First Quarter Results1
The Company's net income for the three months ended
The decrease in comprehensive income year over year despite the Company's improved net income is a result of the Company's pension plans. Other comprehensive loss for the three months ended
During the first quarter of 2024, the Company's book value per common share increased by
The Company's book value per common share at the end of the quarter was
Additional commentary on our first quarter results can be found in our Management's Discussion & Analysis for the three months ended
Other Information
Highlights of the interim condensed consolidated financial statements for the three months ended
Three months ended March 31, 2024 $ | Three months ended March 31, 2023 $ | |
Hotel and rental revenue | 14.6 | 15.0 |
Provision of services | 0.3 | 0.3 |
Investment and other income | 1.0 | 0.2 |
Net income (loss) | 2.4 | (1.7) |
Other comprehensive income (loss) | (1.9) | 2.8 |
Comprehensive income | 0.5 | 1.0 |
Basic and diluted earnings (loss) per share | 0.17 | (0.12) |
Total assets | 398.4 | 422.9 |
Total liabilities | 167.2 | 207.1 |
Long-term financial liabilities | 123.5 | 124.6 |
Book value per share | 16.56 | 15.35 |
Election of Directors
Clarke also announced today that the director nominees listed in the Management Information Circular dated
Nominee | Votes in Favour | % in Favour | Votes Withheld | % Withheld |
George Armoyan | 11,860,604 | 94.85 % | 644,241 | 5.15 % |
12,166,245 | 97.29 % | 338,600 | 2.71 % | |
11,895,870 | 95.13 % | 608,975 | 4.87 % | |
11,815,313 | 94.49 % | 689,532 | 5.51 % | |
12,487,444 | 99.86 % | 17,401 | 0.14 % |
Final voting results on all matters voted on at the Annual General Meeting of Shareholders held on
About Clarke
Cautionary Statement Regarding Use of Non-IFRS Accounting Measures and Ratios
This press release makes reference to "book value per share" and "net operating income" (or "hotel net operating income"). Book value per share and net operating income are not financial measures or ratios calculated and presented in accordance with International Financial Reporting Standards ("IFRS") and should not be considered in isolation or as a substitute to any financial measures or ratios of performance calculated and presented in accordance with IFRS. These non-IFRS financial measures and ratios are presented in this press release because management of Clarke believes that such measures and ratios enhance the user's understanding of our historical and current financial performance.
Book value per share is measured by dividing shareholders' equity of the Company at the date of the statement of financial position by the number of common shares outstanding at that date. Net operating income is defined as revenue less expenses. Net operating income measures operating results before interest, depreciation, amortization, and income taxes. Clarke's method of determining these amounts may differ from other companies' methods and, accordingly, these amounts may not be comparable to measures used by other companies.
Note on Forward-Looking Statements and Risks
This press release may contain or refer to certain forward-looking statements relating, but not limited, to the Company's expectations, intentions, plans and beliefs with respect to the Company. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "does not expect", "is expected", "budgets", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", "believes", or equivalents or variations of such words and phrases, or state that certain actions, events or results, "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Forward-looking statements include, without limitation, those with respect to the future or expected performance of the Company's investee companies, changes in these securities holdings, changes to the Company's hedging practices, currency fluctuations and requirements for additional capital. Forward-looking statements rely on certain underlying assumptions that, if not realized, can result in such forward-looking statements not being achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, the Company's investment strategy, legal and regulatory risks, general market risk, potential lack of diversification in the Company's investments, interest rates, foreign currency fluctuations, the sale of the Company's investments, the expectation that the Company's redeployment of capital from its asset dispositions, renovations and repurposes will be accretive to the Company's shareholders, the anticipated timing of completion and lease-up of the first phase of the Talisman residential redevelopment, reliance on key executives and other factors. With respect to the Company's investment in hotel and ferry operations, such risks and uncertainties include, among others, weather conditions, safety, claims and insurance, uninsured losses, changes in levels of business and commercial travel and tourism, increases in the supply of accommodations in local markets, the recurring need for renovation and improvement of hotel properties, labour relations, and other factors.
Although the Company has attempted to identify important factors that could cause actions, events or results not to be as estimated or intended, there can be no assurance that forward-looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Other than as required by applicable Canadian securities laws, the Company does not update or revise any such forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events. Accordingly, readers should not place undue reliance on forward-looking statements.
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1 Book value per share and hotel net operating income are non-IFRS measures and ratios. Refer to the "Cautionary Statement Regarding Use of Non-IFRS Accounting Measures and Ratios" section of this press release and our |
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