Kingsway Financial Services Inc. (KFS) Financial Statements (2024 and earlier)

Company Profile

Business Address 10 S. RIVERSIDE PLAZA
CHICAGO, IL 60606
State of Incorp. DE
Fiscal Year End December 31
Industry (SIC) 6331 - Fire, Marine, and Casualty Insurance (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

3/31/2024
MRQ
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments9,25964,32512,79914,53113,63314,771
Cash and cash equivalents9,09864,16812,64214,37413,47814,619
Short-term investments161157157157155152
Total current assets:9,25964,32512,79914,53113,63314,771
Noncurrent Assets
Operating lease, right-of-use asset8869112,2482,9603,327
Property, plant and equipment1,850773108,58795,01599,064103,142
Long-term investments and receivables   18,80032,33328,444873
Long-term investments   18,80032,81129,078951
Accounts and financing receivable, after allowance for credit loss    (478)(634)(78)
Intangible assets, net (including goodwill)86,02878,597218,477205,263168,528157,925
Goodwill50,35845,498110,247121,13082,10474,659
Intangible assets, net (excluding goodwill)35,67033,099108,23084,13386,42483,266
Total noncurrent assets:88,76480,281348,112335,571299,363261,940
Other undisclosed assets99,694141,044114,723102,37286,627101,529
TOTAL ASSETS:197,717285,650475,634452,474399,623378,240
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities      2,500
Interest and dividends payable   2,500
Total current liabilities:      2,500
Noncurrent Liabilities
Liabilities, other than long-term debt5,0414,17628,55327,55529,015 
Deferred income tax liabilities5,0414,17628,55327,55529,015
Total noncurrent liabilities:5,0414,17628,55327,55529,015 
Other undisclosed liabilities168,065259,353432,327406,256349,835345,682
Total liabilities:173,106263,529460,880433,811378,850348,182
Temporary equity, carrying amount    6,5046,8195,800
Equity
Equity, attributable to parent27,70915,671(5,724)(1,998)87412,462
Treasury stock, value(3,696)(492)(492)(492)(492) 
Additional paid in capital379,813359,985359,138355,242354,101353,890
Accumulated other comprehensive income (loss)(1,540)26,60530,77938,05935,34740,768
Accumulated deficit(346,868)(370,427)(395,149)(394,807)(388,082)(382,196)
Equity, attributable to noncontrolling interest(3,098)43713,98114,15713,08011,796
Total equity:24,61116,1088,25712,15913,95424,258
Other undisclosed liabilities and equity  6,0136,497   
TOTAL LIABILITIES AND EQUITY:197,717285,650475,634452,474399,623378,240

Income Statement (P&L) ($ in thousands)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Revenues103,24493,28091,76661,36259,94852,078
Operating leases, income statement, lease revenue13,376
Insurance commissions and fees103,24493,28078,40147,60746,11138,286
Cost of revenue(23,066)(20,895)(6,607) (4,154)(3,141)
Policyholder benefits and claims incurred, net(23,066)(20,895)   105
Deferred policy acquisition costs, amortization expense   (6,607) (4,154)(3,246)
Gross profit:80,17872,38585,15961,36255,79448,937
Operating expenses(102,290)(96,853)(88,527)(66,193)(61,357)(54,371)
Other operating expense, net      (19,656)
Other undisclosed operating income23,06620,8956,607 4,15431,790
Operating income (loss):954(3,573)3,239(4,831)(1,409)6,700
Nonoperating income (expense)(2,566)54,441(2,788)5,992(5,519)(2,232)
Investment income, nonoperating(1,024)54,647 5,2503,0055,931
Profit from real estate operations    800 800
Other nonoperating expense(1,542)(206)(2,788)(58)(8,524)(8,963)
Interest and debt expense31,616(8,092)(3,667)(23,087)(8,991)(7,407)
Income (loss) from continuing operations before equity method investments, income taxes:30,00442,776(3,216)(21,926)(15,919)(2,939)
Income (loss) from equity method investments     169(2,499)
Other undisclosed income (loss) from continuing operations before income taxes(6,353)(7,819)(2,568)15,38912,618(16,511)
Income (loss) from continuing operations before income taxes:23,65134,957(5,784)(6,537)(3,132)(21,949)
Income tax expense (benefit)1,899(4,825)7,6441,115363(315)
Income (loss) from continuing operations:25,55030,1321,860(5,422)(2,769)(22,264)
Income (loss) before gain (loss) on sale of properties:1,860(5,422)(2,769)(22,264)
Income (loss) from discontinued operations (12,805)    
Other undisclosed net income (loss)(1,538)(2,262) 6(1,544)(6,072)
Net income (loss):24,01215,0651,860(5,416)(4,313)(28,336)
Net income (loss) attributable to noncontrolling interest(453) (2,202)1,309(1,573)(1,765)
Other undisclosed net loss attributable to parent    (3,684) (620)
Net income (loss) attributable to parent:23,55915,065(342)(7,791)(5,886)(30,721)
Preferred stock dividends and other adjustments(74)(306)(494)(1,066)(1,019) 
Other undisclosed net income available to common stockholders, basic  9,657 1,060 6,072
Net income (loss) available to common stockholders, basic:23,48524,416(836)(7,797)(6,905)(24,649)
Convertible preferred dividends 74306    
Other undisclosed net income (loss) available to common stockholders, diluted(6)76    
Net income (loss) available to common stockholders, diluted:23,55324,798(836)(7,797)(6,905)(24,649)

Comprehensive Income ($ in thousands)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Net income (loss):24,01215,0651,860(5,416)(4,313)(28,336)
Other comprehensive income (loss)(28,115)(4,238)(7,295)2,723(5,409)4,124
Comprehensive income (loss):(4,103)10,827(5,435)(2,693)(9,722)(24,212)
Comprehensive income (loss), net of tax, attributable to noncontrolling interest(483)9,721(2,187)(1,320)(1,585)(1,764)
Comprehensive income (loss), net of tax, attributable to parent:(4,586)20,548(7,622)(4,013)(11,307)(25,976)

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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