VANCOUVER, BC, Aug. 18, 2020 /CNW/ - Itasca Capital Ltd.
(TSXV: ICL) ("Itasca" or "Company") today filed its unaudited
interim financial statements for the six months ended June 30, 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 $0.1 million, or
$0.004 loss per share, and total
comprehensive loss of $0.6 million in
the second quarter of 2020, primarily due to $0.5 million currency translation loss and
$0.1 million general and
administrative expenses. Itasca reported net income
attributable to common shareholders and total comprehensive income
of $1.2 million, or $0.05 earnings per share in the second quarter of
2019.
As of June 30, 2020, Itasca
reported total shareholders' equity of $13.3
million with a book value per share of $0.61 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 alternatives
for deployment of the liquidity currently held by Itasca that are
suitable 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.