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TORONTO, March 28, 2022 (GLOBE NEWSWIRE) — Dundee Corporation DC (the “Corporation” or “Dundee”) today announced its financial results for the three months and year ended December 31, 2021. All currency amounts in this press release are in Canadian dollars except as otherwise indicated.
FOURTH QUARTER 2021 RESULTS
- Demonstrated significant progress in rationalizing non-core legacy portfolio by completing the sale of the beef division of Blue Goose Capital Corp. (“Blue Goose”) for total proceeds, net of adjustments, of $70.6 million, including $8.1 million completed during the third quarter of 2021, and paid down $32.2 million in consolidated debt. In addition, Blue Goose incurred $5.2 million in transaction costs.
- Reduced total corporate G&A costs by 33% compared to the fourth quarter of 2020 (37% excluding stock-based compensation).
- Reported net income from its portfolio investments of $12.1 million (2020 – $22.2 million).
- On a consolidated basis, the Corporation reported cash of $93.9 million as at December 31, 2021 (September 30, 2021 – $84.1 million).
- Generated consolidated revenues of $3.5 million (2020 – $5.9 million).
- Majority-owned United Hydrocarbon International Corp. reduced the fair value estimate of its oil royalty interest, associated contingent bonus payments, and escrow receivable by $17.9 million, due to heightened geopolitical risk in the Republic of Chad and uncertain future of the operator, Delonex Energy Limited.
- Incurred a net loss attributable to owners of the Corporation of $13.6 million (2020 – earnings of $32.8 million), or a loss of $0.17 per share (2020 – earnings of $0.31 per share, before the effect of any dilutive securities) including non-cash items of $11.4 million.
FULL YEAR RESULTS
- Consolidated revenues of $18.4 million (2020 – $18.0 million).
- During the year 2021, the Corporation generated net proceeds of $116.9 million (2020 – $220.9 million) from the sale of non-core legacy assets as well as various mining…
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