Dream Reports Solid Fourth Quarter and Year End 2014 Results, With a Year-Over-Year Increase of 26% in Book Equity Per Share
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 02/12/15 -- DREAM UNLIMITED CORP. (TSX: DRM)(TSX: DRM.PR.A) ("Dream") today announced its financial results for the three and twelve months ended December 31, 2014. Basic earnings per share (EPS) for the three and twelve months ended December 31, 2014 were $0.34 and $0.69, respectively.
Michael Cooper, CEO commented: "It has been a very transformational year for our company through the execution of new domestic and global joint venture relationships, the creation of Dream Alternatives Trust and the active pursuit of approvals within both our land and urban development divisions. In 2014, we increased our total assets by $129 million, while reducing our overall liabilities. We continue to make our company financially more conservative, while growing rapidly to enhance our profitability over the next few years. I am proud of our management style, team and culture and also ending the year a better company than we started."
A summary of our 2014 results is included in the table below.
Key Highlights:
Update on Approvals:
Selected financial operating metrics for the three and twelve months ended December 31, 2014 are summarized in the table below.
Capital Structure
At December 31, 2014, Dream had 76.2 million Subordinate Voting Shares and 3.1 million Class B Shares outstanding. Including the non-controlling interest, the market capitalization was $1.1 billion and the enterprise value was $1.5 billion. Our debt-to-enterprise value was approximately 27%. 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, February 13, at 9:00 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 $14.6 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.
Non-GAAP Measures
Dream''s condensed consolidated financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"). In this press release, as a complement to results provided in accordance with IFRS, Dream discloses and discusses certain non-IFRS financial measures, including (book equity per share, gross margin, net margin, assets under management, fee earning assets under management, enterprise value and debt-to-enterprise value) as well as other measures discussed elsewhere in this release. These non-IFRS measures are not defined by IFRS, do not have a standardized meaning and may not be comparable with similar measures presented by other issuers. Dream has presented such non-IFRS measures as Management believes they are relevant measures of our underlying operating performance and debt management. Non-IFRS measures should not be considered as alternatives to (total equity, earnings for the year, net cash flows from operating activities) or comparable metrics determined in accordance with IFRS as indicators of Dream''s performance, liquidity, cash flow, and profitability. For a full description of these measures and, where applicable, a reconciliation to the most directly comparable measure calculated in accordance with IFRS, please refer to the "Non-IFRS Measures" in Dream''s Management''s Discussion and Analysis for the year ended December 31, 2014.
Forward Looking Information
This press release may contain forward-looking information within the meaning of applicable securities legislation including, but not limited to, statements regarding our future development plans, expectations regarding our joint ventures and future approvals for our developments. 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 February 12, 2015. Dream does not undertake to update any such forward looking information whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR ().
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.
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: 12.02.2015 - 17:18 Uhr
Sprache: Deutsch
News-ID 1337137
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