~Montfort delivers record Q3 revenue and record net comprehensive income;
completes acquisition of Langhaus Financial after quarter end~
Third Quarter 2022 Highlights
For the three months ended
- Record revenue of
$7.9 million , an increase of$6.5 million or 463% from$1.4 million in the three months endedAugust 31, 2021 , - Interest income from investments was
$5.7 million , an increase of$4.4 million or 360% from$1.2 million in the prior comparable period, - Net income increased 67% to
$0.5 million from$0.3 million in the third quarter 2021, - Total assets of
$302 million as atSeptember 30, 2022 compared to$125 million atDecember 31, 2021 . Cash balance, as part of assets, for the third quarter was$5.5 million compared to$9.3 million as atDecember 31, 2021 , and - Montfort's consolidated loan investment portfolio (loans receivable) increased to
$240.3 million in the third quarter 2022 compared to$106.9 million as ofDecember 31, 2021 .
On a comprehensive basis:
- Reported record consolidated net comprehensive income of
$2.6 million for the three months endedSeptember 30, 2022 , compared to consolidated net comprehensive income of$1.2 million for the three months endingAugust 31, 2021 .
- On
August 15, 2022 , the Company acquiredBrightpath Capital Corporation , and its related entities and limited partnerships (together "Brightpath"). Brightpath is one ofCanada's leading private providers of residential mortgages focused onOntario andBritish Columbia .
"Our growth trajectory continues with another quarter of record revenue and record comprehensive net income," said
Detailed Financial Review
The Company utilizes a proprietary loan origination platform to originate, underwrite and service private-market, high-yield loan opportunities through its operating divisions,
During the third quarter ended
Total consolidated revenue for the three months ended
Total expenses for the 3 months ended
During the three months ended
As posted in the Company's management discussion and analysis ("MD&A") for the three months ended
As at
Negative
Subsequent Event:
On
This news release is qualified in its entirety by the Company's financial statements for the three months ended
Montfort manages a diversified family of specialized private credit brands that utilize focused strategies and experienced management teams combined with advanced technology to improve fee related performance. Montfort facilitates transparency for all of its investors through public company reporting. For further information, please visit www.montfortcapital.com.
Neither the
Certain information and statements in this news release contain and constitute forward-looking information or forward-looking statements as defined under applicable securities laws (collectively, "forward-looking statements"). Forward-looking statements normally contain words like 'believe', 'expect', 'anticipate', 'plan', 'intend', 'continue', 'estimate', 'may', 'will', 'should', 'ongoing' and similar expressions, and within this news release include any statements (express or implied) respecting the future growth of the Company and the Company's future financial performance.
Forward-looking statements are not guarantees of future performance, actions, or developments and are based on expectations, assumptions and other factors that management currently believes are relevant, reasonable and appropriate in the circumstances, including, without limitation, the assumption that the Company and its investee companies are able to meet their respective future objectives and priorities and assumptions concerning general economic growth and the absence of unforeseen changes in the legislative and regulatory framework for the Company.
Although management believes that the forward-looking statements are reasonable, actual results could be substantially different due to the risks and uncertainties associated with and inherent to Montfort's business. Material risks and uncertainties applicable to the forward-looking statements set out herein include but are not limited to: intense competition in all aspects of business; reliance on limited management resources; general economic risks; new laws and regulations and risk of litigation. Although Montfort has attempted to identify factors that may cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, predicted, estimated or intended. Also, many of the factors are beyond the control of Montfort. Accordingly, readers should not place undue reliance on forward-looking statements. Montfort undertakes no obligation to reissue or update any forward-looking statements as a result of new information or events after the date hereof except as may be required by law. All forward-looking statements contained in this news release are qualified by this cautionary statement.
SOURCE
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