~Delivering on record revenue in 2023; increasing focus on the bottom line in 2024~ TORONTO, April 25, 2024 /CNW/ - Montfort Capital Corp. ("Montfort" or the "Company") (TSXV:MONT) (OTCQB:MONTF), today announced financial results for the fourth quarter and year ended December 31, 2023. All figures are reported in Canadian dollars unless otherwise noted. Fiscal Year 2023 Highlights For the year ended December 31, 2023, compared to the year ended December 31, 2022, the Company generated the following financial results: Record total revenue of $51.5 million, an increase of $20.2 million or 64.4% compared to the year ended December 31, 2022. Interest income from investments of $37.5 million, up $14.0 million or 59.8% compared to the year ended December 31, 2022. Income from transaction and other fees of $12.5 million, an increase of 90.1% or $5.9 million from $6.6 million during the year ended December 31, 2022. Income from settlements of loans of $0.06 million, a decrease of $0.7 million or 92% from $0.8 million in the year ended December 31, 2022. Performance fee income of to $1.4 million, an increase of $0.9 million or 205.2% from $0.4 million. Net loss of $12.5 million compared to net income of $3.9 million in the year ended December 31, 2022. The change in year-over-year performance is largely driven by the change in accounting for TIMIA LP's; an impairment loss of $3.6 million and increase in expected credit loss expense (loans receivable) of $1.6 million and expected credit loss (accounts receivable) expense of $4.7 million. In addition, contributing to the net loss in the current period are increases in expenses, including interest and financing fee costs and foreign exchange unrealized losses, and restructuring costs. Adjusted net loss (a non-GAAP measure)1 attributable to shareholders and adjusted net loss per common share (a non-GAAP measure)2 was $8.5 million, or $0.12 per share, in the year ended December 31, 2023 compared to adjusted net income of $3.1 million in the year ended December 31, 2022, or $0.02 per share. Total assets of $402.5 million as at December 31, 2023 compared to $455.5 million at December 31, 2022. The main driver for the decrease was the maturity of a purchased loan portfolio returned to the lenders in accordance with the agreement of $74,533,460. Adjusting for this one time return of loans, total assets increased $21,572,331. Total Assets Under Management and Administration (a non-GAAP measure)3 was $411 million as at December 31, 2023 compared to $490 million as at December 31, 2022. Fourth Quarter 2023 Highlights For the three months ended December 31, 2023, the Company generated the following financial results: Total revenue of $12.1 million, a decrease of $1.7 million or 12.4% compared to the three months ended December 31, 2022. Interest income from investments of $9.0 million, down $1.5 million or 14.3% compared to $10.5 million for the three month period ended December 31, 2022. Income from transaction and other fees of $2.9 million, a decrease of 12.3% or $0.4 million from $3.3 million for the three months ended December 31, 2022. Performance fee income of $0.3 million, an increase of $0.2 million or 146.1% from $0.1 million for the three months ended December 31, 2022. Net loss of $5.6 million compared to net income of $1.2 million in the prior three month period ended December 31, 2022. "While there are certainly recent accomplishments that we should celebrate, such as record annual revenue, the launch of a new line of business, and securing significant new funding capacity in Brightpath, Langhaus and Nuvo, we are not at all pleased with our financial results in 2023," said Ken Thomson, Chief Executive Officer of Montfort Capital Corp.  "We were not immune to challenging conditions in the credit markets, which is reflected in our credit loss provision, and the legal and professional fees that we incurred to put in place our increased funding capacity were significant.  We are confident that our credit loss provision represents a peak and not a trend, and that the investment we have made in new funding capacity will benefit our shareholders in the future.  The Management team and the Board of Directors, who are also large shareholders of Montfort, are laser-focused on profitability and making the appropriate tactical and strategic decisions that will allow us to achieve it as quickly as possible."     ______________________________ 1 "Adjusted net income" is a non-GAAP financial measure. Refer to "Cautionary Note on Non-GAAP Financial Measures" section of this release for additional details. 2 ...