Welcome to our dedicated page for Kingsway Finl news (Ticker: KFS), a resource for investors and traders seeking the latest updates and insights on Kingsway Finl stock.
Kingsway Financial Services, Inc. reports developments across its Search Fund operating model, through which it acquires and operates asset-light B2B and B2C services companies with recurring revenue characteristics. Company updates commonly address operating and financial results, portfolio activity, acquisition strategy, governance matters, shareholder voting topics, and capital-structure disclosures.
Kingsway’s reported business areas include Kingsway Search Xcelerator and an Extended Warranty segment that provides aftermarket vehicle protection services distributed through credit unions. Portfolio news also includes completed divestitures, including the sale of Trinity Warranty Solutions, a former unit that sold and administered warranty products for equipment categories such as HVAC, generators, commercial lighting, and refrigeration.
Kingsway Financial Services Inc. (KFS) reported improved operating results for the nine months ended September 30, 2020, with net cash from operations rising to $0.4 million from near zero in 2019. The GAAP net loss for Q3 2020 was $1.1 million, a reduction from $4.0 million a year prior. The company signed a definitive agreement to acquire PWI Holdings for $24.5 million, expected to close by year-end pending regulatory approvals. Extended Warranty revenues fell 7.0% to $12.0 million, influenced by COVID-19 impacts. The pandemic posed challenges, including reduced consumer spending and potential impairment risks.
Kingsway Financial Services Inc. (KFS) announced an agreement to acquire PWI Holdings, Inc. for $24.5 million, pending regulatory approvals. PWI is a leader in vehicle service contracts and extended warranties, operating nationwide through automobile dealers. Kingsway President J.T. Fitzgerald expressed optimism about PWI's potential to enhance their portfolio of warranty holdings. The acquisition is to be funded via a mix of cash and third-party financing, with expected closure by the end of the year, subject to customary conditions.
Kingsway Financial Services Inc. (KFS) announced its quarterly results for Q2 2020, reporting an operating income near breakeven compared to a loss of $0.8 million in Q2 2019. The GAAP net loss widened to $1.4 million from $0.4 million year-over-year. However, the non-GAAP adjusted loss improved to $0.5 million from $1.8 million, aided by better performance in the Extended Warranty segment and cost-cutting measures. Extended Warranty service fee income fell by 11.9% to $10.4 million, primarily due to the loss of a major customer amid COVID-19's impact on operations.
On July 22, 2020, Kingsway Financial Services Inc. (NYSE: KFS) announced the availability of its annual letter to shareholders from CEO John T. Fitzgerald. The letter provides insights into the company's activities and financial performance over the last year. Kingsway, primarily involved in extended warranties, asset management, and real estate, emphasizes its commitment to transparency with shareholders. The letter and additional reports are accessible through the company’s website and regulatory filings.
Kingsway Financial Services Inc. (NYSE: KFS) announced that it received a notice from the NYSE on July 20, 2020, indicating its removal from the late filers' list. This follows the filing of its Annual Report on Form 10-K for the year ended December 31, 2019, on July 10, 2020, and the Quarterly Report on Form 10-Q for the period ended March 31, 2020, on July 17, 2020. The company's compliance with financial reporting obligations enables it to improve its standing on the NYSE.
Kingsway Financial Services Inc. (KFS) announced on July 16, 2020, that the New York Stock Exchange has accepted its business plan to regain compliance with listing standards due to previous non-compliance regarding market capitalization and stockholders' equity, both below $50 million. The NYSE granted Kingsway until December 26, 2021, to meet compliance requirements. The company's stock will remain listed during this period, subject to ongoing monitoring. CEO John T. Fitzgerald expressed optimism about their organizational strategy aimed at delivering shareholder value.