Genesis Reports 2012 Fourth Quarter Annual Results

About this update from Genesis Land Development Corp.

[{"type":"text","content":"\n\n\n\n\n\nCALGARY, March 20, 2013 /CNW/ - Genesis Land Development Corp. (TSX:\n GDC) (the \"Corporation\" or \"Genesis\") is pleased to report its\n financial and operating results for the year ended December 31, 2012.\n\n\nSummary of achievements\n\n\n\nGenesis realized a 48% increase in revenues to $141,582,000.\n\n\nAdjusted net earnings per share (adding back after-tax write-down)\n increased to $0.51 in 2012 from $0.29 in 2011.\n\n\nA major sale of 34.35 acres in the Sage Hill Crossing property amounting\n to $32,526,000.\n\n\n\n\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nSummary of Results \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n \n\n\n \n\n\nThree Months Ended\nDecember 31,\n\n\n \n\n\nYear Ended\nDecember 31,\n\n\n\n\n($000s, except as noted)\n\n\n \n\n\n2012\n\n\n \n\n\n2011\n\n\n \n\n\n2012\n\n\n \n\n\n2011\n\n\n\n\nFinancial\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n \n\n\nTotal revenues\n\n\n \n\n\n57,706\n\n\n \n\n\n25,668\n\n\n \n\n\n141,582\n\n\n \n\n\n95,760\n\n\n\n\n \n\n\nCost of sales excluding impairment losses\n\n\n \n\n\n43,092\n\n\n \n\n\n16,109\n\n\n \n\n\n94,265\n\n\n \n\n\n63,494\n\n\n\n\n \n\n\nImpairment (recovery) of real estate held for\ndevelopment and sale\n\n\n \n\n\n34,216\n\n\n \n\n\n3,603\n\n\n \n\n\n33,146\n\n\n \n\n\n2,474\n\n\n\n\n \n\n\nGross margin\n\n\n \n\n\n(19,602)\n\n\n \n\n\n5,956\n\n\n \n\n\n14,171\n\n\n \n\n\n29,792\n\n\n\n\n \n\n\nGross margin, before write-downs\n\n\n \n\n\n14,614\n\n\n \n\n\n9,559\n\n\n \n\n\n47,317\n\n\n \n\n\n32,266\n\n\n\n\n \n\n\nGross margin, before write-downs (%)\n\n\n \n\n\n25%\n\n\n \n\n\n37%\n\n\n \n\n\n33%\n\n\n \n\n\n34%\n\n\n\n\n \n\n\nNet earnings(1) attributable to shareholders \n\n\n \n\n\n(7,126)\n\n\n \n\n\n2,057\n\n\n \n\n\n8,861\n\n\n \n\n\n11,060\n\n\n\n\n \n\n\nNet earnings(1) per share - basic and diluted\n\n\n \n\n\n(0.16)\n\n\n \n\n\n0.05\n\n\n \n\n\n0.20\n\n\n \n\n\n0.25\n\n\n\n\nAdjuste...

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