Kingsway Finl Stock Price, News & Analysis

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.

Kingsway Financial Services Inc. (NYSE: KFS) has announced its acquisition of Ravix Financial Inc., a provider of outsourced financial services based in San Jose, California. This marks the first acquisition under Kingsway's CEO Accelerator Program. Ravix reported unaudited revenue of $12.5 million and $1.9 million in income before taxes for the year ending June 30, 2021. The acquisition cost $11 million, with potential additional payments of up to $4.5 million based on financial performance. Kingsway expects the deal to be immediately accretive.

Kingsway Financial Services (NYSE: KFS) is set to host an Investor Day on October 6, 2021, at the New York Stock Exchange, with virtual attendance options available. Management will present on the Company’s operations, financial structure, and long-term growth strategy starting at 10:00 a.m. Eastern Time. Participants can join the Q&A session following the presentation. Interested parties can register by contacting Adam Prior at aprior@equityny.com.

Kingsway Financial Services Inc. (KFS) reported improved operating results for Q2 2021, with a net loss of $0.3 million, down from $1.4 million in Q2 2020. Non-GAAP adjusted income rose to $1 million, reversing a loss of $0.5 million from the previous year. The Extended Warranty segment saw operating income increase to $2.6 million, bolstered by PWI's contribution following its acquisition. However, cash used in operating activities surged to $11.5 million due to litigation settlements and increased rental income monetization.

Cove Programs has selected Professional Warranty Service Corporation (PWSC) as its sole endorsed warranty provider for builders. PWSC meets Cove’s warranty and claims tracking needs, enhancing risk management for builders and improving the home buyer experience. The collaboration includes PWSC's ClearView Risk Services, which expedites legitimate claims resolution and protects builders from illegitimate claims. The service offers insurance claims management and property title tracking, ensuring ongoing warranty coverage for subsequent homeowners. PWSC is recognized for its A+ rated insured warranty option.

Kingsway Financial Services reported a net income of $0.9 million for Q1 2021, compared to a net loss of $0.4 million in Q1 2020. Non-GAAP adjusted income rose to $4.3 million, aided by $2.5 million from PPP loan forgiveness. Extended Warranty operating income surged to $5.3 million, with total revenue increasing 66% to $18.6 million, largely due to PWI's first full-quarter results post-acquisition. Leased Real Estate operating income also improved to $1.3 million, driven by final legal settlements. Overall, the financials reflect a strong rebound and effective management during uncertain conditions.

Kingsway Financial Services Inc. (KFS) has released a letter to its shareholders from President and CEO John T. Fitzgerald, available on the company's website. Kingsway operates in the extended warranty, asset management, and real estate sectors. The letter includes forward-looking statements about the company's performance and potential risks. Investors are encouraged to read the company's 2020 Annual Report for a comprehensive overview of its financial status and future projections.

Kingsway Financial Services (KFS) reported significant growth in its Extended Warranty segment for the year ended December 31, 2020, with operating income up by 35% and non-GAAP adjusted EBITDA increasing 27%. The acquisition of PWI Holdings contributed to these improvements, leading to a cash flow of $1.7 million. Despite a GAAP net loss of ($5.4 million), the company showed a positive trend in adjusted income. However, the ongoing impact of COVID-19 has affected sales and could lead to future financial uncertainties.