CALGARY, AB, May 15, 2024 /CNW/ - Crown Capital Partners Inc. ("Crown" or the "Corporation") (TSX:CRWN) today announced its financial results for the three months ended March 31, 2024. Crown's complete financial statements and management's discussion and analysis are available on SEDAR at www.sedarplus.ca. Q1 2024 Financial & Operating Highlights Crown recognized a net loss of $(0.6) million ($0.11 loss per basic share) in Q1 2024 compared to a net loss of $(0.7) million ($0.13 loss per basic share) in Q1 2023. Distribution services revenue of $8.2 million in Q1 2024 compared with $8.2 million in Q4 2023. This segment reported a net loss before income taxes of $(0.5) million (Q4 2023 – $(1.2) million), inclusive of depreciation and amortization expense totaling $1.5 million (Q4 2023 - $1.5 million), with the net loss attributable to start-up costs in respect of certain facilities of Go Direct Global that are in various stages of achieving scale. Capacity utilization was 52% at March 31, 2024 compared with 42% at December 31, 2023. Network services revenue in Q1 2024 was $6.7 million, compared with $5.4 million in Q4 2023, with the increase due primarily to non-recurring hardware sales from Galaxy Broadband Communications in the first quarter. This segment reported a net loss before income taxes of $(0.03) million (Q4 2023 – $(0.7 million), inclusive of depreciation and amortization expense totaling $0.9 million (Q4 2023 - $1.3 million) and accrued restructuring costs of $nil (Q4 2023 – $0.5 million). Revenue from the Real Estate segment was $1.6 million in Q1 2024 (Q4 2023 - $1.4 million) with the quarter-over-quarter increase attributable to property management contracts added during Q1 2024. This segment recorded net income before income taxes of $0.7 million (Q4 2023 - $0.3 million), inclusive of depreciation and amortization expense of $0.2 million (Q4 2023 - $0.2 million). The Distributed Power segment recorded revenues of $0.8 million in Q1 2024 (Q4 2023 - $0.5 million) with the increase primarily relating to growth in merchant power revenue. This segment reported net income before income taxes of $0.003 million (Q4 2023 – $(2.7) million net loss before income taxes) inclusive of asset impairment charges totaling $nil (Q4 2023 - $6.1 million). In Q1 2024, the Specialty Finance segment recognized earnings of $2.2 million (Q4 2023 – $0.5 million) in relation to its investment in Crown Partners Fund, including $1.2 million in respect of its limited partnership interest and $1.0 million in respect of its general partnership interest in the fund. The quarter-over-quarter improvement is primarily due to the recognition of larger unrealized gains during the first quarter of 2024. Total equity at quarter-end decreased to $37.5 million, from $38.2 million at the end of 2023, due to a net loss attributable to shareholders of $0.6 million. Total equity per share decreased to $6.72 per basic share from $6.84 per basic share as at December 31, 2023. Since September 30, 2023, Crown has not satisfied certain financial covenant clauses of its credit agreement with its bank. Accordingly, the bank is contractually entitled to request immediate repayment of the outstanding loan in the amount of $24.6 million and the outstanding balance is presented as a current liability as at March 31, 2024. The Corporation's bank has not requested early repayment of the loan. ...