Boardwalk posts record quarter results.CALGARY, Alberta--(BUSINESS WIRE)--April 23, 1996--BOARDWALK EQUITIES INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). : 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. takes pleasure in reporting record financial results for the quarter ending February 29, 1996. The continued growth of the company, together with strategic portfolio refinement, generated gross revenues of $11,926,300 for the three month period between December 01, 1995 and February 29, 1996. Cash flow for the same period was $1,173,600 or $0.10 per share, up 328 percent from comparable 1995 figures. Economic highlights on a cumulative basis for the nine month period ending February 29, 1996 include: - Operating revenues of $20,713,000, up 325 percent from 1995 figures. - Net earnings of $513,000, an increase of 55 percent over 1995. - 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 $2,353,000 or $0.20 per share, representing a 151 percent increase over 1995 comparatives. - Reduction in blended interest rates on overall corporate debt from 8.46 to 7.99 percent. Management is extremely pleased with these financial results, which are on target for the fiscal year ending May 31, 1996. With the imminent near doubling of the company's portfolio on June 01, 1996, through the formerly announced acquisition of some 2,300 units in Alberta and Saskatchewan, future cash flows should increase commensurately for the fiscal year ending May 31, 1997. 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 2,400 residential units with some 2,300 additional units under purchase contract. CONTACT: Boardwalk Equities Inc. Sam Kolias, 403/531-9255. or Boardwalk Equities Inc. George Reti RETI - RTI , 403/531-9255. or Boardwalk Equities Inc. Kevin Screpnechuk, 403/531-9255. or Boardwalk Equities Inc. Massimo Geremia, 403/531-9255. |
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