07:28:11 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Spackman Equities Group Inc
Symbol SQG
Shares Issued 148,900,183
Close 2015-08-24 C$ 0.02
Market Cap C$ 2,978,004
Recent Sedar Documents

Spackman Equities Group loses $2.81-million in Q2 2015

2015-08-28 12:56 ET - News Release

Mr. Richard Lee reports

SPACKMAN EQUITIES GROUP REPORTS SECOND QUARTER 2015 RESULTS

Spackman Equities Group Inc. has released its financial results for the three and six months ended June 30, 2015.

Revenue for the current quarter was negative $2,521,000, compared with revenue of negative $148,000 for the same period one year ago. Net loss for the current quarter was $2,812,000, or two cents per share, compared with net loss of $461,000, or nil per share, for the same period one year ago.

Both the revenue loss and net loss for the current quarter reflect an unrealized loss on the fair value of the company's 38.77-per-cent stake in Spackman Entertainment Group Ltd. (SEGL). The shares of SEGL are listed on the Catalist of the Singapore Exchange, and the company's investment in SEGL is presented at fair value.

The company owns 38.77 per cent of SEGL, and, based on the most recent closing price of SEGL's shares of 4.6 Singaporean cents, the market value of the company's stake in SEGL is $7.11-million (Singaporean) ($6.71-million), or 4.5 cents per SEGI share.

Commenting on the second quarter results, Charles Spackman, the company's chairman and chief executive officer, stated: "The steep sell-off in Asian markets, which has persisted for most of 2015, has very negatively affected SEGL's share price in Singapore, and, unfortunately, this downward trend has accelerated in the third quarter. We continue to believe that SEGL has a bright future and that the intrinsic value of its business will eventually be reflected in an improved share price once Asian capital markets stabilize and the company returns to profitability."

At June 30, 2015, SEGI had $17,021,000, or 11.4 cents per share, in cash or cash equivalents, marketable securities, and investment in shares of public companies.

The unaudited financial statements for the three months ended June 30, 2015, and management discussion and analysis of the results are posted on SEDAR.

We seek Safe Harbor.

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