Dream Reports 2014 Third Quarter Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 11/04/14 -- 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)(TSX: DRM.PR.A) ("Dream") today announced its financial results for the three and nine months ended September 30, 2014. Basic earnings per share (EPS) for the three and nine months ended September 30, 2014 were $0.07 and $0.35, respectively.
A summary of our 2014 third quarter results is included in the table below.
Key Highlights:
Update on Land Approvals:
Michael Cooper, CEO commented: "There has been tremendous value created in our business in the first nine months of the year through the creation of Dream Hard Asset Alternatives Trust, receipt of approvals on our development site in Ottawa, new joint venture relationships and within our urban retail development division that will enhance our profitability over the next few years. It has been a slower than expected first nine months of the year in terms of volume of lot sales and housing unit occupancies in Regina and Saskatoon due to weather, delays and a short-term oversupply of housing lots. The nature of our business is such that we spend many years working on approvals and our resulting income can be lumpy from year to year. Real GDP in Saskatchewan is forecasted to approximately double to 3% next year and the unemployment rate is expected to remain under 4%. While we would have hoped to achieve a higher level of income from our land business in 2014, we have a positive outlook on our markets, land positions within each city, asset management platform and the work our teams are doing in retail and multi-family to achieve increased success and profitability in 2015 and 2016."
Selected financial operating metrics for the three and nine months ended September 30, 2014 are summarized in the table below.
Selected Operating Metrics(1)
Capital Structure
At September 30, 2014, Dream had 76.3 million Subordinate Voting Shares and 3.1 million Class B Shares outstanding. Including the non-controlling interest, the market capitalization was $1.5 billion and the enterprise value was $1.8 billion. Our debt-to-enterprise value was approximately 21%. We believe our capital structure is 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.
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 5 at 8:30 a.m. (ET). To access the call, please dial 1-866-229-4144 in Canada and the United States or 416-216-4169 elsewhere and use passcode 6281 674#. To access the conference call via webcast, please go to Dream''s website at and click on the link for News and Events, then click on Calendar of Events. A taped replay of the conference call and the webcast will be available for 90 days.
About Dream Unlimited Corp.
Dream is one of Canada''s leading real estate companies with approximately $14.7 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 and one TSX-listed diversified, hard asset alternatives trust, 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 November 4, 2014. 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.
Pauline Alimchandani
Chief Financial Officer
(416) 365-5992
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Datum: 04.11.2014 - 16:44 Uhr
Sprache: Deutsch
News-ID 1315521
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