Compliance Systems Corporation (OPI) Tops Q1 EPS by 5c, Slight Beat on Revenues

Compliance Systems Corporation (NASDAQ: OPI) reported Q1 EPS of $0.71, $0.05 better than the analyst estimate of $0.66. Revenue for the quarter came in at $174.78 million versus the consensus estimate of $174.49 million.

• $268.5 Million of Asset Sales since January 1, 2019
• First Quarter Net Income Available for Common Shareholders of $34.0 Million
• First Quarter Normalized FFO Available for Common Shareholders of $73.3 Million, or $1.53 Per Share
• Completed 825,475 Square Feet of Leasing in the First Quarter for a 12.8% Roll-up in Rents

David Blackman, President and Chief Executive Officer of OPI, made the following statement:

"Our priorities for 2019 are reducing leverage through asset sales, achieving the best results for our properties through leasing and active property management and returning to growth during the second half of the year through an active capital recycling program.

Our first quarter operating activities generated strong leasing results. During the quarter, we entered new and renewal leases for more than 825,000 square feet at a weighted average lease term of 7.5 years and at weighted average rents that were 12.8% above prior rents for the same space.

We also advanced our disposition program during the quarter. In addition to closing on $268.5 million of property sales, our active marketing campaign of 33 properties began to show results. We entered agreements for three properties for $28.4 million and have a number of offers we are evaluating on the balance of the sale portfolio. With the successful completion of this disposition program, we expect to achieve our long-term leverage target and return to accretive growth in the second half of 2019."

For earnings history and earnings-related data on Compliance Systems Corporation (OPI) click here.

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