Plazacorp announces 2008 financial results
Apr 7, 2009
FREDERICTON, April 7 /CNW/ - Plazacorp Retail Properties Ltd. (PLZ:TSX Venture) today announced its results for the year ended December 31, 2008. Michael Zakuta, Plazacorp's President and CEO, said, "We are pleased with the results for the year ended December 31, 2008. The increase in FFO and our financial results are a confirmation of Plazacorp's strategy and our ability to successfully operate our business in today's economic environment. For the year ended December 31, 2008, 9 new properties became income producing. Currently we have 7 projects under development and two land assemblies in progress, which upon completion will deliver stronger FFO going forward and strengthen the quality of our portfolio." The Corporation reported funds from operations ("FFO") of $12.3 million for the year ended December 31, 2008, representing an 18.0% increase over $10.4 million for the year ended December 31, 2007. FFO per share was $0.263 ($0.260 diluted) for the year ended December 31, 2008, representing an 11.3% increase over $0.236 ($0.231 diluted) for the year ended December 31, 2007. The Corporation reported funds from operations ("FFO") of $3.2 million for the three months ended December 31, 2008, representing a 17.1% increase over $2.8 million for the three months ended December 31, 2007. FFO per share was $0.069 ($0.068 diluted) for the three months ended December 31, 2008, representing a 13.7 % increase over $0.060 ($0.059 diluted) for the three months ended December 31, 2007. Plazacorp's Summary of FFO for the three and twelve months ended December 31, 2008, compared to the three and twelve months ended December 31, 2007, including the results of discontinued operations are presented below:------------------------------------------------------------------------- 3 Months 3 Months 12 Months 12 Months (000's - except per Ended Ended Ended Ended share amounts) December December December December For the Periods Ended 31, 2008 31, 2007 31, 2008 31, 2007 ------------------------------------------------------------------------- Total revenues $ 11,903 $ 10,927 $ 47,338 $ 40,920 ------------------------------------------------ ------------------------------------------------ Basic earnings (loss) per share $ 0.031 $ (0.007) $ 0.128 $ 0.082 ------------------------------------------------ ------------------------------------------------ Diluted earnings (loss) per share $ 0.031 $ (0.007) $ 0.126 $ 0.081 ------------------------------------------------ ------------------------------------------------ Income (loss) and other comprehensive income $ 1,468 $ (330) $ 5,982 $ 3,605 Add: (Gain) loss on disposal of income producing properties and surplus lands (17) 549 (4,114) (3,072) Income tax expense (recovery) (756) 277 683 1,165 Income tax recovery included in income from discontinued operations - (40) - (30) Amortization 2,510 2,308 9,807 8,633 Amortization included in income from discontinued operations - 13 - 98 Non-controlling interests 79 67 424 327 Interest costs 3,559 3,357 14,490 12,469 Interest costs included in income from discontinued operations - - - 115 ------------------------------------------------ Earnings before interest, taxes, depreciation and amortization (EBITDA) 6,843 6,201 27,272 23,310 Less: Interest costs (3,559) (3,357) (14,490) (12,584) Current income tax (expense) recovery 3 (28) (42) (44) Non-cash debenture interest 10 12 40 64 Non-controlling interest adjustment to FFO (199) (199) (1,020) (828) Equity accounting adjustment to FFO 143 140 563 538 Corporate amortization (6) (8) (23) (31) ------------------------------------------------ Basic FFO 3,235 2,761 12,300 10,425 Interest on dilutive convertible debentures before income tax 16 38 64 151 ------------------------------------------------ Diluted FFO $ 3,251 $ 2,799 $ 12,364 $ 10,576 ------------------------------------------------ ------------------------------------------------ Basic Weighted Average Shares Outstanding 47,102 45,707 46,746 44,109 ------------------------------------------------ ------------------------------------------------ Diluted Shares Outstanding 47,771 47,347 47,534 45,792 ------------------------------------------------ ------------------------------------------------ Basic FFO per share $ 0.069 $ 0.060 $ 0.263 $ 0.236 ------------------------------------------------ ------------------------------------------------ Diluted FFO per share $ 0.068 $ 0.059 $ 0.260 $ 0.231 ------------------------------------------------------------------------- -------------------------------------------------------------------------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 also announced that the Board of Directors has extended, until further notice, the previously announced partial waiver of its blackout policy. As a result, insiders, directors, officers and employees will be permitted to purchase securities of Plazacorp provided that they are not in possession of material undisclosed information relating to Plazacorp Retail Properties and during certain periods such as when quarterly or annual financial statements are being prepared. Plazacorp Retail Properties Ltd. is an owner of shopping malls and strip plazas throughout Atlantic Canada, Quebec and Ontario. Plazacorp, as at April 7, 2009, owns interests in 97 properties comprising 4.3 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, except for forward-looking information disclosed in prior disclosures which, in light of intervening events, requires further explanation to avoid being misleading. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. %SEDAR: 00012014E
For further information:
For further information: on Plazacorp, visit our website at www.plaza.ca or: Earl Brewer, Chairman; Kim Sharpe, Director of Business Development, (506) 451-1826