Urbanfund Corp. Reports Financial Results for the Three Month Period Ended March 31, 2012
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 05/30/12 -- 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:
FFO for the periods ended March 31, 2012 and 2011 are as follows:
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 .
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.
Neither TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Urbanfund Corp.
Mitchell Cohen
President & CEO
(416) 703-1877x1025
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Datum: 30.05.2012 - 14:56 Uhr
Sprache: Deutsch
News-ID 1119412
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