Spackman Equities Group Reports 2014 Year End Results
(firmenpresse) - TORONTO, ONTARIO and HONG KONG, CHINA -- (Marketwired) -- 04/30/15 -- Spackman Equities Group Inc. (the "Company" or "SEGI") (TSX VENTURE: SQG) today reported its audited financial results for the year ended December 31, 2014.
Revenue for the year ended December 31, 2014 was $23,120,000 compared to $2,178,000 for the same period one year ago, an increase of 961% for the year.
Net income for the year was $17,493,000 or $0.12 per share compared with net profit of $1,315,000 or $0.01 for fiscal 2013, an increase of 1,230% for the year.
Both revenue and net profit for 2014 are records for the Company and they 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. The financial statements for the year ended December 31, 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.
At December 31, 2014, SEGI had $33,276,000 million, or $0.22 per share in cash or cash equivalents, marketable securities and investment in shares of public company.
Presently, the Company owns 38.77% of SEGL, and based on the most recent closing price of SEGL''s shares of SGD 0.133, the market value of the Company''s stake in SEGL is SGD $20,400,000 (CAD $17,870,000) or CAD $0.116 per SEGI share."
Regarding the results for the fiscal year 2014, Charles Spackman, Chairman and Chief Executive Officer of the Company said, "The record revenues and profit are significant milestones for the Company and are a recognition of the substantial increase in the value of our investment in Spackman Entertainment Group Limited. Moving forward we will continue to focus our efforts on creating and delivering value for our shareholders."
The audited financial statements for the year ended December 31, 2014 and Management''s Discussion and Analysis of the results are posted on SEDAR at .
Selected Highlights of Fiscal 2014
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:
Visit for further information.
Forward-Looking Statements
Included in this news release may be 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) has in any way approved or disapproved of the contents of this press release.
Contacts:
Spackman Equities Group Inc.
Richard Lee
+852 8191 3370
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Datum: 30.04.2015 - 13:56 Uhr
Sprache: Deutsch
News-ID 1355596
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