HALIFAX, NS, May 10, 2024 /CNW/ - Clarke Inc. ("Clarke" or the "Company") (TSX:CKI) today announced its results for the three months ended March 31, 2024. First Quarter Results1 The Company's net income for the three months ended March 31, 2024 was $2.4 million, compared to a $1.7 million loss for the same period in 2023. Net income was primarily attributable to the Company's hospitality operating businesses and a recovery of income taxes of $2.8 million. Hotel and rental revenue declined by $0.4 million due to the closure of one hotel on land being redeveloped as part of the Company's Talisman residential development in Ottawa, ON. The decrease in comprehensive income year over year despite the Company's improved net income is a result of the Company's pension plans. Other comprehensive loss for the three months ended March 31, 2024 was $1.9 million, driven by remeasurement losses on the Company's pension plans, compared to other comprehensive income of $2.8 million in the same period in 2023, which was driven by remeasurement gains on the Company's pension plans. During the first quarter of 2024, the Company's book value per common share increased by $0.03 or 0.2%. The increase is primary due to net income of $2.4 million, or $0.17 per common share, offset by after-tax remeasurement losses on the Company's pension surplus of $1.9 million, or $0.14 per common share. Net income included hotel net operating income of $4.5 million, or $0.32 per common share and an income tax recovery of $2.8 million, or $0.20 per common share, offset by depreciation and amortization of $2.6 million, or $0.19 per common share and interest and accretion of $1.3 million, or $0.10 per common share. The Company's book value per common share at the end of the quarter was $16.56, while the common share price was $19.22. Additional commentary on our first quarter results can be found in our Management's Discussion & Analysis for the three months ended March 31, 2024. Other Information Highlights of the interim condensed consolidated financial statements for the three months ended March 31, 2024, compared to the three months ended March 31, 2023 are as follows: Three months ended  March 31, 2024                         $  Three months ended  March 31, 2023                       $  Hotel and rental revenue 14.6 15.0 Provision of services  0.3 0.3 Investment and other income 1.0 0.2 Net income (loss) 2.4