Gulf & Pacific Equities Corp. Reports on 2009 Year End Results
23 April 2010 - 11:03PM
Marketwired Canada
NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR FOR DISTRIBUTION INTO THE UNITED
STATES
Gulf & Pacific Equities Corp. (TSX VENTURE:GUF) an established company focused
on the acquisition, management and development of grocery store anchored
shopping centres in Western Canada, reports a 10.4% decrease in revenues to
$3,933,594 in 2009 from $4,388,561 in 2008. In addition, Funds From Operations
("FFO") were $229,034 or $0.03 per share for the year ended December 31st, 2009
compared to $675,896 or $0.08 per share in 2008. Details of the three and twelve
months financial results for fiscal 2009 and 2008 are summarized below and are
also available at www.sedar.com or at the company's website www.gpequities.com.
Year Ended Three Months Ended
(Audited) (Unaudited)
December 31, December 31,
2009 2008 2009 2008
---------------------------------------------------
Revenue $ 3,933,594 $ 4,388,561 $ 960,337 $ 866,131
Income (Loss) for the
period (965,187) (615,512) (426,709) (424,539)
Earnings (Loss) per
common share
- basic and diluted (0.11) (0.07) (0.04) (0.05)
Funds from operations for
the period 229,034 675,896 222,857 211,939
Funds from operations per
common share
- basic and diluted 0.03 0.08 0.03 0.02
Weighted average number
of common shares
outstanding during the
period
- basic and diluted 8,861,678 8,749,342 8,861,678 8,854,096
Full details are available at www.sedar.com or at the company's website
www.gpequities.com.
Cautionary Statements
This news release contains "forward-looking statements", within the meaning of
the United States Private Securities Litigation Reform Act of 1995 and similar
Canadian legislation, concerning the business, operations and financial
performance and condition of Gulf & Pacific Equities. Forward-looking statements
include, but are not limited to, statements with respect to the benefits of the
offering and option transaction. 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 are based on the opinions
and estimates of management as of the date such statements are made, and they
are subject to known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or achievements of Gulf
& Pacific Equities to be materially different from those expressed or implied by
such forward-looking statements, including but not limited to risks related to:
economic conditions in Western Canada, interest rates, raising less than the
required capital; not realizing on the anticipated benefits from the transaction
or not realizing on such anticipated benefits within the expected time frame;
and other risks of the real estate industry. Although management of Gulf &
Pacific Equities has attempted to identify important factors that could cause
actual results to differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that such
statements will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking statements. Gulf &
Pacific Equities does not undertake to update any forward-looking statements
that are incorporated by reference herein, except in accordance with applicable
securities laws.
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