Kingsway Finl Stock Price, News & Analysis

Kingsway Financial Services has announced an Investor Day on May 16, 2023, after its Annual General Meeting in New York City. The event will feature CEO John T. Fitzgerald and CFO Kent A. Hansen, discussing the company's operations, long-term growth strategy, and financial structure. A fireside chat will include insights from Will Thorndike, exploring capital allocation and investment strategies. The event will be held at the New York Stock Exchange and streamed live on the company's website. Interested parties can contact James Carbonara for attendance inquiries.

Kingsway Financial Services Inc. (NYSE: KFS) has released its annual letter to shareholders from President and CEO John T. Fitzgerald, along with an addendum from Director Charlie Frischer. These documents are available on the company's website. Kingsway operates primarily in the extended warranty and business services sectors through various subsidiaries, including IWS, Penn Warranty, Preferred Warranties, and Trinity Warranty Solutions. The company emphasizes its commitment to transparency and shareholder engagement through these communications, reflecting its ongoing strategy in the extended warranty and business services markets.

On March 21, 2023, Kingsway Financial Services Inc. (KFS) announced a new share repurchase program, authorizing the buyback of up to $10 million worth of its common stock within the next year. The repurchases can occur through open-market transactions or private negotiations, and are subject to various factors including market conditions and trading volume. Additionally, Kingsway plans to implement a trading plan with Raymond James to facilitate these repurchases, which may positively influence shareholder value by reducing the number of shares outstanding.

Kingsway Financial Services Inc. (NYSE: KFS) has successfully repurchased nearly all of its trust preferred debt, totaling $74.6 million in principal and $21 million in deferred interest, achieving a significant 20% IRR by paying only 60.8 cents on the dollar. Following these repurchases, the company's total outstanding debt is projected to drop to $45.7 million as of December 31, 2022. Operating income surged to $13.4 million in 2022 from $4.2 million in 2018, while pro forma adjusted EBITDA has seen a 36% CAGR from $3.9 million to $13.5 million over the same period.

Kingsway Financial Services (KFS) reported notable achievements for the 12 months ending December 31, 2022. The company completed a railyard sale for $215.2 million, netting $21.4 million post-expenses. It acquired Secure Nursing Service for $10.9 million and CSuite Financial Partners for $8.5 million, both expected to be accretive. Kingsway closed a debt facility amendment allowing an additional $10 million draw, while planning to repurchase most of its trust preferred debt. Total revenue rose to $93.3 million, driven by solid performance in Extended Warranty and Kingsway Search Xcelerator segments. Adjusted EBITDA improved to $10.2 million from $7.1 million in 2021.