Dream Unlimited Corp. Reports Strong First Quarter Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 05/09/16 -- This press 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", "the Company" or "we") today announced its financial results for the three months ended March 31, 2016. Basic earnings per share ("EPS") for the three months ended March 31, 2016 were $0.17, up from $0.03 for the three months ended March 31, 2015. At March 31, 2016, the Company''s total equity increased to $753.2 million ($6.70 per share), up 26% from $598.8 million ($5.28 per share) in the same quarter last year.
Michael Cooper, President & Chief Responsible Officer of Dream commented: "Our first quarter results in any fiscal year are typically not a significant period for us financially, however, this quarter''s results were very significant. We successfully completed the sale of 172 acres of our land in Providence to the Province of Alberta to construct the Ring Road, had exceptional operational and financial performance at our ski hill in Colorado and demand for our Toronto condominium projects continues to be strong. Much like last year, we expect to add significant value to the Company in 2016 despite some short-term market concerns in Western Canada. Our business, assets, people, operations, excess liquidity position and prospects for future growth have never been better."
A summary of our Q1 2016 and 2015 results is included in the table below.
Key Advancements & Updates in Western Canada
Sale of 172 Acres to the Province of Alberta in Providence:
Update on Strategic Land Acquisition and Retail Development in Tamarack, within Meadows in Edmonton, Alberta:
Key Results Highlights: Development
Asset Management:
Investment and Recreational Properties
Capital Structure & Financing
Select financial operating metrics for the three months ended March 31, 2016 are summarized in the table below.
Other Information
Information appearing in this press release is a select summary of results. The financial statements and MD&A for the Company are available at and on .
Annual Meeting of Shareholders
Senior management will host its Annual Meeting of Shareholders on May 9, 2016 at 4 p.m. (ET), located at St. Andrew''s Club & Conference Centre, 150 King Street West, Toronto, Ontario. For further details, please visit Dream''s website at and click on the link for News and Events, then click on Calendar of Events.
About Dream Unlimited Corp.
Dream is one of Canada''s leading real estate companies with approximately $15 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 four TSX-listed 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.
Non-IFRS 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: internal rate of return (IRR), assets under management, fee earning assets under management and debt-to-total assets 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 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" section in Dream''s MD&A for the three months ended March 31, 2016.
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 expected GLA of retail developments, timing of leasing or commencement of future retail developments, future residential and commercial densities, development plans of future stages of the Canary District and performance of the land development and housing development divisions. 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 assumptions include, but are not limited to: the nature of development lands held and the development potential of such lands, our ability to bring new developments to market, anticipated positive general economic and business conditions, including low unemployment and interest rates, positive net migration, oil and gas commodity prices, our business strategy, including geographic focus, anticipated sales volumes, performance of our underlying business segments and conditions in the Western Canada land and housing markets. 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 May 9, 2016. 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 ().
Contacts:
Dream Unlimited Corp.
Michael J. Cooper
Chief Responsible Officer
(416) 365-5145
Dream Unlimited Corp.
Pauline Alimchandani
Chief Financial Officer
(416) 365-5992
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Datum: 09.05.2016 - 13:48 Uhr
Sprache: Deutsch
News-ID 1433651
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