Kingsway reports full year 2021 results - publishes annual shareholder letter

Itasca, ill., feb. 28, 2022 /prnewswire/ - (nyse: kfs) kingsway financial services inc. ("kingsway" or the "company") today announced its operating results for the twelve months ended december 31, 2021, which include the following highlights: net income improved to $1.9 million for the twelve months ended december 31, 2021, from a net loss of ($5.4) million for the same period in 2020, despite the fact the company recorded a non-cash, cumulative adjustment to net income of $0.5 million in the september 2021 quarter relating to its finalization of the purchase accounting for pwi (see further discussion in the annual shareholder letter) non-gaap adjusted income grew to $11.7 million for the twelve months ended december 31, 2021, compared to a non-gaap adjusted loss of ($0.6) million for the same period in 2020 the company acquired ravix financial inc. ("ravix") on october 1, 2021.
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