Melcor Reports Record Results for Its 89th Year of Business
(firmenpresse) - EDMONTON, ALBERTA -- (Marketwire) -- 03/06/13 -- Melcor Developments Ltd. (TSX: MRD), an Alberta-based real estate development company, today reported record results for the year ended December 31, 2012. Melcor earned net income of $105.02 million or $3.49 per share (basic), an increase of 29% from 2011. Revenue was $274.93 million, an increase of 25% from 2011. Total assets grew 19% to 1.45 billion with fair value gains of $59.10 million or $1.96 per share (basic) compared fair value gains of $41.70 million or $1.39 per share (basic) in 2011.
Record fourth quarter results contributed to Melcor's strong performance for the full year. Fourth quarter net income was $55.47 million or $1.84 per share (basic) on revenue of $141.96 million compared to net income of $51.82 million or $1.73 per share (basic) on revenue of $129.43 million in the fourth quarter of 2011.
Funds from operations (FFO) was $2.22 per share in 2012, an increase of $0.42 per share or 23% from 2011. FFO per share adjusts for all non-cash items included in income such as fair value adjustments on investment properties and stock based compensation expense.
Brian Baker, Melcor's President and Chief Operating Officer commented on the year: "Top and bottom line growth in 2012 was a result of the coordinated efforts and diligence of all operating divisions. Our company is comprised of the most talented and hardest working team in the industry: a reality that is reflected in our record results for 2012. As we enter our 90th year, we are eager to compete and win in each of our divisions. With a solid base of assets and a strong financial position, managed by effective leaders and dedicated employees, we are well positioned for continued growth and success."
2012 Highlights
Investing in the Future
The company continues to invest in land inventory, develop commercial properties and improve and lease its portfolio of income-producing properties.
Building Capacity
Outlook
The majority of Melcor's business operations and assets remain focused on Alberta. Alberta economic fundamentals remain strong, with low unemployment rates, net in-migration, higher than the national average weekly earnings, strong capital investment, stabilizing inflation and relative stability in the price of oil. These fundamentals create a favorable environment for both residential and commercial property development.
The company continues its focus on US expansion by increasing its stable of residential rental properties, serviced lot inventory and raw development land. These assets now comprise approximately 8.5% of the company's total assets. Management believes that the economic indicators in its US regions provide a strong outlook for overall business success for the foreseeable future. The US continues its gradual economic recovery with clear signs of strengthening in the housing market and capitalization rate compression in the residential rental asset class.
With Melcor's inventory of raw and developed land, financial resources and strong management group, the company is well positioned to take advantage of market opportunities.
Annual Results
Complete financial statements, notes to the financial statements and management's discussion and analysis will be filed on SEDAR () on March 6, 2013 and is available at . Melcor's information circular and other material will be mailed on or about March 30, 2012.
Annual General Meeting
We invite shareholders to join us at Melcor's annual meeting on April 25, 2013 at 11:00 am MDT. The meeting will be held at The Fairmont Hotel Macdonald, Wedgewood Room, 10065 - 100 Street NW, Edmonton, Alberta
About Melcor Developments Ltd.
Melcor is a diversified real estate development and management company with a rich heritage of integrity and innovation in real estate since 1923.
Through four integrated operating divisions, Melcor manages the full life cycle of real estate development: from acquiring raw land, to community planning, to construction and development, to owning and managing leasable office, retail and residential sites. Melcor develops and manages mixed-use residential communities, business and industrial parks, office buildings, retail commercial centres and golf courses.
Melcor's headquarters are located in Edmonton, Alberta, with regional offices throughout Alberta and British Columbia. Company developments span western Canada and the US. Melcor has been a public company since 1968 and trades on the Toronto Stock Exchange (TSX: MRD).
Forward Looking Statements
In order to provide our investors with an understanding of our current results and future prospects, our public communications often include written or verbal forward-looking statements.
Forward-looking statements are disclosures regarding possible events, conditions, or results of operations that are based on assumptions about future economic conditions, courses of action and include future-oriented financial information.
This news release and other materials filed with the Canadian securities regulators contain statements that are forward-looking. These statements represent Melcor's intentions, plans, expectations, and beliefs and are based on our experience and our assessment of historical and future trends, and the application of key assumptions relating to future events and circumstances. Future-looking statements may involve, but are not limited to, comments with respect to our strategic initiatives for 2013 and beyond, future development plans and objectives, targets, expectations of the real estate, financing and economic environments, our financial condition or the results of or outlook of our operations.
By their nature, forward-looking statements require assumptions and involve risks and uncertainties related to the business and general economic environment, many beyond our control. There is significant risk that the predictions, forecasts, valuations, conclusions or projections we make will not prove to be accurate and that our actual results will be materially different from targets, expectations, estimates or intentions expressed in forward-looking statements. We caution readers of this document not to place undue reliance on forward-looking statements. Assumptions about the performance of the Canadian and US economies and how this performance will affect Melcor's business are material factors we consider in determining our forward-looking statements. For additional information regarding material risks and assumptions, please see the discussion under Business Environment and Risk in our annual MD&A.
Readers should carefully consider these factors, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements. Except as may be required by law, we do not undertake to update any forward-looking statement, whether written or oral, made by the company or on its behalf.
Contacts:
Melcor Developments Ltd.
Business Contact
Brian Baker
President & COO
780-423-6931
Melcor Developments Ltd.
Investor Relations
Jonathan Chia, CA
CFO
780-423-6931
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Datum: 06.03.2013 - 18:55 Uhr
Sprache: Deutsch
News-ID 1204318
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