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Oct 29, 2019

Aimia third-quarter net earnings plunge but grow from continuing operations


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MONTREAL — Aimia Inc. says its net earnings decreased by 22 per cent in the third quarter to $16.9 million.

The Montreal-based company says it earned 11 cents per share for the period ended Sept. 30, two cents above forecasts by analysts, according to financial markets data firm Refinitiv.

That's unchanged from a year earlier even though profits were down from $21.7 million.

Earnings from continuing operations increased to $17.2 million or 11 cents per share, from $3.2 million or a loss of one cent per share in the prior year.

Total revenue was $33.3 million, down from $42.5 million in the third quarter of 2018.

The company has sold its entire stake in Cardlytics, including 1.3 million shares sold after Sept.30, for net proceeds of $131.5 million.

"We are building a stronger company and our cost transformation plans are improving operations and financial performance. We remain on track to deliver profitability and substantially improving free cash flow during 2020," stated CEO Jeremy Rabe.

The loyalty company is facing a shareholder battle with its largest investor, Mittleman Brothers LLC, expressing tentative support for board nominees put forward by dissident shareholders amidst an ongoing civil war.