TORONTO - Counsel Corp. (TSX:CXS) has reported net income of $49.3 million for the first quarter, up from $200,000 in the year-ago period thanks to a $47.9-million gain on discontinued operations.
The Toronto-based asset management firm said Tuesday its January-March revenue was $19.5 million, up from $8.5 million, boosted by all its divisions: real estate, patent licensing and private equity.
Including discontinued operations - seven divested nursing homes in Ontario - net income was $1.04 per share, up from a penny per share last year.
Income from continuing operations was $1.4 million or three cents per share, compared to a year-ago loss of $200,000, nil per share.
"In real estate, we continued to increase our holdings to take advantage of the opportunities that are starting to appear for diligent purchasers," stated chairman-CEO Allan Silber.
"In intellectual property licensing, we believe the settlements achieved by C2 Global Technologies Inc. provide benchmarks for potential settlements and licensing arrangements with other parties that are infringing C2's patents. Finally, in private equity investing, we have successfully realized the value in our investment in the fashion industry, and established a platform for further growth."
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