Boardwalk continues to report record breaking results.CALGARY, Alberta--(BUSINESS WIRE)--April 16, 1997--Boardwalk Equities (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). , 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. .) 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 extremely pleased to announce financial results for the third quarter of the 1997 fiscal year, ended February 28, 1997. The strong performance indicators underscore the Company's continuing momentum and increasing critical mass, aided by strong regional economies in Alberta and Saskatchewan. Economic highlights and major accomplishments for the nine month period ending February 28, 1997 include: - Operating revenues of $32,035,000, up 54 percent from $20,822,000 posted in the same period for 1996. - Net income of $1,779,000, up 247 percent from the $513,000 generated in the same period for 1996. - 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 $5,701,000, up 142 percent from the $2,353,000 recorded for the corresponding period in 1996. - Cash flow per share of $0.41 on a fully diluted basis, up 105 percent from the $0.20 reported for the same nine month period in 1996. - The successful closing and/or acquisition of 6,057 units subsequent to May 31, 1996 for over $232,000,000 - underlining Boardwalk's exceptional growth potential and logistical capabilities. The Company is also pleased to announce that it has received approval from a major Canadian bank for a $35 million interim credit facility. Funds from this facility will initially be used to ensure closing of various acquisitions prior to the Company's May 31 year end. These acquisitions will increase Boardwalk's capital cost base and reduce tax exposure for fiscal 1997. It is the Company's intention to repay these interim funds through the use of funds generated from the previously announced $55.5 million equity issue. 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 or has contracted to acquire over 8,200 residential units in major cities of Alberta and Saskatchewan, with total net rentable area of over 7,000,000 s.f. in its portfolio. Fax back information service is also available at (403) 531-9321. Information can also be found on the Internet at http://www/.bwalk.com. The Toronto and the Alberta Stock Exchange has neither approved nor disapproved the information contained herein. CONTACT: Boardwalk Equities Inc. Sam Kolias, 403/531-9255 www/.bwalk.com or George Reti RETI - RTI , 403/531-9255 or Kevin Screpnechuk, 403/531-9255 or Massimo Geremia, 403/531-9255 |
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