Business & Finance
Business and Finance
Business and Finance
Tue, May 1, 2012
Mon, April 30, 2012 Gulf &;; Pacific Equities Corp. Reports on 2011 Year End Results with Revenue of $3,495,875 and Grant of Options
April 30, 2012 17:53 ET
Gulf & Pacific Equities Corp. Reports on 2011 Year End Results with Revenue of $3,495,875 and Grant of Options
TORONTO, ONTARIO--(Marketwire - April 30, 2012) -
NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR FOR DISTRIBUTION INTO THE UNITED STATES
Gulf & Pacific Equities Corp. (TSX VENTURE:GUF) an established company focused on the acquisition, management and development of grocery store anchored shopping centres in Western Canada, reports a 8.7% decrease in revenues to $3,495,875 in 2011 from $3,829,121 in 2010. In addition, Funds From Operations ("FFO") of $758,294 or $0.09 per share for the year ended December 31st, 2011 compared to $1,640,105 or $0.19 per share in 2010.
Details of the twelve and three months financial results for fiscal 2011 and 2010 under International Financial Reporting Standards (IFRS) as summarized below are also available at [ www.sedar.com ]or at the company's website [ www.gpequities.com ].
| Year Ended | Three Months Ended | |||||||||||
| (Audited) | (Unaudited) | |||||||||||
| December 31, | December 31, | |||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||
| Revenue | $ | 3,495,875 | $ | 3,829,121 | $ | 338,452 | $ | 947,499 | ||||
| Income (Loss) before undernoted items | (904,860 | ) | (229,721 | ) | (823,333 | ) | (20,741 | ) | ||||
| Income (Loss) per share before undernoted items - basic and diluted | (0.10 | ) | (0.03 | ) | 0.02 | 0.13 | ||||||
| Net Income (Loss) for the period | 145,954 | 1,005,751 | 227,481 | 1,005,731 | ||||||||
| Net Income (Loss) per share - basic and diluted | 0.02 | 0.11 | 0.03 | 0.13 | ||||||||
| Funds from (Used in) operations for the period | $ | 758,294 | $ | 1,640,105 | $ | 366,636 | $ | 1,582,980 | ||||
| Funds from (Used in) operations per share - basic and diluted | 0.09 | 0.19 | 0.04 | 0.18 | ||||||||
| Weighted average number of shares outstanding during the period - basic and diluted | 8,866,815 | 8,861,678 | 8,866,815 | 8,861,678 | ||||||||
In addition, at the meeting of the board of directors, the board in accordance with the Corporation's stock option plan, approved the annual grant of options, effective April 30, 2012 to acquire a total of 345,000 common shares of the Corporation at an exercise price of $0.26 per share to the Corporation's directors, officers and employees. The stock options are vested on date of the grant, April 30, 2012, and expiring ten years from date of the grant. Prior to the grant of options, the Corporation has 8,936,678 shares outstanding.
About Gulf & Pacific Equities Corp.
Gulf & Pacific Equities Corp. was incorporated under the laws of the Province of Alberta on April 8, 1998 and thereafter completed a public offering of common shares by prospectus dated June 26, 1998 (TSX VENTURE:GUF).
The Company acquires, manages and develops anchored shopping malls in rural centres in Western Canada, in particular Alberta. Gulf & Pacific targets smaller, but rapidly growing hub communities that have hospital, high school, police station and retail/service infrastructure. Management has consistently reinvested cash flow to improve and grow its portfolio of income properties.
Gulf & Pacific Equities Corp. currently owns four, well-located retail assets located in Three Hills, St. Paul and Cold Lake Alberta, as well as in Merritt B.C..
Cautionary Statements
This news release contains "forward-looking statements", within the meaning of the United States Private Securities Litigation Reform Act of 1995 and similar Canadian legislation, concerning the business, operations and financial performance and condition of Gulf & Pacific Equities. Forward-looking statements include, but are not limited to, statements with respect to the benefits of the offering and option transaction. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Gulf & Pacific Equities to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks related to: economic conditions in Western Canada, interest rates, raising less than the required capital; not realizing on the anticipated benefits from the transaction or not realizing on such anticipated benefits within the expected time frame; and other risks of the real estate industry. Although management of Gulf & Pacific Equities has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Gulf & Pacific Equities does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
