Imperial Holdings, Inc.

CIK:0001494448|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Income
Change in fair value of life settlements (Notes 10 & 16)	$ 0	$ (42)	$ 0	$ (37)
Change in fair value of investment in limited partnership, net of distributions (Notes 11 and 16)	4,250	(5,821)	20,601	(5,821)
Change in fair value of investment in deconsolidated subsidiaries (Notes 4 & 16)	0	90,710	0	37,941
Gain on life settlements, net (Note 10)	0	0	743	0
Other income	57	2,052	10,875	2,145
Total income	4,307	86,899	32,219	34,228
Expenses
Interest expense	2,743	2,832	7,610	8,370
Extinguishment of debt	0	0	(2,815)	0
Personnel costs	444	694	2,833	1,001
Legal fees	738	1,448	1,850	2,117
Professional fees	619	1,142	2,034	1,470
Insurance	519	270	1,360	666
Other selling, general and administrative expenses	272	317	792	516
Total expenses	5,335	6,703	13,664	14,140
Income (loss) from continuing operations before income taxes	(1,028)	80,196	18,555	20,088
Provision (benefit) provision for income taxes	0	(5)	2,428	3,213
Net income (loss) from continuing operations	(1,028)	80,201	16,127	16,875
Discontinued Operations:
Income (loss) from discontinued operations before income taxes	0	70	(53)	36
Provision (benefit) provision for income taxes	0	0	0	0
Net income (loss) from discontinued operations	0	70	(53)	36
Net income (loss)	$ (1,028)	$ 80,271	$ 16,074	$ 16,911
Basic income (loss) per common share:
Continuing operations (in dollars per share)	$ (0.01)	$ 0.51	$ 0.10	$ 0.11
Discontinued operations (in dollars per share)	0	0	0	0
Net income (loss) - basic (in dollars per share)	(0.01)	0.51	0.10	0.11
Diluted income (loss) per share:
Continuing operations (in dollars per share)	(0.01)	0.41	0.09	0.10
Discontinued operations (in dollars per share)	0	0	0	0
Net income (loss) - diluted (in dollars per share)	$ (0.01)	$ 0.41	$ 0.09	$ 0.10
Weighted average shares outstanding:
Basic (in shares)	157,655,140	156,968,470	157,624,241	156,949,425
Diluted (in shares)	157,655,140	195,979,957	206,696,703	194,867,908

CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019
Cash flows from operating activities
Net income/(loss)	$ 16,074	$ 16,911
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	18	63
Change in fair value of investment in deconsolidated subsidiaries	0	(37,941)
Extinguishment of debt	(2,815)	0
Stock-based compensation expense	74	290
Interest paid in kind on 8.5% Senior Secured Notes	0	2,842
Change in fair value of life settlements	0	37
Change in fair value of investment in limited partnership, net of distributions	(20,601)	5,821
Gain on sale of life settlement	(743)	0
Interest income	(311)	(311)
Deferred tax asset	0	576
Change in assets and liabilities:
Deposits - other	164	0
Prepaid expenses and other assets	(471)	118
Accounts payable and accrued expenses	(316)	(394)
Operating lease assets, net of liabilities	(22)
Other liabilities	(87)	(155)
Increase (Decrease) in Income Taxes Payable	(572)	2,642
Net cash (used in) provided by operating activities	(8,593)	(8,493)
Cash flows from investing activities
Purchase of fixed assets, net of disposals	0	(5)
Premiums paid on life settlements	0	(118)
Proceeds from sale of life settlements, net	2,041	0
Distributions from investment in limited partnership	6,000	0
Consolidation of subsidiaries (cash)	0	10,905
Net cash (used in) provided by investing activities	8,041	10,782
Cash flows from financing activities
Proceeds from issue of 8.5% Senior Secured Notes	0	6,476
Repayment of 8.5% Convertible Notes	(4,677)	(1,194)
Net cash provided by financing activities	(4,677)	5,282
Net increase (decrease) in cash and cash equivalents	(5,229)	7,571
Cash and cash equivalents, at beginning of the period	24,283	1,209
Cash and cash equivalents, at end of the period	19,054	8,780
Supplemental disclosures of cash flow information:
Cash paid for interest during the period	6,594	4,430
8.5% Convertible Notes
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of discount and deferred costs	0	21
Change in assets and liabilities:
Interest payable	0	(37)
5.0% Convertible Notes
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of discount and deferred costs	891	955
Change in assets and liabilities:
Interest payable	(957)	(948)
8.5% Senior Secured Notes
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of discount and deferred costs	817	554
Change in assets and liabilities:
Interest payable	$ 264	$ 463