Mr. James Cohen reports
GENDIS INC. ANNOUNCES THIRD QUARTER RESULTS
Gendis Inc. today released its financial results for the third quarter ended Oct. 31, 2016.
Revenue for the third quarter was $1,198,000, compared with $1,269,000 for last year. Revenue less expense for the third quarter was a loss of $107,000, compared with a profit of $544,000 for last year. Net earnings for the third quarter were $1,188,000 (nine cents per share), compared with a loss of $6,546,000 (50 cents per share) for last year.
Revenue year to date was $3,741,000, compared with $4,144,000 year to date last year. Revenue less expense year to date was $528,000, compared with $1,089,000 year to date last year. Net earnings year to date were $9,015,000 (70 cents per share), compared with a net loss of $10,391,000 (80 cents per share) year to date last year.
The volatility in net earnings quarter over quarter and year over year is primarily due to the change in fair value of investment in securities, primarily the company's investment in Veresen and investment properties with the attendant effect on deferred income taxes.
CONDENSED SUMMARIZED INFORMATION
(in millions of dollars, except per-share amounts)
Quarter ended Year to date ended
Oct. 31, Oct. 31,
2016 2015 2016 2015
Revenue
Lease rental revenue $0.7 $0.8 $2.2 $2.6
Dividends and other income 0.5 0.5 1.5 1.5
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Total revenue 1.2 1.3 3.7 4.1
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Expense
Property 0.9 0.3 2.1 1.9
Administration and finance 0.4 0.4 1.1 1.2
--- ---- ---- ----
Total expense 1.3 0.7 3.2 3.1
--- ---- ---- ----
Total revenue less total expense (0.1) 0.6 0.5 1.0
--- ---- ---- ----
Fair value change
Veresen 2.4 (6.8) 8.4 (9.4)
Osum - - - (0.6)
Other security investments (0.4) - - (0.4)
Investment properties (0.8) (0.3) - (1.7)
--- ---- ---- ----
Total fair value change 1.2 (7.1) 8.4 (12.1)
--- ---- ---- ----
Income tax (expense) recovery 0.1 - 0.1 0.7
--- ---- ---- ----
Net earnings (loss) 1.2 (6.5) 9.0 (10.4)
--- ---- ---- ----
Earnings (loss) per share 0.09 $(0.50) 0.70 $(0.80)
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME
(in thousands of dollars, except per-share amounts)
Quarter ended Year to date ended
Oct. 31, Oct. 31,
2016 2015 2016 2015
Revenue
Lease rentals $683 $744 $2,175 $2,579
Dividends and other income 515 525 1,566 1,565
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Total revenue 1,198 1,269 3,741 4,144
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Expense
Property 928 362 2,070 1,855
Administration 343 332 1,046 1,103
Finance 34 31 97 97
----- ----- ----- -----
Total expense 1,305 725 3,213 3,055
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Total revenue less total expense (107) 544 528 1,089
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Fair value change
Investment properties (783) (293) 25 (1,731)
Investment in securities 1,971 (6,793) 8,358 (10,434)
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Total fair value change 1,188 (7,086) 8,383 (12,165)
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Earnings (loss) before income tax 1,081 (6,542) 8,911 (11,076)
Income tax (expense) recovery 107 (4) 104 685
----- ----- ----- -----
Net earnings (loss) from operations
and comprehensive income (loss) 1,188 (6,546) 9,015 (10,391)
----- ----- ----- -----
Net earnings (loss) from operations
per share 0.09 $(0.50) 0.70 $(0.80)
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