Business
Genesis achieves record net earnings of $8.7 million in third quarter of 2007
TSX Stock Symbol: GDC CALGARY, Nov. 14 /CNW/ - Genesis Land Development Corp. ("Genesis" or the "...
About this update from Genesis Land Development Corp.
[{"type":"text","content":"\n\n\n\nTSX Stock Symbol: GDC\n\n\nCALGARY, Nov. 14 /CNW/ - Genesis Land Development Corp. ("Genesis" or the\n"Company") is pleased to report financial results for the nine months ended\nSeptember 30, 2007. Over the first nine months of the year, Genesis recorded\ntotal revenues of $76,382,712 as compared to $33,257,397 over the same period\nin 2006. This produced after-tax earnings in 2007 of $18,850,298 or $0.41\nbasic and fully diluted earnings per share vs. $6,607,394 and $0.14 basic and\nfully diluted earnings per share during the first nine months of 2006. For the\nthree months ended September 30, 2007, the Company generated revenues of\n$29,801,153 as compared to $5,392,426 over the same period in 2006, resulting\nin after-tax earnings of $8,710,192 or $0.19 basic and fully diluted earnings\nper share for Q3-2007 while earnings for Q3-2006 were $155,016 or $0.00 basic\nand fully diluted per share.\n\n\nAs at September 30, 2007, Genesis had a cash balance of $14,961,851\ncompared to $13,411,004 at December 31, 2006. Amounts receivable at\nSeptember 30, 2007 were $44,012,314 compared to $16,886,228 at December 31,\n2006, on the strength of 203 lot sales to external builders through the first\nnine months of 2007. Genesis continues to maintain a strong balance sheet at\nSeptember 30, 2007 with a debt to equity ratio of 0.35 exclusive of\nnon-controlling interest and 0.77 inclusive of non-controlling interest. The\nbalance of debt/financings at September 30, 2007 was $39,592,071 compared to\n$20,090,558 at December 31, 2006. Shorter term, land service project financing\naccounts for $33,862,961 of the financings total. These financings are paid\noff as lots associated with the specific financing are sold. Of the remaining\ndebt, Genesis Builders Group ("GBG"), the Company's wholly-owned single-family\nhome building subsidiary, had utilized $4,973,265 of an available $7,500,000\nline of credit as at September 30, 2007.\n\n\nLand Development\n\n\n----------------\n\n\nDuring the third quarter ended September 30, 2007, Genesis sold a total\nof 87 lots to external builders resulting in revenues of $18,006,511. Gross\nmargins during this period were $12,213,979 (68%), with an average price per\nlot of $206,971. Genesis completed a total of 203 external lot sales over the\nnine months ended September 3...