CV Holdings, Inc. Announces Audited Consolidated Earnings Results for the Year Ended December 31, 2017
April 17, 2018 at 01:13 pm EDT
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CV Holdings, Inc. announced audited consolidated earnings results for the year ended December 31, 2017. For the period the company reported, total revenue of $4,402,500 compared to $3,187,679 a year ago. Loss from operations was $3,228,996 compared to $2,125,925 a year ago. Loss before income tax provision was $8,599,439 compared to $5,196,933 a year ago. Net loss was $8,632,456 compared to $5,103,555 a year ago. Net loss attributable to parent company and subsidiaries was $8,658,577 or $0.16 per common share compared to $5,103,555 or $0.13 per diluted common sharea year ago. Net cash used in operating activities was $2,255,002 compared to $2,497,074 a year ago. Acquisition of property and equipment was $140,816. The net loss was primarily due to: paid-in-kind dividends on preferred equity included in interest expense of $5,769,565, as well as general and administrative expenses of $2,307,458. LBITDA was $2,096,823 compared to $2,070,938 a year ago. Adjusted LBITDA was $3,230,823 compared to $2,070,938 a year ago.
CV Holdings, Inc. is a holding company for several finance-related businesses. The Company, through its subsidiaries, holds various types of investment assets, including loans receivable, finance leases and commercial Collateralized Debt Obligations (CDO) interests. The Company owns and operates a commercial real estate lending business through CV Capital Funding, LLC (CVCF); small ticket finance and leasing business through Centra Funding, LLC (Centra); a venture equipment finance and leasing business through VenSource Management, LLC (VenSource); and a residential nonperforming loan (NPL) servicer and asset manager through LongVue Mortgage Capital, Inc. (LongVue). The various operating businesses are owned by the Companyâs taxable real estate investment trust (REIT) subsidiary, RFC TRS, Inc. (TRS), while the portfolio investments are held through other subsidiaries outside TRS. The Companyâs primary businesses include CVCF, Centra and VenSource.