Kingsway Finl Stock Price, News & Analysis

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.

Kingsway Financial Services Inc. (KFS) announced the completion of its acquisition of PWI Holdings, Inc. This strategic move enhances Kingsway's position in the vehicle service contract and extended warranty market. For the year ending September 30, 2020, PWI reported $4.2 million in GAAP income before taxes and $6.6 million in Non-GAAP EBITDA. The acquisition is expected to be accretive, despite anticipated expense increases. The acquisition was financed through a $25.7 million loan from CIBC Bank and cash reserves.

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.