TORONTO, Aug. 11, 2023 /CNW/ – Standard Mercantile Acquisition Corp. (TSX: SMA) (the “Company”) today released its financial results for the three months and six months ended June 30, 2023. The financial statements and MD&A can be found at of the Company can be found at www.sedar.com or www.standardmercantileacquisition.com.
Income from operations for the three and six months ended June 30, 2023 was higher than the same periods last year by $84 thousand and $110 thousand respectively due to the favorable increase in revenue (by $21 thousand and $38 thousand, respectively) and due to lower share-based compensation expense and lower general and administrative expenses compared to prior periods.
Basic earnings per share during the three months and six months ended June 30, 2023 was $0.02 and $0.03, respectively compared to $0.004 and $0.01, respectively in the same periods in 2022. Diluted earnings per share during the three months and six months ended June 30, 2023 was $0.01 and $0.02, respectively compared to $0.004 and $0.01, respectively in the same periods in 2022.
The Company made a special distribution during the quarter ended June 30, 2023 of $0.397 per Class A share of the Company on June 28, 2023, totaling $2,897,531 in aggregate (June 30, 2022 – nil).
The remaining indebtedness under the Company’s largest mortgage on a residential property in the Province of Alberta totally approximately $5,623,574 was fully paid during the three months ended June 30, 2023, and, as a result, the Company only held one remaining mortgage as of June 30, 2023 and the date hereof. Management will continue its efforts to monetize the Company’s remaining mortgage.
The Company holds as of June 30, 2023 one mortgage in Canada. At the 2021 annual and special shareholders meeting of the Company, the Company sought and received shareholder approval to change its name to “Standard Mercantile Acquisition Corp.”, among other amendments to the Articles. The Company is focused on monetizing its remaining mortgage assets and is considering options to enable its shareholders to participate in the potential future value of the Company. The board of directors of the Company has experience in sourcing, evaluating and executing transactions of this nature.
Statements in this press release contain forward-looking information. Such forward-looking information may be identified by words such as “anticipates”, “plans”, “proposes”, “estimates”, “intends”, “expects”, “believes”, “may” and “will”. The forward-looking statements are founded on the basis of expectations and assumptions made by the Company. Details of the risk factors relating to the Company and its business are discussed under the heading “Business Risks and Uncertainties” in the Company’s annual Management’s Discussion & Analysis for the year ended December 31, 2022 and under the heading “Risk Factors” in the Company’s Annual Information Form dated March 24, 2023, copies of which are available on the Company’s SEDAR profile at www.sedar.com. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. These statements speak only as of the date of this press release. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
SOURCE Standard Mercantile Acquisition Corp.
Featured image: Megapixl © Wrangler
