Kingsway Financial Q4 2022 Earnings Report
Key Takeaways
Kingsway Financial Services Inc. reported solid financial results for 2022, highlighted by revenue growth, strategic acquisitions, and simplification of its capital structure through debt reduction and asset reallocation.
Completed the sale of its railyard in Texas for $215.2 million, resulting in net proceeds of $21.4 million after taxes, fees and distribution to the minority shareholder.
Acquired Secure Nursing Service, Inc. for $10.9 million and CSuite Financial Partners for $8.5 million, both expected to be immediately accretive.
Amended an existing debt facility to draw up to $10 million in additional principal until February 27, 2024.
Intends to repurchase 100% of the principal and deferred interest from five of the six trust preferred debt instruments no later than March 15, 2023.