Welcome to our dedicated page for Kingsway Financial Services news (Ticker: KFS), a resource for investors and traders seeking the latest updates and insights on Kingsway Financial Services stock.
Kingsway Financial Services, Inc. (NYSE: KFS) is a holding company that operates in the insurance and business services sectors in the United States. Through its subsidiaries, Kingsway focuses on creating long-term value by acting as an advisor, investor, and financier in the extended warranty and business services markets.
Kingsway's core business operations are divided into two main segments:
- Extended Warranty: This segment offers after-market vehicle protection services primarily distributed by credit unions. The company's extended warranty operations generate revenue through service fees and commission income and include subsidiaries such as IWS, Penn Warranty, Preferred Warranties, and Trinity Warranty Solutions.
- Kingsway Search Xcelerator (KSX): This segment focuses on the acquisition and growth of small to medium-sized businesses. Recent acquisitions under KSX include Systems Products International (SPI), which provides software solutions for the shared-ownership property management industry, and Digital Diagnostics, Inc. (DDI), specializing in medical imaging technology. The KSX segment aims to acquire businesses with recurring revenue, strong margins, low capital demands, and growth potential.
Recent developments include Kingsway's inclusion in the Russell 3000® Index and the small-cap Russell 2000® Index, which brings increased exposure to a broader audience of potential investors. Additionally, Kingsway has launched Vertical Market Solutions, LLC (VMS) to focus on vertical market software companies, starting with the acquisition of SPI.
Financially, Kingsway continues to show growth with an 11% increase in revenue in 2023, primarily driven by its KSX segment. Despite challenges in the extended warranty segment due to rising claim costs, the company remains focused on disciplined cost management and strategic acquisitions to drive long-term growth.
For more detailed financial information, including annual reports and investor presentations, visit the company's website at www.kingsway-financial.com.
Kingsway Financial Services (NYSE:KFS) reported its Q3 2024 financial results, showing mixed performance. Consolidated revenue grew 9.5% to $27.1 million compared to $24.8 million in the prior year. The Extended Warranty segment revenue increased 3.4% to $17.8 million, while Kingsway Search Xcelerator (KSX) revenue rose significantly by 23.3% to $9.3 million. However, the company reported a consolidated net loss of $2.3 million, compared to a $0.7 million loss in the previous year. The company projects a twelve-month run-rate adjusted EBITDA of $18.5-19.5 million for operating companies.
Kingsway Financial Services (NYSE:KFS) has scheduled its Q3 2024 financial results announcement for Wednesday, November 6, 2024, after market close. The company will host a conference call at 5 p.m. Eastern Time on the same day to discuss the results and answer questions.
The earnings call will be accessible via toll-free numbers for both domestic and international participants, and a live webcast will be available. A replay of the conference call will also be made available for those unable to attend the live session.
Kingsway Financial Services (NYSE: KFS) has appointed Rob Casper as the newest Operator-in-Residence within its Kingsway Search Xcelerator (KSX) segment. This follows KSX's recent acquisition of Image Solutions Casper brings over 10 years of Private Equity Operations experience, having previously led multiple HVAC/R and plumbing companies across multiple states. He is a United States Naval Academy graduate with a Systems Engineering degree and served as a Marine Corps Officer before earning his MBA at Harvard Business School.
Kingsway Financial Services Inc. (NYSE:KFS) has announced the acquisition of Image Solutions , an IT managed services provider, for $19.5 million. The all-cash transaction was funded with cash on hand and $7.75 million in debt financing. Image Solutions, founded in 2003, is considered one of the largest IT service providers in western North Carolina, offering equipment sales, service, and helpdesk support.
Key highlights of the acquisition include:
- Expected to be immediately accretive
- Adds $9.8 million of annual unaudited revenue and $3.1 million of annual unaudited adjusted EBITDA
- Capital light business with approximately 85% recurring revenue and low churn
- Strong margins and impressive historical organic growth
Davide Zanchi, Kingsway Operator-in-Residence, will transition into the CEO role of Image Solutions. A conference call to discuss the transaction is scheduled for October 16, 2024, at 5 p.m. ET.
Kingsway Financial Services Inc. (NYSE:KFS) reported its Q2 2024 financial results, showing a 1.0% increase in consolidated revenue to $26.4 million compared to $26.2 million in the prior year period. The Extended Warranty segment saw a 0.4% revenue increase to $17.1 million, while KSX revenue grew by 2.0% to $9.3 million. Despite revenue growth, the company reported a consolidated net loss of $2.2 million, compared to a $1.7 million loss in Q2 2023. Kingsway projects a twelve-month run-rate adjusted EBITDA of $16 million to $17 million for its operating companies, reflecting recent acquisitions and current ownership structure.
Kingsway Financial Services Inc. (NYSE:KFS) has announced that it will release its financial results for the second quarter of 2024, covering the three and six months ended June 30, 2024, after the market closes on Tuesday, August 6, 2024. The company will host a conference call at 5 p.m. Eastern Time on the same day to discuss the results and answer questions from participants.
Investors and analysts can join the conference call using the following details:
- Toll-Free: 888-506-0062 (Code: 855227)
- International: 973-528-0011 (Code: 855227)
Kingsway Financial Services Inc. announced its first quarter 2024 financial results, with a 0.9% decrease in consolidated revenue to $26.2 million. The company reported a consolidated net loss of $2.3 million for the quarter. Additionally, Extended Warranty revenue was $16.7 million, and KSX revenue decreased by 2.5% to $9.5 million.
Kingsway Financial Services Inc. will report financial results for the first quarter of 2024 on May 8, 2024, after the close of trading. The company will host a conference call to discuss the results and answer questions. Key details such as the date, time, and call-in information are provided for investors and analysts.
Kingsway Financial Services Inc. announced the availability of the annual letter to shareholders from John T. Fitzgerald, the President, and CEO. The letter can be accessed on the company's website.
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