Madison Pacific Properties Inc. Announces Six Months Results
August 14 2009 - 3:12PM
Marketwired
Madison Pacific Properties Inc. (TSX: MPC)(TSX: MPC.C), a
Vancouver-based real estate company, announces the results of
operations for the six months ended June 30, 2009.
The Company is reporting net income from continuing operations
of $3,339,000 for the six months ended June 30, 2009 compared to
$1,902,000 for the same period in 2008. Cash flow from continuing
operations before changes in non-cash working capital for the six
months ended June 30, 2009 is $2,721,000 compared to $2,725,000 for
the same period in 2008. Earnings per share from continuing
operations were $0.06 per share for the six months ended June 30,
2009 compared to $0.03 per share for the same period in 2008.
The Company sold one property in the first six months and has
entered into agreements to sell other properties in the 2nd half of
the year. Accordingly the Company has reflected the income from the
properties sold and to be sold as income from discontinued
operations. The income from discontinued operations, including the
gain on the sale completed, net of taxes and non-controlling
interest, was $2,386,000.
The net income for the six months was $5,725,000 compared to
$2,007,000 for the six months ended June 30, 2008. Earnings per
share were $.10 per share compared to $.04 for the six months ended
June 30, 2008.
The Company had previously announced its intentions to apply for
rezoning of 5.7 acres of land it owns at Lougheed Highway and
Willingdon Ave. in Burnaby, British Columbia. The Company has
decided not to pursue the development of this property but rather
has entered into an agreement to sell the property. The closing
date for the sale is in the Company's 4th quarter of 2009.
The Company is anticipating recording the sale of property,
including the Lougheed and Willingdon property, for approximately
$62 million in the second half of the year. The gain on the sale of
the property, before tax, will be approximately $29 million. As a
condition of the sale of property the Company will provide vendor
financing for $27.75 million repayable over the next three years at
$9.25 million per year plus interest.
The Company is pleased to announce a 5.25 cents per share
dividend will be payable September 4, 2008 to shareholders of
record August 21, 2008.
This press release contains forward-looking statements regarding
the future success of Madison's business that are subject to risk
and uncertainties. Examples of such forward-looking statements
include, but are not limited to, statements concerning the
anticipated closings of property sales. Forward looking information
typically contain statements with words such as "expect",
"believe", "plan", "forecast", "intend" or similar words
suggesting
future outcomes. These forward-looking statements involve known
and unknown risk and uncertainties that may cause Madison's actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied in these forward-looking statements. These risks include
risks related to the closing and financing risk and the risks and
uncertainties described in the Company's 2008 annual report and
second quarter MD&A. Although the forward-looking statements
contained herein are based upon what management believes to be
current and reasonable assumptions, Madison cannot assure readers
that the actual results will be consistent with these
forward-looking statements. The forward-looking statements
contained herein are made as of the date of this press release and
are expressly qualified in their entirety by this cautionary
statement. Except as required by law, the Company undertakes no
obligation to publicly update or revise any such forward-looking
statements to reflect in its expectations or in events, conditions
or circumstances on which any such forward-looking statements may
be based, or that may affect the likelihood that actual results
from those set forth in the forward-looking statements.
Contacts: Madison Pacific Properties Inc. Mr. Alan Firth
President (604) 732-6540 Madison Pacific Properties Inc. Mr. Bill
Ramsey Chief Financial Officer (604) 732-6540 (604) 732-6550
(FAX)
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