Kingsway Finl Stock Price, News & Analysis

Kingsway Financial Services Inc. (KFS) announced it will report its financial results for the three and nine months ended September 30, 2022, on November 10, 2022. A conference call will follow at 5:00 PM ET to discuss these results. Investors can access the call via toll-free and international numbers, and a live webcast is available. Kingsway operates across various sectors including extended warranty and asset management. The date of the earnings report is significant for stakeholders looking to assess the company's performance in the recent quarter.

Kingsway Financial Services (KFS) reported its Q2 2022 results, showing a net loss of $2.4 million, compared to a net loss of $0.3 million in Q2 2021. Operating cash flow improved by $17.7 million, totaling $6.2 million for the first half of 2022. The company sold Professional Warranty Service Corporation for $51.2 million, receiving $37.2 million in cash, with potential additional earnings. Furthermore, KFS announced an option to repurchase a significant portion of its debt at a discount, aiming to enhance shareholder value.

PWSC has launched a revolutionary warranty program targeting the build-to-rent housing sector, providing 10 years of structural insurance alongside comprehensive system and appliance protection. This program addresses a significant gap in the market, where build-to-rent properties often lack adequate warranty options. As rental properties gain prominence, this initiative aims to safeguard investors against potential construction defects, fostering better relationships among builders, property managers, and investors. PWSC’s HomePRO warranty is structured for B2B needs, enhancing operational efficiency in property management.

Kingsway Financial Services Inc. (KFS) announced the appointment of Charles Frischer to its Board of Directors and Audit Committee on May 20, 2022. Frischer, who owns approximately 7% of the company's stock, will also join the newly created Real Estate Committee. Chairman Terence M. Kavanagh expressed confidence that Frischer's expertise in financial services and real estate will benefit the company and its shareholders. Frischer anticipates that Kingsway will experience significant growth in the upcoming years, particularly through its search accelerator program.

Kingsway Financial Services Inc. (KFS) reported operating results for Q1 2022, showing improved cash flow of $3.8 million, compared to a cash deficit of $1.9 million a year prior. However, the company incurred a net loss of $2.5 million, a decline from a net profit of $0.9 million in Q1 2021. The Extended Warranty segment saw operating income drop to $1.7 million from $5.3 million. Adjusted EBITDA for this segment also decreased. The company paid down $1.7 million in debt during the quarter, with total debt payments reaching $2.6 million since the end of 2021.

Kingsway Financial Services Inc. (KFS) announced the formation of a Strategic Advisory Board for its new Kingsway Search Xcelerator (KSX) segment. This initiative aims to enhance strategic thinking, acquisition analysis, and operational execution within KSX. Notable members include Thomas P. Joyce, Jr., former CEO of Danaher Corporation, and William N. Thorndike, Jr., Managing Partner of The Cromwell Harbor Partnership. Their extensive experience is expected to provide a significant competitive advantage and contribute positively to the strategic direction of KSX.

Kingsway Financial Services Inc. (KFS) reported a net income of $1.9 million for the twelve months ending December 31, 2021, a significant recovery from a net loss of $5.4 million in 2020. Non-GAAP adjusted income rose to $11.7 million, up from a loss of $0.6 million. The Extended Warranty segment operating income increased to $12.6 million, compared to $6.6 million in 2020. Despite non-cash revenue adjustments, Kingsway acquired Ravix Financial Inc. in October 2021 and continued to focus on strategic investments, including the acquisition of RoeCo Lafayette, LLC.

Professional Warranty Service Corporation (PWSC) has unveiled a new logo and website to reflect its expansion into comprehensive risk management solutions beyond just new home warranties. The rebranding aims to showcase PWSC's evolution from a warranty provider to a holistic risk management partner for homeowners and property managers. PWSC offers warranties covering various aspects of home structures, including resale and rental properties. With over 1.7 million homes protected, the company emphasizes its commitment to servicing diverse needs in the residential construction and real estate industries.

Kingsway Financial Services Inc. (KFS) reported an improved net loss of $0.2 million for Q3 2021, down from $1.1 million in Q3 2020. Non-GAAP adjusted income surged to $2.1 million, compared to a loss of $0.4 million the previous year. The Extended Warranty segment's operating income rose to $1.4 million, reflecting a 46.7% increase in service fee and commission revenue to $17.6 million, primarily due to the PWI acquisition. Cash provided by operations was $3.5 million, up from $1.4 million in Q3 2020. The company also plans to adopt new accounting standards in Q4 2021.