182	8,752	7,617	6,462	10,109	8,676	9,504	0	0	0
Total revenues
58,240	55,080	52,167	52,078	51,771	49,701	47,511	44,598	84,335	119,035	150,049	176,630	162,019	154,752	152,758	159,966	158,412	158,461	161,817	158,224	168,077	171,120	170,192	172,278	174,213	167,361	165,525	159,591	152,477	185,859	210,202	228,547	0	0	0
Operating expenses:
Claims authorized on vehicle service agreements
8,343	7,340	6,226	5,711	5,467	5,412	5,338	5,327	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss and loss adjustment expenses
713	692	1,392	1,631	0	0	0	-	-	-	86,112	109,609	98,897	95,007	94,356	92,812	90,065	89,512	87,119	86,227	84,980	83,962	86,783	87,553	89,234	101,239	100,240	100,184	108,989	109,945	123,343	143,145	0	0	0
Liability for Future Policy Benefits, Period Expense (Income)
-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Commissions
4,315	4,030	3,761	3,756	3,650	3,204	3,204	3,086	9,087	14,490	19,759	24,562	23,203	22,928	22,624	22,773	22,614	22,699	22,432	23,238	22,391	23,336	22,975	23,134	22,364	18,139	17,715	15,422	16,222	19,185	21,346	24,305	0	0	0
Cost of services sold
5,673	6,173	6,477	7,370	7,738	7,656	7,483	6,535	5,815	5,245	4,724	4,193	3,839	3,866	4,154	4,044	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cost of services sold
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,083	3,490	2,699	1,843	0	0	0	-	-	-	-	-	-	-	-
General and administrative expenses
36,279	32,527	30,658	29,732	28,479	29,597	28,801	27,311	30,310	33,737	38,064	41,629	40,338	40,386	39,735	41,760	40,185	40,394	41,285	41,613	54,366	63,190	72,112	79,812	79,704	77,493	74,659	73,856	68,343	69,510	75,166	77,936	0	0	0
Leased real estate segment interest expense
6,093	6,120	6,146	6,171	6,196	6,219	6,242	6,264	6,286	6,042	4,473	2,899	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Impairment of intangible assets
-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Impairment of asset held for sale
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-
Contingent consideration expense
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Impairment of asset held for sale
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	0	0	-	-	-	-	-
Total operating expenses
61,416	56,882	54,660	54,371	53,297	54,140	51,818	48,927	90,160	124,106	154,783	183,477	167,124	161,353	160,808	161,494	153,760	153,884	153,427	155,535	174,756	184,944	197,862	206,827	205,630	211,413	204,743	200,114	205,895	209,014	230,164	255,767	0	0	0
Operating income (loss)
0	0	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income (Loss) from Operations before Extraordinary Items
-	-	-	-	-	-	-	-4,329	-5,825	-5,071	-4,734	-6,847	-5,105	-6,601	-8,050	-1,528	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other revenues (expenses), net:
Other revenues (expenses), net:
Net investment income
0	0	0	-	0	0	0	-	9,340	9,276	9,484	8,244	2,392	2,114	1,570	2,955	2,952	2,703	2,516	1,616	1,677	1,544	2,019	2,186	2,570	2,938	2,919	3,165	3,255	3,477	3,832	4,083	0	0	0
Net realized gains (losses)
760	-655	33	-17	290	704	571	306	417	463	531	360	25	32	0	-	0	0	-	5,041	10,020	10,012	4,953	3,505	-1,331	-543	-598	1,084	2,352	1,347	1,367	1,095	0	0	0
(Loss) gain on change in fair value of equity investments
0	0	-	-	0	0	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on change in fair value of equity investments
-	-	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
(Loss) gain on change in fair value of limited liability investments, at fair value
0	0	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Investment Company, Net Assets, Period Increase (Decrease)
-	-	-	-	-	-	-	-1,832	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net change in unrealized (loss) gain on private company investments
-1,817	-1,455	-1,610	-1,629	371	352	-1,005	-758	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other-than-temporary impairment loss
0	0	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-operating other income
218	182	177	30	32	600	599	605	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating loss
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-6,679	-13,824	-27,670	-34,549	-31,417	-44,052	-39,218	-40,523	-53,418	-23,155	-19,962	-27,220	0	0	0
Restructuring expense
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,101	1,861	1,158	2,907	2,760	1,980	1,972	0	0	-	0	-	-
Interest expense not allocated to segments
8,701	8,287	7,792	7,407	7,159	6,861	6,566	6,348	5,816	5,343	4,902	4,496	4,555	4,674	4,980	5,278	5,484	5,653	5,603	5,645	5,909	6,300	6,863	7,263	7,554	7,633	7,622	7,638	7,520	7,507	7,424	7,478	0	0	0
Amortization of intangible assets
2,400	3,064	2,642	2,376	2,118	1,048	1,066	1,085	676	1,186	1,221	1,242	1,688	1,216	1,222	1,244	1,337	1,427	1,523	1,620	1,832	1,943	2,042	2,186	2,533	2,025	1,517	959	19	37	55	73	0	0	0
Impairment of intangible assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability
-	-	-	-	-	-	-	-	0	0	-	-	0	0	-	-	0	0	-	-2,223	1,121	1,009	897	785	0	0	0	-	-	-	-	-	-	-	-
Foreign exchange losses, net
-	-	-	-	-	-	-	-	-	-	-	-15	-19	-73	-824	-1,215	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Foreign exchange losses, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain (loss) on change in fair value of debt
2,895	835	-225	-1,720	-5,229	-4,957	-7,517	-8,487	-10,614	-11,908	-8,138	-3,721	1,091	6,021	3,725	1,458	737	-4,684	-11,255	-10,953	-16,447	-9,683	454	-9,060	-2,120	-9,098	-13,854	-9,234	0	0	0	-	-	-	-
Gain on disposal of subsidiary
0	0	-	-	0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-1,244	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
(Gain) loss on deconsolidation of subsidiaries
-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss on deconsolidation of subsidiary
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-
Gains (Losses) on Extinguishment of Debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-24	-24	476	476	500	503	556	0	-	0	0	-
Income (Loss) from Equity Method Investments
-1,834	-2,047	-2,633	-2,499	149	-409	-169	2,115	1,330	2,166	1,437	-1,017	-944	-1,075	-272	-339	-506	-397	-326	-190	-83	0	0	255	1,322	1,420	1,517	-1,004	-1,270	-1,223	-1,849	417	0	0	0
Total other expenses (revenues), net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-
Total other revenues (expenses), net
-11,197	-11,477	-14,630	-19,656	-10,580	-5,789	-10,041	-8,185	-12,408	-10,648	-4,766	-3,606	3,379	0	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss from continuing operations before income tax expense (benefit)
-14,373	-13,279	-17,123	-21,949	-12,106	-10,228	-14,348	-12,514	-18,233	-15,719	-9,500	-10,453	-3,889	-6,402	-14,821	-11,322	-8,155	-13,883	-11,165	-15,887	-27,287	-25,938	-28,458	-43,378	-42,165	-58,003	-55,410	-50,261	-54,188	-24,375	-21,255	-26,247	0	0	0
Income tax expense (benefit)
-368	-674	-652	315	-18,036	-17,768	-16,703	-16,688	-8,179	-8,248	-9,477	-9,720	121	89	97	93	-171	-166	-1,259	-1,221	-640	-265	269	-67	3,498	2,041	2,682	3,017	-3,340	147	298	-169	0	0	0
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest
-14,005	-12,605	-16,471	-22,264	5,930	7,540	2,355	4,174	0	0	0	-	0	0	-	-11,415	-7,984	-13,717	-9,906	-14,666	-26,647	-25,673	-28,727	-43,311	-52,692	0	0	-	0	-	-	-26,078	0	0	0
Income from discontinued operations, net of taxes
-333	84	678	1,064	-14,441	-15,229	-15,465	-16,306	0	0	0	-	-	-	-	1,417	1,958	3,099	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss on disposal of discontinued operations, net of taxes
0	0	-	-	0	0	-	-	0	0	-	-	0	0	-	-	0	0	-	0	7,227	0	0	-	0	-	-	-	0	-	-	-1,293	0	0	0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
-13,674	-13,029	-22,929	-28,336	-16,805	-14,811	-12,587	-11,609	-9,374	-6,420	777	522	-2,887	-5,368	-3,660	1,269	4,724	-477	-6,784	-11,224	-11,001	0	0	-	0	-	-58,092	-53,278	-50,848	-24,522	-21,553	-27,371	0	0	0
Net Income (Loss) Attributable to Noncontrolling Interest
1,719	1,717	1,617	1,765	4,746	4,741	4,245	4,085	127	-20	-43	-281	-264	-398	-1,101	162	797	1,661	2,167	1,596	1,243	160	1,335	777	3,591	2,731	414	-1,195	-7,928	-7,723	-8,213	-7,233	0	0	0
Preferred Stock Dividends, Income Statement Impact
599	606	613	620	1,034	1,172	1,199	1,248	0	0	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Less: dividends on preferred stock, net of tax
-	-	-	-	-	-	-	-	-	-	-	-	-	395	395	394	328	328	328	300	218	0	0	-	0	-	-	-	-	-	-	-	-	-	-
Net loss attributable to common shareholders
0	0	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Income (Loss) Attributable to Parent
-	-	-	-	-	-	-	-16,942	0	0	0	-	0	0	0	-	0	0	0	-	-24,689	-15,854	-21,142	-36,861	-42,027	-62,775	-58,506	-52,083	-42,920	-16,799	-13,340	-20,138	0	0	0
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