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CAMDEV CORPORATION REPORTS SECOND QUARTER RESULTS

 TORONTO, Sept. 15 /PRNewswire/ -- Camdev Corporation today announced its second quarter financial results.
 Camdev Corporation reported revenues of $46.8 million for the six months ended July 31, 1993, an increase of $7 million over the same period last year. Of these reported revenues, $37.4 million was generated from rental operations ($39.5 million in the previous comparable period) and $9.4 million resulted from the disposition of land held for sale or development ($1.2 million in the previous comparable period).
 The corporation's cash flow from operations for the period showed a significant improvement, increasing to $2.1 million in the first six months of the fiscal year, compared to a cash flow deficit of $0.6 million for the same period last year.
 The loss before income taxes in the first six months amounted to $0.4 million. The net loss, after provision for income taxes, was $0.9 million, which is significantly lower than the $4.8 million net loss reported in the same period last year. The improvement in results can be attributed mainly to lower short term interest rates.
 The corporation received a final distribution of $6.2 million from Federated Stores, Inc., Camdev's former U.S. subsidiary. This final distribution has reduced the carrying value of the Corporation's investment in the U.S. to $73.4 million, which primarily reflects the value of its 12.8 per cent interest in Ralphs Grocery Company. The increase in cash during the second quarter can also be attributed to the sale in July of a shopping centre development site in Kanata, Ontario, as well as the disposition of other smaller sites. The sale of these lands is a continuing part of the Corporation's plan to dispose of non- core assets.
 The corporation's asset management expertise has provided further income opportunities through additional third party management contracts. Since the last quarter, the Corporation has obtained the property management contract for a group of industrial properties in Ottawa.
 "Our challenge now is to increase the number of square feet under management and take advantage of the opportunities presented by improving market conditions," said Stanley H. Hartt, chairman, president and chief executive officer.
 During the last quarter, the corporation completed the renovation of its Pinecrest Office building in Ottawa for the Department of National Defense which commenced occupancy in July. Renovation programs for both the Citadel Inn and Journal Towers in Ottawa are now well under way.
 Camdev Corporation is a Canadian, publicly held owner, developer and manager of commercial real estate properties, which include more than 3.5 million square feet of commercial and retail space, of which approximately 2.7 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
 BALANCE SHEETS
 (in thousands of July 31, January 31,
 Canadian dollars 1993 1993
 (unaudited)
 ASSETS
 Rental properties $465,829 461,218
 Land held for sale
 or development 25,350 32,300
 Amounts receivable 15,417 19,791
 Investment 73,402 79,574
 Other assets 12,603 2,826
 Cash 12,746 13,247
 TOTAL ASSETS $605,347 608,956
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Liabilities
 Secured debt $450,186 457,935
 Accounts payable
 and accrued liabilities 25,365 20,341
 Total Liabilities 475,551 478,276
 Shareholders' Equity
 Capital stock 144,373 144,373
 Deficit (14,577) (13,693)
 Total 129,796 130,680
 TOTAL LIABILITIES AND
 SHAREHOLDERS' EQUITY $605,347 608,956
 CAMDEV CORPORATION
 STATEMENTS OF OPERATIONS
 Six months ended
 July 31,
 (in thousands of Canadian dollars
 except per share amounts) 1993 (unaudited) 1992
 Revenue
 Rental $37,423 39,542
 Sale of land and other 9,351 1,175
 Total 46,774 40,717
 Expenses
 Rental 17,497 16,853
 Land - cost of
 sales and other 9,342 2,031
 Financing 15,248 19,579
 Depreciation and
 amortization 2,170 3,719
 General and administrative 2,905 2,822
 Total 47,162 45,004
 Total (388) (4,287)
 Income taxes 496 498
 Net loss $(884) (4,785)
 Net loss per common share $(0.14) (0.75)
 CERTAIN OF THE FINANCIAL STATEMENTS COMPARATIVE FIGURES HAVE BEEN RECLASSIFIED TO CONFORM WITH THE PRESENTATION FOR THE CURRENT PERIOD.
 CAMDEV CORPORATION
 STATEMENTS OF CHANGES IN FINANCIAL POSITION
 Six months ended
 July 31,
 (in thousands of Canadian dollars) 1993 (unaudited) 1992
 OPERATING ACTIVITIES
 Net loss $(884) (4,785)
 Add (deduct):
 Depreciation and amortization 2,170 3,719
 Amortization of financing cost 769 437
 CASH FLOW FROM OPERATIONS 2,055 (629)
 Net changes in non-cash balances
 related to operations:
 Amounts receivable and other (9,636) (3,855)
 Accounts payable and
 accrued liabilities 2,917 (1,318)
 CASH PROVIDED BY (APPLIED TO)
 OPERATING ACTIVITIES (4,664) (5,802)
 FINANCING ACTIVITIES
 Debt issued 5,428 6,087
 Debt repaid (13,177) (4,965)
 CASH PROVIDED BY (APPLIED TO)
 FINANCING ACTIVITIES (7,749) 1,122
 INVESTMENT ACTIVITIES
 Expenditures on
 rental properties (6,504) (5,770)
 Land held for sale
 or development (1,353) --
 Costs recovered from
 sale of land 8,303 1,200
 Notes receivable 5,116 2,528
 Investments 6,172 --
 Other 178 (3,048)
 CASH PROVIDED BY (APPLIED TO)
 INVESTMENT ACTIVITIES 11,912 (5,090)
 Decrease in cash during period 501 9,770
 Cash - beginning of period 13,247 13,941
 Cash - end of period $12,746 4,171
 CASH COMPRISES CASH AND SHORT-TERM DEPOSITS.
 -0- 9/15/93
 /CONTACT: Monika Quinn of Camdev, 416-365-2508/
 (CVO.)


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

LG -- NY044 -- 2210 09/15/93 11:54 EDT
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Date:Sep 15, 1993
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