Tier One Capital Limited Partnership Announces Unaudited Earnings Results for the Third Quarter and Nine Months of September 30, 2017
November 28, 2017 at 01:21 pm
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Tier One Capital Limited Partnership announced unaudited earnings results for the third quarter and nine months of September 30, 2017. For the quarter the company reported net gain on investments at fair value through profit and loss of $911,466 compared to loss of $140,871 a year ago. Net income before general partner priority profit allocation was $784,210 compared to loss of $390,716 a year ago. Net and comprehensive income was $532,791 compared to loss of $636,463 a year ago. Net income per unit attributable to limited partners per limited partnership unit was $0.10 compared to loss of $0.25 a year ago. Net income per unit attributable to the general partner per limited partnership unit was $0.04 compared to $0.08 a year ago.
For the nine months, the company reported net gain on investments at fair value through profit and loss of $2,859,147 compared to loss of $1,815,805 a year ago. Net income before general partner priority profit allocation was $2,208,282 compared to $812,303 a year ago. Net and comprehensive income was $1,461,747 compared to $20,872a year ago. Net income per unit attributable to limited partners per limited partnership unit was $0.29 compared to loss of $0.23 a year ago. Net income per unit attributable to the general partner per limited partnership unit was $0.09 compared to $0.24 a year ago. Cash flows from operating activities were $2,804,287 compared to $3,530,343 a year ago.
Tier One Capital Limited Partnership (the Limited Partnership) is a Canada-based specialty finance limited partnership. The Limited Partnership's investment objective is to provide a return on investment for limited partners and provide regular cash distributions. The General Partner (T1 General Partner LP) intends to make regular distributions, which would be assessed on a quarterly basis, to the limited partners, having regard to the income received or anticipated to be received from the portfolio investments held by the Limited Partnership as well as the fees, expenses and other obligations of the Limited Partnership. The business of the Limited Partnership is to make debt and equity-related investments primarily in Canadian companies, focusing on companies in the expansion phase of development in mid to late stages. The Limited Partnership has venture investments in various industries, including media technology, security software and services, and other technology and financial.