Trading at 3 x 98 cashflow and they have just about doubled the number of rental units in the last couple of months, which should bring up their cashflow into the 30 cent range for 99. - This release should provide some pop for tomorrow.
International Properties Group Ltd -
Year end results
International Properties Group Ltd
IPX
Shares issued 33,216,695
1998-11-09 close $0.75
Tuesday Nov 10 1998
Mr. W. Judson Martin reports
For the fiscal year ending Oct. 31, 1998 - the first full year of operations since
becoming a public company on April 30, 1997 - the company has achieved cash
flow from operations of 24 cents per share. This equals the forecast cash flow per
share which was committed to by the company 15 months ago and published in its
common share prospectus dated Aug. 25, 1997. The Revenue Property division -
where multifamily properties are acquired and generally held for long-term
investment - contributed 67 per cent or 16 cents of the company's consolidated
cash flow per share. The Condominium Conversion and Sales division - where
multifamily properties are acquired, converted to condominiums and sold to
individual investors and owner occupants - accounted for 33 per cent or eight
cents of the company's consolidated cash flow per share. Complete year-end
audited financial results, together with the company's 1999 financial forecast, will
be released on or before Dec. 15, 1998.
During the company's first complete fiscal year, the Condominium Conversion and
Sales division achieved remarkable success by acquiring, converting and selling
approximately 1,000 individually titled condominium units (including units under
contract to close). IPG recently launched two landmark properties - Southampton
Green in Calgary, consisting of 288 multifamily units and - The Village at Stone
Creek in Scottsdale, Arizona, consisting of 135 multifamily units. Buyer response
to these first class, well-located properties has been exceptional to date and,
together with additional projects in the pipeline, will reflect positively on the
company's financial results for the first quarter of fiscal 1999 and the balance of
the year.
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