CALGARY, Alberta, Nov. 12, 2025 (GLOBE NEWSWIRE) — Wilmington Capital Management Inc. (TSX: WCM.A, WCM.B) (“Wilmington” or the “Corporation”) releases third quarter and 2025 year-to-date financial statements and provides operational updates.
For the three and nine months ended September 30, 2025, the Corporation reported a net loss of $0.2 million or ($0.02) per share and $0.6 million or ($0.05) per share, compared to a net loss of $0.01 million or ($0.00) per share and net income of $1.2 million or $0.09 per share for those the same periods in 2024, respectively.
Change of management and board of directors
As previously announced, beginning in August 2023, the Corporation took steps to monetize a number of its investments to unlock significant value, distribute capital to its shareholders and simplify its business. The monetization plan has been a significant success, and Wilmington is well positioned to continue building on its past history of delivering attractive long-term returns to shareholders.
Wilmington today announced upcoming changes to its leadership and board of directors as part of its transition plan. Effective December 31, 2025, Chris Killey, Joe Killey and Mark Sardachuk will retire from their positions as chief executive officer, chairman and director of the Corporation. Their leadership and commitment have been instrumental in creating unique alternative investment platforms such as land leases for resorts and communities, warehouses, marinas, and delivering strong financial performance. Wilmington is grateful for their vision and leadership throughout their tenure and wishes them every success in their future endeavors.
Mr. Andrew Cockwell will assume the role of Interim Chairman and help lead Wilmington into an exciting new chapter that will ensure a dynamic and successful future for the corporation.
About Wilmington
Wilmington is a Canadian investment firm whose primary focus has historically been to identify investment opportunities in alternative asset classes that provide shareholders with long-term capital appreciation rather than current returns. The Corporation invested its own capital with partners and co-investors in hard assets and private equity funds and managed these assets through operating entities. Additional information about the Corporation can be found on the website www.sedarplus.ca as well as on the Corporation website at www.wilmingtoncapital.ca.
INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME (LOSS)
AND COMPLETE INCOME (LOSS)
| (unaudited) | Three months are over September 30, |
Nine months are over September 30, |
||||||||||
| (thousands of Canadian dollars, excluding per share amounts) | 2025 | 2024 | 2025 | 2024 | ||||||||
| Management fee income | — | 240 | — | 640 | ||||||||
| Interest, payments and other income | 268 | 315 | 824 | 1401 | ||||||||
| 268 | 555 | 824 | 2041 | |||||||||
| Cost | ||||||||||||
| General and administrative | (506 | ) | (440 | ) | (1626 | ) | (1887 | ) | ||||
| Depreciation | (7 | ) | (7 | ) | (21 | ) | (21 | ) | ||||
| Financial costs | (1 | ) | (1 | ) | (3 | ) | (4 | ) | ||||
| Stock-based compensation | — | — | — | (18 | ) | |||||||
| (514 | ) | (448 | ) | (1650 | ) | (1930 | ) | |||||
| Fair value adjustments and other actions | ||||||||||||
| Fair value adjustments for investments | — | (30 | ) | — | 164 | |||||||
| Profit from the sale of investments | — | — | — | 947 | ||||||||
| — | (30 | ) | — | 1111 | ||||||||
| Profit (loss) before tax | (246 | ) | 77 | (826 | ) | 1222 | ||||||
| Collection of current income tax (expense) | 61 | (20 | ) | 207 | (481 | ) | ||||||
| Reversal of deferred income tax (expense) | (10 | ) | — | (17 | ) | 453 | ||||||
| Provision for income taxes | 51 | (20 | ) | 190 | (28 | ) | ||||||
| Net profit (loss) | (195 | ) | 57 | (636 | ) | 1194 | ||||||
| Other comprehensive income | ||||||||||||
| Items that will not be reclassified to net income: | ||||||||||||
| Fair value adjustments for investments | (200 | ) | — | (200 | ) | — | ||||||
| Relevant income taxes | 20 | — | 20 | 36 | ||||||||
| Other comprehensive income (loss) | (180 | ) | — | (180 | ) | 36 | ||||||
| Total comprehensive income (loss) | (375 | ) | 57 | (816 | ) | 1230 | ||||||
| Net profit (loss) per share | ||||||||||||
| Base | (0.02 | ) | — | (0.05 | ) | 0.09 | ||||||
| Diluted | (0.02 | ) | — | (0.05 | ) | 0.09 | ||||||
INTERIM CONDENSED CONSOLIDATED BALANCE SHEET
| (unaudited) (thousand Canadian dollars) |
September 30, 2025 |
December 31st, 2024 |
||||
| Resources | ||||||
| NON-CURRENT ASSETS | ||||||
| Investment in Bay Moorings Partnership | 650 | 850 | ||||
| Deferred tax assets | 243 | 240 | ||||
| Right-of-use asset | 14 | 36 | ||||
| 907 | 1126 | |||||
| CURRENT ASSETS | ||||||
| Cash | 33,896 | 36 307 | ||||
| Income tax refundable | 242 | — | ||||
| Accounts receivable and other assets | 1063 | 1253 | ||||
| Total assets | 36 108 | 38,686 | ||||
| Liabilities | ||||||
| LONG-TERM LIABILITIES | ||||||
| Lease liabilities | 36 | 52 | ||||
| 36 | 52 | |||||
| CURRENT LIABILITIES | ||||||
| Lease liabilities | 38 | 38 | ||||
| Income tax payable | — | 725 | ||||
| Amounts to be paid, etc. | 617 | 1638 | ||||
| Total liabilities | 691 | 2.453 | ||||
| Capital | ||||||
| Share capital | 35 619 | 35 619 | ||||
| Retained earnings (deficit) | (218 | ) | 418 | |||
| Accumulated other comprehensive income | 16 | 196 | ||||
| Total capital | 35 417 | 36 233 | ||||
| Total liabilities and capital | 36 108 | 38,686 | ||||
The Corporation's management will be available by telephone at 403-705-8038 to answer any questions regarding the Corporation's financial results.
STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND OTHER MEASUREMENTS
Certain statements included herein may constitute forward-looking statements or information within the meaning of applicable securities laws. Forward-looking statements that are forward-looking, depend on or relate to future events or conditions include statements regarding the operations, business, financial conditions, expected financial results, results of operations, opportunities, priorities, current objectives, strategies and prospects of the Corporation and its investees and contain words such as “expect,” “believe,” “anticipate,” “plan,” “intend,” “estimate,” “anticipate” or similar expressions and statements that relate to matters that are not historical. facts constitute “forward-looking information” within the meaning of applicable Canadian securities laws.
Although the Corporation believes that the expected future results, performance or achievements expressed or implied by such forward-looking statements are based on reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond the Corporation's control, that may cause the Corporation's actual results, performance and achievements to differ materially from the expected future results, performance or achievements expressed or implied by such forward-looking statements and information.
Factors and risks that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include, but are not limited to: the ability of Wilmington management and its investees to execute their business plans; availability of equity and debt financing and refinancing in the equity and capital markets; strategic actions, including disposition; business competition; delays in business transactions; the risk of carrying out work with minimal impact on the environment; industry conditions, including changes in laws and regulations, including the adoption of new environmental laws and regulations and changes in how they are interpreted and applied; operational issues related to the activities of investees; incorrect estimates of the cost of acquisitions; fluctuations in interest rates; stock market volatility; general economic, market and business conditions; risks associated with existing and potential future legal claims and regulatory actions against Wilmington and its investees; uncertainties associated with regulatory approvals; uncertainty of government policy changes; uncertainties associated with credit facilities; changes in income tax legislation, tax legislation; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the effect of applying future accounting changes; and other risks, factors and uncertainties described elsewhere in this document or in Wilmington's other filings with Canadian securities regulators.
The foregoing list of important factors that could affect future results is not exhaustive. When relying on forward-looking statements, investors and others should carefully consider the foregoing factors as well as other uncertainties and potential events. Except as required by law, the Corporation undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise. These forward-looking statements speak only as of the date hereof.
