Boardwalk Reports Record Annual Results.CALGARY, ALBERTA--(BUSINESS WIRE)--Sept. 2, 1997--Boardwalk (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (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. 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. ) Boardwalk Equities Inc. ("BEI" on the Toronto and Alberta Stock Exchanges Alberta Stock Exchange See Canadian Venture Exchange (CDNX). ) is very pleased to announce its 1997 financial results for the year ended May 31, 1997. Characterized by strong and consistent growth, Boardwalk exceeded expected results in all key performance indicators Key Performance Indicators (KPI) are financial and non-financial metrics used to quantify objectives to reflect strategic performance of an organization. KPIs are used in Business Intelligence to assess the present state of the business and to prescribe a course of action. , and is poised for continued expansion, service to its customers and success for its shareholders in the upcoming years. Significant economic highlights for the 12 month period ended May 31, 1997 include: - Operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. of $51,109,000 represent a 56 percent increase over 1996 levels. - 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 $8,488,000 ($0.60 per share) representing an increase of 105 percent over 1996 comparative amounts. - Net earnings of $2,304,000 or $0.16 per share representing a 78 percent increase over 1996's $0.09 per share. Boardwalk is extremely pleased with these financial results, which demonstrate the company's commitment to future growth and maximizing shareholder value. The Company's strong financial performance is impressive when taken in the context of its rapid expansion and asset growth - which is anticipated to fuel even greater cash flows in the years to come. Boardwalk Equities Inc. is a customer oriented, technologically advanced real estate company specializing in the acquisition, management and ownership conversion 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 . The company currently owns over 10,000 residential units in major cities of Alberta and Saskatchewan. The following documents the financial results for Boardwalk Equities Inc. as at May 31, 1997 unless where otherwise noted. Financial results recorded are in 000's of dollars with the exception of per share calculations. -0- May 31, 1997 1996 -------------------------------------------------------------- FINANCIAL RESULTS -------------------------------------------------------------- STATEMENT OF EARNINGS -------------------------------------------------------------- Total revenue $51,109 $32,753 Operating expenses $45,013 $29,928 Cash flow from operations $8,488 $4,131 Per Share - Basic .60 .33 - Fully diluted .60 .33 Net earnings $2,304 $1,098 Per Share - Basic .16 .09 - Fully diluted .16 .09 -------------------------------------------------------------- BALANCE SHEET -------------------------------------------------------------- Real estate assets $362,972 $106,083 Other assets 69,491 8,138 Total assets $432,463 $114,221 Mortgages payable $310,342 $94,651 Other liabilities 33,982 4,646 Total liabilities $344,324 $99,297 Shareholders equity $88,139 $14,924 Total liabilities and shareholders' equity $432,463 $114,221 -------------------------------------------------------------- ADDITIONAL INFORMATION -------------------------------------------------------------- Weighted average mortgage debt (percent) 6.94 7.98 Total Units owned - May 31, 1997 8,810 2,383 Additional Units under Contract 1,447 -------------------------------------------------------------- Total Net Rentable Square feet owned and under contract 8,729,000 1,871,380 -------------------------------------------------------------- NOTE TO EDITORS: The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. has neither approved nor disapproved the information contained herein. CONTACT: Boardwalk Equities Inc. Sam Kolias Sam Kolias is the CEO of Boardwalk REIT (TSX: BEI.UN).[1] He and his brother Van Kolias, Senior VP of Quality Control of Boardwalk, are at #81 of the top 100 richest people in Canada as compiled by Canadian Business magazine for 2006. , 403/531-9255 403/531-9565 (FAX) (403)531-9321 (FAX BACK) http://www.bwalk.com or Boardwalk Equities Inc. George Reti RETI - RTI , 403/531-9255 403/531-9565 (FAX) or Boardwalk Equities Inc. Kevin Screpnechuk, 403/531-9255 403/531-9565 (FAX) or Boardwalk Equities Inc. Massimo Geremia, 403/531-9255 403/531-9565 (FAX) |
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