Melcor Reports Strong Results for Q1-13, Declares Dividend of $0.25 Per Share, Announces Special Dividend of $0.50 Per Share
(firmenpresse) - EDMONTON, ALBERTA -- (Marketwired) -- 05/09/13 -- Melcor Developments Ltd. (TSX: MRD), an Alberta-based real estate development company, today reported strong results for the quarter ended March 31, 2013. Melcor earned net income of $12.62 million or $0.42 per share (basic), an increase of 116% over the comparable period of 2012. Revenue was $41.62 million, an increase of 25%.
Funds from operations (FFO) per share was $0.31 in Q1-13 compared to $0.20 per share in Q1-12. FFO per share adjusts for all non-cash earnings items included in income such as fair value adjustments on investment properties and stock based compensation expense. FFO is commonly used to measure performance of real estate operations.
Brian Baker, Melcor's President and Chief Operating Officer commented on the quarter: "The solid start to our 90th year continues the positive trend of 2012. With a strong base of well-diversified assets, a sound financial position and management comprised of effective leaders assisted by dedicated staff, we are well positioned for continued growth and success."
"We remain committed to distributing profit to our shareholders and are pleased to increase our semi-annual dividend to $0.25 per share and declare a special dividend of $0.50 per share."
Q1-13 Highlights
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 selective US expansion by increasing its stable of residential rental properties, serviced lot inventory and raw development land. These assets now comprise approximately 10% of the company's total assets in a strengthening real estate market. 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.
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 managing leasable office, retail and residential sites. The company 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: 09.05.2013 - 17:26 Uhr
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News-ID 1225799
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