Boardwalk Completes 1998 With Record Breaking Results - Annual Cash Flow Per Share up 110 Percent.CALGARY Calgary (kăl`gərē), city (1991 pop. 710,677), S Alta., Canada, at the confluence of the Bow and Elbow rivers. The largest city in Alberta and the fastest-growing major city in Canada, Calgary is a corporate, transportation, and financial , Alberta--(BUSINESS WIRE)--Aug. 21, 1998-- Boardwalk (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BEI Bei (pā, bā), river, c.200 mi (320 km) long, formed by the union of two headstreams in the Nanling Mts., N Guangdong prov., S China. It flows S into the Xi River, E of Guangzhou, to form the Pearl River delta. .) (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :BEI.) Boardwalk Equities Inc. ("BEI" - TSE, ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. ) is pleased to announce record breaking financial results for the 1998 fiscal year, ended May 31, 1998. Characterized char·ac·ter·ize tr.v. character·ized, character·iz·ing, character·iz·es 1. To describe the qualities or peculiarities of: characterized the warden as ruthless. 2. by a year of rapid growth and expansion in all existing Boardwalk markets, the annual results are based on a yearly average of less than 12,000 units, in comparison to over 19,500 units owned at year end. Accordingly, subsequent years' cash flow should increase commensurately com·men·su·rate adj. 1. Of the same size, extent, or duration as another. 2. Corresponding in size or degree; proportionate: a salary commensurate with my performance. 3. , as the effects of dramatic portfolio growth begin to be realized. Selected highlights of the 1998 fiscal year include: - Total revenues of $108.2 million, up $57.1 million, or 112 percent from 1997's $51.1 million. - Operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before before taxes in the amount of $15.6 million, up $9.7 million or 169 percent from $5.8 million posted in 1997. - Net earnings of $8.0 million, compared to $2.3 million in 1997 - a 248 percent increase. - Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses of $24.8 million, up 192 percent from 1997's $8.5 million. - Cash flow per share of $0.63 - an increase of 110 percent from the $0.30 recorded in 1997. - An increase of 360 percent in rental cash flow, from $4.8 million in 1997 to $22.1 million in 1998. - Reduction in overall borrowing costs from 6.92 percent in 1997 to 6.45 percent in 1998. - A 122 percent increase in unit count, from 8,798 units at year end in 1997 to 19,507 units closed by May 31, 1998. As noted, 1998 financial results are based on the yearly average of less than 12,000 units. Boardwalk is extremely satisfied with these results, which represent the culmination of focused acquisition, financing and management activities over the past year. With the overall portfolio realizing a blended monthly rent of $525, there is still substantial opportunity for additional internally generated cash flow in the upcoming years. All Boardwalk's rental markets remain exceptionally strong, with stable to lowering vacancy VACANCY. A place which is empty. The term is principally applied to cases where an office is not filled. 2. By the constitution of the United States, the president has the power to fill up vacancies that may happen during the recess of the senate. rates forecast by independent sources such as CMHC CMHC community mental health center. . The Company plans to continue its approach to acquire existing multi-family projects at prices well below replacement cost, and upgrade to provide maximum value as appropriate. Boardwalk Equities Inc. is a customer oriented o·ri·ent n. 1. Orient The countries of Asia, especially of eastern Asia. 2. a. The luster characteristic of a pearl of high quality. b. A pearl having exceptional luster. 3. , technologically advanced real estate company specializing in the acquisition and management of multi-family residential Multi-family residential is a classification of housing where multiple separate housing units are contained within one building. The most common form is an apartment building. Many intentional communities incorporate multi-family residences, such as in cohousing projects. projects throughout Western Canada
Western Canada, commonly referred to as the West . Boardwalk owns or has contracted to acquire over 20,000 units representing 17 million net rentable square feet.
Boardwalk Equities Inc - May 31,
Audited Audited Unaudited Unaudited
May 31, May 31, May 31, May 31,
1998 1997 1998 1997
Statement of
earnings (12 Months)(12 Months) (3 Months) (3 Months)
Revenue producing
properties
Rental income 75,407,000 29,078,000 25,054,000 9,950,000
Operating expenses
Revenue producing
properties 27,276,000 10,632,000 8,897,000 3,723,000
Financing costs26,055,000 13,683,000 8,424,000 3,878,000
Amortization 11,169,000 3,481,000 3,823,000 1,301,000
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64,500,000 27,796,000 21,144,000 8,902,000
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Net rental earnings
before corporate
charges 10,907,000 1,282,000 3,910,000 1,048,000
Cash flow
from rental
operations 22,076,000 4,763,000 7,733,000 2,349,000
Cash flow per
share from rental
operations 0.56 0.17 0.18 0.08
Sales of property
held for development
and resale
Revenue 32,768,000 22,031,000 5,489,000 9,124,000
Cost of sales 21,273,000 14,892,000 4,125,000 7,238,000
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Net property sales
before corporate
charges 11,495,000 7,139,000 1,364,000 1,886,000
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Corporate charges
Administration 6,844,000 2,625,000 2,849,000 1,067,000
Large corporations
tax 1,878,000 789,000 465,000 381,000
Current income
taxes
Deferred income
taxes 5,693,000 2,703,000 (130,000) 961,000
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14,415,000 6,117,000 3,184,000 2,409,000
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Net earnings 7,987,000 2,304,000 2,090,000 525,000
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Earnings per share
- Fully diluted 0.20 0.08 0.05 0.02
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Cash flow from
operations 24,849,000 8,488,000 5,783,000 2,787,000
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Cash Flow per share
- Fully diluted 0.63 0.30 0.13 0.09
Weighted average of
common shares 39,522,267 28,397,639 43,007,187 31,136,769
Note Certain comparative figures have been reclassified to conform with current years presentation "to efficiently provide the best value in carefree living at competitive prices and utmost customer satisfaction" The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. and The Alberta Stock Exchange have neither approved nor disapproved the information contained herein.
CONTACT: Boardwalk Equities Inc.
Sam Kolias, 403/531-9255
403/531-9565 (FAX)
http://www.bwalk.com
403/531-9321 Fax Back
or
Boardwalk Equities Inc.
George Reti, 403/531-9255
or
Boardwalk Equities Inc.
Massimo Geremia, 403/531-9255
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