Well - here is the good news - lets see what impact this has.
Second quarter results
International Properties Group Ltd IPX
Shares issued 30,632,896 May 28 close $1.27
Fri 29 May 98 News Release
Mr. W. Judson Martin reports
International Properties Group (IPG) commenced operations on April 30,
1997, therefore there are no comparative financial results.
Revenue for the three months ended April 30, 1998 amounted to approximately
$18.4-million, resulting in net earnings of $961,000 and cash flow from
operations of approximately $1.9-million. On a per share basis, net
earnings were 3 cents and cash flow from operations was 6 cents. Compared
to the first quarter of 1998, revenue increased by 20 per cent. Net
earnings and cash flow from operations were up 46 per cent and 69 per cent
respectively. The company's earnings and cash flow per share for the second
quarter increased 50 per cent over the level achieved in the first quarter
of 1998.
For the six month period ended April 30, 1998, revenue was $33.8-million;
net earnings amounted to $1.6-million; and cash flow from operations was
$3.1-million. On a per share basis, net earnings were 5 cents and cash flow
from operations was 10 cents.
The company is finalizing its agreement with General Electric Capital
Canada, for a $35-million acquisition facility. This agreement will provide
the necessary capital to profitably increase the company's existing asset
base by approximately 250 per cent - through the acquisition of up to 4,000
additional multi-family units over the next six to nine months. IPG
currently owns 1,935 multi-family residential units.
These financial results represent the fourth consecutive quarter in which
IPG has recorded profitable growth. IPG fully expects this trend to
continue as it acquires additional revenue properties and launches new
condominium conversion projects throughout the year. IPG remains confident
in its ability to deliver, as promised, cash flow of 24 cents per share for
fiscal 1998.
IPG's condominium conversion division continues to produce excellent
results, reflecting the strength of the company's unique process and
experience of its acquisition and sales personnel. Currently IPG has 526
units sold or under contract.
FINANCIAL HIGHLIGHTS
Three months ended April 30
(thousands of dollars)
1998
Revenue $18,403
Operating expenses 16,654
Operating earnings before taxes 1,749
Net earnings 961
Cash flow from operations 1,917
Earnings per share (cents) 3
Cash flow per share (cents) 6
FINANCIAL HIGHLIGHTS
Six months ended April 30
(thousands of dollars)
1998
Revenue $33,768
Operating expenses 30,816
Operating earnings before taxes 2,952
Net earnings 1,620
Cash flow from operations 3,051
Earnings per share (cents) 5
Cash flow per share (cents) 10
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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