VANCOUVER, May 7, 2020 /CNW/ - Itasca Capital Ltd. (TSX-V:
ICL) ("Itasca" or "Company") today filed its unaudited interim
financial statements for the three months ended March 31, 2020 and the related management
discussion & analysis, both of which are available under
Itasca's profile on SEDAR at www.sedar.com. All amounts are in
Canadian dollars unless indicated otherwise.
The Company reported net loss attributable to common
shareholders of $0.3 million, or
$0.01 loss per share, and total
comprehensive income of $0.8 million
in the first quarter of 2020, primarily due to $1.1 million currency translation gain, partially
reduced by general and administrative expenses of $0.3 million. Itasca reported net loss
attributable to common shareholders of $0.2
million, or $0.01 loss per
share in the first quarter of 2019.
As of March 31, 2020, Itasca
reported total shareholders' equity of $13.9
million with a book value per share of $0.64 based on the 21,810,626 issued and
outstanding common shares.
Management Comments:
Larry G. Swets, Jr., Chief Executive
Officer and Director, stated, "We continue to analyze various
alternatives for deployment of the liquidity currently held by
Itasca and believe the Company is well positioned to capitalize on
opportunities in the current environment."
Neither TSXV nor its Regulation Services Provider (as that
term is defined in policies of the TSXV) accepts responsibility for
the adequacy or accuracy of this news release.
CAUTIONARY NOTE
Book value per share is a non-IFRS
measure calculated as the total of shareholders' equity divided by
the issued and outstanding shares of Itasca. The term "book value
per share" does not have any standardized meaning according to IFRS
and therefore may not be comparable to similar measures presented
by other companies. There is no comparable IFRS measure presented
in Itasca's consolidated financial statements and thus no
applicable quantitative reconciliation for such non-IFRS financial
measure. Itasca believes that book value per share can provide
information useful to its shareholders.
SOURCE Itasca Capital Ltd.