Kawasaki, Japan, Feb 10, 2010 - (ACN Newswire) - Fujitsu Laboratories Ltd. and the University of Toronto today announced their joint development of a new processing method for transceiver chips used in gigabit-class(1) high-speed data transmission over wirelines. The new technology employs digital circuitry to replace previously-required structures that used analog circuits. While analog processing require circuits that are adapted to the specifications of a signal being transmitted, such as transmission distance and amplitude, this new digital approach can perform these optimizations automatically, so that a single circuit could be used to accommodate a wide range of various wireline communications. Compared to conventional processing methods, this new digital-processing method makes it possible to shorten development periods by approximately half. It is anticipated that this new technology in the future could be applied to a variety of wireline communication applications, including 10 Gbps high-speed Ethernet in datacenters.
Details of this technology were presented at the IEEE International Solid-State Circuits Conference 2010 (ISSCC 2010) being held in San Francisco from February 7-11. (Presentation number: 8.7)
Background and Technological Challenges
File size data volumes for large photographic, audio, and video files are becoming increasingly larger, thus requiring a significant amount of bandwidth to transmit, leading to demand for ever-faster wireline data communications. Conventional transceiver chips rely on analog circuitry which needs to be optimized to accommodate specifications of the signal being transmitted - such as transmission distance and amplitude - and therefore require multiple transceiver chips to be designed in order to accommodate for various applications.
With a growing diversity of devices featuring high-speed data transmission, the need to optimize an existing technology for every new type of device or model has become a bottleneck in the development process. Efforts to develop transceiver chips within short development periods that can accommodate the wide range of different devices have been proven challenging.
Newly-developed Technology
Fujitsu Laboratories and the University of Toronto have developed a digital circuit-based transceiver chip. Featuring digital circuitry, the new transceiver chip can automatically optimize itself for a variety of high-speed communications circuits, thus significantly reducing development periods by approximately half compared with conventional methods.
This technology detects variations in the delay on the time axis of the input signal, caused during data transmission, and based on that can automatically adjust the timing it uses for judging whether an incoming signal is a 0 or 1 (Figure 1). Since variations in data transmissions increase along with faster transmission speeds, this new technology is essential for accurate data exchange. This is the world's first technology to achieve Gbps-class speeds without the use of analog circuitry elements, while offering fully-digital timing adjustments for signal-determination.
Results
As a world's first, by using digital circuitry-based high-speed transceiver technology, Fujitsu Laboratories and the University of Toronto's new technology makes it possible to reduce the design and development period for a gigabit-class transceiver chip by approximately one-half (1/2) compared with conventional methods. This suggests that transceiver chips for a wide range of communications devices could be offered in a timely manner.
Future Developments
Fujitsu Laboratories and the University of Toronto will continue with development of this technology to optimize the digital signal processing, to further reduce the transceiver's power consumption.
Glossary and Notes
1 Gigabit-class/Gigabits-per-second (Gbps):Gigabits-per-second (Gbps) expresses data rate and indicates how many gigabits can be transferred per second. 10 Gbps is 10 billion bits-per-second (10 billion bps) = 10,000 megabits-per-second (10,000 Mbps), and indicates that 10 billion bits of data can be transferred per second.
About University of Toronto
Established in 1827, the University of Toronto is Canada's largest university, recognized as a global leader in research and teaching. U of T's distinguished faculty, institutional record of groundbreaking scholarship and wealth of innovative academic opportunities continually attract outstanding students and academics from around the world. U of T is committed to providing a learning experience that benefits from both a scale almost unparalleled in North America and from the close-knit learning communities made possible through its college system and academic divisions. Located in and around Toronto, one of the world's most diverse regions, U of T's vibrant academic life is defined by a unique degree of cultural diversity in its learning community. The University is sustained environmentally by three green campuses, where renowned heritage buildings stand beside award-winning innovations in architectural design.
For more information: http://www.utoronto.ca/
About Fujitsu Ltd
Fujitsu is a leading provider of IT-based business solutions for the global marketplace. With approximately 160,000 employees supporting customers in 70 countries, Fujitsu combines a worldwide corps of systems and services experts with highly reliable computing and communications products and advanced microelectronics to deliver added value to customers. Headquartered in Tokyo, Fujitsu Limited (TSE: 6702) reported consolidated revenues of 4.6 trillion yen (US$47 billion) for the fiscal year ended March 31, 2009. For more information, please visit www.fujitsu.com.
Contact: Fujitsu Laboratories Ltd. Design Solutions Lab. Platform Technologies Lab. Tel: +81-44-754-2635 E-mail:hsio_adc_pr@ml.labs.fujitsu.com University of Toronto Prof. Ali Sheikholeslami Dept. of Electrical and Computer Engineering Tel: +1(416)978-1681 E-mail:ali@eecg.utoronto.ca Address: 10 King's College Road, Toronto, Ontario, M5S 3G4
Copyright 2010 ACN Newswire. All rights reserved.
Kawasaki, Japan, Feb 10, 2010 - (ACN Newswire) - Fujitsu Laboratories Limited and the University of Toronto today announced that they have jointly developed the world's first high-reliability read-method for use with spin-torque-transfer (STT) MRAM(1) that is insusceptible to erroneous writes. STT MRAM is regarded as a potential future form of non-volatile memory(2) that could be used as an alternative to flash memory. NOR flash memory that is embedded in microcontrollers widely used in mobile phones and other electronic devices is expected to reach the limits of its feasible miniaturization in the near future, which has led to the search for an alternative low-power non-volatile memory that will allow continued necessary miniaturization. By resolving one of the major obstacles to using STT MRAM, Fujitsu and the University of Toronto's new read-method marks a major step towards the practical implementation of STT MRAM as a necessary replacement for flash memory, in view of future requirements that will be necessary for compact and low-power electronic devices.
Details of this technology were presented at the IEEE International Solid-State Circuits Conference 2010 (ISSCC 2010) being held in San Francisco from February 7-11. (Presentation number: 14.1)
Background
Many electronic devices such as mobile phones or PDAs use microcontrollers with embedded flash memory, which allows onboard software to be rewritten. However, NOR flash memory used in such microcontrollers is nearing the physical limits of its miniaturization, which has led to research on various types of memory that could replace NOR flash memory.
STT MRAM, which uses magnetic materials as the memory storage element, is gaining attention as an emerging potential candidate to replace flash memory, as STT MRAM meets the needs for speed, low power consumption, and miniaturization that would make it a good candidate to replace flash memory.
Technological Challenges
STT MRAM uses memory storage elements that take advantage of the effect in which a current that is passed through a magnetic material - such as a magnetic tunnel junction (MTJ)(3) - reverses its direction of magnetization (Figure 1). Passing a current through the MTJ causes its direction of magnetization to switch between a parallel or anti-parallel state, which has the effect of switching between low resistance and high resistance. Because this can be used to represent the 1s and 0s of digital information, STT MRAM can be used as a non-volatile memory.
Reading STT MRAM involves applying a voltage to the MTJ to discover whether the MTJ offers high resistance to current ("1") or low ("0"). However, a relatively high voltage needs to be applied to the MTJ to correctly determine whether its resistance is high or low, and the current passed at this voltage leaves little difference between the read-current and the write-current. Any fluctuation in the electrical characteristics of individual MTJs could cause what was intended as a read-current, to have the effect of a write-current, thus reversing the direction of magnetization of the MTJ.
Newly-developed Technology
In a joint collaboration, Fujitsu Laboratories and the University of Toronto have developed an innovative circuit design (Figure 3) that for the first time resolves the issue of erroneous writes in STT MRAM during read operations.
The newly developed read-method uses a negative resistance(4) that is intermediate between the MTJ's high resistance and low resistance on a parallel circuit (Figure 4). If the MTJ is in a high-resistance state, this circuit exhibits negative-resistance characteristics. If the MTJ is in a low-resistance state, then it exhibits normal-resistance characteristics. These characteristics allow the resistance value to be read at lower voltages than before, suppressing the tendency of the read operation to reverse the direction of magnetization and avoiding the problem of erroneous write operations.
Results
The development of this new read circuit with negative resistance has resulted in STT MRAM that is insusceptible to erroneous writes caused by fluctuations in the electrical characteristics of the MTJs. It is anticipated that the STT MRAM used as miniaturized non-volatile memory would enable greater high-performance in mobile phones and other electronic devices.
Future Developments
Fujitsu Laboratories and the University of Toronto plan to continue with R&D related to STT MRAM to strive toward practical implementation, such as lowering write currents and developing process technologies for further miniaturization.
Glossary and Notes
1 Spin- Torque-Transfer MRAM:Spin-torque-transfer magnetoresistive (STT) random access memory. MRAM that uses the "spin-torque-transfer" effect to reverse the direction of magnetization of an element by passing current through it.
2 Non-volatile memory:Memory that persists even when electrical power is cut.
3 Magnetic tunnel junction (MJT):A tunnel junction that uses the magnetoresistive effect. Consists of a recording layer made of ferromagnetic material, an insulating film a few atoms thick, and a layer made of ferromagnetic material that will not change its direction of magnetization in the presence of a current.
4 Negative resistance:An element that has negative resistance value, in which its current decreases when voltage rises.
About University of Toronto
Established in 1827, the University of Toronto is Canada's largest university, recognized as a global leader in research and teaching. U of T's distinguished faculty, institutional record of groundbreaking scholarship and wealth of innovative academic opportunities continually attract outstanding students and academics from around the world. U of T is committed to providing a learning experience that benefits from both a scale almost unparalleled in North America and from the close-knit learning communities made possible through its college system and academic divisions. Located in and around Toronto, one of the world's most diverse regions, U of T's vibrant academic life is defined by a unique degree of cultural diversity in its learning community. The University is sustained environmentally by three green campuses, where renowned heritage buildings stand beside award-winning innovations in architectural design.
For more information: http://www.utoronto.ca/
About Fujitsu Ltd
Fujitsu is a leading provider of IT-based business solutions for the global marketplace. With approximately 160,000 employees supporting customers in 70 countries, Fujitsu combines a worldwide corps of systems and services experts with highly reliable computing and communications products and advanced microelectronics to deliver added value to customers. Headquartered in Tokyo, Fujitsu Limited (TSE: 6702) reported consolidated revenues of 4.6 trillion yen (US$47 billion) for the fiscal year ended March 31, 2009. For more information, please visit www.fujitsu.com.
Contact: Fujitsu Laboratories Ltd. Technology Integration Lab. Platform Technologies Lab. Tel: +81(46)250-8379 E-mail:til-si@ml.labs.fujitsu.com University of Toronto Prof. Ali Sheikholeslami Dept. of Electrical and Computer Engineering Tel: +1(416)978-1681 E-mail:ali@eecg.utoronto.ca Address: 10 King's College Road, Toronto, Ontario, M5S 3G4 Canada
Copyright 2010 ACN Newswire. All rights reserved.
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 10, 2010) - Spanish Mountain Gold Ltd. ("Spanish Mountain" or the "Company") (TSX VENTURE: SPA) is pleased to announce that it is undertaking a private placement of up to 15,152,000 common share units (the "Units") at a price of $0.33 per Unit for gross proceeds of up to approximately $5,000,000 and the appointment of Mr. Dale Corman to its Board of Directors.
Private Placement
Each Unit offered in the private placement will consist of one common share and one share purchase warrant (a "Warrant") of the Company. Each Warrant will entitle the holder to purchase one common share for a period of three years from closing at a price of $0.42 per share. Closing is expected to occur on or about February 19, 2010.
The proceeds received from the sale of the Units will be used to fund programs on the Company's Spanish Mountain and Thunder Ridge (Spanish Creek) properties and for general working capital. All of the securities issued in connection with the private placement will be subject to a four month hold period. The private placement is subject to the acceptance of the TSX Venture Exchange.
Appointment
Mr. Corman graduated with a Bachelor of Science degree in geology from Rensselaer Polytechnic Institute in Troy, New York, in 1961 and obtained Professional Engineer status in Ontario in 1972. He has 30 years experience as a senior corporate officer of publicly listed companies in Canada and the United States. He has extensive expertise in mineral and geothermal exploration and development, property evaluation and acquisition, project financing, and corporate management. From 1995 to 2006, Dale was Chairman of the Board of Directors and Chief Executive Officer of Western Silver Corporation. He is currently President and Chief Executive Officer of Western Copper Corporation.
The Company also reports that it has granted options to acquire an aggregate of 300,000 common shares of the Company to the incoming director at an exercise price of $0.36 until February 9, 2015. The foregoing is subject to regulatory acceptance.
Mr Brian Groves, President and Chief Executive Officer of the Company stated, "Dale's skills strengthen and complement those of the other directors. We are pleased to have Dale join the Board as we continue to focus on the advancement of the Company and its projects."
About Spanish Mountain
Spanish Mountain is an exploration company focused on advancing its flagship Spanish Mountain gold project in central southern British Columbia. The Company has a current cash position of $2.5 million and has applied for Mineral Exploration Tax Credit refund from the Province of British Columbia totaling $1.9 million. These funds are expected to be received in the first quarter of 2010. For more information, please visit www.spmtngold.com.
On Behalf of the Board,
SPANISH MOUNTAIN GOLD LTD.
Brian Groves, President
The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirement of such Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds, the results of financing and exploration activities, the interpretation of drilling results and other geological data, risks associated with the estimation of mineral resources and the geology, grade and continuity of mineral deposits, project cost overruns or unanticipated costs and expenses -- that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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 accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Spanish Mountain Gold Ltd.
Bill Gillies
(604) 601-3651
www.spmtngold.com
B&D Capital Partners
Kris Davenport
(604) 685-6465
Source: Spanish Mountain Gold Ltd.
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 10, 2010) - Redstar Gold Corp. (TSX VENTURE: RGC) is pleased to announce the signing of a non binding letter agreement with Centerra (U.S.) Inc. (Centerra), a subsidiary of Centerra Gold Inc. (TSX:CG), wherein Centerra can earn a 75% interest in Redstar's Oasis project in Nevada. Under the proposed terms of the agreement, Centerra can earn a 75% interest by completing $4 million in work expenditures and paying $200,000 in cash to Redstar over five years. Centerra will act as operator. Minimum work expenditures in the first year of the agreement are $500,000.
Scott Weekes, President of Redstar states: "Redstar is extremely pleased to have Centerra advance the Oasis project. Centerra has significant international gold production experience and is active in Nevada exploration. The Oasis project appears to host a gold porphyry system and therefore has significant size potential. Centerra has the resources needed to aggressively explore this exciting prospect."
The Oasis Project consists of 100% Redstar-owned unpatented mining claims in southwestern Nevada, 26 miles southwest of the Goldfield mining district (4 million ounces of gold produced). Extensive low-grade, disseminated gold mineralization occurs in strongly-altered andesitic volcanic rocks.
Surface samples collected by exploration programs in the early 1980's returned gold values to 2.55 ppm, and Redstar's sampling has returned gold values to 5.41 ppm. The overall tenor of the disseminated gold zone at surface is in the 0.3 to 1.5 g/t range, and the zone is at least 2,000 feet in diameter. Mineralization is locally concealed by post-mineralization rocks and a silica cap, providing for significant expansion potential. Characteristics of the gold system are consistent with a porphyry gold system, and include disseminated gold in rocks containing hydrothermal biotite, "A-type" quartz-vein stockworks and elevated molybdenum and copper contents.
Drilling is currently under way on Redstar's Newman Todd project in Red Lake, Ontario and an exploration program on the Richmond Summit project on the Carlin Trend in Nevada has recently been completed. Initial assay results from the Newman Todd project have recently been announced, including high-grade gold with follow-up drilling now underway. Results on Richmond Summit will be released in the near future.
Redstar is a junior exploration company focused on gold exploration in Nevada and Red Lake. Redstar currently has 12 projects in Nevada and one in Red Lake, Ontario. For more information on these projects please visit the company's web site at www.redstargold.com.
Dr. Jake Margolis a qualified person as defined by National Instrument 43-101and has reviewed this news release. Dr. Margolis is the US Exploration Manager for Redstar Gold Corp.
On Behalf of the Board, Redstar Gold Corp. Scott Weekes, President Forward-Looking Information
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Redstar Gold Corporation (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Neither 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 accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Redstar Gold Corp.
Tim Mikula
Investor Relations
604.488.0051
Fax: 604.488.0053 (FAX)
tmikula@redstargold.com
www.redstargold.com
Contact Financial
Kirk Gamley
604.689.7422
kirk@contactfinancial.com
Renmark Financial Communications Inc.
Barbara Komorowski or Dan Symons
514.939.3989 or 416.644.2020
dsymons@renmarkfinancial.com or
bkomorowski@renmarkfinancial.com
www.renmarkfinancial.com
Source: Redstar Gold Corp.
FAIRFAX, VIRGINIA--(Marketwire - Feb. 10, 2010) - Brookfield Homes Corporation (NYSE: BHS) today announced net new orders and financial results for the year ended December 31, 2009:
Three Months Ended
Dec. 31 Year Ended Dec. 31
--------------------------------------------
Unit Activity 2009 2008 2009 2008
----------------------------------------------------------------------------
Net new home orders 129 98 756 729
Home closings 268 230 703 750
Backlog of homes (units at end
of period) 187 134 187 134
Average home selling price $ 505,000 $ 557,000 $ 488,000 $ 562,000
Lot sales to homebuilders 235 548 469 616
----------------------------------------------------------------------------
(i) Unit information includes unconsolidated entities
-- Net new orders for the fourth quarter ended December 31, 2009 were 129
units, up 32% when compared to the same quarter in 2008. In addition,
the overall cancellation rate remains stable at 19%. The company's
historical average is 15%.
-- Home closings increased by 17% during the three months ended December
31, 2009 in comparison to the same period in 2008, which was offset by a
decrease in the company's average selling price of homes delivered to
$505,000 from $557,000 during the same period last year.
Three Months Ended
Results of Operations Dec. 31 Year Ended Dec. 31
--------------------------------------------
(Millions, except per share
amounts) 2009 2008 2009 2008
----------------------------------------------------------------------------
Total revenue $ 145 $ 150 $ 376 $ 449
Housing revenue 134 127 340 415
Impairment of housing and land
inventory and write-offs of 6 60 24 115
option deposits
Gross margin (12) (64) (2) (82)
Impairment of investments in
unconsolidated entities - 19 13 38
Net loss attributable to
Brookfield Homes Corporation (17) (69) (28) (116)
Loss per share - diluted $ (0.81) $ (2.58) $ (1.54) $ (4.33)
----------------------------------------------------------------------------
-- Revenue for the year ended December 31, 2009 totaled $376 million,
compared to $449 million for the year ended December 31, 2008. The
decrease in revenue is a result of fewer homes closed in 2009 as well as
the decrease in the average selling price. Land sales to other
homebuilders contributed $36 million to revenues in 2009.
-- The company recorded impairments of $37 million during the year ended
December 31, 2009, compared to $153 million for the same period in 2008.
The impairments related to housing and land inventory and write-offs of
option deposits, and impairments on investments in unconsolidated
entities.
-- Net loss attributable to Brookfield Homes Corporation for the year ended
December 31, 2009 was $28 million or $1.54 per share, compared to a net
loss of $116 million or $4.33 per share for the year ended December 31,
2008.
-- Cash flow from operating activities was $137 million for the year ended
December 31, 2009, compared to $66 million for the year ended December
31, 2008. A portion of this cash flow was utilized to reduce the
company's debt, and as a result the debt to total capitalization at
December 31, 2009 was 42%, a significant improvement from 71% for the
year ended in 2008.
Operating Highlights and Recent Developments
-- Lots Owned and Controlled: At December 31, 2009, the company owned or
controlled 24,245 lots, similar in comparison to the year ended December
31, 2008, however a decrease of 2,578 lots from September 30, 2009,
primarily a result of the disposal of lots in San Diego/Riverside.
For the year ended December 31, 2009, the company entitled 1,061 lots,
creating long-term value in our supply constrained markets.
The company currently sells from 25 active communities, compared to 30
for the fourth quarter of 2008. A summary of lots owned or controlled
under option, by region, follows:
----------------------------------------------------------------------------
Southland San Washing- Corpor-
Northern / Los Diego / ton D.C. ate and
California Angeles Riverside Area Other Total
----------------------------------------------------------------------------
Lot supply
Owned Directly 769 981 6,852 2,195 204 11,001
Unconsolidated
Entities - 254 1 1,432 59 1,746
Options
- Consolidated 1,232 - 2,000 - - 3,232
- Unconsolidated 4,950 2,027 - 1,289 - 8,266
----------------------------------------------------------------------------
Total lot supply -
Dec/09 6,951 3,262 8,853 4,916 263 24,245
Geographic
diversification of 29% 13% 37% 20% 1% 100%
lots - Dec/09
----------------------------------------------------------------------------
Total lot supply -
Dec/08 7,290 3,460 8,105 4,981 273 24,109
Geographic
diversification of
lots - Dec/08 30% 14% 34% 21% 1% 100%
----------------------------------------------------------------------------
Outlook
Brookfield Homes' outlook for 2010, while cautiously optimistic heading into the traditional spring selling season, is tempered for the second half of the year by the impact of continued economic weakness, high unemployment, foreclosures and shadow inventory.
The housing market has relied on federal government stimulus to bridge between weak economic fundamentals until the return of job growth and consumer confidence. Strategically, this presents opportunities to capitalize on mispriced longer-term replacement assets as in general the industry continues to focus its lot acquisition efforts on short-term finished lot positions to meet near-term closings.
Looking longer-term as housing production continues to be depressed historically and relative to demographic fundamentals, an under supply of housing units is being created. In particular, California should be one of the first areas of the country to experience a recovery in housing due to the speed at which the distressed inventory is being absorbed and the fact that there is very little supply in the development pipeline.
Strategies that have allowed Brookfield Homes to meet the challenges of the current cycle, combined with the company's strengthened balance sheet should enable it to continue to capitalize on select acquisition opportunities in strategic market areas, positioning for stronger operating results in 2010 and beyond.
The company will continue in 2010 to balance the signs of improvement in its markets with the challenges the housing industry could face with increasing mortgage interest rates, high unemployment and low consumer confidence. Brookfield Homes' goals for 2010 include:
-- Continue to monetize our inventory, targeting $90 million of net cash
from operating activities.
-- Increase lots controlled in certain strategic market areas.
-- Improve overall gross margins as capital is invested in new homebuilding
communities.
-- Continue to meet the challenges presented in the market and position
ourselves to return to profitability.
Brookfield Homes Corporation
Brookfield Homes Corporation is a land developer and homebuilder. We entitle and develop land for our own communities and sell lots to third parties. We also design, construct and market single-family and multi-family homes primarily to move-up and luxury homebuyers. Our portfolio includes over 24,000 lots owned and controlled in the Northern California; Southland / Los Angeles; San Diego / Riverside; and Washington D.C. Area markets.
Note: Certain statements in this press release that are not historical facts, including information concerning possible or assumed future results of operations of the company, the company's 2010 outlook, the company's 2010 goals, value creation, targeted 2010 operating cash flow, the entitlement and monetization of lots (and the timing thereof), the company's future outlook and growth plans including acquisitions and lots controlled, and those statements preceded by, followed by, or that include the words "believe", "planned", "anticipate", "should", "goals", "expected", "potential," "estimate," "targeted," "scheduled" or similar expressions, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Undue reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results to differ materially from the anticipated future results expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those set forward in the forward-looking statements include, but are not limited to: changes in general economic, real estate and other conditions; mortgage rate changes; availability of suitable undeveloped land at acceptable prices; adverse legislation or regulation; ability to obtain necessary permits and approvals for the development of our land; availability of labor or materials or increases in their costs; ability to develop and market our master-planned communities successfully; confidence levels of consumers; ability to raise capital on favorable terms; adverse weather conditions and natural disasters; relations with the residents of our communities; risks associated with increased insurance costs or unavailability of adequate coverage and ability to obtain surety bonds; competitive conditions in the homebuilding industry, including product and pricing pressures; and additional risks and uncertainties referred to in our Form 10-K and other SEC filings, many of which are beyond our control. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
Brookfield Homes Corporation
Consolidated Statements of Income
Three Months Ended Year Ended December
December 31 31
--------------------------------------------
(thousands, except per share
amounts) (unaudited) 2009 2008 2009 2008
----------------------------------------------------------------------------
Revenue
Housing $ 133,811 $ 127,292 $ 339,625 $ 415,311
Land 11,346 22,569 36,355 33,692
----------------------------------------------------------------------------
Total revenue 145,157 149,861 375,980 449,003
Direct cost of sales
Housing (111,836) (110,527) (294,493) (363,038)
Land (38,507) (43,423) (59,308) (53,057)
Impairment of housing and land
inventory and write-off of
option deposits (6,225) (60,536) (23,963) (115,124)
----------------------------------------------------------------------------
(11,411) (64,625) (1,784) (82,216)
Selling, general and
administrative expense (15,561) (21,882) (52,339) (69,498)
(Loss) / equity in earnings from
unconsolidated entities (262) 919 1,331 3,302
Impairment of investments in
unconsolidated entities (109) (19,338) (12,995) (37,863)
Other income / (expense) 3,276 (16,707) 13,191 (17,823)
----------------------------------------------------------------------------
Loss before income taxes (24,067) (121,633) (52,596) (204,098)
Income tax recovery 7,761 42,298 20,134 70,861
----------------------------------------------------------------------------
Net loss (16,306) (79,335) (32,462) (133,237)
Less net loss attributable to
non-controlling interest and
other interests in consolidated
subsidiaries (371) 10,322 4,753 17,622
----------------------------------------------------------------------------
Net loss attributable to
Brookfield Homes Corporation $ (16,667) $ (69,013) $ (27,709) $(115,615)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Loss per share
Basic $ (0.81) $ (2.58) $ (1.54) $ (4.33)
Diluted $ (0.81) $ (2.58) $ (1.54) $ (4.33)
Weighted average shares
outstanding
Basic 27,039 26,761 26,838 26,688
Diluted 27,039 26,761 26,838 26,688
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Brookfield Homes Corporation
Condensed Balance Sheets
As at December 31
----------------------------
(thousands) (unaudited) 2009 2008
----------------------------------------------------------------------------
Assets
Housing and land inventory $ 809,829 $ 946,875
Investments in unconsolidated entities 92,477 105,261
Consolidated land inventory not owned 25,434 3,328
Receivables and other assets 61,744 92,333
Restricted cash 7,485 -
Deferred income taxes 40,112 59,438
----------------------------------------------------------------------------
$ 1,037,081 $ 1,207,235
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Liabilities and Equity
Project specific financings $ 231,567 $ 433,580
Revolving and other financings 150,000 314,977
----------------------------
Total financings 381,567 748,557
Accounts payable and other liabilities 122,190 146,320
----------------------------
Total liabilities 503,757 894,877
Other interests in consolidated subsidiaries 47,011 49,839
Total equity 486,313 262,519
----------------------------------------------------------------------------
$ 1,037,081 $ 1,207,235
----------------------------------------------------------------------------
----------------------------------------------------------------------------
FOR FURTHER INFORMATION PLEASE CONTACT:
Brookfield Homes Corporation
Linda Northwood
Director, Investor Relations
858-481-2567
lnorthwood@brookfieldhomes.com
Source: Brookfield Homes Corporation
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New Social Media Software Helps Companies Manage Online Presence
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EA Sells Over Eight Million Units Worldwide of Hasbro-Branded Family and Kids Video Games in One Year
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Silvercorp Announces Declaration of Quarterly Dividend-CAD$0.02
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Alexandria Releases Further Drill Results and Expands Gold Mineralization at Akasaba
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CDC Software to Hold Fourth Quarter and Year 2009 Earnings Call on Feb. 25, 2010, at 8:30 AM EST
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GDC Austin, Now Named Game Developers Conference Online, Returning to Austin, Texas October 5-8, 2010
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Brad Freitag Joins MeLLmo as Vice President of Sales
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Getfugu, Inc. Launches Massive Business Sales Campaign Engaging Salesconx to Deliver $100 Million in Revenue
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Danaher to Present at Barclays Capital Industrial Select Conference
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IHS Acquires Emerging Energy Research
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GREENGUARD Environmental Institute Awards Prestigious Certifications to Owens Corning Non-Woven Glass Fiber Veils
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Sinotel Technologies Ltd. Obtains Financing From Local Bank Amidst China's Credit Tightening
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Health Enhancement Products Retains Intellectual Property Law Experts Kohn & Associates pllc
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Youth HandsOn Network and Hasbro, Inc. Create Nationwide PLAYATHON for Haiti
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Pentaho and Swissport Cuts Costs of Flying
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MicroStrategy Positioned in Leaders Quadrant of Analyst Firm's 2010 Magic Quadrant for Business Intelligence Platforms Report
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Irvine Company Announces Major Leases Totaling More Than 115,000 Square Feet
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Join SVOX at Mobile World Congress 2010
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Vook, Janklow & Nesbit Associates Announce Relationship and Upcoming Anne Rice Vook
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Northrop Grumman Begins Full Rate Production of U.S. Navy's Large Aircraft Infrared Countermeasures System for Heavy Lift Helicopter Fleets
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Car Owners Holding Onto Vehicles Significantly Longer, for at Least 50,000 More Miles, According to New Survey From AutoMD(TM) Auto Repair Experts
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Madison Williams Announces Expansion of Institutional Equity Sales and Trading Team
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GTEC Provides Preliminary Fourth Quarter and Full Year 2009 Revenue
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The 2010 BK(R) NEXT BEST MOVE(SM) National Tour Hits Baton Rouge on February 23
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GE Healthcare Connects Medical Facilities Treating Athletes at Vancouver 2010 Olympic and Paralympic Winter Games - Marks the Most Comprehensive IT Solution for Health Care Support in Olympic Games Hi
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Erdene Announces New Partner for its Granite Hill Aggregate Project Development Underway
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Matheson Tri-Gas and RASIRC Sign Exclusive Distribution Deal for RASIRC Products
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Sinotel Wins Maintenance Contract From China Telecom
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Lionbridge Reports Q4 Revenue of $105 Million and Preliminary Non-GAAP EPS of $0.12; Sequential Quarter Revenue Growth of $7.2 Million Drives $4.5 Million Adjusted Earnings Improvement
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Dr. Paul Pui-Hay But, Ph.D. Joins Bionovo, Inc. Scientific Advisory Board
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Fred Hutchinson Cancer Research Center Initiates Studies on ImmuneRegen BioSciences' Cancer Therapy Candidate
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Legg Mason Reports Assets Under Management for January 2010
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BrokerPriceOpinion.com Launches Next Generation BPO(TM) (V3)
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The Chrysler Brand: Provocative Designs Engineered for Passionate Living
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Canada's Elliott Companies file US$120 million counterclaim in the United States District Court for the Southern District of Florida
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H2O Innovation Reports 2010 Second Quarter Results - Sales of $7.1 Million, Results Impacted by Recession, Company Stays Focused on Growth Strategy
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Titan Tire Corporation Releases Goodyear DT 930 Tire for Combine, Tractor and Grain Cart Applications
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Inverness Medical Innovations Schedules Conference Call for 10:00 a.m. ET February 17, 2010 to Discuss Fourth Quarter 2009 Results
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Oracle to Demonstrate Communications Industry Leadership and Vision at Mobile World Congress 2010
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Paper Towels: Reduce Bacteria and Preferred By Users
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CallFire Announces Lead Generation Webinar
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Simplify Microsoft Business Productivity Online Suite (BPOS) Migration With MetaVis Migrator
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Motorola Paves Way for Operators to Deliver WiMAX Service in More Challenging Markets
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Light Reading: SPIT Is It
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Lux Digital Pictures Completes Production on "American Grindhouse"
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3PAR to Present at Goldman Sachs Technology and Internet Conference
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TriQuint Announces Date for Fourth Quarter & 2009 Year-End Earnings Release
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Sinotel Awarded First Phase of China Unicom's 3G Online Sales and Marketing System Worth Approximately $2.2 Million
