Mr. Rick Baxter reports
PARKIT ANNOUNCES RESULTS FOR THE SECOND QUARTER OF 2015
Parkit Enterprise Inc. has released its financial and operational results for the six-month period ended April 30, 2015.
Highlights:
- On April 22, 2015, announced the formation of a joint venture investment
vehicle that will seek to acquire and aggregate
approximately $500-million in income-producing parking assets;
-
Sale of Canopy and Expresso parking facilities into the joint venture
resulted in gains of $13.4-million and $1.2-million, respectively, after
adjusting for minority interests;
-
Net assets increased to $20.4-million ($800,000 as at April 30,
2014), reflecting the completion of the joint venture;
-
Second quarter property revenue of $2.7-million, a 20-per-cent increase when
compared with the second quarter of 2014.
"I am pleased with Parkit's results for the second quarter, which demonstrate both revenue growth and a focus on cost control," stated Rick Baxter, the company's chief executive officer. "However, while these results do provide evidence of the quality of the assets, they do not fully capture the scope of our business, which has undergone significant changes since the final week of the second quarter. The joint venture announced on April 22 is a transformative transaction, crystalizing the value of our prior investments and establishing a profitable foundation for our long-term development. While the impact of this transaction is visible on Parkit's balance sheet, which witnessed a $19.6-million increase in our net assets relative to this point last year, the joint venture's benefits have not yet been fully realized in our income statement. I look forward to sharing Parkit's results for the third quarter."
Please refer to Parkit's interim financial statements, and management's discussion and analysis on SEDAR for detailed financial information and analysis.
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