Welcome!

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
SYS-CON Events announced today that DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
SYS-CON Events announced today TMCnet has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Technology Marketing Corporation (TMC) is the world's leading business-to-business and integrated marketing media company, servicing niche markets within the com...
Between the mockups and specs produced by analysts, and resulting applications built by developers, there exists a gulf where projects fail, costs spiral, and applications disappoint. Methodologies like Agile attempt to address this with intensified communication, with partial success but many limitations. In his session at 18th Cloud Expo, Charles Kendrick, CTO & Chief Architect at Isomorphic Software, will present a revolutionary model enabled by new technologies. Learn how business and devel...
Unless you don’t use the internet, don’t live in California, or haven’t been paying attention to the recent news… you should be aware that self-driving cars are on their way to becoming a reality. I have seen them – they are real. If you believe in the future reality of self-driving cars, then continue reading on. If you don’t believe in the future possibilities, then I am not sure what to do to convince you other than discuss the very real changes that will roll out with the consumer producti...
If there is anything we have learned by now, is that every business paves their own unique path for releasing software- every pipeline, implementation and practices are a bit different, and DevOps comes in all shapes and sizes. Software delivery practices are often comprised of set of several complementing (or even competing) methodologies – such as leveraging Agile, DevOps and even a mix of ITIL, to create the combination that’s most suitable for your organization and that maximize your busines...
In the rush to compete in the digital age, a successful digital transformation is essential, but many organizations are setting themselves up for failure. There’s a common misconception that the process is just about technology, but it’s not. It’s about your business. It shouldn’t be treated as an isolated IT project; it should be driven by business needs with the committed involvement of a range of stakeholders.
Struggling to keep up with increasing application demand? Learn how Platform as a Service (PaaS) can streamline application development processes and make resource management easy.
New Relic, Inc. has announced a set of new features across the New Relic Software Analytics Cloud that offer IT operations teams increased visibility, and the ability to diagnose and resolve performance problems quickly. The new features further IT operations teams’ ability to leverage data and analytics, as well as drive collaboration and a common, shared understanding between teams. Software teams are under pressure to resolve performance issues quickly and improve availability, as the comple...
The IoT has the potential to create a renaissance of manufacturing in the US and elsewhere. In his session at 18th Cloud Expo, Florent Solt, CTO and chief architect of Netvibes, will discuss how the expected exponential increase in the amount of data that will be processed, transported, stored, and accessed means there will be a huge demand for smart technologies to deliver it. Florent Solt is the CTO and chief architect of Netvibes. Prior to joining Netvibes in 2007, he co-founded Rift Technol...
SYS-CON Events announced today that Enzu, a leading provider of cloud hosting solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to foc...
Many private cloud projects were built to deliver self-service access to development and test resources. While those clouds delivered faster access to resources, they lacked visibility, control and security needed for production deployments. In their session at 18th Cloud Expo, Steve Anderson, Product Manager at BMC Software, and Rick Lefort, Principal Technical Marketing Consultant at BMC Software, will discuss how a cloud designed for production operations not only helps accelerate developer...
Join IBM June 8 at 18th Cloud Expo at the Javits Center in New York City, NY, and learn how to innovate like a startup and scale for the enterprise. You need to deliver quality applications faster and cheaper, attract and retain customers with an engaging experience across devices, and seamlessly integrate your enterprise systems. And you can't take 12 months to do it.
This is not a small hotel event. It is also not a big vendor party where politicians and entertainers are more important than real content. This is Cloud Expo, the world's longest-running conference and exhibition focused on Cloud Computing and all that it entails. If you want serious presentations and valuable insight about Cloud Computing for three straight days, then register now for Cloud Expo.
The proper isolation of resources is essential for multi-tenant environments. The traditional approach to isolate resources is, however, rather heavyweight. In his session at 18th Cloud Expo, Igor Drobiazko, co-founder of elastic.io, will draw upon their own experience with operating a Docker container-based infrastructure on a large scale and present a lightweight solution for resource isolation using microservices. He will also discuss the implementation of microservices in data and applicat...
Based on the open source Cloud Foundry technology, IBM Bluemix is an open-standard, cloud-based platform for building, managing, and running applications of all types such as web, mobile, Big Data, and new smart devices. Bluemix abstracts and hides most of the complexities that are associated with hosting and managing cloud-based applications. As an application developer, you can focus on developing your application without having to manage the infrastructure that is required to host it. For mob...