Dream Unlimited Corp. Reports Solid First Quarter Results and Announces New Chair of the Board of Directors
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 05/09/17 -- 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, 2017. Basic earnings per share ("EPS") for the three months ended March 31, 2017 was $0.10, up from $0.01 for the three months ended March 31, 2016, excluding the after-tax contribution of $0.16 per share realized from the sale of 172 acres of undeveloped land to the Province of Alberta in the prior year. At March 31, 2017, the Company''s total equity increased to $840.7 million ($7.49 per share), up 12% from $753.2 million ($6.70 per share) one year ago.
Michael Cooper, President & Chief Responsible Officer of Dream commented: "We are pleased with our first quarter 2017 results and accomplishments to date. Our Toronto condominium business and pipeline is strong, our retail development division continues to grow and our Western Canadian land and housing business is expected to deliver a solid year with 950 lot sales and almost 350 housing unit occupancies anticipated this year - nearly double that of the volume achieved in 2016. Furthermore, our balance sheet is conservative and we have a strong liquidity position. Overall, we believe 2017 will be another solid financial year for the Company, even before considering any new investment opportunities or transaction activities."
The Company announced today that effective May 9, 2017, Mr. Ned Goodman will retire as Chair of the Board of Directors ("the Board") of Dream and will not stand for re-election as a director. Mr. Goodman will become Chairman Emeritus of Dream. It is anticipated that Ms. Joanne Ferstman will be appointed as Chair of the Board upon her re-election as a director at the Company''s Annual Meeting of Shareholders later today. Michael Cooper, Chief Responsible Officer of Dream, commented: "Ned is the co-founder of Dream and its predecessor companies and has served as Chair of our Board of Directors since that time. His experience and business acumen have significantly contributed to the company''s success over the past 22 years. I look forward to working more closely with Joanne as we continue to grow our business." Ms. Ferstman has served on the Company''s Board of Directors and as the Chair of the Audit Committee since May 2014.
A summary of our results for the three months ended March 31, 2017 is included in the table below.
Key Achievements: Toronto Condominium and Mixed-Use Developments
Key Results & Approval Highlights: Western Canadian Land & Housing
Asset Management
Retail Developments, Investment and Recreational Properties
Strong Liquidity Position & Update on Investment in Publicly Listed Funds
Select financial operating metrics for the three months ended March 31, 2017 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, 2017 at 4 p.m. (ET), located at the Melinda Gallery (3rd floor), One King West Hotel, 1 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 $14.0 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 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: gross margin %, net margin %, 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, 2017.
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 objectives, and strategies to achieve those objectives, the performance of our land and housing development business, including anticipated lot sales, acre sales and housing unit occupancies, future development plans for our land and housing development business, future development plans of our Condominium and Mixed-Use projects, including expected residential, commercial and retail densities, the timing of construction, marketing and occupancies of our condominium projects, expected development yield on and the estimated value upon completion of our retail development projects. 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, 2017. 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
President & Chief Responsible Officer
(416) 365-5145
Dream Unlimited Corp.
Pauline Alimchandani
Chief Financial Officer
(416) 365-5992
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Datum: 09.05.2017 - 14:02 Uhr
Sprache: Deutsch
News-ID 1503435
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