Gendis Inc. Announces Third Quarter Results
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WINNIPEG, MB -- (Marketwired) -- 12/02/16 -- Gendis Inc. (TSX: GDS) today announced its financial results for the 3rd quarter ended October 31, 2016.
Revenue for the 3rd quarter was $1,198,000 compared to $1,269,000 for last year. Revenue less expense for the 3rd quarter was a loss of $107,000 compared to a profit of $544,000 for last year. Net earnings for the 3rd quarter were $1,188,000 ($0.09 per share) compared to a loss of $6,546,000 ($0.50 per share) for last year.
Revenue year-to-date was $3,741,000 compared to $4,144,000 year-to-date last year. Revenue less expense year-to-date was $528,000 compared to $1,089,000 year-to-date last year. Net earnings year-to-date were $9,015,000 ($0.70 per share) compared to net loss of $10,391,000 ($0.80 per share) year-to-date last year.
The volatility in net earnings quarter over quarter and year over year is primarily due to the change in fair value of investment in securities, primarily the Company's investment in Veresen and investment properties with the attendant effect on deferred income taxes.
Condensed summarized information is as follows:
Quarter ended YTD ended
in millions of Canadian dollars Oct 31 Oct 31 Oct 31 Oct 31
except per share 2016 2015 2016 2015
---------------------------------------------------------------------------
Revenue
Lease rental revenue 0.7 0.8 2.2 2.6
Dividends & other income 0.5 0.5 1.5 1.5
Total revenue 1.2 1.3 3.7 4.1
Expense
Property 0.9 0.3 2.1 1.9
Administration & finance 0.4 0.4 1.1 1.2
Total expense 1.3 0.7 3.2 3.1
Total revenue less total expense (0.1) 0.6 0.5 1.0
Fair value change:
Veresen 2.4 (6.8) 8.4 (9.4)
Osum - - - (0.6)
Other security investments (0.4) - - (0.4)
Investment properties (0.8) (0.3) - (1.7)
Total fair value change 1.2 (7.1) 8.4 (12.1)
Income tax (expense)recovery 0.1 - 0.1 0.7
Net earnings (loss) 1.2 (6.5) 9.0 (10.4)
Earnings (loss) per share 0.09 $ (0.50) 0.70 $ (0.80)
Oct 31 Jan 31 Oct 31
in millions of Canadian dollars 2016 2016 2015
-----------------------------------------------------------------------
Fair value of investments:
Veresen 24.3 16.1 22.7
Osum 4.8 4.8 5.6
Other security investments 2.8 2.6 3.9
Investment properties 30.2 30.1 29.2
Other assets 1.4 1.8 0.9
Debt & payables 7.2 7.2 7.1
Shareholders' equity 56.3 48.2 55.2
Quarter ended Year to date
ended
Oct 31 Oct 31 Oct 31 Oct 31
in millions of Canadian dollars 2016 2015 2016 2015
-----------------------------------------------------------------------
Cash flow from:
Operations
Cash receipts
Lease rentals 0.9 1.0 2.6 2.8
Dividends & other income 0.6 0.7 1.6 1.8
Cash disbursements
Property (0.4) (0.5) (2.0) (1.9)
Administration & finance expense (0.4) (0.4) (1.1) (1.5)
Income taxes recovered (paid) - - 0.6 (0.2)
Investing
Proceeds on sales of security
investments - - - 0.1
Purchase of security investments - - - (0.3)
Expenditures on investment properties
and equipment - (0.1) (0.1) (0.4)
Financing
Increase (decrease) in debt (0.2) (0.2) (0.6) 1.4
Purchase of share capital for
cancellation - (0.2) - (0.8)
Dividends (0.3) (0.3) (1.0) (1.0)
GENDIS INC.
INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION
Oct 31 Jan 31 Oct 31
(unaudited - thousands of Canadian dollars) 2016 2016 2015
----------------------------------------------------------------------------
ASSETS
Current assets
Cash 146 110 39
Income tax recoverable - 800 -
Receivables 967 638 692
----------------------------------------------------------------------------
Total current assets 1,113 1,548 731
----------------------------------------------------------------------------
Non-current assets
Investment in securities (note 2) 31,849 23,461 32,130
Investment properties 30,200 30,130 29,247
Furnishings and equipment 152 170 182
Deferred income tax 208 136 -
----------------------------------------------------------------------------
Total non-current assets 62,409 53,897 61,559
----------------------------------------------------------------------------
Total assets 63,522 55,445 62,290
============================================================================
LIABILITIES
Current liabilities
Credit facilities (note 3) 4,495 5,098 4,998
Payables 1,778 1,151 1,050
----------------------------------------------------------------------------
Total current liabilities 6,273 6,249 6,048
----------------------------------------------------------------------------
Non-current liabilities
Post employment benefit obligation 951 951 1,012
----------------------------------------------------------------------------
Total non-current liabilities 951 951 1,012
----------------------------------------------------------------------------
Total liabilities 7,224 7,200 7,060
----------------------------------------------------------------------------
SHAREHOLDERS' EQUITY 56,298 48,245 55,230
----------------------------------------------------------------------------
Total liabilities and shareholders' equity 63,522 55,445 62,290
============================================================================
GENDIS INC.
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED OCTOBER 31
(unaudited - thousands of Canadian Quarter ended Year-to-date ended
dollars except for share data) 2016 2015 2016 2015
----------------------------------------------------------------------------
Revenue
Lease rentals 683 744 2,175 2,579
Dividends & other income 515 525 1,566 1,565
----------------------------------------------------------------------------
Total revenue 1,198 1,269 3,741 4,144
----------------------------------------------------------------------------
Expense
Property 928 362 2,070 1,855
Administration 343 332 1,046 1,103
Finance 34 31 97 97
----------------------------------------------------------------------------
Total expense 1,305 725 3,213 3,055
----------------------------------------------------------------------------
Total revenue less total expense (107) 544 528 1,089
----------------------------------------------------------------------------
Fair value change
Investment properties (783) (293) 25 (1,731)
Investment in securities 1,971 (6,793) 8,358 (10,434)
----------------------------------------------------------------------------
Total fair value change 1,188 (7,086) 8,383 (12,165)
----------------------------------------------------------------------------
Earnings (loss) before income tax 1,081 (6,542) 8,911 (11,076)
Income tax (expense) recovery 107 (4) 104 685
----------------------------------------------------------------------------
Net earnings (loss) from operations
and comprehensive income (loss) 1,188 (6,546) 9,015 (10,391)
============================================================================
Net earnings (loss) from operations
per share 0.09 $ (0.50) 0.70 $ (0.80)
============================================================================
GENDIS INC.
INTERIM CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
(unaudited - thousands - shares & Retained
Canadian dollars as applicable) Share Capital earnings Total
# $ $ $
----------------------------------------------------------------------------
Balance - January 31, 2015 13,046 13,713 53,667 67,380
Comprehensive loss (10,391) (10,391)
Purchase of share capital for
cancellation (971) (971)
Dividends (220) (230) (558) (788)
----------------------------------------------------------------------------
Balance - October 31, 2015 12,826 13,483 41,747 55,230
For the remainder of the year:
Comprehensive loss (6,586) (6,586)
Purchase of share capital for
cancellation (25) (26) (53) (79)
Dividend (320) (320)
----------------------------------------------------------------------------
Balance - January 31, 2016 12,801 13,457 34,788 48,245
Comprehensive income 9,015 9,015
Purchase of share capital for
cancellation (1) (1) (1) (2)
Dividends (960) (960)
----------------------------------------------------------------------------
Balance - October 31, 2016 12,800 13,456 42,842 56,298
============================================================================
GENDIS INC.
INTERIM CONDENSED STATEMENT OF CASH FLOWS
FOR THE PERIODS ENDED OCTOBER 31
Year to date
(unaudited - thousands of Canadian Quarter ended ended
dollars) 2016 2015 2016 2015
----------------------------------------------------------------------------
Changes in cash position
By operations
Cash receipts
Lease rentals 889 951 2,614 2,813
Dividends & other income 557 722 1,549 1,773
Cash disbursements
Property (420) (496) (2,032) (1,949)
Administration (345) (408) (1,009) (1,345)
Income taxes recovered (paid) - - 638 (224)
Finance expense paid (34) (33) (97) (98)
----------------------------------------------------------------------------
Total by operations 647 736 1,663 970
----------------------------------------------------------------------------
By investing activities
Proceeds from sale of security
investments - - - 125
Acquisition of security investments - - - (300)
Expenditures on investment properties (42) (103) (45) (401)
Proceeds from sale of equipment - - - 85
Expenditures on furnishings and
equipment - (3) (17) (118)
----------------------------------------------------------------------------
Total by investing activities (42) (106) (62) (609)
----------------------------------------------------------------------------
By financing activities
Net advance (repayment) of credit
facilities (203) (198) (603) 1,401
Purchase of share capital for
cancellation - (153) (2) (788)
Dividends paid (320) (322) (960) (971)
----------------------------------------------------------------------------
Total by financing activities (523) (673) (1,565) (358)
----------------------------------------------------------------------------
Increase (decrease) in cash 82 (43) 36 3
Cash - beginning of period 64 82 110 36
----------------------------------------------------------------------------
Cash - end of period 146 39 146 39
============================================================================
Gendis Inc.
Notes to the unaudited Interim condensed Financial Statements
October 31, 2016
(All tabular amounts in thousands of Canadian dollars unless otherwise
stated)
1. General information General information on Gendis Inc. is the same as disclosed in Note 1 to the complete audited annual financial statements for the year ended January 31, 2016, which have been prepared in accordance with International Financial Reporting Standards. These interim condensed financial statements are presented in Canadian dollars, which is the Company's functional and presentation currency. The principal accounting policies applied in the preparation of these interim condensed financial statements are the same as set out in Note 2 to the complete audited annual financial statements for the year ended January 31, 2016. These policies have been consistently applied to all periods presented.
2. Investment in securities
Oct 31 Jan 31
2016 2016
----------------------------------------------------------------------------
Veresen 24,300 15,960
Osum 4,759 4,759
Other security investments 2,790 2,742
----------------------------------------------------------------------------
31,849 23,461
============================================================================
3. Credit facilities
Remaining
Borrowing borrowing Carrying value
Balance availability of collateral
----------------------------------------------------------------------------
Oct 31 Jan 31 Oct 31 Jan 31 Oct 31 Jan 31
2016 2016 2016 2016 2016 2016
----------------------------------------------------------------------------
Bank credit facility 4,495 5,098 5,500 2,289 22,501 14,778
Broker's margin account - - 900 591 1,799 1,199
----------------------------------------------------------------------------
4,495 5,098 6,400 2,880 24,300 15,977
============================================================================
4. Subsequent Event
On December 2, 2016, the Company declared a regular dividend of 2.5ยข per
share to shareholders of record December 16, 2016, payable January 6,
2017.
5. Operating segments
Quarter
Ended Inter-
Oct 31 Realty Corporate segment Total
----------------------------------------------------------------------------
Revenue 2016 700 725 (227) 1,198
2015 761 733 (225) 1,269
Property & administration 2016 988 360 (77) 1,271
Expense 2015 425 349 (80) 694
Finance expense 2016 150 34 (150) 34
2015 145 31 (145) 31
Total revenue less total 2016 (438) 331 - (107)
expense 2015 191 353 - 544
Fair value change 2016 (783) 1,971 - 1,188
2015 (293) (6,793) - (7,086)
Income tax recovery
(expense) 2016 91 16 - 107
2015 (11) 7 - (4)
Comprehensive income (loss) 2016 (1,130) 2,318 - 1,188
2015 (113) (6,433) - (6,546)
============================================================================
YTD
Ended Inter-
Oct 31 Realty Corporate Segment Total
Revenue 2016 2,227 2,189 (675) 3,741
2015 2,631 2,190 (677) 4,144
Property & administration 2016 2,250 1,098 (232) 3,116
expense 2015 2,044 1,155 (241) 2,958
Finance expense 2016 443 97 (443) 97
2015 436 97 (436) 97
Total revenue less total 2016 (466) 994 - 528
expense 2015 151 938 - 1,089
Fair value change 2016 25 8,358 - 8,383
2015 (1,731) (10,434) - (12,165)
Income tax recovery
(expense) 2016 105 (1) - 104
2015 193 492 - 685
Comprehensive income (loss) 2016 (336) 9,351 - 9,015
2015 (1,387) (9,004) - (10,391)
Total assets 2016 31,302 54,839 (22,619) 63,522
2015 29,802 54,755 (22,267) 62,290
Total liabilities 2016 23,709 6,134 (22,619) 7,224
2015 23,050 6,277 (22,267) 7,060
For more information, please contact: James E. Cohen President & Chief Executive Officer Telephone: (204) 474-5200 Fax: (204) 474-5201 E-mail Email contact Web site: www.gendis.ca
Source: Gendis Inc.
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