DREAM Reports 2013 Third Quarter Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 10/31/13 -- 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 nine months ended September 30, 2013. Basic earnings per share (EPS) for the three and nine month periods ended September 30, 2013 were $0.18 and $0.79, respectively.
"Our third quarter and year to date results were in line with our expectations," said Michael Cooper, Chief Executive Officer. "We continue to experience strong sales activity, execute on our ongoing developments and advance approvals for new neighbourhoods. We have been able to realize value from our existing developments and increase our capacity for future growth. All in all, we are optimistic across all our business lines."
Highlights:
"We remain on track with our business plan and expect to achieve about 1,800 lot sales, 290 housing unit occupancies and 480 condominium unit sales in 2013," commented Mario Barrafato, Chief Financial Officer.
Selected financial and operating metrics for the three and nine months ended September 30, 2013 are summarized below.
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. We believe our capital structure remains conservative and, in the long run, offers us 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.
At the end of September 30, 2013, DREAM had 75.7 million shares outstanding. Including the non-controlling interest, the capitalization was $1.4 billion and the enterprise value was $1.8 billion. Our debt-to-enterprise value at September 30, 2013 was 20%.
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, November 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 15609495#.
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: 31.10.2013 - 15:25 Uhr
Sprache: Deutsch
News-ID 1278327
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Kategorie:
Commercial Real Estate
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