Fountain Asset Corp. Announces its Financial Results for the Quarter Ended September 30, 2020 and Voting Results of 2020 Annual General Meeting
TORONTO, Nov. 27, 2020 (GLOBE NEWSWIRE) -- Fountain Asset Corp. (TSXV:FA) (“Fountain” or the “Company”) would like to announce its financial results for the three months ended
September 30, 2020 (“Q3/20”).
Highlights from the three months ended September 30, 2020:
- Adjusted net asset value (“ANAV”) of $17.45 million ($0.30 per share) at September 30, 2020 compared to $17.52 million ($0.30 per share) at June 30, 2020, representing a 0.4% decrease quarter over quarter. ANAV reflects the net asset value plus the amount of available tax loss pools available;
- Net comprehensive loss of $0.25 million compared to net comprehensive loss of $10.93 million for three months ended September 30, 2019 (“Q3/19”);
- Total revenue from investment activity was $0.06 million compared to total revenue loss of $10.62 million for Q3/19;
- Net realized gains on the sale of portfolio investments of $0.09 million compared to net realized losses of $1.88 million for Q3/19;
- Net unrealized losses on portfolio investments of $0.03 million compared to net unrealized losses of $8.75 million for Q2/19;
- Total expenses of $0.31 million, which includes stock-based compensation of $0.09 million, compared to $0.32 million, which includes stock-based compensation of $0.07 million, for Q3/19; and
- Operating expenses of $0.23 million compared to $0.25 million for Q3/19.
Highlights from the nine months ended September 30, 2020:
- ANAV of $17.45 million ($0.30 per share) at September 30, 2020 compared to $18.78 million ($0.32 per share) at December 31, 2019, representing a 7.1% decline year to date;
- Net comprehensive loss of $1.96 million compared to net comprehensive loss of $10.04 million for the nine months ended September 30, 2019;
- Total revenue loss from investment activity was $1.25 million compared to total revenue loss of $9.02 million for the nine months ended September 30, 2020;
- Net realized losses on the sale of portfolio investments of $3.71 million compared to net realized losses of $0.30 million for the nine months ended September 30, 2019;
- Net unrealized gains on portfolio investments of $1.64 million compared to net unrealized losses of $9.76 million for the nine months ended September 30, 2019;
- Total expenses of $0.72 million, including stock-based compensation of $0.13 million, compared to $1.02 million, including stock-based compensation of $0.27 million, for the nine months ended September 30, 2019; and
- Operating expenses of $0.58 million compared to $0.75 million for the nine months ended September 30, 2019.
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