Click here to close now.

SYS-CON MEDIA Authors: Elizabeth White, Eva Belanyiova, tru welu, Blue Box Blog, Kevin Jackson

News Feed Item

Urbanfund Corp. Reports Financial Results For the Year Ended March 31, 2014

TORONTO, ONTARIO -- (Marketwired) -- 05/30/14 -- Mitchell Cohen, President and Chief Executive Officer of Urbanfund Corp. (TSX VENTURE:UFC) (the "Company"), confirmed today that the Company has filed financial results for the three month period ended March 31, 2014 (the "Consolidated Financial Statements").

For the three month period ended March 31, 2014 the Company reported earnings before income taxes of $209,776 on revenue of $1,158,263 compared to earnings before income taxes of $171,255 on revenue of $704,020 for the corresponding period in 2013. The majority of this increase is principally attributable to an increase in rental income resulting from the Company's acquisition of a 10% interest in 10 residential projects consisting of 1,870 residential suites located in Quebec City and Montreal (the "Quebec Properties") subsequent to March 1, 2013.

Rental expenses for the three month period ended March 31, 2014 increased to $476,854 compared to $240,640 for the corresponding period in 2013. The increase is primarily the result of the Quebec Properties coming on-line subsequent to March 1, 2013.

The following selected financial data is derived from the unaudited Consolidated Financial Statements:


----------------------------------------------------------------------------
                                            Net    Net Income    Net Income 
                                         Income    Per Share     Per Share  
Quarter ended              Revenue       (Loss)    (Basic)(1)  (Diluted)(1) 
----------------------------------------------------------------------------
March 31, 2014         $ 1,158,263  $   165,087         0.004         0.003 
----------------------------------------------------------------------------
December 31, 2013      $ 1,330,217  $ 1,418,536         0.030         0.027 
----------------------------------------------------------------------------
September 31, 2013     $   686,670  $   441,974         0.010         0.009 
----------------------------------------------------------------------------
June 30, 2013          $ 1,684,854  $   342,741         0.010         0.009 
----------------------------------------------------------------------------
March 31, 2013         $   704,020  $   182,202         0.004         0.004 
----------------------------------------------------------------------------
December 31, 2012      $   779,940  $ 1,384,925         0.027         0.023 
----------------------------------------------------------------------------
September 30, 2012     $   864,745  $  (104,131)       (0.002)       (0.002)
----------------------------------------------------------------------------
June 30, 2012          $   949,591  $ 1,124,373         0.030         0.026 
----------------------------------------------------------------------------

Note:


(1)  Basic Net Income per share is computed using the weighted average      
     number of common shares outstanding during the year. Diluted Net Income
     per share is computed using the weighted average number of common and  
     potential common shares outstanding during the year. Potential common  
     shares consist of the incremental common shares issuable upon the      
     conversion of preferred shares and the exercise of stock options using 
     the treasury stock method.                                             

Financing costs increased during the three month period ended March 31, 2014 to $241,392 from $198,041 for the corresponding period ended in 2013. This increase is a result of the Quebec Properties coming on-line subsequent to March 1, 2013. Administrative costs during the period ended March 31, 2014 decreased to $72,329 from $75,015 for the corresponding period in 2013.

Funds from Operations ("FFO") is a non-IFRS measure and should not be construed as an alternative to net income determined in accordance with IFRS. However, FFO is an operating performance measure which is widely used by the real estate industry and the Company has calculated FFO in accordance with the recommendations of the Real Property Association of Canada ("REALpac").

FFO, or any other non-IFRS performance measure, is not intended to represent operating profits for the period or from a property. Furthermore, it should not be viewed as an alternative to net income, cash flow from operating activities or similar measures of financial performance calculated in accordance with IFRS.

FFO is a widely accepted supplemental measure of financial performance for real estate entities; however, it does not represent amounts available for capital programs, debt service obligations, commitments or uncertainties. FFO should not be interpreted as an indicator of cash generated from operating activities and is not indicative of cash available to fund operating expenditures, or for the payment of cash distributions. FFO is simply one measure of operating performance.

FFO for the periods ended March 31, 2014 and 2013 are as follows:


----------------------------------------------------------------------------
                                                 Three month    Three month 
                                                period ended   period ended 
                                                   March 31,      March 31, 
                                                        2014           2013 
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Earnings (Loss) Before Income Taxes            $     209,776  $     171,255 
----------------------------------------------------------------------------
Adjust for:                                                                 
----------------------------------------------------------------------------
Interest Income                                $      (8,787) $     (10,841)
----------------------------------------------------------------------------
Dividend Income                                $      (1,308) $      (3,601)
----------------------------------------------------------------------------
Unrealized (Gain)/Loss on Marketable                                        
 Securities                                    $     (32,164) $      33,511 
----------------------------------------------------------------------------
Realized Gain on Marketable Securities                     -              - 
----------------------------------------------------------------------------
Loss on Sale of Property                                   -              - 
----------------------------------------------------------------------------
Fair Value Adjustment on Investment Property   $     200,171                
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Funds From Operations (FFO)                    $     367,688  $     190,324 
----------------------------------------------------------------------------

As of March 31, 2014, total assets were $45,273,885 compared to $36,040,313 in March 31, 2013.

For comprehensive disclosure of the Company's performance for the period ended March 31, 2014 and its financial position as at such date, reference should be made to: (i) the Consolidated Financial Statements as at the period ended March 31, 2014 and the notes thereto; and (ii) management's discussion and analysis of financial condition at, and results of operations for the period ended March 31, 2014, which have been filed with applicable securities regulators on SEDAR at www.sedar.com.

ABOUT URBANFUND CORP.

Urbanfund Corp. (TSX VENTURE:UFC) is a Toronto-based real estate development and operating company. Urbanfund's focus is to identify, evaluate and invest in real estate or real estate related projects. The Company's assets are located in Belleville, London and Toronto, Ontario, Quebec City and Montreal, Quebec. The Company's strategy going forward remains committed to seek accretive real estate or real estate-related opportunities.

FORWARD LOOKING STATEMENTS

This press release contains certain forward-looking statements, which reflect Management's expectations regarding the Company's growth, results of operations, performance and business prospects and opportunities. Statements about the Company's future plans and intentions, results, levels of activity, cash flow from operations, performance, goals or achievements or other future events constitute forward-looking statements. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect Management's current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law. Many factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including: general economic and market segment conditions, interest rates, costs outside of the Company's control such as real estate taxes and utilities, the ability of tenants to satisfy their contractual rent obligations and any unforeseen repair, maintenance or replacement of the Company's assets. More detailed assessment of the risks that could cause actual results to materially differ than current expectations is contained in the "Risks and Uncertainties" section of the Company's most recent Management's Discussion and Analysis dated May 30, 2014.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or the accuracy of this release.

Contacts:
Urbanfund Corp.
Mitchell Cohen
President & CEO
(416) 703-1877 x1025

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Akana, a leading provider of API Management, API Security and Cloud Integration solutions, announced that it is introducing DevOps automation to the API lifecycle. New capabilities in Akana's API Management platform significantly reduce the time required to update API definitions and versions. DevOps teams will be able to work faster in designing and developing APIs, as well as managing them at runtime and publishing them to a portal.
DevOps Summit at Cloud Expo New York is offering a limited time FREE "Expo Plus" registration option in New York. On site registration price of $1,95 will be set to 'free' for delegates who register during special offer. To take advantage of this opportunity, attendees can use the coupon code, and secure their registration to attend all keynotes, @DevOpsSummit sessions at Cloud Expo, expo floor, and SYS-CON.tv power panels. Special FREE registration givess access to all Containers and Microservi...
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
"SAP had made a big transition into the cloud as we believe it has significant value for our customers, drives innovation and is easy to consume. When you look at the SAP portfolio, SAP HANA is the underlying platform and it powers all of our platforms and all of our analytics," explained Thorsten Leiduck, VP ISVs & Digital Commerce at SAP, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that SUSE, a pioneer in open source software, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SUSE provides reliable, interoperable Linux, cloud infrastructure and storage solutions that give enterprises greater control and flexibility. More than 20 years of engineering excellence, exceptional service and an unrivaled partner ecosystem power the products and support that help ...
“Connect2Me is basically a game changer in the IoT industry. We have created IoT connecter middleware that can enable a connection to any kind of device," explained Yasser Khan, CTO of Connect2Me, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that the "First Containers & Microservices Conference" will take place June 9-11, 2015, at the Javits Center in New York City. The “Second Containers & Microservices Conference” will take place November 3-5, 2015, at Santa Clara Convention Center, Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
"Application monitoring and intelligence can smooth the path in a DevOps environment. In a DevOps environment you see constant change. If you are trying to monitor things in a constantly changing environment, you're going to spend a lot of your job fixing your monitoring," explained Todd Rader, Solutions Architect at AppDynamics, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
ThingsExpo New York is offering a limited time FREE "Expo Plus" registration option in New York. On site registration price of $1,95 will be set to 'free' for delegates who register during special offer. To take advantage of this opportunity, attendees can use the coupon code, and secure their registration to attend all keynotes, ThingsExpo sessions, expo floor, and SYS-CON.tv power panels. Special FREE registration givess access to all DevOps, Containers and Microservices sessions as well. Regi...
IndependenceIT has been selected by nGenx to power Windows-based DaaS and application delivery on Google Compute Engine to support the delivery of GoldMine Cloud software. For independent software vendors (ISVs) like GoldMine, this expands the theater of operations to increase revenue opportunities while reducing software management and maintenance liabilities. IndependenceIT was selected by application and desktop pioneer, nGenx, to deliver its “Bring Your Own Cloud” strategy to GoldMine and o...
The web app is Agile. The REST API is Agile. The testing and planning are Agile. But alas, Data infrastructures certainly are not. Once an application matures, changing the shape or indexing scheme of data often forces at best a top down planning exercise and at worst includes schema changes which force downtime. The time has come for a new approach that fundamentally advances the agility of distributed data infrastructures. Come learn about a new solution to the problems faced by software orga...
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the...
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
2015 predictions circa 1970: houses anticipate our needs and adapt, city infrastructure is citizen and situation aware, office buildings identify and preprocess you. Today smart buildings have no such collective conscience, no shared set of fundamental services to identify, predict and synchronize around us. LiveSpace and M2Mi are changing that. LiveSpace Smart Environment devices deliver over the M2Mi IoT Platform real time presence, awareness and intent analytics as a service to local connecte...
The only place to be Nov 3-5 is Cloud Expo | @ThingsExpo | DevOps Summit 2015 West at the Santa Clara Convention Center in Santa Clara, CA. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT, Big Data and DevOps companies. Cloud Expo & @ThingsExpo are the leading events covering the booming market of Cloud Computing, IoT & Big Data for the enterprise. Speakers from all over the world will be hand-picked...