TORONTO, May 12, 2023 /CNW/ - Standard Mercantile Acquisition Corp. (TSX: SMA) (the "Company") today released its financial results for the three months ended March 31, 2023. The financial statements and MD&A can be found at of the Company can be found at www.sedar.com or www.standardmercantileacquisition.com.
Q1 Financial Highlights & Business Update
Income from operations increased by $26 thousand for the three months ended March 31, 2023 compared to the same period in 2022. This increase was driven by an increase in revenue of $18 thousand and lower share-based compensation expense in the first quarter of 2023 of $9 thousand compared to $29 thousand in the same period in 2022, and was offset by an increase in general and administrative expenses in the first quarter of 2023 of $110 thousand compared to $97 thousand in same period last year.
Basic and diluted income per share during the three months ended March 31, 2023 was $0.01 compared to $0.01 in the same period in 2022.
There were no regular or special distributions made during the three months ended March 31, 2023 (March 31, 2022 - nil).
During the three months ended March 31, 2023, the Company repurchased 24,500 class A shares at an aggregate cost of $21,400 (2022 - $nil) as part of its normal course issuer bid ("NCIB") that commenced on December 20, 2022.
About the Company
The Company holds a portfolio of two mortgages in Canada. At the 2021 annual and special shareholders meeting of the Company, the Company sought and received shareholder approval to change its name to "Standard Mercantile Acquisition Corp.", among other amendments to the Articles. The Company is focused on monetizing its remaining mortgage assets and is considering options to enable its shareholders to participate in the potential future value of the Company. The board of directors of the Company has experience in sourcing, evaluating and executing transactions of this nature.
Forward-Looking Statements
Statements in this press release contain forward-looking information. Such forward-looking information may be identified by words such as "anticipates", "plans", "proposes", "estimates", "intends", "expects", "believes", "may" and "will". The forward-looking statements are founded on the basis of expectations and assumptions made by the Company. Details of the risk factors relating to the Company and its business are discussed under the heading "Business Risks and Uncertainties" in the Company's annual Management's Discussion & Analysis for the year ended December 31, 2022 and under the heading "Risk Factors" in the Company's Annual Information Form dated March 24, 2023, copies of which are available on the Company's SEDAR profile at www.sedar.com. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. These statements speak only as of the date of this press release. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
SOURCE Standard Mercantile Acquisition Corp.
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