$KFS
KINGSWAY FINANCIAL SERVICES INC

2012 Q4 Form 10-Q Financial Statement

#000107262712000082 Filed on November 09, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q3 2011 Q3
Revenue $41.40M $34.80M $68.18M
YoY Change 0.24% -48.96% 23.51%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $21.10M $16.80M $18.00M
YoY Change 35.26% -6.67% -24.69%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.000M -$5.399M $500.0K
YoY Change 233.33% -1179.8% -75.0%
% of Gross Profit
Operating Expenses $47.30M $56.48M $59.60M
YoY Change -6.34% -5.23% -25.77%
Operating Profit -$16.33M
YoY Change
Interest Expense -$900.0K $1.887M -$1.700M
YoY Change -18.18% -211.0% -37.04%
% of Operating Profit
Other Income/Expense, Net -$2.180M
YoY Change
Pretax Income -$9.100M -$21.09M $8.725M
YoY Change -30.0% -341.7% -128.15%
Income Tax $3.900M -$1.054M $2.433M
% Of Pretax Income 27.89%
Net Earnings -$13.70M -$18.87M $7.252M
YoY Change 95.71% -360.19% -169.73%
Net Earnings / Revenue -33.09% -54.22% 10.64%
Basic Earnings Per Share -$1.52 $0.48
Diluted Earnings Per Share -$1.038M -$1.52 $0.48
COMMON SHARES
Basic Shares Outstanding 13.15M shares 13.15M shares 13.09M shares
Diluted Shares Outstanding 13.15M shares 13.09M shares

Balance Sheet

Concept 2012 Q4 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $80.81M $60.87M $63.10M
Short-Term Investments
Other Short-Term Assets $7.900M
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $19.90M $29.20M $12.40M
YoY Change -32.31% 135.48% -84.48%
LONG-TERM ASSETS
Property, Plant & Equipment $2.709M $3.323M $11.70M
YoY Change -79.23% -71.6% -53.94%
Goodwill $8.421M $510.0K
YoY Change 1551.18%
Intangibles $50.58M $39.12M
YoY Change 29.3%
Long-Term Investments $41.73M $47.17M $189.8M
YoY Change -14.12% -75.15% -39.28%
Other Assets $8.700M $8.700M $0.00
YoY Change -100.0%
Total Long-Term Assets $352.9M $312.3M $388.6M
YoY Change 2.38% -19.63% -41.05%
TOTAL ASSETS
Total Short-Term Assets $19.90M $29.20M $12.40M
Total Long-Term Assets $352.9M $312.3M $388.6M
Total Assets $372.8M $341.5M $401.0M
YoY Change -0.34% -14.84% -45.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $40.80M
YoY Change -19.69%
Accrued Expenses $34.70M $27.40M
YoY Change 31.94%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $37.60M $27.40M $40.80M
YoY Change 42.97% -32.84% -19.69%
LONG-TERM LIABILITIES
Long-Term Debt $61.20M $61.90M $56.10M
YoY Change 9.29% 10.34% -34.99%
Other Long-Term Liabilities $49.00M $14.00M $2.700M
YoY Change 341.44% 418.52%
Total Long-Term Liabilities $110.2M $75.90M $58.80M
YoY Change 64.23% 29.08% -31.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $37.60M $27.40M $40.80M
Total Long-Term Liabilities $110.2M $75.90M $58.80M
Total Liabilities $307.4M $264.2M $271.0M
YoY Change 19.29% -2.5% -50.0%
SHAREHOLDERS EQUITY
Retained Earnings -$262.1M -$248.4M
YoY Change 30.25%
Common Stock $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $65.07M $77.64M $130.0M
YoY Change
Total Liabilities & Shareholders Equity $372.8M $341.5M $401.0M
YoY Change -0.34% -14.84% -45.74%

Cashflow Statement

Concept 2012 Q4 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income -$13.70M -$18.87M $7.252M
YoY Change 95.71% -360.19% -169.73%
Depreciation, Depletion And Amortization $2.000M -$5.399M $500.0K
YoY Change 233.33% -1179.8% -75.0%
Cash From Operating Activities -$6.000M -$9.800M -$22.40M
YoY Change -67.03% -56.25% -72.62%
INVESTING ACTIVITIES
Capital Expenditures -$100.0K -$100.0K -$800.0K
YoY Change -80.0% -87.5% -93.75%
Acquisitions $4.900M
YoY Change
Other Investing Activities $26.00M $11.70M $4.200M
YoY Change 19.82% 178.57% -95.31%
Cash From Investing Activities $26.00M $11.60M $3.400M
YoY Change 22.64% 241.18% -95.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.700M
YoY Change
Cash From Financing Activities 0.000 -4.000M -100.0K
YoY Change 3900.0% -99.84%
NET CHANGE
Cash From Operating Activities -6.000M -9.800M -22.40M
Cash From Investing Activities 26.00M 11.60M 3.400M
Cash From Financing Activities 0.000 -4.000M -100.0K
Net Change In Cash 20.00M -2.200M -19.10M
YoY Change 566.67% -88.48% -72.12%
FREE CASH FLOW
Cash From Operating Activities -$6.000M -$9.800M -$22.40M
Capital Expenditures -$100.0K -$100.0K -$800.0K
Free Cash Flow -$5.900M -$9.700M -$21.60M
YoY Change -66.67% -55.09% -68.7%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">RECENTLY ISSUED ACCOUNTING STANDARDS</font></div><div style="line-height:120%;padding-bottom:12px;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In October 2010, the Financial Accounting Standards Board ("FASB") issued ASU 2010-26. The amendments in ASU 2010-26 address diversity in practice regarding the interpretation of which costs relating to the acquisition of new or renewal insurance contracts qualify for deferral. And, the amendments clarify which costs should be deferred and which costs should be expensed when incurred. The amendments in ASU 2010-26 became effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2011. We adopted this new accounting standard effective January 1, 2012 on a prospective basis. Refer to Note </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">8</font><font style="font-family:inherit;font-size:10pt;">, "Deferred Policy Acquisition Costs," for further discussion regarding the impact of this new standard to the Company.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2011, the FASB issued ASU 2011-04, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS </font><font style="font-family:inherit;font-size:10pt;">("ASU 2011-04"). Most of the changes in the new standard are clarifications of existing guidance, but it expands the disclosures about fair value measurements. It will require the categorization by level of the fair value hierarchy for items that are not measured at fair value in the statement of financial position but for which the fair value is required to be disclosed. In addition, for fair value measurements categorized as Level 3 within the fair value hierarchy, the valuation processes and sensitivity of the fair value measurements to changes in unobservable inputs shall be disclosed. This standard is effective for interim and annual periods beginning after December 15, 2011 and should be applied prospectively. Effective January 1, 2012, the Company adopted ASU 2011-04 , and the adoption of the new standard did not have a material impact on the consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2011, the FASB issued ASU 2011-05, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Comprehensive Income (Topic 220): Presentation of Comprehensive Income </font><font style="font-family:inherit;font-size:10pt;">("ASU 2011-05"). ASU 2011-05 requires companies to present the components of net income and comprehensive income in either one or two consecutive financial statements. Companies are no longer permitted to present the components of other comprehensive income as part of the statement of changes in shareholders' equity. Reclassifications from other comprehensive income must be presented in both the consolidated statement of operations and the consolidated statement of other comprehensive income. This standard became effective for interim and annual periods beginning after December&#160;15, 2011, and should be applied retrospectively. In December 2011, the FASB issued ASU 2011-12, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05 </font><font style="font-family:inherit;font-size:10pt;">("ASU 2011-12"). The amendments in ASU 2011-12 delay the effective date of certain provisions in ASU No. 2011-05 that relate to reclassification items until such time as the FASB has time to re-deliberate the presentation of those items. All other provisions of ASU No. 2011-05 take effect on the date originally noted in that ASU. Effective January 1, 2012, the Company adopted ASU 2011-05 and the adoption of the new standard did not have a material impact on the consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> In September 2011, the FASB issued ASU 2011-08, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Intangibles-Goodwill and Other</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">(Topic 350): Testing Goodwill for Impairment </font><font style="font-family:inherit;font-size:10pt;">("ASU 2011-08")</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">. </font><font style="font-family:inherit;font-size:10pt;">The standard became effective for the first interim or annual period beginning on or after December 15, 2011, with early adoption permitted. The standard amends Accounting Standards Codification Topic 350, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Intangibles</font><font style="font-family:inherit;font-size:10pt;">-</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Goodwill and Other, </font><font style="font-family:inherit;font-size:10pt;">and gave companies the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Effective January 1, 2012, the Company adopted ASU 2011-08 and the adoption did not have an impact on our financial statements. There have been no triggering events that would suggest possible impairment or that it is more-likely-than-not that the fair values of the reporting unit related to our goodwill are less than their carrying amounts. We will utilize the new guidance during our annual impairment testing in December 2012.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In July 2012, the FASB issued ASU 2012-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Intangibles-Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment </font><font style="font-family:inherit;font-size:10pt;">("ASU 2012-02")</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">. </font><font style="font-family:inherit;font-size:10pt;">ASU 2012-02 provides entities with an option to first assess qualitative factors to determine whether events or circumstances indicate that it is more likely than not that the indefinite-lived intangible asset is impaired. If an entity concludes that it is more than 50% likely that an indefinite-lived intangible asset is not impaired, no further analysis is required. However, if an entity concludes otherwise, it would be required to determine the fair value of the indefinite-lived intangible asset to measure the amount of actual impairment, if any, as currently required under US GAAP. ASU 2012-02 is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted. Except for the option to perform the qualitative assessment, the Company does not anticipate that the adoption of the new standard will have a material impact on the Company.</font></div></div>
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">BUSINESS</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Kingsway Financial Services Inc. (the "Company" or "Kingsway") was incorporated under the Business Corporations Act (Ontario) on September 19, 1989. Kingsway is a holding company and is engaged, through its subsidiaries, in the property and casualty insurance business.</font></div></div>
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dei Amendment Flag
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dei Current Fiscal Year End Date
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dei Document Fiscal Period Focus
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dei Document Fiscal Year Focus
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dei Document Period End Date
DocumentPeriodEndDate
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dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
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0001072627
CY2012Q4 dei Entity Common Stock Shares Outstanding
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dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Entity Registrant Name
EntityRegistrantName
KINGSWAY FINANCIAL SERVICES INC.

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