Plazacorp announces year-end financial results
Apr 13, 2007
HALIFAX, April 13 /CNW/ - Plazacorp Retail Properties Ltd. (PLZ:TSX Venture) today announced its results for the fourteen months ended December 31, 2006. As previously reported the Company has changed its year end for Financial Reporting for the fiscal year beginning November 1, 2005 to end on December 31, 2006, changed from October 31, 2006 and reporting on the 14 months ended December 31, 2006. As a result, the published financial reports are for time periods and period endings that differ from the prior fiscal year. Michael Zakuta, Plazacorp's President and CEO, said, "We are very pleased with our financial results for the 14 months ended December 31, 2006. The addition of 19 new properties over the last fiscal year and the resulting financial performance are a strong confirmation of our business strategy and our ability to source, lease, develop, finance and operate retail real estate in Atlantic Canada, Quebec and Ontario." During the fourteen months ended December 31, 2006, the Corporation grew its portfolio by 19 properties to hold an interest in 74 properties with total assets of $230 million at year end. Plazacorp's Summary of FFO for the 14 months ended December 31, 2006, compared to the 12 months ended October 31, 2006 and October 31, 2005 are presented below:------------------------------------------------------------------------- (000's - except per share amounts) 14 Months 12 Months 12 Months Ended Ended Ended December October October 31, 31, 31, For the Periods Ended 2006 2006 2005 ------------------------------------------------------------------------- Total revenues $ 41,998 $ 35,363 $ 28,716 --------------------------------- --------------------------------- Basic earnings (loss) per share $ 0.075 $ 0.070 $ (0.006) --------------------------------- --------------------------------- Diluted earnings (loss) per share $ 0.075 $ 0.069 $ (0.006) --------------------------------- --------------------------------- Net income (loss) $ 3,019 $ 2,804 $ (224) Gain on disposals of income producing properties (3,108) (3,112) - Income tax expense 1,409 1,407 183 Amortization 8,915 7,591 6,515 Non-controlling interests 298 227 194 Financing costs 12,613 10,486 8,640 --------------------------------- Earnings before interest, taxes, depreciation and amortization (EBITDA) 23,146 19,403 15,308 Less: Financing costs (12,613) (10,486) (8,640) Current income tax expense (114) (75) (21) Non-cash debenture interest 118 94 122 Equity accounting and non-controlling interests adjustments to FFO (340) (321) (890) Corporate amortization (53) (45) (53) --------------------------------- Basic FFO 10,144 8,570 5,826 Interest on dilutive convertible debentures 664 730 1,264 --------------------------------- Diluted FFO $ 10,808 $ 9,300 $ 7,090 --------------------------------- --------------------------------- Basic weighted average shares outstanding 40,151 39,872 35,212 --------------------------------- --------------------------------- Basic FFO per share $ 0.253 $ 0.215 $ 0.165 --------------------------------- --------------------------------- Diluted shares outstanding per consolidated financial statements 40,723 40,782 35,508 Diluted effect of convertible debentures 4,247 5,146 9,201 --------------------------------- Total diluted weighted average shares outstanding 44,970 45,928 44,709 --------------------------------- --------------------------------- Diluted FFO per share $ 0.240 $ 0.202 $ 0.159 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Diluted FFO includes the impact of convertible debentures not dilutive to earnings (see note 16c of the consolidated financial statements December 31, 2006).A copy of Plazacorp's quarterly report can be found on the Corporation's web site at www.plaza.ca and can be found on www.sedar.com. Plazacorp Retail Properties Ltd. is an owner of shopping malls and strip plazas throughout Atlantic Canada, Quebec and Ontario. Plazacorp owns interests in 80 properties comprising 4.0 million square feet of retail real estate. CAUTIONARY STATEMENTS REGARDING FORWARD LOOKING INFORMATION This news release contains forward looking statements relating to our operations and the environment in which we operate, which are based on our expectations, estimates, forecasts and projections. These statements are not future guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward looking statements. Readers, therefore, should not place undue reliance on any such forward looking statements. Further, a forward looking statement speaks only as of the date on which such statement is made. We undertake no obligation to publicly update any such statement, to reflect new information or the occurrence of future events or circumstances. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. %SEDAR: 00012014E
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For further information: on Plazacorp, visit our website at www.plaza.ca or contact: Earl Brewer, Chairman or Kim Sharpe, Director of Business Development, (506) 451-1826