Kingsway Financial Q2 2020 Earnings Report
Key Takeaways
Kingsway Financial Services reported a breakeven operating income for the second quarter of 2020, a significant improvement compared to the operating loss in the same period of the previous year. The GAAP net loss was $1.4 million, while the non-GAAP adjusted loss improved to $0.5 million, benefiting from improvements in the Extended Warranty segment and cost-cutting measures. The Extended Warranty segment saw a decrease in service fee and commission income but an increase in operating income.
Operating income was essentially breakeven, compared to an operating loss of $0.8 million for the same period in 2019.
GAAP net loss was $1.4 million compared to a GAAP net loss of $0.4 million for the same period in 2019.
Non-GAAP adjusted loss improved to $0.5 million (inclusive of $0.3 million tax benefit) compared to a Non-GAAP adjusted loss of $1.8 million (inclusive of $0.2 million tax expense) for the same period in 2019.
Net cash used in operating activities improved to $1.0 million for the six months ended June 30, 2020 compared to $2.5 million for the same period in 2019.