DREAM Reports 2013 Second Quarter Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 07/31/13 -- This news release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release.
DREAM Unlimited Corp. (TSX: DRM) today announced its financial results for the three and six months ended June 30, 2013.
Financial Highlights
For the six-months ended June 30, 2013:
"It is with great pleasure that we present DREAM's inaugural quarterly results," said Michael Cooper, Chief Executive Officer. "All in all, the financial results are consistent with our expectations. We are continuously looking to increase our profits from our existing assets, re-invest into existing businesses and look for new opportunities."
The shares of DREAM commenced trading on the TSX on May 30, 2013 following Dundee Corporation's indirect transfer of a portion of its 70% interest in Dundee Realty Corp. to its existing shareholders. The earnings for the comparative periods up to May 30, 2013 are those of Dundee Realty Corp. Subsequent to May 30, 2013, operating results will include costs associated with being a publicly traded entity. The remaining earnings are attributable to a non-controlling shareholder.
While evaluating results, it is important to note that the nature of our land development, housing and condominium business is inherently seasonal as it depends on sales of specific projects dictated by the marketplace and the availability of buyers as well as weather-related delays. We have historically experienced, and we expect that we will continue to experience, variability in our results on a quarterly basis. Also, we do not generally bring land inventory to the market continuously throughout the year, but rather time such release of land to when they are ready for sale. Traditionally, our highest sales volume quarter has been the fourth quarter, and the lowest sales volume quarter has been the first quarter. However this year, the first quarter had higher lot sales than the second due to the timing of availability of lots.
Selected Financial Metrics
Capital Structure
Our capital consists of construction loans, an operating line, secured term debt, shareholder loans, preference shares and shareholders' equity. Our objective in managing capital is to ensure adequate operating funds are available to fund land, housing and condominium development costs, leasing costs, overhead and capital expenditures for investment and recreational properties. Our intention is to meet short-term liquidity requirements through cash from operations, working capital reserves and operating debt facilities. In addition, we anticipate that revenues will continue to provide the cash necessary to fund operating expenses and debt service requirements.
At the end of June 30, 2013, DREAM had 75.7 million shares outstanding. Including the non-controlling interest, the capitalization is $1.25 billion and the enterprise value is $1.6 billion. Our debt-to-enterprise value at the end of June 30, 2013 is 22%.
We believe our capital structure remains conservative, which offers significant flexibility to grow the business over time by seeking out new opportunities where we can use our experience, expertise and relationships to achieve attractive risk adjusted returns.
Issued and Outstanding
Debt
Other Information
Information appearing in this news release is a select summary of results. The financial statements and management's discussion and analysis for the Company, are available at and on .
Conference Call
Senior management will host a conference call to discuss the results tomorrow, August 1, 2013 at 9:00 a.m. (ET). To access the call, please dial: (647) 317-3471 or toll free at 1-866-551-3680 and use passcode 43683347#.
To access the conference call via webcast, please go to DREAM's website at and click on the link for Investors, then click on Calendar of Events. A taped replay of the conference call and the webcast will be available 30 days.
About DREAM Unlimited Corp.
DREAM is one of Canada's leading real estate companies with over $13 billion of assets under management in North America and Europe. The scope of the business includes residential land development, housing and condominium development, asset management for three TSX-listed real estate investment trusts, investments in and management of Canadian renewable energy infrastructure and commercial property ownership. DREAM has an established track record for being innovative and for its ability to source, structure and execute on compelling investment opportunities.
Forward Looking Information
This press release may contain forward-looking information within the meaning of applicable securities legislation. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond DREAM's control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to general and local economic and business conditions, employment levels, regulatory risks, mortgage rates and regulations, environmental risks, consumer confidence, seasonality, adverse weather conditions, reliance on key clients and personnel and competition. All forward looking information in this press release speaks as of July 31, 2013. DREAM does not undertake to update any such forward looking information whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR ().
Contacts:
DREAM Unlimited Corp.
Michael J. Cooper
Chief Executive Officer
(416) 365-5145
DREAM Unlimited Corp.
Mario Barrafato
Senior Vice-President and Chief Financial Officer
(416) 365-4132
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Datum: 31.07.2013 - 14:17 Uhr
Sprache: Deutsch
News-ID 1250607
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