I'm awake and following closely the fortunes of IPX. Here's the recent news release. It looks as though the company is on track.
This ones a keeper; most people believe that this is still basically the start of a real estate rally and this company is well placed to take advantage of it.
I bought in at 1.85 and have bought more at 1.5 so I am finally seeing some reward. There was a lot of selling early on as a result of people over commiting in the financing, most of that selling has been cleaned out now and this should be reflected in the price. 1998 should be a strong year.
It might be interesting to listen in on the conference call mentioned in this release.
Good luck
EB
ÿÿÿÿ INTERNATIONAL PROPERTIES GROUP ANNOUNCES YEAR-END RESULTS - EXCEEDS EXPECTATIONS Monday, December 8, 1997
CALGARY, ALBERTA--
CONTACTS:
David E. Steele Phillip J. Carroll W. Judson Martin
Chief Executive Officer President Director
Tel:(604) 718-4266 Tel:(403) 233-7466 Tel:(416) 955-1466 Ext.226
Fax:(604) 718-4270 Fax:(403) 266-2256 Fax:(416) 955-1487
International Properties Group ("IPG") today announced financial results for the final quarter and the Company's first year-end, which includes only the six-month period ended October 31, 1997. There are no comparative numbers, as IPG commenced operations on April 30, 1997.
For the year-end and the six month period ended October 31, 1997, revenue was $24.0 million; operating expenses amounted to $22.6 million; resulting in operating income before taxes of approximately $1.4 million. In only six months of operations, and prior to giving full effect to the investment of $31.5 million of gross proceeds from the common equity issued in September 1997, IPG reported net earnings of $761,575 or $0.04 per share and cash flow from operations of approximately $1.2 million or $0.06 per share.
For the final quarter, IPG reported revenue of $14.4 million; operating expenses of $13.4 million; and operating income before taxes of $1.0 million. Net earnings were $558,706 or $0.03 per share and cash flow from operations was $730,053 or $0.03 per share.
"The board and management are very pleased with these financial results," stated David E. Steele, Chief Executive Officer, "In our recent prospectus, we committed to our shareholders that we could achieve a certain level of financial performance. We were able to meet those stated objectives and with respect to earnings and cash flow - surpass them." Mr. Steele added, "We expect to achieve at least our prospectus forecast of $0.24 cash flow per share for our first full fiscal year ending October 31, 1998. We have an extensive pipeline of acquisition opportunities as part of our aggressive growth plan, which should have a significant positive impact on our Company."
IPG is a fully integrated real estate Corporation that focuses primarily on multi-family real estate in carefully selected North American markets. IPG has two operating divisions: the Revenue Property Division and the Condominium Conversion Division. IPG maintains offices in Vancouver, Calgary, Edmonton, Toronto and Phoenix, AZ: The Corporation is listed on The Toronto Stock Exchange and The Alberta Stock Exchange under the Trading Symbol "IPX".
The Toronto Stock Exchange and The Alberta Stock Exchange has neither approved nor disapproved of the information contained herein.
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Consolidated Financial Summary (Note 1)
($000's - except per share amounts)
For the three months eroded October 31, 1997 1996
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Revenue 14,355 N/A
Operating expenses 13,341 N/A
Operating income before taxes 1,014 N/A
Net earnings 559 N/A
Cash Flow from operations 730 N/A
Earnings per share $0.03 N/A
Cash flow per share, $0.03 N/A
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Consolidated Financial Summary (Note 1)
($000's - except per share amounts)
For the Year-ended October 31, 1997 1996
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Revenue 24,007 N/A
Operating expenses 22,618 N/A
Operating income before taxes 1,389 N/A
Net earnings 762 N/A
Cash Flow from operations 1,163 N/A
Earnings per share $0.04 N/A
Cash flow per share $0.06 N/A
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Condensed Consolidated Balanced Sheet (Note 1)
October 31, 1997 1996
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Revenue, producing properties 70,972 N/A
Properties under development and for sale 21,743 N/A
Cash and deposits 10,787 N/A
Other 3,119 N/A
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Total Assets 106,621 N/A
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Mortgages payable 66,738 N/A
Accounts payable and other 5,019 N/A
Shareholders' equity 34,864 N/A
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Total Liabilities and Shareholders' Equity 106,621 N/A
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Note 1: The Company commenced operations on April 30, 1997. Therefore, there are no comparative numbers for reporting purposes and the fiscal year includes six months only.
DATE: December 8, 1997
TO: Current and Prospective Shareholders
FROM: International Properties Group Ltd.
International Properties Group Senior Management will be holding a conference call on Wednesday, December 10, 1997 at 1:30 pm EST to discuss the Company's year end financial results for the six months ended October 31, 1997.
As well, the Company will be commenting on its future prospects and management will be pleased to answer any questions from all conference call participants.
To participate, pkease dial 1.800.997.8588 and you will be connected to the call.
If you are unable to attend the live conference, you may listen to a tape of the conference up to December 17, 1997 by dialing 1.800.558.5253 - reservation number 698919.
David E. Steele Phillip J. Carroll W. Judson Martin
Chief Executive Officer President Director
Tel: (604) 718-4266 Tel: (403) 233-7466 Tel: (416) 955-1466 Ext.226
Fax: (604) 718-4270 Fax: (403) 266-2256 Fax: (416) 955-1487 |
