Canada NewsWire
CALGARY, Nov. 10, 2016
CALGARY, Nov. 10, 2016 /CNW/ -
SPECIAL CASH DIVIDEND
On November 10, 2016, Genesis Land Development Corp.'s (TSX: GDC) (the "Corporation" or "Genesis") Board of Directors approved the payment of a special cash dividend of $0.25 per common share for a total of approximately $10,900,000 payable in December 2016.
THIRD QUARTER RESULTS
Genesis is pleased to report its financial and operating results for the three and nine months ended September, 2016.
Key financial results and operating data are as follows:
Three months ended September 30, |
Nine months ended September 30, | |||
($000s, except for per share items or unless otherwise noted) |
2016 |
2015 |
2016 |
2015 |
Key Financial Data |
||||
Total revenues |
29,240 |
34,918 |
87,812 |
82,513 |
Gross margin |
6,839 |
9,734 |
22,676 |
13,278 |
Net earnings attributable to equity shareholders |
2,184 |
4,256 |
7,122 |
5,649 |
Net earnings per share – basic and diluted |
0.05 |
0.09 |
0.16 |
0.12 |
Cash flows from (used in) operating activities |
10,060 |
8,919 |
36,723 |
(11,132) |
Cash flows from (used in) operating activities per share(1) |
0.23 |
0.20 |
0.85 |
(0.25) |
Key Operating Data |
||||
Residential lots sold to third parties (units) |
24 |
13 |
46 |
19 |
Residential lots sold through home building business segment (units) |
22 |
32 |
93 |
74 |
Average revenue per lot sold |
196 |
160 |
187 |
175 |
Development land sold (acres) |
7 |
- |
1,674 |
4 |
Homes sold (units) |
28 |
67 |
110 |
158 |
Average revenue per home sold |
537 |
484 |
534 |
498 |
New home orders (units) |
38 |
38 |
112 |
99 |
As at September 30, | ||||
2016 |
2015 | |||
Homes (with lots) subject to firm sale contracts (units) |
65 |
78 |
Key Balance Sheet Data ($000s, except for per share items or unless otherwise noted) |
As at September 30, 2016 |
As at December 31, 2015 | |
Cash and cash equivalents |
15,938 |
11,399 | |
Total assets |
302,424 |
331,045 | |
Loans and credit facilities |
38,558 |
63,819 | |
Total liabilities |
77,644 |
106,054 | |
Shareholders' equity |
217,995 |
212,125 | |
Total equity |
224,780 |
224,991 | |
(1) Basic and diluted amounts per share |
Summary of Operating Results
The results for the nine months ended September 30, 2016 are substantially improved relative to the same period in 2015. 2016 revenues included three land parcel sales ($21,237,000) with no significant land parcel sales in the same period in 2015 ($100,000). Despite an ongoing challenging economic environment, the business is delivering strong results. General, administrative and sales expenses for the third quarter of 2016 were reduced by $1,302,000 to $3,388,000 compared to $4,690,000 in the third quarter of 2015, or by 27.8%. General, administrative and sales for the period ended September 30, 2016 have reduced by $1,871,000 to $11,706,000 compared to $13,577,000 for the same period in 2015.
Highlights
Volumes and Revenue:
Net Earnings:
Cash Flows from Operating Activities:
Loans and credit facilities:
Continued cost reductions:
Additional Information
The information contained in this press release should be read in conjunction with the unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2016 and 2015 and the related Management's Discussion and Analysis ("MD&A") dated November 10, 2016 which have been filed with Canadian securities regulatory authorities. Copies of these documents may be obtained via www.sedar.com or our website at www.genesisland.com.
About Genesis
Genesis Land Development Corp. is a land developer and residential home builder in the Calgary Metropolitan Area. The Corporation's common shares are listed on the Toronto Stock Exchange (TSX: GDC).
ADVISORIES
Forward-Looking Statements
This news release may contain certain statements which constitute forward-looking statements or information ("forward-looking statements") within the meaning of applicable securities legislation, including Canadian Securities Administrators' National Instrument 51-102 'Continuous Disclosure Obligations', concerning the business, operations and financial performance and condition of Genesis. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements in this news release include statements with respect to the economic environment and Genesis' ongoing review of its business. Although Genesis believes that the anticipated future results, performance or achievements expressed or implied by forward-looking statements are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements because they involve assumptions, known and unknown risks, uncertainties and other factors many of which are beyond the Corporation's control, which may cause the actual results, performance or achievements of Genesis to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements. Accordingly, Genesis cannot give any assurance that its expectations will in fact occur and cautions that actual results may differ materially from those in the forward-looking statements.
Factors that could cause actual results to differ materially from those set forth in the forward-looking statements include, but are not limited to: the impact or unanticipated impact of general economic conditions in Canada, the United States and globally; local real estate conditions, including the development of properties in close proximity to Genesis' properties; the uncertainties of real estate development and acquisition activity; fluctuations in interest rates; labour matters, governmental regulations, stock market volatility and other risks and factors described from time to time in the documents filed by Genesis with the securities regulators in Canada available at www.sedar.com, including the Corporation's MD&A under the heading "Risks and Uncertainties" and the AIF under the heading "Risk Factors". Furthermore, any forward-looking statements contained in the news release are made as of the date of this news release and, except as required by applicable law, Genesis does not undertake any obligation to publicly update or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Genesis Land Development Corp.
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