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To: mark calgary who wrote (1246)	9/14/1999 9:29:00 AM
From: mark calgary	Read Replies (1) \| Respond to of 1307

latest release IPX International Properties Group Ltd - International Properties nine-month results International Properties Group Ltd IPX Shares issued 33,352,562 1999-09-13 close $1 Tuesday Sep 14 1999 Mr. Phillip Carroll reports International Properties Group Ltd. has completed its financial results for the three months ended July 31, 1999. Cash flow per share for the nine months was 25 cents, which surpassed the 24-cent cash flow per share recorded for all of fiscal 1998. This represents a 56-per-cent increase in cash flow over the same period last year. Earnings per share were 12 cents for the nine months, as compared with 10 cents for all of fiscal 1998. This represents a 33-per-cent increase in earnings over the same period last year. This quarter, ending July 31, featured record condominium conversion sales. In the quarter, revenues reached $29-million, net earnings were $800,000, and cash flow from operations was $2.4-million. Earnings per share were three cents, while cash flow per share was seven cents. For the nine month period ended July 31, 1999, the financial highlights were as follows: Per cent Increase Over Prior Year Revenue $97.9-million 79 Cash flow from operations 8.4-million 59 Earnings 4.0-million 40 Earnings per share 12 cents 33 Cash flow per share 25 cents 56 Shareholders' equity was $46.2-million, an 8-per-cent increase over the 1998 year-end. "We are also pleased to report that our condominium conversion and sales division realized sales of approximately $80-million for the nine months," said Phillip J. Carroll, chief executive officer. The revenue property division contributed $18.2-million in revenues for the nine months, a 55-per-cent increase over the previous year. These solid results were due to the effectiveness of IPG's acquisition program and increases in operating performance of the properties. During the quarter, IPG unveiled the launch of the first Internet site for individual real estate investors, which management believes will dramatically change the way North Americans invest in real estate. As a significant step toward achieving this goal, the company also successfully launched a Web site that permitted its Equityplus members (preferred clients) easy access to a special on-line viewing of the company's 142-unit, Glenora Manor condominium project in Edmonton. The unfolding of IPG's e-commerce strategy, which is intended to create an on-line community for real estate investors, was the result of months of intensive research and development. Mr. Carroll will discuss third-quarter and nine-month results by teleconference on Sept. 14 at 11 a.m. ET. You are invited to participate in this call by dialing 1-888-209-3767. To reserve your connection, please RSVP to Mike Skrypnek by phone: (403) 270-1206 or E-mail: ipxinfo@ipg.ca. CONSOLIDATED FINANCIAL SUMMARY Nine months ended June 31 (in thousands of dollars) 1999 1998 Revenue $97,869 $54,810 Operating expenses 90,022 49,652 Operating earnings before taxes 7,847 5,158 Net earnings 3,962 2,829 Cash flow from operations 8,391 5,270 Earnings per share 12 cents 9 cents Cash flow per share 25 cents 16 cents