Fifth consecutive profitable quarter
International Properties Group Ltd IPX
Shares issued 33,216,695 Aug 26 close $1.05
Thu 27 Aug 98 News Release
Mr. W. Judson Martin reports
The company has recorded its fifth consecutive quarter of profitable growth since becoming an active public company on April 30, 1997.
Three Month Results
For the three months ended July 31, 1998, revenue was $21.0-million, net earnings amounted to $1.2-million, and cash flow from operations was $2.2-million. Compared to the same period in the prior year, revenue increased by 118 per cent, while net earnings and cash flow from operations increased by 496 per cent and 412 per cent respectively. On a per share basis, net earnings were four cents per share - representing a 300 per cent increase over the prior year - and cash flow per share doubled to six cents. In addition to this year-over-year growth, the company continued to achieve
quarter-over-quarter growth. Compared to the three months ended April 30, 1998, revenue increased by 14 per cent, while net earnings, cash flow from operations and assets increased by 26 per cent, 16 per cent, and 13 per cent respectively.
Nine Month Results
For the nine months ended July 31, 1998, revenue was $54.8-million; net earnings reached $2.8-million; and cash flow from operations amounted to approximately $5.3-million. On a per share basis, net earnings were nine cents per share with cash flow from operations amounting to 16 cents per share. Due primarily to IPG's successful acquisition program, the company's asset base as at July 31, 1998, totals $165.7-million - an increase of 536 per cent over the level reported one year ago. IPG owns or has under contract approximately 4,000 multi-family residential units, 69 per cent of which are in Canada and 31 per cent in the United States. The company's condominium conversion and sales division has 735 units sold or under contract. As previously promised to shareholders, the company is confident of its ability to deliver cash flow from operations of
24 cents per share for fiscal 1998.
FINANCIAL SUMMARY
Three months ended July 31
(thousands of dollars)
1998 1997
Revenue $ 21,043 $ 9,652
Operating expenses 18,836 9,276
Operating earnings
before taxes 2,207 376
Net earnings 1,209 203
Cash flow from
operations 2,219 433
Earnings per share 4 cents 1 cent
Cash flow per share 6 cents 3 cents
FINANCIAL SUMMARY
Nine months ended July 31
(thousands of dollars)
1998 1997
Revenue $ 54,810 N/A
Operating expenses 49,652 N/A
Operating earnings
before taxes 5,158 N/A
Net earnings 2,829 N/A
Cash flow from
operations 5,270 N/A
Earnings per share 9 cents N/A
Cash flow per share 16 cents N/A
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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