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CAMDEV CORPORATION APPOINTS NEW BOARD MEMBERS AND REPORTS FIRST QUARTER RESULTS AT ANNUAL GENERAL MEETING

 TORONTO, June 25 /PRNewswire/ -- Today, Camdev Corporation announced its first quarter financial results. For the three months ended April 30, 1993, the corporation incurred a net loss of $211,000 compared to a net loss of $2.6 million a year earlier.
 "Our results reflect the positive effects of lower interest rates and new leases," said Stanley Hartt, chairman, president and CEO. "These effects balanced the continuing impact of lower rents during the refurbishment of certain buildings."
 Cash flow from operations amounted to $1.1 million in the current period, compared to a deficiency of $477,000 a year earlier. Cash decreased by $8.1 million in the three month period, reflecting principal repayments on debt and the seasonality of working capital requirements, in particular property taxes. Cash is not expected to decrease at the same rate during the balance of the year.
 Camdev also announced that two new members have been elected to its board of directors. They are the Honorable Marc Lalonde, a partner in the Montreal office of Stikeman, Elliott and former Minister of Finance, and Maureen Sabia, chairman of the board of Export Development Corporation and president of Maureen Sabia International. They join incumbent directors Gerard Coulombe, Robert Despres and Camdev's chairman, president and CEO, Stanley Hartt. This gives effect to the reduction of Camdev's Board from nine members to five to better reflect the company's size.
 Camdev Corporation is a Canadian, publicly held owner, developer and manager of commercial real estate properties, which include more than 3.1 million square feet of commercial and retail space, of which approximately 2.3 million square feet is located in the National Capital Region. The Corporation's common shares are listed on the Toronto and Montreal stock exchanges (Symbol: CVO).
 CAMDEV CORPORATION
 STATEMENT OF OPERATIONS


(Unaudited, in thousands of Canadian dollars except per share amounts)
 Three months ended April 30 1993 1992
 Revenue
 Rental $18,790 18,961
 Sale of land and other 624 1,175
 Total 19,414 20,136
 Expenses
 Rental 8,564 8,007
 Land - cost of sales and other 494 1,269
 Financing 7,832 9,964
 Depreciation and amortization 1,084 1,842
 General and administrative 1,404 1,371
 Total 19,378 22,453
 Total 36 (2,317)
 Income taxes (247) (249)
 Net loss $(211) (2,566)
 Net loss per common share $(0.03) (0.40)
 Certain of the financial statement comparative figures have been reclassified to conform with the presentation for the current year.
 CAMDEV CORPORATION
 BALANCE SHEETS
 (in thousands of Canadian dollars)
 April 30, Jan. 31,
 1993 1993
 (unaudited)
 ASSETS
 Rental properties $462,107 461,218
 Land held for sale or development 32,743 32,300
 Amounts receivable 20,278 19,791
 Investment 79,574 79,574
 Other assets 5,635 2,826
 Cash 5,124 13,247
 TOTAL ASSETS $605,461 608,956
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Liabilities
 Secured debt $456,105 457,935
 Accounts payable and accrued liabilities 18,887 20,341
 TOTAL LIABILITIES 474,992 478,276
 Shareholders' Equity
 Capital stock 144,373 144,373
 Deficit (13,904) (13,693)
 Total 130,469 130,680
 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $605,461 608,956
 CAMDEV CORPORATION
 STATEMENT OF CHANGES IN FINANCIAL POSITION
 Three months ended
 April 30,
 (in thousands of Canadian dollars) 1993 (unaudited) 1992
 OPERATING ACTIVITIES
 Net loss $ (211) (2,566)
 Add (deduct):
 Depreciation and amortization 1,084 1,842
 Amortization of financing cost 211 247
 CASH FLOW FROM OPERATIONS 1,084 (477)
 Net changes in non-cash balances
 related to operations:
 Amounts receivable and other (3,053) (2,129)
 Accounts payable and
 accrued liabilities (847) (1,782)
 CASH PROVIDED BY (APPLIED TO)
 OPERATING ACTIVITIES (2,816) (4,388)
 FINANCING ACTIVITIES
 Debt issued 3,069 4,164
 Debt repaid (4,899) (2,665)
 CASH PROVIDED BY (APPLIED TO)
 FINANCING ACTIVITIES (1,830) 1,499
 INVESTMENT ACTIVITIES
 Expenditures on rental properties (1,835) (2,902)
 Land held for sale or development (683) -
 Costs recovered from sale of land 240 1,200
 Notes receivable 404 1,952
 Other (1,603) (3,223)
 CASH PROVIDED BY (APPLIED TO)
 INVESTMENT ACTIVITIES (3,477) (2,973)
 Decrease in cash during period 8,123 5,862
 Cash - beginning of period 13,247 13,941
 Cash - end of period $ 5,124 8,079
 Cash comprises cash and short-term deposits.
 -0- 4/25/93
 /CONTACT: Monika Quinn of Camdev, 416-365-2508/
 (CVO.)


CO: Camdev Corporation ST: Ontario IN: SU: ERN

TS -- NY025 -- 5740 06/25/93 12:40 EDT
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Date:Jun 25, 1993
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