Carma Corporation -- Financial Results.CALGARY Calgary (kăl`gərē), city (1991 pop. 710,677), S Alta., Canada, at the confluence of the Bow and Elbow rivers. The largest city in Alberta and the fastest-growing major city in Canada, Calgary is a corporate, transportation, and financial , Alberta--(BUSINESS WIRE)--Nov. 3, 1999-- Summarized financial information was as follows:
Nine Months Ended Three Months Ended
September 30 September 30
1999 1998 1999 1998
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(thousands except per
share data)
Revenue $83,586 $98,383 $32,646 $36,403
Net Income $17,714 $23,503 $ 6,385 $ 8,105
Cash Flow From Operations
per Share $0.47 $0.56 $0.16 $0.15
Net Income per Share $0.41 $0.54 $0.15 $0.19
Financial Review Carma continued to record strong financial results in the first nine months of 1999, although down from the record results of 1998 due to the slower market conditions in the first half of 1999. Looking forward, revenues and income are expected to be higher in the fourth quarter due to the start of sales in the Company's Denver Denver, city (1990 pop. 467,610), alt. 5,280 ft (1,609 m), state capital, coextensive with Denver co., N central Colo., on a plateau at the foot of the Front Range of the Rocky Mts., along the South Platte River where Cherry Creek meets it; inc. 1861. operation. Net income for the nine months ended September September: see month. 30, 1999 was $17.7 million or 41 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. compared with $23.5 million or 54 cents per share in 1998. Cash flow generated from operations totalled $20.6 million or 47 cents per share for the first three quarters of 1999 compared with $24.4 million or 56 cents per share in 1998. Operations Review
The Company's lot sales and house closings for the first nine
months of 1999 were as follows:
1999 1998
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Lots Homes Lots Homes
Calgary 517 199 846 244
Edmonton 238 - 277 -
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755 199 1,123 244
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In Calgary, Carma's lot sales were lower than the record sales in1998 reflecting the citywide decline in single-family sin·gle-fam·i·ly adj. Relating to or being a dwelling designed for one family only: a single-family home; single-family occupancy. housing starts of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 25%. Much of this decline resulted from the effects of lower commodity prices in 1998 and early 1999. With the improvement of commodity prices this confidence is returning. Coupled with strong job creation in the first nine months of 1999, this should result in strengthened markets for the remainder of the year and into 2000. Housing markets in Edmonton Edmonton (ĕd`məntən), city (1991 pop. 616,741), provincial capital, central Alta., Canada, on the North Saskatchewan River. The center of the largest metropolitan area in Alberta, Edmonton, known as the "Gateway to the North," is located are forecast to be 10% higher than 1998. Job creation in Edmonton has also been strong in 1999, and the City's economy is benefiting from major infrastructure projects in Northern Alberta Norhern Alberta is a region located in the Canadian province of Alberta. Its primary industry is oil and gas, with large heavy oil reserves being exploited at the Athabasca Oil Sands and Wabasca Area in the east of the region. as well as a positive business environment. The decline in Carma's lot sales is a result of two major developments nearing completion. To replace these projects, a new master-planned community will be brought to the Edmonton market in late 2000. In Denver the economy continues to be very strong and housing starts are up 12% over 1998. Carma is continuing the development of Tallyn's Reach in southeast Southeast or south east is the ordinal direction halfway between south and east. It the opposite of northwest. Southeast or South East can refer to: Outlook Carma's outlook for the future continues to be optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op . Economic conditions and housing markets in each of Calgary, Edmonton and Denver continue to be strong and Carma's position in these cities will enable it to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. this strength in the future. North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Disclosure Network CARMA CORPORATION
CONSOLIDATED BALANCE SHEET
As at September 30, 1999
(Unaudited)
September 30, December 30,
(Thousands $) 1999 1998
ASSETS
Real Estate For Development and Sale 200,307 172,384
Income Producing Properties 23,970 15,385
Receivables 42,728 76,516
Cash and Other 12,146 5,889
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279,151 270,174
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LIABILITIES
Secured Debt 51,652 29,143
Loans Payable 11,518 45,824
Bank Indebtedness 5,172 15,996
Accounts Payable and Other Liabilities 42,245 27,985
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110,587 118,948
SHAREHOLDERS' EQUITY 168,564 151,226
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279,151 270,174
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CARMA CORPORATION
CONSOLIDATED STATEMENT OF INCOME
For the nine months ended September 30, 1999
(Unaudited)
September 30, September 30,
(Thousands $) 1999 1998
--------------------------------------------------------------
REVENUE
Community Development 77,064 91,322
Rental 1,802 2,312
Interest and Other 4,720 4,749
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83,586 98,383
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EXPENSES
Community Development 55,785 67,152
Rental 799 880
Interest and Other 655 1,160
General and Administrative 5,714 4,824
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62,953 74,016
CASH FLOW FROM OPERATIONS 20,633 24,367
Depreciation and Amortization 494 543
Income and Capital Taxes 2,425 321
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NET INCOME 17,714 23,503
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Cash Flow From Operations Per Common
Share $0.47 $0.56
Net Income per Common Share $0.41 $0.54
CONSOLIDATED STATEMENT OF RETAINED EARNINGS
For the nine months ended September 30, 1999
(Unaudited)
Balance, Beginning of Period 116,858 84,773
Net Income 17,714 23,503
-------------------------------------------------------------
Balance, End of Period 134,572 108,276
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CARMA CORPORATION CONSOLIDATED STATEMENT OF CASH FLOW For the
nine months ended September 30, 1999 (Unaudited)
September 30, September 30,
(Thousands $) 1999 1998
--------------------------------------------------------------
Inflows (Outflows)
Cash Flow From Operations 20,633 24,367
Costs Recovered From Real Estate Sales 55,785 76,310
Development of Real Estate (75,043) (62,971)
Operating Assets and Liabilities 16,610 (14,549)
--------------------------------------------------------------
17,985 23,157
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Financing Activities
Bank Indebtedness (10,824) (2,207)
Secured Debt 22,509 9,161
Loans Payable (34,307) (16,001)
Common Shares 5 (577)
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(22,617) (9,624)
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Investing Activities
Note Receivable 30,666 5,661
Real Estate Acquisitions (5,185) (21,691)
Development of Income Producing
Properties (14,490) (611)
--------------------------------------------------------------
10,991 (16,641)
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Net Change in Cash 6,359 (3,108)
Cash, Beginning of Period 4,562 11,684
--------------------------------------------------------------
Cash, End of Period 10,921 8,576
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