Mitchell Cohen, President and Chief Executive Officer of Urbanfund
Corp. (TSX VENTURE: UFC) (the "Company"), confirmed today that the
Company has filed interim financial results for the three and nine
month period ended September 30, 2010.
For the three month period ended September 30, 2010, the Company
reported net earnings before income taxes of $179,334 on revenues
of $924,990 compared with net earnings before income taxes of
$79,680 on revenue of $992,444 for the corresponding period in
2009. Revenue was down during the three month period ended
September 30, 2010 due to a one-time payment made by a commercial
tenant for real estate taxes and common area costs in the
comparative period in 2009.
For the nine month period ended September 30, 2010, the Company
reported net earnings before income taxes of $225,497 on revenues
of $2,582,627 compared with net earnings before income taxes of
$282,478 on revenue of $2,783,155 for the corresponding period in
2009. Again, revenue was down slightly during this comparative
period due to a one-time payment made by a commercial tenant for
real estate taxes and common area costs in 2009.
Amortization costs decreased during the three month period ended
September 30, 2010, to $168,856 from $221,874 for the corresponding
period ended September 30, 2009. For the nine month period ended
September 30, 2010, amortization costs decreased to $508,349 from
$522,398 for the corresponding period ended 2009.
Administrative costs decreased to $46,872 from $67,963 during
the three month period ended September 30, 2010 as a result of cost
saving initiatives and improvements. During the nine month period
ended September 30, 2010, administrative costs decreased to
$215,206 from $259,367 for the corresponding period ended September
30, 2009.
The Company reported that during the three month period ended
September 30, 2010, rental expenses decreased to $299,402 compared
with $357,716 for the same period ended September 30, 2009. This is
attributed to cost control measures at all of the Company's
properties and a real estate tax reduction at the Company's
commercial properties. Expenses are also down to $917,942 for the
nine month period ended September 30, 2010 as compared to
$1,050,824 for the same period in 2009 again as a result of cost
control measures at all of the Company's properties and a real
estate tax reduction at the Company's commercial properties.
The following table highlights selected financial information for the
Company's past eight quarters:
----------------------------------------------------------------------------
Net Income Net Income
Net Income Per Share Per Share
Quarter ended Revenue (Loss) (Basic) (Diluted)(1)
-------------------------------------------------- ----------- -------------
September 30, 2010 $ 924,990 $ 179,334 0.004 0.003
-------------------------------------------------- ----------- -------------
June 30, 2010 $ 846,179 $ (17,474) (0.001) -
-------------------------------------------------- ----------- -------------
March 31, 2010 $ 811,458 $ 29,389 .0012 0.001
-------------------------------------------------- ----------- -------------
December 31, 2009 $ 632,680 $ (504,207) (0.01) 0.0017
-------------------------------------------------- ----------- -------------
September 30, 2009 $ 992,444 $ 88,766 0.0021 -
-------------------------------------------------- ----------- -------------
June 30, 2009 $ 808,288 $ (53,015) (0.001) -
-------------------------------------------------- ----------- -------------
March 31, 2009 $ 982,423 $ 173,623 0.005 0.003
-------------------------------------------------- ----------- -------------
December 31, 2008 $ 988,053 $ 1,090,667 0.02 0.017
-------------------------------------------------- ----------- -------------
Notes:
(1)Fully-diluted Net Income per Share figures have not been presented as
certain of the results would have been anti-dilutive for certain Quarters.
Funds from Operations ("FFO") for the three month period ended September 30,
2010 are as follows:
------------------------------------------------------ --------------------
------------------------------------------------------ --------------------
3 Months Ended 3 Months ended
September 30, 2010 September 30, 2009
------------------------------------------------------ --------------------
------------------------------------------------------ --------------------
------------------------------------------------------ --------------------
Net Earnings (Loss) Before Income
Taxes Adjust for: $ 179,334 $ 79,680
------------------------------------------------------ --------------------
Interest Income $ (6,666) $ (5,018)
------------------------------------------------------ --------------------
Unrealized gain on investment $ (28,068) -
------------------------------------------------------ --------------------
Amortization, income producing
properties $ 149,857 $ 176,973
------------------------------------------------------ --------------------
Amortization value of in-place
leases $ 7,976 $ 28,752
------------------------------------------------------ --------------------
Amortization of tenant
relationships $ 6,604 $ 5,706
------------------------------------------------------ --------------------
Amortization of above market
leases $ 16,174 $ 17,505
------------------------------------------------------ --------------------
Amortization of below market
leases $ (11,752) $ (7,062)
------------------------------------------------------ --------------------
------------------------------------------------------ --------------------
Funds From Operations (FFO) $ 313,456 $ 296,536
------------------------------------------------------ --------------------
------------------------------------------------------ --------------------
For the three month period ended September 30, 2010, the Company
reported Funds from Operations (FFO) of $313,456 on Net Earnings
before Income Taxes of $225,497 as compared with FFO of $296,536 on
Net Earnings before Income Taxes of $79,680 for the three month
period ended September 30, 2009.
FFO is a non-GAAP performance measure used by the Company to
improve the understanding of operating results for the investing
public. FFO is not a measure recognized under Canadian generally
accepted accounting principles ("GAAP") and does not have a
standardized meaning prescribed by GAAP. Therefore, FFO may not be
comparable to similar measures presented by other issuers. However,
the Company presents its FFO in accordance with the Real Property
Association of Canada (REALpac) White Paper on Funds from
Operations published on November 30, 2004 and revised in February,
2007.
FFO, or any other non-GAAP performance measure, is not intended
to represent operating profits for the period or from a property.
Furthermore, it should not be viewed as an alternative to net
income, cash flow from operating activities or similar measures of
financial performance calculated in accordance with GAAP.
For comprehensive disclosure of the Company's performance for
the three and nine month period ended September 30, 2010 and its
financial position as at such date, reference should be made to:
(i) the Company's consolidated financial statements as at for the
three and nine month period ended September 30, 2010 and the notes
thereto; and (ii) management's discussion and analysis of financial
condition at, and results of operations for the period ended,
September 30, 2010, which have been filed with applicable
securities regulators on SEDAR at www.sedar.com.
Urbanfund Corp. is a Toronto-based real estate development and
operating company. The Company's common shares trade under the
symbol UFC on the TSX Venture Exchange. Urbanfund's focus is to
identify, evaluate and invest in real estate or real estate related
projects. The Company's assets are located in Belleville, London
and Toronto, Ontario. The Company's strategy going forward remains
committed to seek accretive real estate or real estate-related
opportunities.
FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking statements,
which reflect Management's expectations regarding the Company's
growth, results of operations, performance and business prospects
and opportunities. Statements about the Company's future plans and
intentions, results, levels of activity, cash flow from operations,
performance, goals or achievements or other future events
constitute forward-looking statements. Wherever possible, words
such as "may", "will", "should", "could", "expect", "plan",
"intend", "anticipate", "believe", "estimate", "predict" or
"potential" or the negative or other variations of these words, or
similar words or phrases, have been used to identify these
forward-looking statements. These statements reflect Management's
current beliefs and are based on information currently available to
management as at the date hereof.
Forward-looking statements involve significant risk,
uncertainties and assumptions. Many factors could cause actual
results, performance or achievements to differ materially from the
results discussed or implied in the forward-looking statements.
These factors should be considered carefully and readers should not
place undue reliance on the forward-looking statements. Although
the forward-looking statements contained in this press release are
based upon what management believes to be reasonable assumptions,
the Company cannot assure readers that actual results will be
consistent with these forward-looking statements. These
forward-looking statements are made as of the date of this press
release, and the Company assumes no obligation to update or revise
them to reflect new events or circumstances, except as required by
law. Many factors could cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements that may be expressed
or implied by such forward-looking statements, including: general
economic and market segment conditions, interest rates, costs
outside of the Company's control such as Real Estate Taxes and
utilities, the ability of tenants to satisfy their contractual rent
obligations and any unforeseen repair, maintenance or replacement
of the Company's assets. More detailed assessment of the risks that
could cause actual results to materially differ than current
expectations is contained in the "Risks and Uncertainties" section
of the Company's most recent Management's Discussion and
Analysis.
Neither TSX Venture Exchange nor its Regulation Service Provider
(as such term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or the accuracy
of this release
Contacts: Urbanfund Corp. Mitchell Cohen President & CEO
(416) 703-1877x1025
Urbanfund (TSXV:UFC)
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