Centrefund Announces Q3 Results.TORONTO--(BUSINESS WIRE)--Nov. 14, 1996-- CENTREFUND REALTY realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. CO(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). CFE CFE Conventional Forces in Europe (treaty) CFE Cash Flow to Equity (finance/accounting) CFE Comisión Federal de Electricidad (México) CFE Certified Fraud Examiner .) Centrefund Realty Corporation (TSE-CFE) announced today that its net earnings for the nine months ended September 30, 1996 were $6,367,000, up from $3,149,000 for the similar period in 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 amounted to $9,533,000 for the current nine month period, as compared to $4,825,000 in 1995. On a fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis, earnings amounted to 51 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. and cash flow reached 75 cents per share for the 1996 period, as compared to earnings of 52 cents per share and cash flow of 76 cents per share for the nine months period in 1995. The comparative results do not adequately illustrate the 15 percent growth in per share performance generated to date in 1996 as fully diluted earnings and cash flow per share in 1995 were increased by 8 cents and 10 cents respectively as a result of the impact on the average number of outstanding common shares of a $25 million dollar issue of special warrants completed in April, 1995. The results for the current quarter include a gain of $404,000 realized on the sale of a 6 acre parcel of land to Loblaws, at the Company's St. Catharines, Ontario St. Catharines (2006 population 131,989; metropolitan population 390,317) is the largest city in the Niagara Region and the sixth largest urban area in Ontario, Canada, with 97.11 square kilometres (37.5 sq mi) of land. project. The interest rate on the Company's participating debentures, which is determined in part based upon the operating results of the previous quarter, will accrue To increase; to augment; to come to by way of increase; to be added as an increase, profit, or damage. Acquired; falling due; made or executed; matured; occurred; received; vested; was created; was incurred. at 12 percent for the fourth quarter of 1996, the maximum participation rate. This has been achieved as a result of the Company's significant growth in cash flow. "We are pleased with the strong rate of growth we have enjoyed in both earnings and cash flow for the current nine month period as compared to 1995," Peter Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , President and Chief Executive Officer commented. "The completion of the redevelopment and expansion programs at several of our properties combined with acquisitions completed in 1996 should allow us to maintain a strong level of growth for the balance of 1996 and 1997," he added. The board of directors of Centrefund has declared a quarterly dividend of 20 cents per common share payable on November 29, 1996, to shareholders of record on November 22, 1996. Centrefund is engaged in the acquisition and ownership of neighbourhood and community shopping centres in Canada and the United States The United States and Canada share a unique legal relationship. U.S. law looks northward with a mixture of optimism and cooperation, viewing Canada as an integral part of U.S. economic and environmental policy. and owns 24 properties containing approximately 4.4 million square feet of gross leasable area Gross leasable area (GLA) in the retail development industry is a term applied to shopping malls, lifestyle centers, outlet malls and other retail centers to indicate the amount of floor space available to be rented. . Since its initial public offering in March of 1994, Centrefund has grown its shopping centre portfolio almost fivefold fivefold Adjective 1. having five times as many or as much 2. composed of five parts Adverb by five times as many or as much Adj. 1. . -0-
Summary of Financial Results:
(unaudited)
Three months Three months
ended ended
Sept. 30, 1996 Sept. 30, 1995
______________ ______________
(in $000 except per share amounts)
Rental income $12,841 $8,715
_______ _______
_______ _______
Gain on sale of land $404 $824
_______ _______
_______ _______
Net income $2,382 $1,455
_______ _______
_______ _______
Cash flow $3,796 $2,413
_______ _______
_______ _______
Earnings per share
- Basic $0.17 $0.17
_______ _______
_______ _______
- Fully diluted $0.17 $0.21
_______ _______
_______ _______
Cash flow per share
- Basic $0.29 $0.34
_______ _______
_______ _______
- Fully diluted $0.27 $0.36
_______ _______
_______ _______
Nine months Nine months
ended ended
Sept. 30, 1996 Sept. 30, 1995
______________ ______________
(in $000 except per share amounts)
Rental income $33,055 $21,847
_______ _______
_______ _______
Gain on sale of land $915 $824
_______ _______
_______ _______
Net income $6,367 $3,149
_______ _______
_______ _______
Cash flow $9,533 $4,825
_______ _______
_______ _______
Earnings per share
- Basic $0.51 $0.53
_______ _______
_______ _______
- Fully diluted $0.51 $0.52
_______ _______
_______ _______
Cash flow per share
- Basic $0.78 $0.86
_______ _______
_______ _______
- Fully diluted $0.75 $0.76
_______ _______
_______ _______
-0- The Company has retroactively ret·ro·ac·tive adj. Influencing or applying to a period prior to enactment: a retroactive pay increase. [French rétroactif, from Latin adopted the new Recommendations of the Canadian Institute of Chartered Accountants The Canadian Institute of Chartered Accountants (CICA) is the umbrella body for the Chartered Accountant profession in Canada and Bermuda. Membership of the CICA totals 70,000 Chartered Accountants and 8,500 students. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the presentation and disclosure of convertible debentures Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. . The application of these new Recommendations had no impact on earnings per share and increased cash flow per share by $0.01 for the nine months ended September 30, 1996. For the comparative nine month period ended September 30, 1995, earnings per share were decreased by $0.01 and cash flow per share was increased by $0.04 as a result of the adoption of the recommendations. Fully diluted earnings and cash flow per share for the nine month period in 1995 were increased by 8 cents and 10 cents respectively as a result of the impact of the $25 million special warrant issue completed in April, 1995. In accordance with generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting the new shares underlying the special warrant issue were only recognized in the determination of the number of outstanding shares from the date the warrants were exchanged for common shares as opposed to the date the proceeds of the issue were received by the Company. CONTACT: Centrefund Realty Corporation Peter F. Cohen, C.A., 416/515-1400 |
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