Spackman Equities Group Reports Record Profit for Third Quarter 2014
(firmenpresse) - TORONTO, ONTARIO and HONG KONG, CHINA -- (Marketwired) -- 12/01/14 -- Spackman Equities Group Inc. ("SEGI" or the "Company") (TSX VENTURE: SQG) today announced its financial results for the third quarter and the nine months ended September 30, 2014.
For the third quarter ended September 30, 2014, revenue was $38.6 million and for the nine months ended September 30, 2014, revenue was $38.7 million. The revenue for both the three and nine month periods ended September 30, 2014 are records for the Company and reflect the increase in value of the Company''s 39.1% stake in Spackman Entertainment Group Limited ("SEGL") resulting from its IPO and listing on the Catalist of the Singapore Exchange during the third quarter.
For the third quarter ended September 30, 2014, the Company recorded a gain of $36.8 million or $0.25 per share and for the nine months ended September 30, 2014, the Company recorded a gain of $36.3 million or $0.24 per share.
At September 30, 2014, SEGI had $2.2 million, or $0.015 per share in cash or cash equivalents and marketable securities.
Commenting on the third quarter results, Charles Spackman, the Chairman and Chief Executive Officer of SEGI said, "We are pleased to report a record profit for Spackman Equities Group Inc. primarily derived from the significant increase in the value of our investment in Spackman Entertainment Group Limited, which successfully listed on the Catalist of the Singapore Exchange on July 22, 2014."
The Company owns 39.1% of SEGL, and based on the most recent closing price of SEGL''s shares of SGD 0.25, the market value of the Company''s stake in SEGL is SGD $38.7 million (CAD $33.6 million) or CAD $0.225 per SEGI share."
The financial statements for the three and nine months ended September 30, 2014 reflect a change in accounting treatment resulting from the adoption by the Company effective January 1, 2014 of the Investment Entity Amendment to IFRS 10. The Company is now presented as an Investment Entity and its investment in SEGL is recorded at fair value.
The complete financial statements for the three and nine months ended September 30, 2014, including Management''s Discussion and Analysis of the results, are posted on SEGI''s website, and are also available on SEDAR at .
The Company is also pleased to report the appointment of Douglas R. Babcook as a director effective immediately. Mr. Babcook fills an existing vacancy on the board.
Selected Highlights of the Third Quarter and Subsequent Events
About Spackman Equities Group Inc.
SEGI is an investment company that selectively invests into growth companies that possess proprietary know-how or technology, primarily in Asia. Our objective is to originate opportunities to invest into businesses at attractive valuations, build a compelling portfolio of holdings, and deliver the collective value of our investments to our shareholders.
The current holdings of SEGI consist of investments in public equities as well as privately-held companies. SEGI''s holdings include:
The common shares of Spackman Equities Group trades on the TSX Venture Exchange under the symbol SQG.
Visit for further information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Included in this news release are matters that constitute "forward-looking" information within the meaning of Canadian securities law. Such forward-looking statements may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may" or words of a similar nature. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include among others, regulatory risks, risk inherent in foreign operations, commodity prices and competition. Most of these factors are outside the control of the Company. All subsequent forward-looking statements attributable to the Company or its agents are expressly qualified in their entirety by these cautionary comments. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
Contacts:
Spackman Equities Group Inc.
Richard Lee
+852 8191 3370
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 01.12.2014 - 10:34 Uhr
Sprache: Deutsch
News-ID 1322038
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
TORONTO, ONTARIO and HONG KONG, CHINA
Phone:
Kategorie:
Venture Capital
Anmerkungen:
Diese Pressemitteilung wurde bisher 148 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Spackman Equities Group Reports Record Profit for Third Quarter 2014
"
steht unter der journalistisch-redaktionellen Verantwortung von
Spackman Equities Group Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
