Business
Genesis achieves net earnings of $1.98 million in first three months of 2010
Genesis achieves net earnings of $1.98 million in first three months of 2010
About this update from Genesis Land Development Corp.
[{"type":"text","content":"\n\n\n\n May 14, 2010 (Canada NewsWire Group) -- Genesis Land Development Corp. ("Genesis" or the "Company") is pleased to report financial results for the three months ended March 31, 2010. Over the first three months of the year, Genesis recorded total revenues of $18,058,434 as compared to $16,603,403 over the same period in 2009. This produced after-tax earnings in 2010 of $1,983,592 or $0.04 basic and fully diluted earnings per share vs. $2,362,098 and $0.05 basic and fully diluted earnings per share during the first three months of 2009. In the first quarter of 2010, Genesis wrote down $83,210 of real estate held for development and sale in the first three months of 2009, the Company wrote down $245,963 of real estate.\nAs at March 31, 2010, Genesis had a book value of $301,520,864 for real estate held for development and sale. Of this total, land held for future development was $169,623,052, land under development was $117,180,618 and housing projects under development was $14,717,194 all net of total cumulative write-downs to date on all real estate of $14,556,618. As per the third party net asset value appraisal announced on April 15, 2010, Genesis had total landholdings with a fair market value at December 31, 2009 of $513,500,000. Net of deferred financing fees, the balance of financings at March 31, 2010 was $110,202,694 as compared to $115,210,055 at March 31, 2009.\n\n\n >\n\n\nDuring the first three months of 2010, Genesis sold a total of 17 lots to external builders resulting in revenues of $3,204,813. Gross margins during this period were $1,716,957 (54%), with an average price per lot of $188,518. Genesis completed a total of 30 external lot sales over the three months ended March 31, 2009 resulting in revenues of $5,482,227 with an average price per lot of $182,741. Gross margins during the first three months of 2009 were $3,329,186 (61%).\nIn the second quarter of 2010, Genesis has re-commenced servicing of three distinct communities of Saddlestone (NE Calgary), Sage Meadows (NW Calgary) and Bayside Phase 7 (Airdrie). There are lot 75 pre-sales to external builders in place in Sage Meadows, with lot draws for 100 lots in Saddlestone, 40 lots in Bayside Phase 9, 15 lot in Bayside 7 targeted for the spring/summer. Genesis continues to also sell lots externally from its existing inventory of ...