Business
Genesis achieves record net earnings of $24.79 million in first six months of 2010
Genesis achieves record net earnings of $24.79 million in first six months of 2010
About this update from Genesis Land Development Corp.
[{"type":"text","content":"\n\n\n\n Aug. 9, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nTSX Stock Symbol: GDC\n\nCALGARY, Aug. 9 /CNW/ - Genesis Land Development Corp. ("Genesis" or the "Company") is pleased to report financial results for the six months ended June 30, 2010. Over the first six months of the year, Genesis recorded total revenues of $84.50 million as compared to $47.72 million over the same period in 2009. This produced after-tax earnings of $24.79 million or $0.56 basic and fully diluted earnings per share vs. $6.75 million or $0.15 basic and fully diluted earnings per share during the first six months of 2009.\nFor the three months ended June 30, 2010, the Company generated revenues of $66.44 million as compared to $31.12 million over the same period in 2009, resulting in after-tax earnings of $22.80 million or $0.52 basic and $0.51 fully diluted earnings per share for Q2-2010. Earnings for Q2-2009 were $4.39 million or $0.10 basic and fully diluted per share. The second quarter results for 2010 were buoyed by the $35 million sale of +/- 147 acres of fully approved lands in North Calgary. This sale produced gross margins of $23.5 million before taxes.\nGenesis continues to strengthen its balance sheet in 2010. As at June 30, 2010, the Company's financings were $85.75 million as compared to $115.21 million at December 31, 2009.\nMr. Gobi Singh is quoted as saying: "I am very excited about achieving record earnings; however management's focus continues to be debt repayment. These strategic sales are a part of our ongoing plan to reduce overall corporate indebtedness and surface shareholder value through a strengthened balance sheet".\n\n\n >\n\n\nDuring the first six months of 2010, the Corporation sold two residential development land parcels in the city of Calgary, Alberta for a combined total of $39.06 million. Revenues from the Corporation's sale of serviced residential lots during the first six months of 201...