Fintech PR
TIMIA Capital Announces Second Quarter 2020 Financial Results
TIMIA Capital Corporation (“TIMIA” or the “Company”) (TSX-V:TCA) (OTC: TIMCF) today announced financial results for the second quarter ended May 31, 2020.
Second Quarter 2020 Highlights include:
- Reported consolidated net income of $478,611, compared with a consolidated net loss of $490,358 for the same period last year.
- Revenue of $891,186, up 7% over the same period last year.
- Posted interest income from investments of $869,793, included in total revenue, an increase of 28% year over year.
- Total assets increased 18% to $31.9 million as at May 31, 2020 compared to the same time period last year. Cash balance, as part of assets, was $5.2 million compared to $4.7 million as at November 30, 2019.
- TIMIA’s loan investment portfolio (loans receivable) increased by 56% to $25,541,689 in comparison to the same period last year.
“The Company posted a solid quarter during a time of unprecedented uncertainty with the emergence of the COVID-19 pandemic,” said Mike Walkinshaw, CEO of TIMIA Capital Corporation. “While much of the economy of North America was shut down during our second quarter, our experience was SaaS companies continued to operate near full capacity. Based on our experience, we believe that SaaS companies are a more secure asset class than most consider and offer a superior risk adjusted return. We will remain vigilant with our operations and continue to leverage our fintech platform to locate and engage leading recurring revenue software companies.”
Detailed Financial Review
During the quarter ended May 31, 2020, the Company continued to grow its revenue-financing (“RF”) business by completing two new investments, distributing growth capital of US$750,000 to US-based Measured and $1,250,000 to a Canadian-based Cova.
The Company’s revenue is primarily interest income generated under the Company’s RF model. As the Company makes new investments, the amount of monthly payments derived from the portfolio grows. Interest income in the three months ended May 31, 2020 was $869,793 compared to $680,260 in the same period last year, a 28% increase. Income from transaction and other fees was $21,393 in the three months ended May 31, 2020 compared to $154,778 in the same period last year. The change in transaction and other fees reflects the reduction in total number of new transactions as the Company paused its pace of investment during the initial phases of COVID-19. Reflecting the reduction in transaction fee revenue, total revenue for the three months ended May 31, 2020 increased 7% to $891,186 compared to $835,038 for the three months ended May 31, 2019.
TIMIA continues to build the value and size of its portfolio by making new investments and follow-on investments in existing portfolio companies, and actively assisting portfolio companies with their growth plans. At the same time, the Company is investing to support its future growth and the continued development of its fintech platform. Total expenses, including interest expense, for the quarter ended May 31, 2020 were $813,794 compared with $1,076,785 for the same period last year. The change reflects a decrease in interest expense, administrative, management, and director fees, and investor relations and communications costs, offset by small increases in the expected credit loss provision, share-based payments, and office, travel, systems, and miscellaneous expenses, year over year.
During the quarter ended May 31, 2020, the Company posted net income of $478,611 compared with a net loss of $490,358 in the same period last year. The year-over-year improvement of $968,969 is primarily due to the continued growth in size of the portfolio and the resulting interest income increase, lower operating expenses and $292,717 fund restructuring and financing costs recognized in 2019.
As at May 31, 2020, the Company’s cash balance was approximately $5.2 million and working capital was approximately negative $2.3 million, compared with approximately $4.7 million and $4.6 million, respectively, as of November 30, 2019. The working capital deficit at quarter end is attributed to the nearing maturity of certain of the debentures and convertible debentures. Management is currently considering alternatives to address these maturities through a combination of refinancing or extension of the debentures, and conversion of a portion of the convertible debentures to equity.
This news release is qualified in its entirety by the Company’s condensed interim financial statements for the three months ended May 31, 2020 and May 31, 2019 and the associated Management’s Discussion & Analysis respecting the same periods, which can be downloaded from the Company’s profile on SEDAR at http://www.sedar.com.
COVID19 Update
TIMIA is providing an update with respect to the impact from the COVID-19 virus outbreak on its current operations. To date, there have been no known cases of COVID-19 at any of TIMIA’s offices.
Management believes that recurring revenue software companies offer security and stability. The Company utilizes a proprietary credit scoring process that focuses on high customer retention rates as well as a well-diversified customer base. These two factors, along with other key attributes such as size and cash runway, are structured to provide downward protection in an uncertain economic environment. Many of our portfolio companies have been agile in this environment, including in many instances transitioning employees to work remotely. At this time, none of the Company’s investments are in arrears. However, it may be several months before the full effect of the economic slowdown is felt in the portfolio. Management is in the process of reviewing revised and updated forecasts for each of the portfolio companies and are working with them to determine the best way to support them through the crisis. Management has decided to increase the size of our capital reserves thereby reducing our allocation to new deals
Fortunately, TIMIA employees are able to work from home and maintain close contact and relationships with current portfolio companies and new and exciting SaaS investment opportunities.
STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/eqt/r/invitation-to-presentation-of-eqt-ab-s-q1-announcement-2024,c3956826
The following files are available for download:
|
Invitation to presentation of EQT AB’s Q1 Announcement 2024 |
|
|
EQT AB Group |
View original content:https://www.prnewswire.co.uk/news-releases/invitation-to-presentation-of-eqt-abs-q1-announcement-2024-302109147.html
- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
Photo – https://mma.prnewswire.com/media/2380039/Photo_1__2024_CEO_Investor_Day.jpg
PDF – https://mma.prnewswire.com/media/2380040/Press_Release__2024_Kia_CEO_Investor_Day_240405.pdf
View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/kia-presents-roadmap-to-lead-global-electrification-era-through-evs-hevs-and-pbvs-302109142.html
VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
Logo – https://mma.prnewswire.com/media/1430981/BIOVAXYS_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/biovaxys-technology-corp-provides-bi-weekly-mcto-status-update-302108920.html
-
Latest News7 days ago
“The Hainan FTP and Me”: Looking at Hainan’s Transformations
-
Latest News5 days ago
Millions of people unite around doing good on the 18th International Good Deeds Day held yesterday worldwide
-
Latest News5 days ago
Banxso Acquires Australian ASIC License, Enhancing Its Global Trading Operations
-
Latest News3 days ago
BMO Announces Election of Board of Directors
-
Latest News5 days ago
135th Canton Fair Launches a Showcase of Innovative Products of New Collection to Lead Global Market Trends
-
Latest News5 days ago
BII and FMO back BECIS with joint US$50 million financing facility supporting commercial and industrial renewables sector in South-East Asia
-
Latest News4 days ago
HaloWallet Rebrands To Halo: Integrating SocialFi & AI To Revolutionize Social Influence Monetization
-
Latest News4 days ago
SS&C Blue Prism Intelligent Automation Customers Unlocked $53.4M in Value