Central 1 reports first quarter 2018 results

VANCOUVER, British Columbia, May 25, 2018 (GLOBE NEWSWIRE) — Central 1 Credit Union (Central 1) today reported its first quarter 2018 financial results and highlights from operations, including assets of $19.5 billion, up 8.3 per cent. 

In the first quarter, Central 1 continued its commitment towards transformational change, and its vision to be the national partner of choice for financial, digital banking and payment solutions. With a focus on launching its new three-year strategic plan, A Bold Way Forward, Central 1 emphasizes its scale and expertise as a source of competitive advantage for Canadian credit unions.

“Central 1’s 2018-2020 strategic plan has a compelling vision and a purpose that’s inspiring for our Board, leadership and employees,” said Mark Blucher, CEO, Central 1. “It puts our clients at the heart of everything that we do, both in delivering operational excellence, and providing thoughtful leadership.”

Financially, Central 1 had a strong first quarter of 2018 reporting a profit of $41.0 million, up $26.4 million or 180.8 per cent from the same period last year.

For the quarter ended March 31, 2018, Central 1 recognized a gain of $23.7 million from disposing its interest in the insurance operations of The CUMIS Group Limited (CUMIS) and a gain of $19.3 million relating to the restructuring of Interac’s operations, which closed on January 31, 2018. These gains were partially offset by increased costs incurred to support strategic initiatives including the User Experience (UX) Platform.

First quarter highlights compared to the same period last year:

  • Profit of $41.0 million, up 180.8 per cent from $14.6 million.
  • Return on average equity of 14.8 per cent, compared to 5.4 per cent.
  • Assets of $19.5 billion, up 8.3 per cent from $18.0 billion.
  • Tier 1 capital ratio of 32.3 per cent, compared to 34.6 per cent.
  • B.C. system’s net operating income of $119.7 million, up 39.0 per cent from $86.1 million.
  • B.C. system’s assets are $79.1 billion, up 8.8 per cent from $72.7 billion.
  • Ontario system’s net operating income of $67.7 million, up 26.5 per cent from $53.5 million.
  • Ontario system’s assets are $50.7 billion, up 10.5 per cent from $45.9 billion.

Central 1 reported a profit before tax from continuing operations (excluding one-time items) of $10.3 million, down from a profit of $11.4 million reported a year ago.

Net financial income decreased $8.0 million compared to the first quarter of 2017, primarily due to an $11.9 million decrease in net realized and unrealized gains that was partially offset by higher interest margin.

Interest margin increased $4.1 million compared to the prior year, largely driven by the widened net interest spread and the growth in average net assets. Three interest rate hikes by the Bank of Canada between July 2017 and January 2018 had a positive impact on interest margin as the weighted average yield on assets increased relative to the weighted average cost of liabilities.

At March 31, 2018, Central 1’s consolidated borrowing multiple was 13.1:1 compared to 12.4:1 at December 31, 2017.

At the end of the first quarter of 2018, Central 1 issued 425.9 million Class F Shares at a price of $1 per share and redeemed 378.1 million of its Class A Shares with a redemption value of $1 per share. As a part of the share restructuring, Central 1 also redeemed or reacquired 750 thousand of its Class E Shares with an aggregate value of $75.0 million. This restructuring resulted in net capital of $27.2 million returned to Class A members. The earnings retained during the first quarter of 2018 partially offset by this share restructuring brought total equity to $1,141.4 million, up $22.3 million from December 31, 2017.

Highlights from the quarter include:

  • Central 1 shifted its approach to delivery of its UX Platform. Together with UX Platform leaders, client Champions, our Board and Technology Committee, we made the strategic decision to prioritize delivery of the UX Platform for mobile, using our partner Backbase’s out-of-the-box mobile app solution. Committed to building best-in-class solutions, leveraging consultation and growing engagement with clients, we’ve increased our focus on meeting client needs and industry trends.
     
  • A new credit card offering, when the credit union National Credit Card Program and Collabria announced the launch of an important new partnership that will provide new credit card products for credit union members, administered by Central 1 with an executive oversight committee of credit unions that participate in the program. Over 210 Canadian credit unions are expected to be able to offer this new credit card program to their members through 2018.
     
  • In March 2018, Central 1 and The Co-operators Group Limited (The Co-operators) announced a change in their partnership to strengthen the core businesses of both organizations, with The Co-operators acquiring Central 1’s interest in the insurance operations of CUMIS.
     
  • Creating a strong, values-based wealth management alternative for Canadian credit union members, Aviso Wealth Inc. (Aviso) was formed in April through an agreement to merge the businesses of Credential Financial Inc., Qtrade Canada Inc. and Northwest & Ethical Investments LP. Aviso Wealth is now one of Canada’s largest independent national wealth management firms providing best-in-class wealth management products and services to more than 300 credit unions across Canada.

B.C. and Ontario credit union systems

The network of B.C. credit unions collectively reported net operating income of $119.7 million in the first quarter of 2018, up $33.6 million or 39.0 per cent from the same period in 2017. Growth resulted from higher net-interest and non-interest income, which outweighed higher non-interest expense.

Combined assets of the B.C. system was $79.1 billion at the end of March 2018, up 8.8 per cent year-over-year. Asset growth was led by increases in personal mortgages of 9.3 per cent and commercial mortgages of 12.5 per cent. Liability growth was led by increases in non-registered term deposits of 11.3 per cent, non-registered demand deposits of 5.1 per cent, and borrowings of 23.9 per cent.

The B.C. system’s regulatory capital as a percentage of risk-weighted assets was 14.7 per cent at the end of March 2018, down 13 basis points from a year ago. The system’s return on assets was 0.6 per cent annualized in the first quarter, up 14 basis points (bps) year-over-year.

The Ontario system reported net operating income of $67.7 million in the first quarter of 2018, up $14.2 million or 26.5 per cent from the same period in 2017. Growth resulted from higher net-interest and non-interest income which outweighed higher non-interest expense.

Combined assets of the Ontario system at the end of March 2018 rose 10.5 per cent year-over-year to reach $50.7 billion. Increases in residential mortgages of 15.2 per cent and commercial loans and mortgages of 12.1 per cent led the asset growth this quarter.

Regulatory capital as a percentage of risk-weighted assets was up from 12.8 per cent a year earlier to 13.3 per cent in Ontario at the end of March 2018. The Ontario system’s return on assets was also up year-over-year, reaching 0.54 per cent annualized in the first quarter, up seven bps.

About Central 1

Central 1 is a preferred partner for financial, digital banking and payment products and services – fueling the success of businesses across Canada. With $19.5 billion in assets, we leverage our scale, strength and expertise to power progress for more than 300 credit unions and other financial institutions, enhancing the financial well-being of more than 3.4 million customers from coast to coast. For more information, visit www.central1.com.

Caution Regarding Forward Looking Statements

This press release contains forward-looking statements based on assumptions, uncertainties and management’s best estimates of future events. These include, without limitation, statements contain the words “may,” “will,” “intends” and “anticipates” and other similar words and expressions.  Forward-looking statements are based on the opinions and estimates of management at the date the statements are made. Actual results may differ materially from those currently anticipated. Securityholders are cautioned that such forward-looking statements involve risks and uncertainties. Certain important assumptions by Central 1 in making forward-looking statements include, but are not limited to, competitive conditions, economic conditions and regulatory considerations. Important risk factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include economic risks, regulatory risks and other risks detailed from time to time in Central 1’s periodic reports filed with securities regulators. Given these risks, the reader is cautioned not to place undue reliance on forward-looking statements. Central 1 undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws.

Contacts

Media:

Nicole Adams
Director, Member & External Communications
Central 1 Credit Union
T 604.754.6581 or 1.800.661.6813 ext. 6581
E nicole.adams@central1.com

Investors:

Brent Clode
Chief Investment Officer
Central 1 Credit Union
T 905-282-8588 or 1 800.661.6813 ext. 8588
E bclode@central1.com

Athabasca Minerals Inc. Announces Q1 2018 Financial Results

EDMONTON, Alberta, May 25, 2018 (GLOBE NEWSWIRE) — Athabasca Minerals Inc. (“Athabasca” or the “Corporation”) (TSX Venture:ABM) announces its financial results for the first quarter ended March 31, 2018. The Corporation’s financial statements and management’s discussion and analysis (“MD&A”) for the quarter ended March 31, 2018 are available on SEDAR at www.sedar.com and on the Athabasca Minerals Inc. website at www.athabascaminerals.com.

Business Highlights

  • Sold crushing equipment May 17, 2018 for $1,800,000 and wheel loader May 3, 2018 for $500,040 with proceeds used to repay lease balances of $260,375;
     
  • Susan Lake remains operational under Overholding Tenancy status. Athabasca continues to collect volume-based pit management fees associated with the Pit Users’ removal of surplus stockpiled aggregate material which will continue until a new disposition is granted by with Alberta Environment & Parks (AEP) expected Q2 2018;
     
  • The Susan Lake Closure Plan is under review with AEP and timing for obtaining this approval is revised to Q2 2018.  A new Public Lands Administration Regulation (PLAR) Disposition will be included with AEP approval.  Due to approval delays, milestones for progressively closing the Susan Lake gravel pit warrant further extension beyond the previously stated October 2018 target and will likely shift into 2019.  Revised dates will be confirmed once the Susan Lake Closure Plan is approved; 
     
  • Awarded $1.6 million order for aggregates from a major oil sands entity with a significant portion of sales to occur between May 2018 and October 2018;
     
  • Operating loss decreased by 14% for the three months ended March 31, 2018 to $1,089,535 versus $1,268,200 in the comparable three-month period ending March 31, 2017;
     
  • General and Administrative expense decreased 1% for the three months ended March 31, 2018 to $600,957 versus $605,715 in the comparable three-month period ending March 31, 2017;
     
  • Working capital of $4,230,820 million; current lease obligation of $373,301; non-current lease obligation $7,355;
     
  • Debt to equity ratios of 0.20; total liabilities of $3,050,253; total shareholders’ equity of $14,972,299;
     
  • Announced entry into a Letter of Intent with a property owner in the town of Mayerthorpe, Alberta for the Firebag Frac Sand Project Storage and Distribution Hub.

Financial Highlights

($ thousands of CDN, except per share amounts and
tonnes sold)
Three Months
Q1 2018
  Three Months
Q1 2017
 
Aggregate management fees – net $107   $337  
Aggregate sales revenue $7   $140  
Revenue $114   $476  
Gross profit $(444)   $(268)  
Total loss and comprehensive loss $(740)   $(855)  
     
Total aggregate tonnes sold (MT) 95,489   250,763  
Loss per share, basic and fully diluted
($ per share)
$(0.022)   $(0.026)  

2018 Operational Outlook

Over the next 12 months, the Corporation is actively addressing and working on various strategic and operational initiatives relating to the following:

  • Resolution of the Syncrude lawsuit;
     
  • Conclude the Susan Lake Management Renewal Contract and execute the closure program of the Susan Lake Gravel Pit (still pending approval by Alberta Environment & Parks);
     
  • Preserve the Corporation’s cash position, and dispose of non-core or low-priority assets;
     
  • Sell existing stockpiled inventories of sand and gravel;
     
  • Negotiate royalty agreements to monetize Pelican Hill Pit;
     
  • Execute profitability the royalty agreement signed at the Emerson Pit;
     
  • Establish Supplier-of-Choice relationships for 3rd party crushing services for Athabasca’s corporate pits;
     
  • Advance the Firebag Frac Sand project venture – conclude partnerships for logistics, conclude equipment and site selection for the wash/dry plant, partner with an engineering services provider for design package and secure pre-orders for the first year’s production capacity;
  • Expand the role and functionality of strategic inventory staging and distribution hubs (e.g. Conklin, Poplar Creek, and potentially House River area) to augment corporate pits limited by winter access roads;
     
  • Selectively pursue conventional aggregate companies for potential acquisition; and
     
  • Further develop the Aggregates Marketing arm to broker sales of 3rd party inventories to a larger market and expanded customer base in Western Canada;

About Athabasca Minerals

The Corporation is a resource company involved in the management, exploration and development of aggregate projects. These activities include contracts works, aggregate pit management, aggregate production and sales from corporate-owned pits, new aggregate development and acquisitions of sand and gravel operations. The Corporation also has industrial mineral land holdings for the purpose of locating and developing sources of industrial minerals and aggregates essential to high growth economic development.

For further Information on Athabasca, please contact:

Dean Stuart
T: 403-617-7609
E: dean@boardmarker.net

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Global Forecast for Smart Building Market Size & Share to Surpass USD 61,900 million by 2024: Zion Market Research

New York, NY, May 25, 2018 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “Smart Building Market by Automation Type (Energy management, Intelligent security systems, Infrastructure management, and Network & communication management), By Service (Professional services and Managed services), and for Applications (Commercial, Residential, Government, Airports, Hospitals, Institutes, Manufacturing & Industrial facilities, and Others): Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024’’.

According to the report, global smart building market was valued at around USD 5,800 million in the year 2016 and it is expected to reach approximately USD 61,900 million by 2024. The global smart building market is expected to exhibit a CAGR of more than 34% between 2017 and 2024.

Browse through 23 Tables & 47 Figures spread over 110 Pages and in-depth TOC on “Global Smart Building Market: Industry Size, Share, Growth, Trends, and Forecast 2016 – 2024”.

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There is a rise in the number of buildings that are getting smarter. These infrastructures incorporate many of the advanced technologies in it, such as managing the lighting, energy, heating, and also the security systems. The major factors that will prompt the growth of these smart buildings are the increasing demand for integrated security & safety systems and growing government initiatives for smart building projects. 

As building energy management system enables to monitor and control the energy needs, our research analysts observed that there will be an increasing demand for the energy management systems in the smart building market owing to its benefit of utilizing the energy in an efficient way.

In order to minimize the use of energy, for space optimization, and to reduce the environmental impact of buildings, smart buildings serve as a better option. Considering all the above aspects the smart building’s infrastructure provides the facility manager and owners to get better asset performance. The ever-increasing consumption of energy and subsequent expenses is driving the demand for the smart buildings. The smart buildings are controlled by automated systems in order to reduce the misuse or loss of energy. Since the energy management system offers benefits of proper energy consumption this segment will grow significantly during the forecast period.

Download Free Report Brochure: https://www.zionmarketresearch.com/requestbrochure/smart-building-market

The professional services segment contributed a major market share in 2017. Professional services offer consultation and training activities by understanding the organization requirements, technical goals, and the challenges. Thus handling of the problems is done in an efficient way. Owing to which the demand for the professional services is high. 

Commercial buildings include office buildings, retail infrastructures such as malls, shopping stores, and others. All these buildings have huge utilization of energy and require high-tech security systems thus commercial buildings have increased utilization of the automated systems. The commercial buildings segment accounted for the largest share in 2016 and is expected to retain its dominance throughout the forecast period. Increasing energy-saving concern in order to reduce the operational cost will drive the growth of this segment.

Browse the full “Smart Building Market by Automation Type (Energy management, Intelligent security systems, Infrastructure management, and Network & communication management), By Service (Professional services and Managed services), and for Applications (Commercial, Residential, Government, Airports, Hospitals, Institutes, Manufacturing & Industrial facilities, and Others) Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024” report at https://www.zionmarketresearch.com/report/smart-building-market

The market is growing at a rapid pace in the developing regions. Though Europe dominates the smart building market; Asia Pacific region is anticipated to have an influential growth during the forecast period. The increasing technological developments and adoption of new infrastructure security & services in the emerging countries coupled with rising initiatives for smart buildings will propel the growth of the smart building market in Asia Pacific region.

Ask The Analyst: https://www.zionmarketresearch.com/ask-to-analyst/smart-building-market

The major market players in the smart building market are Siemens AG, ABB Group, Cisco Systems, Schneider SE, United Technologies Corporation, Buildingiq, Inc., Honeywell International, IBM Corporation, Johnson Controls, and Delta Controls, among others.

Inquire more about this report before purchase @ https://www.zionmarketresearch.com/inquiry/smart-building-market

The global smart building market is segmented on the basis of the automation type, services, applications, and the geographical regions.

Global Smart Building Market: Automation Type Segment Analysis

  • Energy management
  • Intelligent security systems
  • Infrastructure management
  • Network & communication management

Global Smart Building Market: Services Segment Analysis

  • Professional services
  • Managed services

Global Smart Building Market: Applications Segment Analysis

  • Commercial
  • Residential
  • Government
  • Airports
  • Hospitals
  • Institutes
  • Manufacturing & Industrial facilities
  • Others

Global Smart Building Market: Regional Segment Analysis

  • North America
    • The U.S.
    • Rest of North America
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Rest of Latin America
  • The Middle East and Africa
    • GCC Countries
    • Southern Africa
    • Rest of MEA

Related Reports:

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