Business
GENESIS ACHIEVES RECORD NET EARNINGS OF $25.8 MILLION AND RETIRES DEBT OF $50.8 MILLION IN FIRST NINE MONTHS OF 2010
GENESIS ACHIEVES RECORD NET EARNINGS OF $25.8 MILLION AND RETIRES DEBT OF $50.8 MILLION IN FIRST ...
About this update from Genesis Land Development Corp.
[{"type":"text","content":"\n\n\n\n Nov. 3, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\nTSE Stock Symbol: GDC\n\nCALGARY, Nov. 3 /CNW/ - Genesis Land Development Corp. ("Genesis" or the "Company") is pleased to report net earnings of $25.8 million or $0.58 (basic and fully diluted) earnings per share on total revenues of $102.3 million for the nine months ended September 30, 2010 as compared to net earnings of $7.5 million or $0.17 (basic and fully diluted) earnings per share on $68.3 million of revenue over the same period in 2009. Net earnings for the three months ended September 30, 2010 were $1.0 million or $0.02 (basic and fully diluted) earnings per share on revenues of $17.8 million as compared to net earnings of $0.7 million or $0.02 (basic and fully diluted) earnings per share on revenues of $20.6 million over the same period in 2009.\nFor the first nine months of 2010, Genesis retired approximately $50.8 million of its debt. As at September 30, 2010, the Company's financings were $64.4 million as compared to $115.2 million at December 31, 2009.\nAs a result of weather delays, contracted pre-sales of approximately $33.2 million could not be recognized. These pre-sales represented 176 of the 320 lots under development in the Calgary communities of Saddlestone and Sage Meadows. After the third quarter, Saddlestone servicing has been substantially completed and Genesis will recognize $19.2 million of revenue in Q4-2010. Servicing of Sage Meadows is almost complete with $14.0 m...