Plazacorp announces quarter 1 2009 financial results
May 26, 2009
FREDERICTON, NB, May 26 /CNW/ - Plazacorp Retail Properties Ltd. (PLZ:TSX Venture) today announced its results for the 3 months ended March 31, 2009. Michael Zakuta, Plazacorp's President and CEO, said, "We are pleased with the positive results for the quarter ended March 31, 2009. 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. Currently we have 10 projects under development, which upon completion will deliver stronger FFO going forward and strengthen the quality of our portfolio." The Corporation reported funds from operations ("FFO") of $3.2 million for the three months ended March 31, 2009, representing a 14.5% increase over $2.8 million for the three months ended March 31, 2008. FFO per share was $0.066 ($0.066 diluted) for the three months ended March 31, 2009, representing a 12.1% increase over $0.059 ($0.059 diluted) for the three months ended March 31, 2008. Plazacorp's Summary of FFO for the three months ended March 31, 2009, compared to the three months ended March 31, 2008 are presented below:------------------------------------------------------------------------- 3 Months 3 Months Ended Ended (000's - except per share amounts) March 31, March 31, For the Periods Ended 2009 2008 ------------------------------------------------------------------------- Total revenues $ 11,926 $ 11,443 ------------------------ ------------------------ Basic earnings per share $ 0.023 $ 0.004 ------------------------ ------------------------ Diluted earnings per share $ 0.022 $ 0.004 ------------------------ ------------------------ Income and other comprehensive income $ 1,073 $ 204 Add: (Gain) on disposal of income producing properties and surplus lands (722) - Income tax expense 407 132 Amortization 2,393 2,395 Non-controlling interests 88 101 Interest costs 3,334 3,555 ------------------------ Earnings before interest, taxes, depreciation and amortization (EBITDA) 6,573 6,387 Less: Interest costs (3,334) (3,555) Current income tax expense (15) (15) Non-cash debenture interest 8 10 Non-controlling interest adjustment to FFO (210) (200) Equity accounting adjustment to FFO 133 131 Corporate amortization (4) (6) ------------------------ Basic FFO 3,151 2,752 Interest on dilutive convertible debentures before income tax 1 21 ------------------------ Diluted FFO $ 3,152 $ 2,773 ------------------------ ------------------------ Basic Weighted Average Shares Outstanding 47,628 46,312 ------------------------ ------------------------ Diluted Shares Outstanding 47,845 47,394 ------------------------ ------------------------ Basic FFO per share $ 0.066 $ 0.059 ------------------------ ------------------------ Diluted FFO per share $ 0.066 $ 0.059 ------------------------------------------------------------------------- -------------------------------------------------------------------------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, as at May 26, 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 or Kim Sharpe, Director of Business Development, (506) 451-1826