Clarke Inc. Reports 2023 Fourth Quarter and Year End Results and the Redeployment of Capital on Certain Real Estate Dispositions
Results for the Year Ended
Net income for the year ended
Comprehensive income for the year ended
During 2023, the Company's book value per common share increased by
Clarke's basic and diluted earnings per share ("EPS") for the year ended
Results for the Fourth Quarter of 2023
The Company had net income of
Comprehensive income for the fourth quarter was
For the three months ended
Additional commentary on our results can be found in our Management's Discussion & Analysis for the year ended
1Book value per share and hotel net operating income are non-IFRS measures and ratios. Refer to the "Cautionary Statement Regarding Use of Non-IFRS Accounting Measures and Ratios" section of this press release and our December 31, 2023 MD&A for more information. |
Other Information
Highlights of the consolidated financial statements for the three months and year ended
(in millions, except per share amounts) |
Three months ended
2023 $ |
Three months ended
2022 $ |
Year ended
2023 $ |
Year ended
2022 $ |
Hotel and rental revenue |
14.7 |
15.2 |
65.2 |
54.7 |
Provision of services revenue |
1.5 |
2.9 |
8.2 |
9.7 |
Investment and other income* |
8.9 |
1.5 |
4.0 |
2.8 |
Net income |
7.5 |
1.3 |
3.4 |
3.2 |
Other comprehensive income |
8.7 |
19.1 |
13.7 |
6.9 |
Comprehensive income |
16.1 |
20.4 |
17.1 |
10.1 |
Basic and diluted EPS |
0.54 |
0.10 |
0.24 |
0.23 |
Total assets |
395.1 |
416.1 |
395.1 |
416.1 |
Total liabilities |
164.4 |
201.2 |
164.4 |
201.2 |
Long-term financial liabilities |
120.6 |
62.7 |
120.6 |
62.7 |
Book value per share |
16.53 |
15.28 |
16.53 |
15.28 |
* Investment and other income includes unrealized and realized gains and losses on assets and liabilities, fair value changes of property and equipment and investment properties presented in the statement of earnings, interest income, pension expense/recovery and foreign exchange gains/losses. |
Redeployment of Capital from Certain Asset Dispositions
During the fourth quarter of 2023, the Company finalized the exit of its one-third ownership in the 1111 Atwater Avenue development in
During the fourth quarter of 2023, the Company also sold two of its office buildings located in
Subsequent to
About Clarke
Cautionary Statement Regarding Use of Non-IFRS Accounting Measures and Ratios
This press release makes reference to "book value per share" and "net operating income" (or "hotel net operating income"). Book value per share and net operating income are not financial measures or ratios calculated and presented in accordance with International Financial Reporting Standards ("IFRS") and should not be considered in isolation or as a substitute to any financial measures or ratios of performance calculated and presented in accordance with IFRS. These non-IFRS financial measures and ratios are presented in this press release because management of Clarke believes that such measures and ratios enhance the user's understanding of our historical and current financial performance.
Book value per share is measured by dividing shareholders' equity of the Company at the date of the statement of financial position by the number of common shares outstanding at that date. Net operating income is defined as revenue less expenses. Net operating income measures operating results before interest, depreciation, amortization, and income taxes. Clarke's method of determining these amounts may differ from other companies' methods and, accordingly, these amounts may not be comparable to measures used by other companies.
Note on Forward-Looking Statements and Risks
This press release may contain or refer to certain forward-looking statements relating, but not limited, to the Company's expectations, intentions, plans and beliefs with respect to the Company. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "does not expect", "is expected", "budgets", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", "believes", or equivalents or variations of such words and phrases, or state that certain actions, events or results, "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Forward-looking statements contained in this press release include, without limitation, those with respect to the expected timing for completion of the sale of
Although the Company has attempted to identify important factors that could cause actions, events or results not to be as estimated or intended, there can be no assurance that forward-looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Other than as required by applicable Canadian securities laws, the Company does not update or revise any such forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events. Accordingly, readers should not place undue reliance on forward-looking statements.
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