VANCOUVER, BC / ACCESSWIRE / October 31, 2017 / TIMIA Capital Corporation ("TIMIA" or the "Company") (TCA.V) is pleased to announce its Q3 results for 2017.
Timia Capital has firmly established its revenue finance model over the past 8 quarters and is focused on expanding its asset base, achieving scale, and delivering returns to shareholders.
- $235,000 of net income during Quarter,
- Earnings per share of $0.01,
- One portfolio during the quarter and one significant unrealized gain,
- Continued strong performance with payments from the portfolio growing by 43% over the same quarter in the prior year, and
- Growth in Adjusted EBITDA1.
Revenue of $251,599 for Q3, 2017 is the highest quarterly interest revenue that TIMIA has achieved under its revenue finance model, and a 28% increase over the Q2, 2017 interest revenue of $228,246
Revenue for the nine month period ended August 31, 2017 is $728,700, 81% higher than the $403,000 revenue for same period in the previous year.
TIMIA had two gains during the quarter:
- A realized gain of $35,310 as a result of an exit from a $600,000 revenue finance investment into Lambda Solutions Inc. ("Lambda"). Lambda was bought out of its $600,000 revenue finance facility on August 29th, 2017, paying a total of $823,000 over the 2-year term of the facility.
- An unrealized gain of $330,000, primarily due to a $306,000 increase in the fair market value of TIMIA's equity position in Moj.io. Moj.io, a private company based in Vancouver, is the leading open platform for connected cars and has recently announced a number of mobile telecom sales channel partnerships.
Net Income / EPS / Adjusted EBIDTA
The Company had net income of $235,000 for Q3, 2017 as compared to net loss of ($104,400) in Q2, 2017. The Q3, 2017 net income resulted in positive EPS of $0.01 per share.
Net loss for the nine month period ended August 31, 2017 is ($2,554) vs. ($291,544) for the same period in the prior year.
Adjusted EBITDA1 improved to $78,264 in Q3, 2017 from $74,038 in Q2, 2017 as a result of increased revenue and consistent quarter over quarter cash-based operating expenses.
Total Payments Received from Investee Companies
Total payments received from investee companies are a key measure of the Company's progress. These payments are comprised of both interest and principal repayments, and for Q3 2017 these payments totaled $270,500 vs $247,100 in Q2, 2017. This represents an increase of 9% from Q2 to Q3 and a 43% increase over the same quarter in 2016.
All investee companies are current in their payments.
The Company has a cash balance of $2,301,700 at the end of Q3, 2017, and expects to utilize these cash resources in the near term for investment into new and existing investee companies. Please refer to the forward-looking disclaimer below.
 Adjusted EBITDA is a non-GAAP measure comprising EBITDA - non-cash items such as Share Based Compensation, Warrant Accretion Expense included in Interest Expense and Loan Loss Provision +/- equity related realized and unrealized gains/losses.
About TIMIA Capital Corporation
TIMIA Capital Corporation is a specialty finance company that provides revenue financing to technology companies in exchange for payments tied to revenue and bonus payments upon exiting the investments. The alternative financing option complements both debt and equity financing while allowing entrepreneurs to retain a greater share of their business. TIMIA's target market is the fast-growing business-to-business software-as-a-service (SaaS) segment. TIMIA is managed by a seasoned investment team with a track record of originating and managing debt and equity investments, as well as monitoring, compliance, and workouts. For more information about TIMIA Capital Corporation, please visit www.timiacapital.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release.
For more information, please contact:
Chief Executive Officer
TIMIA Capital Corporation
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. The Company disclaims any obligation to update the forward-looking statements except as required by law.
SOURCE: TIMIA Capital Corporation