Plazacorp announces second quarter 2009 financial results and officer appointments
Aug 25, 2009
FREDERICTON, Aug. 25 /CNW/ - Plazacorp Retail Properties Ltd. (PLZ:TSX
Venture) today announced its results for the six months ended June 30, 2009.
Michael Zakuta, Plazacorp's President and CEO, said, "We continue to be
pleased with the positive results for the second quarter and for our
year-to-date results. 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 8 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 $3.3 million
for the three months ended June 30, 2009, representing an 11.5% increase over
$2.9 million for the three months ended June 30, 2008. FFO per share was
$0.068 ($0.068 diluted) for the three months ended June 30, 2009, representing
a 7.9% increase over $0.063 ($0.062 diluted) for the three months ended June
30, 2008.
The Corporation reported funds from operations ("FFO") of $6.4 million
for the six months ended June 30, 2009, representing a 12.9% increase over
$5.7 million for the six months ended June 30, 2008. FFO per share was $0.134
($0.134 diluted) for the six months ended June 30, 2009, representing a 9.8%
increase over $0.122 ($0.120 diluted) for the six months ended June 30, 2008
Plazacorp's Summary of FFO for the three and six months ended June 30,
2009, compared to the three and six months ended June 30, 2008 are presented
below:-------------------------------------------------------------------------
3 Months 3 Months 6 Months 6 Months
(000's - except per share Ended Ended Ended Ended
amounts) June 30, June 30, June 30, June 30,
For the Periods Ended 2009 2008 2009 2008
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Total revenues $ 12,219 $ 11,849 $ 24,145 $ 23,292
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Basic earnings per share $ 0.015 $ 0.007 $ 0.037 $ 0.011
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Diluted earnings per share $ 0.015 $ 0.007 $ 0.037 $ 0.011
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Income and other comprehensive
income $ 708 $ 316 $ 1,781 $ 520
Add (deduct):
Loss (gain) on disposal of
income producing properties and
surplus lands 19 80 (703) 80
Income tax expense 76 214 483 346
Amortization 2,499 2,404 4,892 4,799
Non-controlling interests 81 115 169 215
Interest costs 3,453 3,514 6,786 7,069
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Earnings before interest, taxes,
depreciation and amortization
(EBITDA) 6,836 6,643 13,408 13,029
Add (deduct):
Interest costs (3,453) (3,514) (6,786) (7,069)
Current income tax expense (15) (15) (30) (30)
Non-cash debenture interest 8 10 16 20
Non-controlling interest
adjustment to FFO (217) (331) (427) (531)
Equity accounting adjustment to
FFO 117 148 249 279
Corporate amortization (4) (6) (8) (11)
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Basic FFO 3,272 2,935 6,422 5,687
Interest on dilutive convertible
debentures before income tax - 21 - 41
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Diluted FFO $ 3,272 $ 2,956 $ 6,422 $ 5,728
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Basic Weighted Average Shares
Outstanding 47,983 46,697 47,807 46,504
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Diluted Shares Outstanding 48,125 47,095 47,971 46,916
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Basic FFO per share $ 0.068 $ 0.063 $ 0.134 $ 0.122
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Diluted FFO per share $ 0.068 $ 0.062 $ 0.134 $ 0.120
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-------------------------------------------------------------------------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 also pleased to announce the
appointment of James M Petrie, B.B.A., LL.B., LL.M. as Vice President and
General Counsel and Lynda M Savoie, B.B.A., C.A. as Corporate Secretary.
Mr. Petrie joined Plazacorp in 2004 and since that time has held the role
of Secretary and Corporate Counsel. Prior to joining Plazacorp, Mr. Petrie
practiced law as a partner of a major Atlantic Canadian law firm. Mr. Petrie
is a member of the New Brunswick and Alberta bars.
Ms. Savoie joined Plazacorp in 1998 and has held various roles within the
Company, most recently as Director, Corporate Affairs and Assistant Corporate
Secretary. Prior to joining Plazacorp, Ms. Savoie was employed by a national
accounting firm. Ms. Savoie received her Chartered Accountant designation in
1996.
Plazacorp Retail Properties Ltd. is an owner of shopping malls and strip
plazas throughout Atlantic Canada, Quebec and Ontario. Plazacorp, as at August
25, 2009, owns interests in 98 properties comprising 4.4 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 contact: Earl Brewer, Chairman; Kim Sharpe, Director of Business Development, (506) 451-1826