TORONTO–(BUSINESS THREAD)–Goldmoney Inc. (TSX:XAU) (US:XAUMF) (“Goldmoney” or the “Company”), a precious metals technology and financial services company, today announced financial results for the first quarter ended June 30, 2022. All amounts are in Canadian dollars unless otherwise noted.
Financial highlights
Group tangible capital of $129.5 million, an increase of $2.2 million, or 2% year-on-year (“YoY”). Group equity per share of $1.73, up $0.05 or 3% year-on-year. Precious metals group position consisting of coins, bullion and bullion-denominated loans of $64.3 million, up 19% year-on-year. Tangible capital adjusted to gold per 100 shares of Goldmoney Inc. of 2.35 grams. It repurchased a total of 790,600 shares at an average purchase price of $1.68 during the quarter, reducing the share count by 1%. Record gross margin percentage of 4%, an improvement of 256 bps year-over-year. Goldmoney.com Group Client Assets of $2 billion as of June 30, 2022. Menē Inc. reported strong results in the first quarter of 2022, increasing its revenue by 2% to $7.3 million and producing a record quarterly operating income of $0.3 million.
See “Use of Non-IFRS Financial Measures” and “Reconciliation of Non-IFRS Financial Measures” in the MD&A
Statement by Roy Sebag, President and CEO:
In the quarter ending June 2022, Goldmoney demonstrated the resilience of our business model in the face of significant volatility in global markets. Our core business operations, excluding the movement of our precious metals portfolio, produced quarterly profits of $4.4 million. These profits were earned and retained as precious metals, thereby increasing the weight of our group’s precious metals position by 8%. That’s why, even in light of the market decline in our precious metals portfolio seen on the income statement, the end-of-quarter value of our precious metals on the balance sheet remained virtually the same. We also repurchased and canceled 1.3mm worth of shares during the quarter. At the end of the quarter, gold-adjusted tangible equity per 100 shares of Goldmoney Inc. was 2.35 grams versus 2.32 grams on March 31, 2022. Our focus continues to grow this metric over time as we believe this strategy will generate the best long-term returns for our shareholders .
Financial information and IFRS standards
The selected financial information included in this release is qualified in its entirety by the Company’s condensed consolidated interim financial statements for the quarter ended June 30, 2022 and should be read in conjunction with International Financial Reporting Standards (” IFRS” ) and the corresponding management’s discussion and analysis, which are available on the Company’s profile on SEDAR at www.sedar.com.
Questions from investors
Goldmoney shareholders are encouraged to send questions to management by emailing ir@goldmoney.com.
Non-IFRS measures
This press release contains non-IFRS financial measures; The Company believes that these measures provide investors with useful additional information about the financial performance of its business, allow financial results to be compared between periods when certain items may vary independently of business performance, and allow for greater transparency regarding the key metrics used by The address. in the operation of your business. While management believes these financial measures are important in evaluating the Company’s performance, they are not intended to be considered in isolation or as a substitute for or superior to financial information prepared and presented in accordance with IFRS. These non-IFRS financial measures have no standardized meaning and may not be comparable to similar measures used by other companies. For certain non-IFRS financial measures, there are no directly comparable amounts under IFRS. These non-IFRS financial measures should not be seen as alternatives to financial performance measures determined in accordance with IFRS. In addition, the presentation of some of these measures is provided for year-over-year comparison purposes, and investors should be cautioned that the effect of the adjustments included therein have a real effect on the Company’s operating results.
Tangible capital is a non-IFRS measure. This figure excludes from total shareholders’ equity (i) intangibles and (ii) goodwill, and is useful in demonstrating the tangible capital employed by the company.
Gross profit excluding the revaluation of precious metals is a non-IFRS measure, calculated as gross profit less gain/(loss) on the revaluation of precious metals. The closest comparable IFRS financial measure is gross profit. Fluctuations in the value of your precious metal holdings caused by fluctuations in market prices are included in gross profit. Management believes that excluding these fluctuations more clearly illustrates the Company’s business operations.
For a complete reconciliation of the non-IFRS financial measures used herein to their closest IFRS equivalents, see the section entitled “Reconciliation of Non-IFRS Financial Measures” in the Company’s MD&A for the quarter ended June 30, 2022 .
About Goldmoney Inc.
Goldmoney Inc. (TSX: XAU) is a global business focused on precious metals. Through its ownership of various operating subsidiaries, the Company engages in the sale of precious metals to its customers, including arranging the delivery and storage of precious metals for its customers and the retail sale of coins. Goldmoney clients located in over 100 countries hold over $2 billion in precious metals and fiat currency assets. The company’s operating subsidiaries include: Goldmoney.com, SchiffGold.com and Totenpass. In addition to the Company’s principal business segments, the Company has a significant interest in Menē Inc., which manufactures 24-karat pure gold and platinum investment jewelry sold by the gram. Through these businesses and other investment activities, Goldmoney gains long-term exposure to precious metals. To learn more about Goldmoney, visit goldmoney.com.
Forward-looking statements
This press release contains or refers to certain forward-looking information. Forward-looking information can often be identified by forward-looking words such as “anticipate,” “believe,” “expect,” “plan,” “attempt,” “estimate,” “potential,” “potential” and “will.” or similar words suggesting future results, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. All information, other than information about historical facts, that addresses activities, events or developments that Goldmoney Inc. believes, expects or anticipates will occur or may occur in the future, is forward-looking information. Forward-looking information does not constitute historical fact, but rather reflects the company’s current expectations about future results or events based on information that is currently available. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that predictions, forecasts, projections and other forward-looking information may not occur. This forward-looking information in this release speaks only as of the date hereof.
Forward-looking information in this release includes, but is not limited to, statements about: service times for transactions on the Goldmoney network, the growth of the Company’s business, expected results of operations and the market for company products and services and competitive conditions. Such forward-looking information is based on assumptions and reasonable estimates of the company’s management at the time it was made, and involves risks, uncertainties and other known and unknown factors that could cause actual results, performance or achievements to differ. of the company are materially different from any future results, performance or achievement expressed or implied by such forward-looking information. These factors include, but are not limited to: the company’s operating history; history of operating losses; future capital needs and uncertainty of additional financing; fluctuations in the market price of the Company’s common stock; the effect of government regulation and compliance on business and industry; legal and regulatory change and uncertainty; jurisdictional factors associated with international operations; foreign restrictions on the Company’s operations; product development and rapid technological change; dependence on technical infrastructure; intellectual property protection; use and storage of personal information and compliance with privacy laws; network security risks; risk of system failure or inadequacy; the company’s ability to manage rapid growth; competition; the ability to identify growth opportunities internally and through acquisitions and strategic relationships in economic or gene terms; the effectiveness of the company’s risk management and internal controls; use of Company Services for improper or illegal purposes; uninsured and underinsured losses; theft and risk of physical harm to staff; precious metals trading risks; and the volatility of precious metal prices and public interest in investing in precious metals; and those risks that are specified in the latest annual information form presented by the Company, available at To realize. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results to differ from those anticipated, estimated or anticipated. There can be no assurance that these statements are accurate, as actual results and future events could differ materially from those anticipated in these statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, except as required by law.
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