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
Most of the time there is a lot of work involved to move to the cloud, and most of that isn't really related to AWS or Azure or Google Cloud. Before we talk about public cloud vendors and DevOps tools, there are usually several technical and non-technical challenges that are connected to it and that every company needs to solve to move to the cloud. In his session at 21st Cloud Expo, Stefano Bellasio, CEO and founder of Cloud Academy Inc., will discuss what the tools, disciplines, and cultural...
What is the best strategy for selecting the right offshore company for your business? In his session at 21st Cloud Expo, Alan Winters, U.S. Head of Business Development at MobiDev, will discuss the things to look for - positive and negative - in evaluating your options. He will also discuss how to maximize productivity with your offshore developers. Before you start your search, clearly understand your business needs and how that impacts software choices.
SYS-CON Events announced today that Interface Corporation will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Interface Corporation is a company developing, manufacturing and marketing high quality and wide variety of industrial computers and interface modules such as PCIs and PCI express. For more information, visit http://www.i...
SYS-CON Events announced today that Keisoku Research Consultant Co. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Keisoku Research Consultant, Co. offers research and consulting in a wide range of civil engineering-related fields from information construction to preservation of cultural properties. For more information, vi...
SYS-CON Events announced today that MIRAI Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MIRAI Inc. are IT consultants from the public sector whose mission is to solve social issues by technology and innovation and to create a meaningful future for people.
SYS-CON Events announced today that Fusic will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Fusic Co. provides mocks as virtual IoT devices. You can customize mocks, and get any amount of data at any time in your test. For more information, visit https://fusic.co.jp/english/.
SYS-CON Events announced today that N3N will exhibit at SYS-CON's @ThingsExpo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. N3N’s solutions increase the effectiveness of operations and control centers, increase the value of IoT investments, and facilitate real-time operational decision making. N3N enables operations teams with a four dimensional digital “big board” that consolidates real-time live video feeds alongside IoT sensor data a...
Mobile device usage has increased exponentially during the past several years, as consumers rely on handhelds for everything from news and weather to banking and purchases. What can we expect in the next few years? The way in which we interact with our devices will fundamentally change, as businesses leverage Artificial Intelligence. We already see this taking shape as businesses leverage AI for cost savings and customer responsiveness. This trend will continue, as AI is used for more sophistica...
Today most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes significant work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reducti...
Real IoT production deployments running at scale are collecting sensor data from hundreds / thousands / millions of devices. The goal is to take business-critical actions on the real-time data and find insights from stored datasets. In his session at @ThingsExpo, John Walicki, Watson IoT Developer Advocate at IBM Cloud, will provide a fast-paced developer journey that follows the IoT sensor data from generation, to edge gateway, to edge analytics, to encryption, to the IBM Bluemix cloud, to Wa...
Enterprises are moving to the cloud faster than most of us in security expected. CIOs are going from 0 to 100 in cloud adoption and leaving security teams in the dust. Once cloud is part of an enterprise stack, it’s unclear who has responsibility for the protection of applications, services, and data. When cloud breaches occur, whether active compromise or a publicly accessible database, the blame must fall on both service providers and users. In his session at 21st Cloud Expo, Ben Johnson, C...
SYS-CON Events announced today that Massive Networks, that helps your business operate seamlessly with fast, reliable, and secure internet and network solutions, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. As a premier telecommunications provider, Massive Networks is headquartered out of Louisville, Colorado. With years of experience under their belt, their team of...
21st International Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Me...
With the rise of DevOps, containers are at the brink of becoming a pervasive technology in Enterprise IT to accelerate application delivery for the business. When it comes to adopting containers in the enterprise, security is the highest adoption barrier. Is your organization ready to address the security risks with containers for your DevOps environment? In his session at @DevOpsSummit at 21st Cloud Expo, Chris Van Tuin, Chief Technologist, NA West at Red Hat, will discuss: The top security r...
SYS-CON Events announced today that Enroute Lab will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Enroute Lab is an industrial design, research and development company of unmanned robotic vehicle system. For more information, please visit http://elab.co.jp/.