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CAMDEV REPORTS NINE-MONTH RESULTS

 TORONTO, Dec. 11 /PRNewswire/ -- Camdev Corporation today reported its financial results for the nine months ended Oct. 31, 1992.
 The corporation is in its first year of operations following the completion of its reorganization in January 1992.
 As a result of the reorganization, which included a significant capital restructuring, the results for the current period are not comparable to those for the nine months ended Oct. 31, 1991.
 Revenues of $64.8 million included about $3.6 million of revenue recorded during the third quarter on the sale of 125 acres of residential and mixed-use land in Kanata, Ontario. Camdev's profit, before financing costs, depreciation and amortization, and general and administrative expenses, amounted $32.7 million for the current period. The net loss for the nine-month period, after financing costs of $29.3 million and other expenses, amounted to $7.5 million (a loss of $1.18 per share) of which $2.7 million ($0.43 per share) was recorded in the third quarter. The corporation continued its practice of not capitalizing financing and other carrying costs of its land held for sale and, accordingly, these costs are reflected in the net loss reported.
 In the nine-month period, cash decreased by approximately $10.6 million, however most of this decline occurred during the first half of the year with the third-quarter decrease amounting to $0.9 million. The nine-month decrease includes the payment of $5.1 million of reorganization costs which were accrued at the time of the corporation's Plan of Arrangement, $4.4 million of scheduled debt repayments, and other net cash outflows of $1.1 million. Camdev anticipates increasing its cash position in the next few months as a result of the finalization of the plan of reorganization of Federated Stores, Inc., its former U.S. subsidiary, with the residual of the estate being distributed to the corporation, and through real estate sales which are in various stages of negotiation.
 Camdev is continuing to focus its attention on the leasing, upgrading, and financing of its core properties, as well as on the disposition of non-core assets to stabilize its cash flow as market conditions permit.
 Camdev Corporation is a Canadian, publicly held owner and manager of commercial real estate properties, which include more than 3.1 million square feet of commercial and retail rentable space, of which approximately 2.3 million square feet is located in the Ottawa, Ontario region. The corporation's common shares are listed on the Toronto and Montreal stock exchanges (Symbol: CVO).
 CAMDEV CORPORATION
 BALANCE SHEETS
 (in thousands of October 31, January 31,
 Canadian dollars) 1992 1992
 (unaudited)
 ASSETS
 Rental properties $ 459,249 459,757
 Land held for sale or
 development 38,300 44,200
 Amounts receivable 31,422 35,509
 Investment in
 Ralphs Supermarkets, Inc. 87,195 87,195
 Other assets 6,303 3,316
 Cash 3,293 13,941
 TOTAL ASSETS $ 625,762 643,918
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Liabilities
 Debt $ 466,803 472,982
 Accounts payable and
 accrued liabilities 22,087 26,563
 TOTAL LIABILITIES 488,890 499,545
 Shareholders' Equity
 Capital stock 144,373 144,373
 Deficit (7,501) -
 Total Shareholders' Equity 136,872 144,373
 TOTAL LIABILITIES AND
 SHAREHOLDERS' EQUITY $ 625,762 643,918
 CAMDEV CORPORATION
 STATEMENTS OF OPERATIONS
 Nine months ended
 October 31
 (in thousands of Canadian dollars
 except per share amounts) 1992 1991
 (unaudited)
 Revenue
 Rental $ 59,984 122,593
 Sale of land 4,775 62,810
 64,759 185,403
 Expenses
 Rental
 Operating 14,528 24,826
 Property taxes 11,612 26,441
 Land
 Cost of sales 4,800 43,320
 Other 1,158 1,719
 32,098 96,306
 32,661 89,097
 Financing (29,264) (134,866)
 Depreciation and amortization (5,704) (7,509)
 General and administrative expenses (4,447) (15,274)
 Gain on sale of rental properties - 234,556
 (6,754) 166,004
 Income taxes 747 16,871
 Net (loss) profit $(7,501) 149,133
 Net (loss) profit per common share $ (1.18) 3.17
 CAMDEV CORPORATION
 STATEMENTS OF CHANGES IN FINANCIAL POSITION
 Nine months ended
 October 31,
 (in thousands of Canadian dollars) 1992 1991
 (unaudited)
 OPERATING ACTIVITIES
 Net profit (loss) $ (7,501) 149,133
 Add (deduct):
 Deferred income taxes - 16,871
 Depreciation and amortization 5,704 7,509
 Amortization of financing costs 654 5,430
 Gain on sale of rental properties - (234,556)
 (1,143) (55,613)
 Net changes in non-cash working
 capital balances related to operations:
 Amounts receivable and prepaid
 expenses (3,653) 7,367
 Accounts payable and accrued
 liabilities 1,197 (13,862)
 CASH PROVIDED BY (APPLIED TO)
 OPERATING ACTIVITIES (3,599) (62,108)
 FINANCING ACTIVITIES
 Debt issued 9,098 39,724
 Debt issue cost (287) (1,008)
 Debt repaid (15,825) (1,038,087)
 CASH PROVIDED BY (APPLIED TO)
 FINANCING ACTIVITIES (7,014) (999,371)
 INVESTMENT ACTIVITIES
 Expenditures on rental properties 9,456 11,983
 Proceeds from sale of rental properties - (1,024,097)
 Costs recovered from sale of land (5,900) (43,320)
 Notes receivable (8,830) (20,850)
 Other 5,309 20,344
 CASH APPLIED TO (PROVIDED BY)
 INVESTMENT ACTIVITIES 35 (1,055,940)
 Decrease in cash during period (10,648) (5,539)
 Cash - beginning of period 13,941 12,674
 Cash - end of period $ 3,293 7,135
 Cash comprises cash and short-term deposits.
 -0- 12/11/92
 /CONTACT: Richard W. Wertheim, Wertheim & Company Inc., 416-594-1600 (office); 416-276-6612 (home)/
 (CVO)


CO: Camdev Corporation ST: Ontario IN: SU:

MP -- NY009 -- 6131 12/11/92 09:50 EST
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Date:Nov 13, 1992
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