Boardwalk Demonstrates Growth Through Second Quarter Results.CALGARY, Alberta--(BUSINESS WIRE)--Jan. 25, 1996--The management of Boardwalk Equities Inc. (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. : 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. ) reports continued growth through the second quarter ended Nov. 30, 1995. The company is pleased with their financial results, which are significantly higher than for the same period in 1994. Economic highlights for the six month period ending Nov. 30, 1995 include: -- Operating revenues of $8,787,000, which represents an increase of 195 percent over comparable 1994 figures. -- 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 $1,180,000 or $0.10 per share -- up 78 percent from 1994 comparable figures -- Reduction in blended interest rate on overall corporate debt (the majority of which is fixed long term) from 8.46 percent to 8.21 percent resulting in substantial interest savings for the company. Boardwalk's revenues continue to grow, commensurate with an increasing portfolio. Cash flow levels are on target -- particularly in light of the significant one-time costs which the company incurred relative to The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. listing on Nov. 6, 1995. The future prognosis for the company appears most promising, strengthened by a combination of decreasing overall vacancy rates, lower costs associated with debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay and the imminent closing of the formerly announced 1,172 unit townhouse town·house or town house n. 1. A residence in a city. 2. A row house, especially a fashionable one. purchase on June 1, 1996. Boardwalk Equities Inc. is a customer oriented, technologically advanced real estate company specializing in the acquisition, management and ownership conversion of multi-family residential projects throughout Western Canada. The company currently owns over 2,600 residential units with some 1,600 additional units under purchase contract. Fax back information service is also available at 403/531-9321. -0- Note to Editors: The Toronto Stock Exchange has neither approved nor disapproved the information contained herein. CONTACT: Boardwalk Equities Inc. Sam Kolias President or George Reti RETI - RTI Vice-President or Kevin Screpnechuk Vice-President or Massimo Geremia Investor Relations (403) 531-9255 |
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