360 Vox Corporation Reports Third Quarter Fiscal 2013 Results
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwired) -- 11/26/13 -- 360 VOX Corporation (TSX VENTURE: VOX) -
Q3 Highlights:
(All figures in U.S. dollars and presented under IFRS, except where otherwise indicated).
Q3 Results:
360 VOX Corporation ("360 VOX" or the "Company"), a global real estate company in the hospitality and asset management, real estate development and sales and marketing businesses, today reported third quarter results for the three and nine months ended September 30, 2013.
Revenue for the third quarter of fiscal 2013 was $20 million, down 13% from $23 million in the second quarter and up by $18 million from the same quarter of fiscal 2012. Net revenue remained virtually unchanged at $6 million from the second quarter, and increased by $3.4 million from the same quarter in fiscal 2012. Revenue for the nine months ended September 30, 2013 was $52 million, an increase of $46 million from the same period in 2012. Increase in revenue over 2012 is primarily revenue from the acquired businesses of Sotheby's International Realty Canada announced in the latter part of 2012.
Cash balance at the end of Q3 increased as a result of the private placement of convertible debentures ($8.7 million), announced earlier in the year, offset by the cash used to acquire the Company's hospitality division ($1.0 million) and advances made to a development in Croatia ($1.18 million).
Net loss for the nine months ended September 30, 2013 was $3.1 million, or $0.01 per share. The net loss was affected by several non-cash adjustments required by IFRS, which includes significant amortization expense ($3.2 million) and other non-cash items ($0.4 million). The net loss is also affected by one-time acquisition and due diligence related costs ($1.3 million). The adjusted net earnings(1) for the nine months ended September 30, 2013 would have been $1.1 million or $0.004 per share.
(1) Adjusted net earnings does not have a standardized meaning prescribed by IFRS and thus may not be comparable to similarly titled measures presented by other issuers. The Company believes that the adjusted net earnings presented enables the Company's shareholders to better assess the Company's operating results. Investors should consider this non-IFRS measure in the context of the Company's IFRS results.
"During the third quarter, we continued to focus our efforts on growing our businesses with development and operation agreements announced in Vancouver, China and Croatia" said Robin Conners, President and CEO of 360 VOX Corporation. "Overall company performance is representative of our focus to form partnerships and invest in transactions that add value to the long-term growth of our Company".
On Behalf of the Board of Directors
Robin Conners, President and CEO
About 360 VOX Corporation
360 VOX is a publicly traded company, incorporated under the laws of Ontario and listed on the TSX Venture Exchange under the symbol "VOX". 360 VOX is engaged in the business of managing and developing international hotel, resort, residential and commercial real estate projects through its wholly-owned subsidiaries, 360 VOX Asset Management Inc., 360 VOX GP, 360 VOX LLC, 360 VOX Developments Inc. and Wilton Properties Ltd. 360 VOX is also engaged in the sales and marketing of real estate through Sotheby's International Realty Canada and Blueprint Global Marketing.
For further information on 360 VOX please visit our websites at and . 360 VOX's public filings, including its most recent audited consolidated financial statements, can be reviewed on the SEDAR website ().
This news release may contain forward-looking statements and information within the meaning of applicable securities legislation. These statements reflect management's current expectations, estimates, projections, beliefs and assumptions that were made using information currently available to management. In some cases, forward-looking statements can be identified by terminology such as "may" "will", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "forecast", "outlook", "potential", "continue", "should", "likely" or the negative of these terms or other comparable terminology. Forward-looking statements include statements with respect to, the negotiating and entering into of agreements, the terms of the proposed transaction, and the effect of completing the proposed transaction, and are based on assumptions that management believe are reasonable. These statements are not guarantees of future results and are subject to numerous risks and uncertainties, which may cause actual results or events to differ materially from current expectations, including that the parties may not reach agreement on the terms of the proposed transaction or there may be changes to the terms of the transaction from those in the letter of intent, or if agreements are entered into, any required consents or approvals may not be obtained or obtained in a timely manner and any conditions may not be satisfied or the transaction may not be completed for other reasons. Although management believes that the anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve assumptions, known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of 360 VOX to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy and accuracy of this release.
Contacts:
360 VOX Corporation
Colin Yee
Chief Financial Officer
514-987-6452
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Datum: 26.11.2013 - 15:00 Uhr
Sprache: Deutsch
News-ID 1287272
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Residential Real Estate
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