16:58:08 EDT Thu 30 Mar 2023
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Goldmoney Inc
Symbol XAU
Shares Issued 74,007,087
Close 2023-02-06 C$ 1.78
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Goldmoney earns $10.47-million in Q3 2023

2023-02-07 09:12 ET - News Release

Mr. Roy Sebag reports


Goldmoney Inc. has released financial results for the third quarter ended Dec. 31, 2022. All amounts are expressed in Canadian dollars unless otherwise noted.

Financial highlights:

  • Group tangible capital of $143.1-million, an increase of $15.7-million, or 12 per cent year-over-year (YoY), and $9.8-million, or 7 per cent quarter-over-quarter (QoQ);
  • Tangible capital per share of $1.93, an increase of 15 per cent YoY;
  • Group precious metal position consisting of coins, bullion and bullion-denominated loan of $71.3-million, an increase of $13.3-million, or 23 per cent YoY;
  • Gold-adjusted tangible capital per 100 Goldmoney shares of 2.47 grams, an increase of 9 per cent YoY;
  • Repurchased a total of 417,200 shares at an average purchase price of $1.75 during the quarter, reducing the share count by 0.6 per cent;
  • Record operating income of $15.1-million, an increase of 161 per cent YoY and 124 per cent QoQ;
  • Net income of $10.5-million, an increase of 300 per cent YoY and 161 per cent QoQ;
  • Basic and diluted earnings per share of 14 cents, an increase of 300 per cent YoY and 161 per cent QoQ;
  • Goldmoney group client assets of $2.2-billion, an increase of 12 per cent QoQ;
  • Mene Inc. reported strong results for the quarter ended Sept. 30, 2022, generating $5-million in revenue, $1.1-million in gross profit and total comprehensive income of $1-million.

Statement from Roy Sebag, chairman and chief executive officer:

"We continue to deliver consistent returns on capital to our shareholders. This quarter saw Goldmoney Inc. set new records in IFRS operating income. Importantly, our growth in tangible capital is outperforming the rise in gold, meaning that our primary objective of gaining leverage to a rising precious metal environment is being met. We repurchased 417,200 shares in the quarter, reducing the share count to 74,304,288. We intend to repurchase our shares whenever possible at or near current market levels. As our balance sheet and net worth continue to grow, we will be looking for new opportunities to deploy our growing capital position. Further information about our long-term strategy and vision will be provided in the 2023 annual shareholder letter in June.

"I continue to believe that the macroeconomic environment is deteriorating and that a global economic recession is now upon us. In my view, the effects of higher rates along with persistent asset deflation have not been priced in by market participants. The Minsky moment has not yet arrived, but the table is set, and it is now only a matter of time. We are positioned accordingly with a pristine balance sheet, no debt and minimal counterparty risk. In closing, I would like to thank all our clients, shareholders and colleagues for their continued trust and support."

Financial information and IFRS standards

The selected financial information included in this release is qualified in its entirety by, and should be read together with, the company's condensed consolidated interim financial statements for the quarter ended Dec. 31, 2022, and prepared in accordance with international financial reporting standards (IFRS) and the corresponding management's discussion and analysis, which are available under the company's profile on SEDAR.

About Goldmoney Inc.

Goldmoney is a precious-metal-focused global business. Through its ownership of various operating subsidiaries, the company is engaged in precious metal sales to its clients, including arranging delivery and storage of precious metals for its clients and coin retailing. Goldmoney clients located in over 100 countries hold over $2.1-billion in precious metal and fiat currency assets. The company's operating subsidiaries include: Goldmoney, SchiffGold and Totenpass. In addition to the company's principal business segments, the company holds a significant interest in Mene, which crafts pure 24-karat gold and platinum investment jewellery that is sold by gram weight. Through these businesses and other investment activities, Goldmoney gains long-term exposure to precious metals.

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