Day: April 19, 2023

Adjusted Revenue was $8.6 million1 for the three months ended December 31, 2022 (“Q4 2022”) and $27.7 million1 for the year ended December 31, 2022 (“FY 2022”), an increase of more than 450% from the three months ended December 31, 2021 (“Q4 2021”) and more than 550% from the year ended December 31, 2021 (“FY 2021”). NOW reported breakeven Adjusted EBITDA1 in Q4 2022 and $(1.2) million in FY 2022, an increase of 99% from Q4 2021 and 53% from FY 2021.TORONTO, April 19, 2023 (GLOBE NEWSWIRE) — NowVertical Group Inc. (TSX-V: NOW) (OTCQB: NOWVF) (“NOW” or the “Company”), the Vertical Intelligence (“VI”) company, today announces its financial results for the three and twelve months ended December 31, 2022. All figures are in U.S. dollars unless otherwise stated. “The fourth quarter results demonstrate our ability to create value...

Preliminary Financial Results and Other Matters for the Quarter Ended March 31, 2023:Significant Income and Expense Item: During the three months ended March 31, 2023, the Company recorded the following significant item: The Company recorded an expense in Legal and Professional Fees totaling $1.3 million related to training and implementation costs for its upcoming core systems conversion and professional fees to consultants that were engaged to support the Company in its transition of core and ancillary software and information technology systems. Liquidity: The Company had secured borrowing line availability at the FHLBank and Federal Reserve Bank of $850 million and $418 million, respectively, at March 31, 2023. In addition, at March 31, 2023, the Company had unpledged securities with a market value totaling $553 million, which could...

Adjusted Cash Income and Free Cash Flow Increasing as Company Focusses on Profitable Growth CALGARY, Alberta, April 19, 2023 (GLOBE NEWSWIRE) — Quorum Information Technologies Inc. (TSX-V: QIS) (OTC Pink: QIFTF) (“Quorum”), a North American SaaS Software and Services company providing essential enterprise solutions that automotive dealerships and Original Equipment Manufacturers (“OEMs”) rely on for their operations, released its results today for the fourth quarter and fiscal year ended December 31, 2022. Financial references are expressed in Canadian dollars unless otherwise indicated. Please refer to the MD&A and Financial Statements posted onto SEDAR related to non-IFRS measures and risk factors. “In 2022, we transitioned to a more balanced profitable growth strategy, a more efficient sales strategy prioritizing cross...

First Quarter 2023 HighlightsRecord net income of $23.5 million, or $30.80 per share; Achieved return on average assets of 1.80% and return on average equity of 18.93%; Strong liquidity position with $529.6 million in cash, $968.8 million in investment securities and a borrowing capacity of $1.5 billion with no outstanding borrowings as of March 31, 2023; Strong capital position with a total risk-based capital ratio of 13.68%, common equity tier 1 ratio of 12.19%, tier 1 leverage ratio of 9.94% and a tangible common equity ratio of 9.67%; Credit quality remains strong and the allowance for credit losses remains robust at 1.99%.LODI, Calif., April 19, 2023 (GLOBE NEWSWIRE) — Farmers & Merchants Bancorp (OTCQX: FMCB) (the “Company” or “FMCB”), the parent company of Farmers & Merchants Bank of Central California (the...

EXTON. Pa., April 19, 2023 (GLOBE NEWSWIRE) —    OMEGA FLEX, INC. (OFLX)         Three Months Ended March 31,             2023   2022         Net Sales   $ 29,987,000     $ 31,293,000                    Net Income attributable to Omega Flex, Inc.   $ 5,742,000     $ 5,451,000                    Earnings Per Share – Basic and Diluted   $ 0.57     $ 0.54                    Weighted Average Shares – Basic and Diluted     10,094,322       10,094,322                    Kevin R. Hoben, Chairman and CEO, announced that Net Income of Omega Flex, Inc. (the “Company” or “Omega Flex”) was $5,742,000 for the first quarter of 2023 versus $5,451,000 during the same period last year, increasing $291,000 or 5.3%.  In contrast to the first quarter of last year, Net Income for...

ROSEMONT, Ill., April 19, 2023 (GLOBE NEWSWIRE) — Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced record quarterly net income of $180.2 million or $2.80 per diluted common share for the first quarter of 2023, an increase in diluted earnings per common share of 26% compared to the fourth quarter of 2022. Pre-tax, pre-provision income (non-GAAP) totaled a record $266.6 million as compared to $242.8 million for the fourth quarter of 2022. Edward J. Wehmer, Founder and Chief Executive Officer, commented, “Wintrust successfully navigated the first quarter with limited disruption thanks to our strong deposit franchise and balanced business model. Total deposits remained stable in the first quarter as the diversity of our deposit base showed its resilience in a volatile market. Credit...

SINGAPORE, April 20, 2023 (GLOBE NEWSWIRE) — Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for the cryptocurrency mining community, today announced its financial results for the year ended December 31, 2022. Full Year 2022 Financial and Operational HighlightsTotal revenue was $333.3 million in 2022, compared to $394.7 million in 2021, primarily due to a decrease in revenue generated from proprietary mining, sales of mining machines, and Cloud Hash Rate, partially offset by an increase in revenue generated from three types of hosting services, which was partially driven by an expansion of the Company’s mining datacenter operations. Net loss was $60.4 million in 2022, compared to a net profit of $82.6 million in 2021. Adjusted profit1 was $30.3 million in 2022, compared...

TORONTO, April 19, 2023 (GLOBE NEWSWIRE) — Mitchell Cohen, Chief Executive Officer and President of Urbanfund Corp. (TSX-V: UFC) (“Urbanfund” or the “Company”), confirmed today that the Company has filed its financial statements for the year ended December 31, 2022 (the “Consolidated Financial Statements”) and corresponding Management’s Discussion and Analysis (“MD&A”). BUSINESS OVERVIEW AND STRATEGY Business Overview Urbanfund Corp. is an incorporated entity listed on the TSX Venture Exchange (“TSX-V”) under the symbol UFC. The Company is a reporting issuer in Alberta, British Columbia and Ontario. Urbanfund’s focus is to invest in Canadian real estate and real estate related projects with a focus on a mix of both residential and commercial properties. The Company’s assets are located in Toronto, Brampton, Belleville, Kitchener...

PALOS VERDES ESTATES, Calif., April 19, 2023 (GLOBE NEWSWIRE) — Malaga Financial Corporation “Company” (OTCPink:MLGF), the parent company of Malaga Bank FSB, today reported that net income for the quarter ended March 31, 2023 was $5,875,000 ($0.69 basic and fully diluted earnings per share), an increase of $1,080,000 or 23% from net income of $4,795,000 ($0.56 basic and fully diluted earnings per share, as adjusted for the stock dividend declared on November 14, 2022) for the quarter ended March 31, 2022. For the first quarter of 2023, the Company’s annualized return on average equity was 12.70% and the annualized return on average assets was 1.57%, as compared to 11.20% and 1.29%, respectively, for the same period in 2022. The Company did not have any delinquent loans or foreclosed real estate owned at March 31, 2023. The Company’s...

ARCHBOLD, Ohio, April 19, 2023 (GLOBE NEWSWIRE) — Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2023 first quarter ended March 31, 2023. 2023 First Quarter Financial Highlights Include (on a year-over-year basis unless noted):Net interest income before provision for credit losses increased 9.6% to $21.7 million Adopted CECL accounting standards, which led to a one-time adjustment to equity of $3.4 million, net of tax Net income of $6.5 million, compared to $8.1 million Earnings were $0.47 per basic and diluted share, compared to $0.62 per basic and diluted share Total loans increased 24.7% to a record $2.447 billion Organic loan growth of 19.4%, excluding PPP loans and the Peoples-Sidney Financial Corporation acquisition Total assets increased 14.3% to a record $3.07 billion, and...