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Canadian Company Press Release
IPX 1998-12-15 (provided courtesy of Canadian Corporate News.)
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IPG Reports Year-End Financial Results
CALGARY, ALBERTA--International Properties Group ("IPG") today
reported audited financial results for the year ended October 31,
1998 - the first complete fiscal reporting period since becoming a
public company on April 30, 1997.
Year-End Financial Achievements:
- Asset Growth:
As a result of management's growth plan, the Company's asset base
grew to $201 million, an increase of 89 percent for the year.
- Cash Flow from Operations:
The Company achieved cash flow from operations of $7.9 million,
representing $0.24 per share, equal to the amount previously
forecast.
- Earnings:
Earnings were $3.3 million -representing $0.10 per share on
revenues of $74.4 million.
The Revenue Property Division contributed 67 percent of the
Company's consolidated cash flow per share or $0.16 per share.
The Condominium Conversion Division contributed 33 percent or
$0.08 of the cash flow per share, a remarkable 58 percent return
on invested capital in this Division.
The Company's Shareholders' Equity grew to $42.8 million or $1.29
per share from $34.9 million or $1.11 a year earlier - an increase
of 16 percent in the book value per share.
"Our 1998 growth plan was successfully executed and our Company
looks forward to substantial growth in 1999 from the strong asset
base we have built," commented Phillip J. Carroll, President.
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, Ottawa
and Phoenix, AZ. The Corporation is listed on The Toronto Stock
Exchange under the Trading Symbol "IPX".
/T/
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Consolidated Statement of Operations
($000's - except per share amounts)
For the year For the six (Note 1)
ended months ended
October 31, 1998 October 31, 1997 Change
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Revenue
Revenue properties 17,344 1,545
Properties held for
development and resale 56,997 22,463
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74,431 24,008 N/A
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Operating expenses
Revenue properties 6,161 537
Properties held for
development and resale 51,346 20,381
Administration 3,199 1,132
Interest, net 5,951 417
Depreciation 1,608 151
------- ------- ----------
68,265 22,618 N/A
------- ------- ----------
Operating earnings before
income taxes 6,166 1,390
Income taxes 2,836 628
------- ------- ----------
Net earnings 3,330 762 N/A
------- ------- ----------
------- ------- ----------
Earnings per share $0.10 $0.04 N/A
------- ------- ----------
------- ------- ----------
Cash flow from operations 7,926 1,164 N/A
------- ------- ----------
------- ------- ----------
Cash flow per share $0.24 $0.06 N/A
------- ------- ----------
------- ------- ----------
---------------------------------------------------------------
Consolidated Balance Sheet
($000's)
October 31,
1998 1997 Change
---------------------------------------------------------------
Assets
Revenue properties 166,580 70,972
Properties held for
development and resale 24,138 21,744
Cash 3,104 9,634
Deposits on real estate
properties 700 1,153
Accounts receivable 3,363 1,322
Other assets 3,158 528
Deferred income taxes - 1,269
------- ------- ----------
201,043 106,622 89 percent
------- ------- ----------
------- ------- ----------
Liabilities
Mortgages payable on
revenue properties 106,582 50,028
Mortgages and loans
on properties
held for development
and resale 20,036 16,710
Acquisition loan 22,692 -
Accounts payable and
accruals 7,085 4,642
Income taxes payable 173 377
Deferred income taxes 1,679 -
------- ------- ----------
158,247 71,757 121 percent
------- ------- ----------
Shareholders' Equity
Share capital 36,324 33,884
Foreign currency
translation account 2,380 219
Retained earnings 4,092 762
------- ------- ----------
42,796 34,865 23 percent
------- ------- ----------
201,043 106,622 89 percent
------- ------- ----------
------- ------- ----------
---------------------------------------------------------------
/T/
Note 1: The Company commenced operations on April 30, 1997.
Therefore, there are no comparative financial results for the year
ended October 31, 1998.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
International Properties Group
Phillip J. Carroll
President
(403) 270-7201
(403) 270-7302 (FAX)
or
International Properties Group
John S. McKay
Director, Investor Relations
(604) 718-4256
(604) 718-4270 (FAX)
website: www.ipg.ca |
