Urbanfund Corp. Reports Financial Results for the Three Month Period Year Ended March 31, 2013
31 May 2013 - 11:12PM
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 (the
"Consolidated Financial Statements").
For the three month period ended March 31, 2013 the Company reported earnings
before income taxes of $171,255 on revenue of $704,020 compared to earnings
before income taxes of $536,716 on revenue of $820,219 for the corresponding
period in 2012. The majority of this decrease is attributable to the Company
having sold a 10% undivided interest in a 556 unit residential complex at 798 -
800 Richmond Street West, Toronto, Ontario (the "Richmond Property") in August
2012.
Rental expenses for the three month period ended March 31, 2013 decreased to
$240,664 compared to $262,210 for the corresponding period in 2012. The decrease
is primarily the result of having sold its interest in the Richmond Property in
August 2012 and offset by a one-time refund of an overcharged utility bill from
2012.
The following selected financial data is derived from the 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, 2013 $ 704,020 $ 182,202 0.004
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December 31, 2012 $ 779,940 $ 1,384,925 0.027
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September 30, 2012 $ 864,745 $ (104,131) (0.002)
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June 30, 2012 $ 949,591 $ 1,124,373 0.030
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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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Notes:
(1) Basic earnings per share is computed using the weighted average number of
common shares outstanding during the year.
Financing costs decreased slightly during the three month period ended March 31,
2013 to $198,041 from $238,286 for the corresponding period ended in 2012. This
decrease is a result of the sale of the Richmond Property in August 2012.
Administrative costs during the period ended March 31, 2013 increased to $75,015
from $56,389 for the corresponding period in 2012. This is a result of costs
related to the Company's acquisition of a 10% interest in an 1,870 unit
multi-family residential portfolio located in Quebec City and Montreal. See Note
11 in the Consolidated Financial Statements for additional detail.
Funds from Operations for the periods ended March 31, 2013 and 2012 are as follows:
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Three month period Three month period
ended ended
March 31, 2013 March 31, 2012
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Earnings (Loss) Before Income Taxes $ 171,255 $ 536,716
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Adjust for:
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Interest Income $ (10,841) -
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Dividend Income $ (3,601) $ (14,161)
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Unrealized (Gain)/Loss on
Marketable Securities $ 35,511 $ (246,959)
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Realized (Gain)/Loss on Marketable
Securities - $ (12,262)
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Funds From Operations (FFO) $ 190,324 $ 263,334
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Funds from Operations ("FFO") is a non-IFRS measure and should not be construed
as an alternative to net income determined in accordance with IFRS. However, FFO
is an operating performance measure which is widely used by the real estate
industry and the Company has calculated FFO in accordance with the
recommendations of the Real Property Association of Canada ("REALpac").
FFO, or any other non-IFRS 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 IFRS.
FFO is a widely accepted supplemental measure of financial performance for real
estate entities; however, it does not represent amounts available for capital
programs, debt service obligations, commitments or uncertainties. FFO should not
be interpreted as an indicator of cash generated from operating activities and
is not indicative of cash available to fund operating expenditures, or for the
payment of cash distributions. FFO is simply one measure of operating
performance.
For comprehensive disclosure of the Company's performance for the period ended
March 31, 2013 and its financial position as at such date, reference should be
made to: (i) the Consolidated Financial Statements including the notes thereto;
and (ii) management's discussion and analysis of financial condition at, and
results of operations for the period ended March 31, 2013, 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 and in Quebec City and Montreal, Quebec.
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) 703-1877 x1025
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