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 and nine month periods ended September 30, 2012.
For the three month period ended September 30, 2012, the Company reported loss
before income taxes of $319,100 on revenues of $864,745 compared to earnings
before income taxes of $180,262 on revenues of $869,769 for the corresponding
period in 2011. Rental expenses for the three month period ended September 30,
2012 increased to $611,844 compared to $333,506 for the corresponding period in
2011. The increase is related to a one-time settlement of expenses related to
on-site employee services that were provided over the past two years.
Net income decreased to $1,497,618 during the nine month period ended September
30, 2012 from $3,620,987 during the corresponding period in 2011. This decrease
is attributable to a fair value loss of $10,159 at September 30, 2012 compared
to a fair value gain of $3,484,794 in same period 2011 (see Note 5 of the
Consolidated Financial Statements).
Financing costs decreased slightly during the three month period ended September
30, 2012 to $253,740 from $264,922 for the corresponding period ended September
30, 2011. Administrative costs decreased to $60,381 during the three month
period ended September 30, 2012 from $80,347 for the corresponding period ended
September 30, 2011. This decrease in Administrative costs is a result of a
reduction in professional fees and insurance expenses.
The following selected financial data is derived from the unaudited quarterly
financial statements of the Company:
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Net Income Net Income
(Loss) (Loss)
Net Income Per Share Per Share
Quarter ended Revenue (Loss) (Basic) (Diluted)
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September 30, 2012 $ 864,745 $ (104,131) (0.010) (0.010)
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June 30, 2012 $ 949,591 $ 1,124,373 0.030 0.020
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March 31, 2012 $ 820,219 $ 477,376 0.011 0.009
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December 31, 2011 $ 948,417 $ 90,986 0.002 0.002
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September,30, 2011 $ 869,769 $ 197,470 0.005 0.004
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June 30, 2011 $ 924,632 $ 152,283 0.004 0.003
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March 31, 2011 $ 900,106 $ 3,271,235 0.075 0.064
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December 31, 2010 $ 808,428 $ 100,464 0.002 0.002
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Funds from Operations ("FFO") for the three and nine month period ended
September 30, 2012 are as follows:
----------------------------------------------------------------------------
9 Months 9 Months 3 Months 3 Months
Ended Ended Ended Ended
September 30, September 30, September 30, September 30,
2012 2011 2012 2011
----------------------------------------------------------------------------
Earnings (Loss)
before income
tax $ 1,446,465 $ 4,159,839 $ (319,100) $ 180,262
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Adjust for:
Interest income $ (16,639) $ (23,433) $ (11,747) $ (9,018)
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Dividend income $ (31,128) $ (36,471) $ (4,837) $ (20,250)
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Realized Gain on
sale of
securities $ (122,584) $ (2,716) $ (58,496) -
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Unrealized
gain/(loss) on
securities $ (301,213) $ 4,625 $ (89,851) $ 40,000
----------------------------------------------------------------------------
Realized
gain/(loss) on
sale of IPP $ (476,148) - $ 420,879 -
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Fair value gain $ 10,159 $ (3,484,794) $ 1,932 -
----------------------------------------------------------------------------
Funds from
Operations
(FFO) $ 508,912 $ 617,050 $ (61,220) $ 190,994
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FFO decreased during the nine month period ended September 30, 2012 to $508,912
from $617,050 for the corresponding nine month period ended September 30, 2011.
During the three month period ended September 30, 2012, FFO decreased to
($61,220) from $190,994 for the corresponding period ended September 30, 2011.
This is mainly attributable to a one-time settlement of expenses related to
on-site employee services that were provided over the past 2 years.
FFO is a 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 periods ended September 30, 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 and for the period ended September 30,
2012 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, 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Urbanfund Corp.
Mitchell Cohen
President & CEO
(416) 703-1877x1025
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