Financial Results Announcement: Fountain Asset Corp. Q1 2024
Fountain Asset Corp. Reports Financial Results for Q1 2024
TORONTO, May 29, 2024 (GLOBE NEWSWIRE) — Fountain Asset Corp. (TSXV:FA) has released its financial results for the three months ended March 31, 2024, highlighting key figures from the first quarter of the year.
Some of the key highlights from Q1 2024 include a Net Asset Value (NAV) of $6.22 million ($0.10/share) at the end of March 31, 2024, compared to $6.66 million ($0.11/share) at the end of December 31, 2023, representing a 9.1% decrease on a quarter-over-quarter per share basis. The company reported net comprehensive losses of $0.44 million, total losses from investment activity of $0.28 million, and net realized losses on the sale of portfolio investments of $0.32 million.
During Q1/24, Fountain Asset Corp. realized $0.32 million in losses on the sale of non-core portfolio investments. The company experienced a decline in its portfolio of publicly traded companies, with decreases from SRG Mining Inc. being offset by increases in Hammond Power Solutions.
CEO Andrew Parks stated, “During Q1/24, Fountain continued to focus on its growth-oriented goals by realigning its investment portfolio for new opportunities and exiting non-core investments that have not benefitted the Company. While this resulted in additional realized losses during Q1/24, Fountain believes the disposition of these investments was necessary for the Company to re-position itself and capitalize on new opportunities.”
The company maintained low operating expenses in Q1/24, which helped reduce the net comprehensive loss. As of March 31, 2024, the company’s net assets were valued at $6.22 million or $0.10 per share.
For more information, the full set of Q1 2024 unaudited financial statements and the management discussion & analysis are available on SEDAR+.
Fountain Asset Corp. is a merchant bank providing equity financing, bridge loan services, and strategic financial consulting services to companies across various industries.
Forward-looking statements in this press release reflect the current expectations of the company based on available information. The company disclaims any intent or obligation to update any forward-looking statement.
For further information, please contact Andrew Parks at (416) 456-7019 or visit Fountain Asset Corp.’s website at www.fountainassetcorp.com.