ECN Capital

ECN Capital Reports US ($0.05) in Adjusted Net (Loss) per Common Share in Q4-2023

Retrieved on: 
Thursday, March 21, 2024
Income Tax Act, ECN Capital, Controller, TSX, ECN, Triad

TORONTO, March 21, 2024 (GLOBE NEWSWIRE) --  ECN Capital Corp. (TSX: ECN) (“ECN Capital” or the “Company”) today reported financial results for the three-month period and year ended December 31, 2023.

Key Points: 
  • TORONTO, March 21, 2024 (GLOBE NEWSWIRE) --  ECN Capital Corp. (TSX: ECN) (“ECN Capital” or the “Company”) today reported financial results for the three-month period and year ended December 31, 2023.
  • For the three-month period ended December 31, 2023, ECN Capital reported Adjusted net (loss) applicable to common shareholders from continuing operations of ($13.5) million or ($0.05) per share (basic) versus $0.5 million or $0.00 per share (basic) for the previous three-month period and $4.1 million or $0.02 per share (basic) for the same period last year.
  • Adjusted EBITDA for the three-month period ended December 31, 2023 was $5.5 million versus $24.1 million for the previous three-month period and $24.6 million for the same period last year.
  • ECN Capital also announced today that Michael Lepore, Chief Financial Officer, is stepping down effective March 31, 2024.

ECN Capital Reports US$0.00 in Adjusted Net Income per Common Share in Q3-2023

Retrieved on: 
Monday, November 13, 2023
Sale, EBITDA, ECN Capital, ECN, Income Tax Act 1947, Adjustment, Triad, Growth, Income Tax Act, TSX, Rare-earth element, Reinsurance, Holding company

TORONTO, Nov. 13, 2023 (GLOBE NEWSWIRE) -- ECN Capital Corp. (TSX: ECN) (“ECN Capital” or the “Company”) today reported financial results for the three-month period ended September 30, 2023.

Key Points: 
  • TORONTO, Nov. 13, 2023 (GLOBE NEWSWIRE) -- ECN Capital Corp. (TSX: ECN) (“ECN Capital” or the “Company”) today reported financial results for the three-month period ended September 30, 2023.
  • For the three-month period ended September 30, 2023, ECN Capital reported Adjusted net income applicable to common shareholders from continuing operations of $0.5 million or $0.00 per share (basic) versus $0.7 million or $0.00 per share (basic) for the previous three-month period and $11.8 million or $0.05 per share (basic) for the same period last year.
  • Net (Loss) Income attributable to common shareholders for the three-month period ended September 30, 2023 was ($6.0) million versus ($30.0) million for the previous three-month period and $6.3 million for the same period last year.
  • These dividends are designated to be eligible dividends for purposes of section 89(1) of the Income Tax Act (Canada).

Skyline Champion Announces Second Quarter Fiscal 2024 Results

Retrieved on: 
Tuesday, October 31, 2023
Interior Design, Architecture, Other Construction & Property, Residential Building & Real Estate, Construction & Property, Building Systems, ASPS, NYSE, EBITDA, ASP, Conference, Acquisition, SKY, FEMA, Environment, Plant, ECN, Champion, ECN Capital, Logging, Video game

Skyline Champion Corporation (NYSE: SKY) (“Skyline Champion”) today announced financial results for its second quarter ended September 30, 2023 (“fiscal 2024”).

Key Points: 
  • Skyline Champion Corporation (NYSE: SKY) (“Skyline Champion”) today announced financial results for its second quarter ended September 30, 2023 (“fiscal 2024”).
  • The number of U.S. homes sold in the second quarter fiscal 2024 decreased 33.4% to 4,842.
  • Gross profit decreased by 57.5% to $116.5 million in the second quarter fiscal 2024 compared to the prior-year period.
  • Adjusted EBITDA for the second quarter fiscal 2024 decreased by 70.2% to $58.8 million compared to the second quarter fiscal 2023.

ECN Capital and Skyline Champion Announce Closing of Skyline Champion’s C$185 Million Strategic Investment in ECN Capital and Establishment of New Captive Finance Company

Retrieved on: 
Tuesday, September 26, 2023
Treasury, Private, Convertible, Private placement, US, ECN, Indian stock exchange, Vulnerability and Risk Committee, TSX, Capital Purchase Program, ECN Capital, SKY, Credit, NYSE, Security (finance), Triad, TROY

Following closing of the Private Placement, Skyline Champion owns an approximately 19.9% indirect equity interest in ECN Capital (assuming the conversion of all Convertible Preferred Shares).

Key Points: 
  • Following closing of the Private Placement, Skyline Champion owns an approximately 19.9% indirect equity interest in ECN Capital (assuming the conversion of all Convertible Preferred Shares).
  • In connection with the Private Placement, ECN Capital and Skyline Champion have formed Champion Financing LLC, a captive finance company that is 51% owned by and affiliate of Skyline Champion and 49% owned by Triad (“Champion Financing”).
  • Immediately prior to the Private Placement, Skyline Champion did not beneficially own, or exercise control or direction over, any securities of ECN Capital.
  • Skyline Champion is acquiring the Common Shares and Convertible Preferred Shares for investment purposes and will continue to monitor the business, prospects, financial condition and potential capital requirements of ECN Capital.

TSX Approves ECN Capital's Normal Course Issuer Bids for Common Shares and Series C Preferred Shares

Retrieved on: 
Monday, September 18, 2023
Plan, Toronto Stock Exchange, BID, ECN, Indian stock exchange, Series, TSX, ECN Capital, Auction, Security (finance), Financial adviser

TORONTO, Sept. 18, 2023 /CNW/ - ECN Capital Corp. (TSX: ECN) (TSX: ECN.PR.C) ("ECN Capital" or the "Company") today announced that the Toronto Stock Exchange (the "TSX") has approved the Company's notice of intention to commence a normal course issuer bid (the "Common Share Bid") for common shares of the Company (the "Common Shares") and a normal course issuer bid (the "Series C Preferred Share Bid" and, together with the Common Share Bid, the "Bids") for the Company's Cumulative 5-year Minimum Rate Reset Preferred Shares, Series C (the "Series C Preferred Shares").

Key Points: 
  • TORONTO, Sept. 18, 2023 /CNW/ - ECN Capital Corp. (TSX: ECN) (TSX: ECN.PR.C) ("ECN Capital" or the "Company") today announced that the Toronto Stock Exchange (the "TSX") has approved the Company's notice of intention to commence a normal course issuer bid (the "Common Share Bid") for common shares of the Company (the "Common Shares") and a normal course issuer bid (the "Series C Preferred Share Bid" and, together with the Common Share Bid, the "Bids") for the Company's Cumulative 5-year Minimum Rate Reset Preferred Shares, Series C (the "Series C Preferred Shares").
  • As of September 8, 2023, the Company had 245,779,995 Common Shares and 3,712,400 Series C Preferred Shares issued and outstanding and a "public float" of 126,580,686 Common Shares and 3,712,400 Series C Preferred Shares.
  • Pursuant to previous notices of intention to conduct normal course issuer bids, under which the Company sought and received approval of the TSX to purchase 22,170,050 Common Shares and 371,040 Series C Preferred Shares, which commenced on September 19, 2022 and expires September 18, 2023, no Common Shares and no Series C Preferred Shares were repurchased by the Company on the open market.
  • Outside of these blackout periods, Common Shares and Series C Preferred Shares will continue to be purchasable by the Company at its discretion under its Bids.

ECN Capital Announces Its Intention to Renew Its Normal Course Issuer Bid for Common Shares and Series C Preferred Shares

Retrieved on: 
Tuesday, September 12, 2023
Indian stock exchange, Toronto Stock Exchange, ECN, Series, TSX, ECN Capital, Security (finance), Auction

TORONTO, Sept. 12, 2023 (GLOBE NEWSWIRE) -- ECN Capital Corp. (TSX: ECN, ECN.PR.C) (“ECN Capital” or the “Company”) today announced that it has filed notices of intention with the Toronto Stock Exchange (the “TSX”) to renew its normal course issuer bid (the “Common Share Bid”) for its common shares (“Common Shares”) and a normal course issuer bid (the “Series C Preferred Share Bid” and, together with the Common Share Bid, the “Bids”) for the Company’s Cumulative 5-year Minimum Rate Reset Preferred Shares, Series C (“Series C Preferred Shares”).

Key Points: 
  • TORONTO, Sept. 12, 2023 (GLOBE NEWSWIRE) -- ECN Capital Corp. (TSX: ECN, ECN.PR.C) (“ECN Capital” or the “Company”) today announced that it has filed notices of intention with the Toronto Stock Exchange (the “TSX”) to renew its normal course issuer bid (the “Common Share Bid”) for its common shares (“Common Shares”) and a normal course issuer bid (the “Series C Preferred Share Bid” and, together with the Common Share Bid, the “Bids”) for the Company’s Cumulative 5-year Minimum Rate Reset Preferred Shares, Series C (“Series C Preferred Shares”).
  • There cannot be any assurance as to how many Common Shares or Series C Preferred Shares, if any, will ultimately be acquired by ECN Capital.
  • ECN Capital’s intention to renew the Series C Preferred Share Bid reflects the Company’s belief that purchasing the Series C Preferred Shares will be accretive to earnings and value per Common Share.
  • Under the Previous Bids, no Common Shares and no Series C Preferred Shares were repurchased by the Company on the open market.

ECN Capital and Skyline Champion Announce Strategic Relationship

Retrieved on: 
Monday, August 14, 2023
Partnership, Housing, Private placement agent, Private, Placement, Bank statement, Sale, US, Investment, ECN, Indian stock exchange, Hart–Scott–Rodino Antitrust Improvements Act, TSX, ECN Capital, SKY, Private placement, Conference, NYSE, Convertible, Security (finance), Retail, Life insurance, Triad

TORONTO and Troy, Mich., Aug. 14, 2023 (GLOBE NEWSWIRE) -- ECN Capital Corp. (TSX: ECN) (“ECN Capital”) and Skyline Champion Corporation (NYSE: SKY) (“Skyline Champion”) today announced that they have entered into a share subscription agreement (the “Subscription Agreement”) pursuant to which Skyline Champion has agreed to make an approximately C$185 million (US$138 million) equity investment in ECN Capital on a private placement basis (the “Private Placement”) in exchange for 33,550,000 common shares of ECN Capital (the “Common Shares”) and 27,450,000 mandatory convertible preferred shares, Series E of ECN Capital (“Convertible Preferred Shares”). Upon closing of the Private Placement, Skyline Champion is expected to beneficially own an approximately 19.9% interest in ECN Capital (assuming the conversion of all Convertible Preferred Shares).

Key Points: 
  • TORONTO and Troy, Mich., Aug. 14, 2023 (GLOBE NEWSWIRE) -- ECN Capital Corp. (TSX: ECN) (“ECN Capital”) and Skyline Champion Corporation (NYSE: SKY) (“Skyline Champion”) today announced that they have entered into a share subscription agreement (the “Subscription Agreement”) pursuant to which Skyline Champion has agreed to make an approximately C$185 million (US$138 million) equity investment in ECN Capital on a private placement basis (the “Private Placement”) in exchange for 33,550,000 common shares of ECN Capital (the “Common Shares”) and 27,450,000 mandatory convertible preferred shares, Series E of ECN Capital (“Convertible Preferred Shares”).
  • In connection with the Private Placement, ECN Capital and Skyline Champion will form a captive finance company that will be 51% owned by Skyline Champion and 49% owned by Triad Financial Services, Inc. (“Triad”), a wholly-owned subsidiary of ECN Capital.
  • "We are pleased to announce this new and expanded partnership with Skyline Champion, a leading participant in the North American manufactured housing sector”, said Steven Hudson, Chief Executive Officer of ECN Capital.
  • On closing, ECN Capital intends to appoint Mark Yost, President and Chief Executive Officer of Skyline Champion, to the Board of Directors of ECN Capital.

ECN Capital Reports US$0.00 in Adjusted Net Income per Common Share in Q2-2023 Announced Partnership and Strategic Investment by Skyline Champion

Retrieved on: 
Monday, August 14, 2023
Partnership, The Income-tax Act, 1961, Triad, EBITDA, ECN, Income Tax Act, TSX, Adjustment, ECN Capital, NYSE, Rare-earth element, Holding company

TORONTO, Aug. 14, 2023 (GLOBE NEWSWIRE) -- ECN Capital Corp. (TSX: ECN) (“ECN Capital” or the “Company”) today reported financial results for the three-month period ended June 30, 2023.

Key Points: 
  • TORONTO, Aug. 14, 2023 (GLOBE NEWSWIRE) -- ECN Capital Corp. (TSX: ECN) (“ECN Capital” or the “Company”) today reported financial results for the three-month period ended June 30, 2023.
  • “We are very excited to announce our partnership with and strategic investment by Skyline Champion (NYSE – SKY)”, said Steven Hudson, CEO of ECN Capital Corp. “With Skyline, Triad has the opportunity to partner with a premier builder and retailer in the manufactured housing space.
  • The combination of Skyline and Triad together is a game changer for both the industry and ECN and will drive substantial growth for both companies”.
  • Originations for the three-month period ended June 30, 2023 were $622.0 million, versus $465.1 million in the previous three-month period and $613.0 million for the same period last year.

ECN Capital and Skyline Champion Announce Strategic Relationship

Retrieved on: 
Monday, August 14, 2023
Finance, Building Systems, Professional Services, Residential Building & Real Estate, Construction & Property, Partnership, Housing, Private placement agent, Private, Placement, Bank statement, Sale, US, Investment, ECN, Indian stock exchange, Hart–Scott–Rodino Antitrust Improvements Act, TSX, ECN Capital, SKY, TM Capital Corp., Private placement, Conference, NYSE, Convertible, Security (finance), Retail, Life insurance, Triad

ECN Capital Corp. (TSX: ECN) (“ECN Capital”) and Skyline Champion Corporation (NYSE: SKY) (“Skyline Champion”) today announced that they have entered into a share subscription agreement (the “Subscription Agreement”) pursuant to which Skyline Champion has agreed to make an approximately C$185 million (US$138 million) equity investment in ECN Capital on a private placement basis (the “Private Placement”) in exchange for 33,550,000 common shares of ECN Capital (the “Common Shares”) and 27,450,000 mandatory convertible preferred shares, Series E of ECN Capital (“Convertible Preferred Shares”).

Key Points: 
  • ECN Capital Corp. (TSX: ECN) (“ECN Capital”) and Skyline Champion Corporation (NYSE: SKY) (“Skyline Champion”) today announced that they have entered into a share subscription agreement (the “Subscription Agreement”) pursuant to which Skyline Champion has agreed to make an approximately C$185 million (US$138 million) equity investment in ECN Capital on a private placement basis (the “Private Placement”) in exchange for 33,550,000 common shares of ECN Capital (the “Common Shares”) and 27,450,000 mandatory convertible preferred shares, Series E of ECN Capital (“Convertible Preferred Shares”).
  • In connection with the Private Placement, ECN Capital and Skyline Champion will form a captive finance company that will be 51% owned by Skyline Champion and 49% owned by Triad Financial Services, Inc. (“Triad”), a wholly-owned subsidiary of ECN Capital.
  • "We are pleased to announce this new and expanded partnership with Skyline Champion, a leading participant in the North American manufactured housing sector,” said Steven Hudson, Chief Executive Officer of ECN Capital.
  • On closing, ECN Capital intends to appoint Mark Yost, President and Chief Executive Officer of Skyline Champion, to the Board of Directors of ECN Capital.

ECN Capital Announces Annual Meeting Voting Results

Retrieved on: 
Friday, June 16, 2023
TSX, ECN Capital, Meeting, ECN, Proxy, Security (finance), Holding company

TORONTO, June 15, 2023 (GLOBE NEWSWIRE) -- ECN Capital Corp. (TSX: ECN) (“ECN Capital”) confirmed today that the six nominees listed in its management information circular (the “Circular”) dated May 16, 2023 were elected as directors at today’s annual meeting of shareholders of ECN Capital (the “Meeting”).

Key Points: 
  • TORONTO, June 15, 2023 (GLOBE NEWSWIRE) -- ECN Capital Corp. (TSX: ECN) (“ECN Capital”) confirmed today that the six nominees listed in its management information circular (the “Circular”) dated May 16, 2023 were elected as directors at today’s annual meeting of shareholders of ECN Capital (the “Meeting”).
  • There were 165,128,648 common shares represented in person or by proxy at the Meeting (representing 67.19% of the issued and outstanding common shares of ECN Capital).
  • The voting results for the Meeting held earlier today by virtual meeting are set out below.
  • At the Meeting, the following six individuals nominated to serve as directors of ECN Capital were elected by ballot.