This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:MI Developments Inc. announces 2009 third quarter results 2009-11-10 20:09 ET - News Release AURORA, ON, Nov. 10 /CNW/ - MI Developments Inc. (TSX: MIM.A, MIM.B; NYSE: MIM) ("MID" or the "Company") today announced its results for the three and nine months ended September 30, 2009. All figures are in U.S. dollars.
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REAL ESTATE BUSINESS(1)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------- -------------------------
(in thousands, except
per share figures) 2009 2008 2009 2008
--------------------- ------------ ------------ ------------ ------------
Revenues............. $ 57,012 $ 55,312 $ 165,992 $ 164,646
Net income
attributable to MID. $ 28,027 $ 42,662 $ 84,517 $ 99,800
Funds from operations
("FFO")(2).......... $ 38,610 $ 53,618 $ 114,996 $ 133,159
Diluted FFO per
share(2)............ $ 0.83 $ 1.15 $ 2.46 $ 2.85
MID CONSOLIDATED(1)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------- -------------------------
(in thousands, except
per share figures) 2009(3) 2008 2009(3) 2008
--------------------- ------------ ------------ ------------ ------------
Revenues
Real Estate Business $ 57,012 $ 55,312 $ 165,992 $ 164,646
Magna Entertainment
Corp. ("MEC")(3),(4) - 81,577 152,935 477,343
Eliminations(3)..... - (10,163) (9,636) (26,914)
------------ ------------ ------------ ------------
$ 57,012 $ 126,726 $ 309,291 $ 615,075
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
Net income (loss)
attributable to MID
Real Estate
Business.......... $ 28,027 $ 42,662 $ 84,517 $ 99,800
MEC - continuing...
operations(3)..... - (27,112) (54,763) (46,901)
Eliminations(3).... - (641) (107) (321)
------------ ------------ ------------ ------------
Income from
continuing
operations....... 28,027 14,909 29,647 52,578
MEC - discontinued
operations(3),(5) - 1,920 864 (10,387)
------------ ------------ ------------ ------------
$ 28,027 $ 16,829 $ 30,511 $ 42,191
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
Diluted earnings
attributable to MID
per share from
continuing
operations......... $ 0.60 $ 0.32 $ 0.63 $ 1.12
Diluted earnings
attributable to MID
per share.......... $ 0.60 $ 0.36 $ 0.65 $ 0.90
(1) As discussed further in Management's Discussion and Analysis of
Results of Operations and Financial Position under "ADOPTION OF
UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES" included in
this press release, the Company adopted United States generally
accepted accounting principles ("U.S. GAAP") as its primary basis of
financial reporting commencing January 1, 2009 on a retrospective
basis. In conjunction with the adoption of U.S. GAAP, the Company
also adopted the definition of FFO prescribed in the United States
effective January 1, 2009 on a retrospective basis. The results of
operations for the three and nine months ended September 30, 2008
have been restated to reflect the adoption of U.S. GAAP and the
definition of FFO prescribed in the United States.
(2) FFO and diluted FFO per share are measures widely used by analysts
and investors in evaluating the operating performance of real estate
companies. However, FFO does not have a standardized meaning under
generally accepted accounting principles ("GAAP") and therefore may
not be comparable to similar measures presented by other companies.
Please refer to Management's Discussion and Analysis of Results of
Operations and Financial Position under "REAL ESTATE BUSINESS -
Results of Operations - Funds From Operations" included in this press
release.
(3) As discussed further in Management's Discussion and Analysis of
Results of Operations and Financial Position under the section
"SIGNIFICANT MATTERS - MEC Chapter 11 Filing and Related Claims
Against MID - Deconsolidation of MEC" included in this press release,
on March 5, 2009 (the "Petition Date"), MEC and certain of its
subsidiaries (collectively, the "Debtors") filed voluntary petitions
for reorganization under Chapter 11 of the United States Bankruptcy
Code (the "Bankruptcy Code") in the United States Bankruptcy Court
for the District of Delaware (the "Court") and were granted
recognition of the Chapter 11 proceedings from the Ontario Superior
Court of Justice under section 18.6 of the Companies' Creditors
Arrangement Act (the "CCAA") in Canada. As a result of the Debtors'
Chapter 11 filing, the Company has concluded that, under GAAP, it
ceased to have the ability to exert control over MEC on or about
March 5, 2009. Accordingly, the Company's investment in MEC has been
deconsolidated from the Company's results beginning on March 5, 2009.
The Company's results of operations for the three months ended
September 30, 2009 do not include the results of MEC and for the nine
months ended September 30, 2009 include MEC's results of operations
for the period up to March 5, 2009. Transactions between the Real
Estate Business and MEC have not been eliminated in the presentation
of each segment's results of operations. However, the effects of
transactions between these two segments prior to March 5, 2009 are
eliminated in the consolidated results of operations of the Company.
(4) Excludes revenues from MEC's discontinued operations.
(5) Discontinued operations represent MEC's discontinued operations, net
of certain related consolidation adjustments. MEC's discontinued
operations for the nine months ended September 30, 2009 and for the
three and nine months ended September 30, 2008 include the operations
of Remington Park, Thistledown, Portland Meadows and Magna
Racino(TM). In addition, MEC's discontinued operations for the three
and nine months ended September 30, 2008 include the operations of
Great Lakes Downs, which was sold in July 2008.
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