Kingsway Finl Stock Price, News & Analysis

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.

Kingsway Financial Services Inc. (KFS) will release its financial results for the year ending December 31, 2022, on March 8, 2023, after the market close. A conference call is scheduled for the same day at 5:00 PM ET to discuss the results and answer questions. Kingsway operates in various sectors, including extended warranties, business services, asset management, and real estate. Shareholders are encouraged to participate in the call to gain insights into the company's performance and future outlook.

Kingsway Financial Services Inc. (NYSE: KFS) announced the release of a new investor presentation on its website aimed at providing an overview of the Company’s business, financials, and industry insights. Investors can access the updated presentation through the investor relations section at this link. Kingsway operates in various sectors including extended warranties, business services, asset management, and real estate. The Company’s subsidiaries include IWS, Penn Warranty, Preferred Warranties, and others, which serve diverse markets.

Kingsway Financial Services Inc. (NYSE: KFS) announced that Sun Mountain Partners, led by Will Thorndike and Christian Solberg, has become a significant investor through the acquisition and exercise of 611,547 common shares, raising its total position to approximately 800,000 shares. This investment generated $3.1 million in cash for Kingsway. Thorndike joined Kingsway's Strategic Advisory Board earlier this year, emphasizing a long-term commitment to the company's growth. The warrants, allowing share purchase at $5 each, expire on September 15, 2023.

Kingsway Financial Services Inc. (NYSE: KFS) has successfully completed the sale of its Texas railyard to BNSF Dayton LLC for a total of $215.2 million. This amount comprises $44.5 million in cash and $170.7 million in mortgage assumption, resulting in net proceeds of $21.4 million to Kingsway. The company aims to utilize these proceeds to repurchase subordinated debt, significantly reducing its notes payable and subordinated debt by 70% by year-end 2022.

Kingsway Financial Services Inc. (NYSE: KFS) has published an updated investor presentation on its website as of December 7, 2022. The presentation offers a comprehensive overview of the company's business operations, industry position, financial metrics, and relevant information aimed at investors. It is accessible via the investor relations section of the company’s website. Kingsway operates primarily in the extended warranty, business services, asset management, and real estate sectors.

Kingsway Financial Services Inc. (KFS) announced a successful amendment to its credit agreement with AvidBank, securing an additional $6 million in borrowing. This funding, finalized on November 17, 2022, will support the capital structure for its subsidiaries, Ravix and CSuite, following the recent acquisition. The total debt secured by these subsidiaries now stands at approximately $11.4 million. The new term loan will require monthly payments and matures on November 16, 2028.

Kingsway Financial Services (KFS) announced its Q3 2022 results, achieving a net income of $37.3 million, a significant recovery from a net loss of $0.2 million in the same quarter last year. The company successfully sold its subsidiary PWSC for $51.2 million, yielding net proceeds of $37.2 million. Cash provided by operating activities for the nine months was $9.3 million compared to a cash outflow of $8.0 million in 2021. Cash and cash equivalents surged to $48.6 million from $12.6 million at year-end 2021, signaling strong financial health.