AURORA, ON, Dec. 14 /PRNewswire-FirstCall/ - MI
Developments Inc. (TSX: MIM.A, MIM.B; NYSE: MIM) ("MID" or the
"Company") today announced its restated results for the three and
nine-month periods ended September 30, 2010.
Subsequent to the issuance of the unaudited interim
consolidated financial statements for the three and nine-month
periods ended September 30, 2010 on November 11, 2010, an error was
identified that affected the Company's reported results for the
three-month period ended September 30, 2010.
The restatement did not have any effect on
the net income reported for the year to date September 30, 2010 and
the financial position and liquidity of the Company were not
impacted. In the three-month period ended September 30, 2010,
the Company recorded an impairment recovery relating to loans
receivable from Magna Entertainment Corp. ("MEC") of $18.7
million. The $18.7 million should have been retrospectively
applied to the three-month period ended June 30, 2010 when the
Transferred Assets1 were first recorded as an adjustment
to the purchase price consideration and related allocation to the
assets transferred. As a consequence of the error being
identified, the unaudited interim consolidated financial statements
for the three and nine-month periods ended September 30, 2010 have
been restated from amounts previously reported. Net income of
$35.0 million for the nine-month period ended September 30, 2010
was not revised as a result of the restatement. However, the
net loss for the three-month period ended September 30, 2010 was
$10.5 million in comparison to net income of $8.2 million
previously reported. The detailed description of the
restatement and the impact on the unaudited interim consolidated
financial statements for the three and nine-month periods ended
September 30, 2010 are described in note 2 to the restated
unaudited interim consolidated financial statements.
The restated third quarter results can be accessed
via the instructions contained below under "Other
Information".
ABOUT MID
MID is a real estate operating company engaged primarily in the
acquisition, development, construction, leasing, management and
ownership of a predominantly industrial rental portfolio leased
primarily to Magna International Inc. and its automotive operating
units in North America and Europe. MID also acquires land that it
intends to develop for mixed-use and residential projects.
Additionally, MID owns Santa Anita Park, Golden Gate Fields,
Gulfstream Park (including an interest in The Village at Gulfstream
Park™, a joint venture with Forest City Enterprises, Inc.), an
interest in joint ventures in The Maryland Jockey Club with Penn
National Gaming, Inc., Portland Meadows, AmTote and XpressBet®, and
through some of these assets, is a supplier, via simulcasting, of
live horseracing content to the inter-track, off-track and account
wagering markets. For further information about MID, please visit
www.midevelopments.com or call 905-713-6322.
OTHER INFORMATION
For further information about MID, please see our website at
www.midevelopments.com. Copies of financial data and other
publicly filed documents are available through the internet on
Canadian Securities Administrators' Systems for Electronic Document
Analysis and Retrieval (SEDAR) which can be accessed at
www.sedar.com and on the United States Securities and Exchange
Commission's Electronic Data Gathering, Analysis and Retrieval
System (EDGAR) which can be accessed at www.sec.gov.
FORWARD-LOOKING STATEMENTS
This press release may contain statements that, to the extent they
are not recitations of historical fact, constitute "forward-looking
statements" within the meaning of applicable securities
legislation, including the United States Securities Act of 1933 and
the United States Securities Exchange Act of 1934.
Forward-looking statements may include, among others, statements
relating to the MEC Chapter 11 proceeding and the Company's
participation therein and statements regarding the Company's future
plans, goals, strategies, intentions, beliefs, estimates, costs,
objectives, economic performance or expectations, or the
assumptions underlying any of the foregoing. Words such as
"may", "would", "could", "will", "likely", "expect", "anticipate",
"believe", "intend", "plan", "forecast", "project", "estimate" and
similar expressions are used to identify forward-looking
statements. Forward-looking statements should not be read as
guarantees of future events, performance or results and will not
necessarily be accurate indications of whether or the times at or
by which such future performance will be achieved. Undue
reliance should not be placed on such statements.
Forward-looking statements are based on information available at
the time and/or management's good faith assumptions and analyses
made in light of our perception of historical trends, current
conditions and expected future developments, as well as other
factors we believe are appropriate in the circumstances, and are
subject to known and unknown risks, uncertainties and other
unpredictable factors, many of which are beyond the Company's
control, that could cause actual events or results to differ
materially from such forward-looking statements. Important
factors that could cause such differences include, but are not
limited to, the risks set forth in the "Risk Factors" section in
the Company's Annual Information Form for 2009, filed on SEDAR at
www.sedar.com and attached as Exhibit 1 to the Company's Annual
Report on Form 40-F for the year ended December 31, 2009, which
investors are strongly advised to review. The "Risk Factors"
section also contains information about the material factors or
assumptions underlying such forward-looking
statements.
Forward-looking statements speak only as
of the date the statements were made and unless otherwise required
by applicable securities laws, the Company expressly disclaims any
intention and undertakes no obligation to update or revise any
forward-looking statements contained in this press release to
reflect subsequent information, events or circumstances or
otherwise.
_____________________________
1 On April 30, 2010, certain assets of MEC were
transferred to MID, including, among other assets, Santa Anita
Park, Golden Gate Fields, Gulfstream Park (including MEC's interest
in The Village at Gulfstream Park™, a joint venture between MEC and
Forest City Enterprises, Inc.), Portland Meadows, The Maryland
Jockey Club ("MJC") which includes Pimlico Race Course and Laurel
Park, AmTote and XpressBet® (the "Transferred Assets"), pursuant to
the Joint Plan of Affiliated Debtors, the Official Committee of
Unsecured Creditors, MID and MI Developments US Financing Inc.
pursuant to the Bankruptcy Code (as amended, the "Plan").
Effective July 1, 2010, the Company has joint venture interests
with Penn National Gaming, Inc. in MJC's real estate and racing
operations and future gaming opportunities at the MJC
properties.
SOURCE MI Developments Inc.
Copyright . 14 PR Newswire