Urbanfund Corp. Reports Financial Results for the Three Month Period Ended March 31, 2012
30 Mai 2012 - 10:56PM
Marketwired Canada
Mitchell Cohen, President and Chief Executive Officer of Urbanfund Corp. (TSX
VENTURE:UFC) (the "Company"), confirmed today that the Company has filed
financial results for the three month period ended March 31, 2012.
For the three month period ended March 31, 2012 the Company reported earnings
before income taxes of $536,716 on revenue of $820,219 compared to earnings
before income taxes of $3,764,819 on revenue of $900,106 for the corresponding
period in 2011. The majority of this decrease is attributable to a fair value
gain on the Company's real estate of $3,484,794 in 2011 in accordance with the
transition to IFRS. Revenue was lower for the period ended March 31, 2012 due to
a reduction in common area and maintenance charges recovered due to an
overpayment by certain tenants in 2011.
Rental expenses for the three month period ended March 31, 2012 decreased to
$262,210 compared to $307,193 for the corresponding period in 2011. The slight
decrease is a result of a general repairs and maintenance expenditures being
lower at all properties but primarily because of a one-time refund of an
overcharged utility bill.
Financing costs decreased slightly during the three month period ended March 31,
2012 to $238,286 from $262,065 for the corresponding period ended in 2011.
Administrative costs during the period ended March 31, 2012 decreased to $56,389
from $63,010 for the corresponding period in 2011.
As of March 31, 2012, total assets were $37,552,644 compared to $37,195,521 as
of March 31, 2011. The increase of $357,123 in total assets as at March 31, 2012
is primarily due to the increase in marketable securities.
The following selected financial data is derived from the Company's unaudited
quarterly financial statements of the Company:
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Net Income
Net Income Per Share
Quarter ended Revenue (Loss) (Basic)1
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March 31, 2012 $ 820,219 $ 477,376 0.011
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December 31, 2011 $ 948,417 $ 90,986 0.002
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September, 30, 2011 $ 869,769 $ 197,470 0.005
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June 30, 2011 $ 924,632 $ 152,283 0.004
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March 31, 2011 $ 900,106 $ 3,271,235 0.075
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December 31, 2010 $ 808,428 $ 100,464 0.002
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September 30, 2010 $ 924,990 $ 302,261 0.007
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June 30, 2010 $ 846,179 $ 121,836 0.003
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Notes:
1 Basic earnings per share is computed using the weighted average number of
common shares outstanding during the year.
FFO for the periods ended March 31, 2012 and 2011 are as follows:
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Three month Three month
period ended period ended
March 31, March 31,
2012 2011
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Net Earnings (Loss) Before Income Taxes $ 536,716 $ 3,764,819
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Adjust for:
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Interest Income - -
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Dividend Income $ (14,161) $ (9,471)
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Unrealized Gain on Marketable Securities $ (246,959) -
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Realized Gain on Marketable Securities $ (12,262) $ (2,716)
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Fair Value Adjustment on Investment
Property - $ (3,484,794)
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Funds From Operations (FFO) $ 263,334 $ 267,838
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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 month
period ended March 31, 2012 and its financial position as at such date,
reference should be made to: (i) the Company's unaudited condensed consolidated
financial statements as at the period ended March 31, 2012 and the notes
thereto; and (ii) management's discussion and analysis of financial condition
at, and results of operations for the period ended March 31, 2012, 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. Urbanfund Corp. is a TSX Venture exchange listed real estate company
based in Toronto. 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 dated May 30, 2012.
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