04:10 PM EST, 03/06/2024 (MT Newswires) -- Clarke Inc. ( CLKFF ) Wednesday announced its results for the three months and the year ending Dec. 31, 2023 and the redeployment of capital on certain real estate dispositions.

Net income for the year ending Dec. 31, 2023 was $3.4 million compared to $3.2 million in 2022. The company's operating businesses were more profitable in 2023 compared to 2022. Hotel revenues were $64.2 million in the year ended Dec. 31, 2023, compared to $54.7 million in 2022.

Comprehensive income for the year ended Dec. 31, 2023 was $17.1 million compared to $10.1 million in 2022. Comprehensive income exceeded 2022 due primarily to remeasurement losses on the company's defined benefit pension plans recorded in other comprehensive income in the prior year, partially offset by revaluations on certain hotels that were more significant in 2022 than in 2023.

The company had net income of $7.5 million in the fourth quarter of 2023 compared to $1.3 million in the same period in 2022. The $8.1 million gain recorded on exiting a joint operation in the fourth quarter is the primary reason for the increase year-over-year.

Comprehensive income for the fourth quarter was $16.1 million compared to $20.4 million for the same period in 2022. The primary reason for the decrease year-over-year is the reduced revaluation gains on certain hotel properties in 2023 compared to 2022.

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