Madison Pacific Properties Inc. Announces Twelve Months Results
March 25 2011 - 5:20PM
Marketwired
Madison Pacific Properties Inc. (TSX: MPC)(TSX: MPC.C) a
Vancouver-based real estate company announces the results of
operations for the year ended December 31, 2010.
The Company is reporting net income from continuing operations
of $5,104,000 for the year ended December 31, 2010 compared to
$7,538,000 for the same period in 2009. Cash flow from continuing
operations before changes in non-cash balances for the year ended
December 31, 2010 is $6,367,000 compared to $6,153,000 for the same
period in 2009. Earnings per share from continuing operations were
$0.09 per share for the year ended December 31, 2010 compared to
$0.13 per share for the same period in 2009.
In 2010 the Company had a pre-tax gain on disposition of real
estate property of $1,531,000. In 2009 the Company sold properties
for total consideration of $79,995,000. The Company had a pre-tax
gain on disposition of a real estate property of $2,211,000 and a
pre-tax gain on disposition of real estate properties from
discontinued operations of $32,907,000. The Company has reflected
the gain from the properties sold in which the Company has no
continuing interest as income from discontinued operations. The net
income from discontinued operations in 2009 was $31,331,000.
The net income for the year ended December 31, 2010 was
$5,104,000 compared to $38,869,000 for the same period in 2009.
Basic income per share was $.09 in 2010 compared to $.69 in
2009.
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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