Genesis Reports 2013 First Quarter Results

About this update from Genesis Land Development Corp.

[{"type":"text","content":"\n\n\n\n\n\nCALGARY, May 10, 2013 /CNW/ - Genesis Land Development Corp. (TSX: GDC)\n (the \"Corporation\" or \"Genesis\") is pleased to report its financial and\n operating results for the three months ended March 31, 2013.\n\n\nSummary of achievements\n\n\nGenesis realized a 49% increase in first quarter 2013 revenues to\n $27,610,000 compared to $18,538,000 in the comparative period in 2012.\n\nNet earnings per share was $0.08 in first quarter 2013 from $0.14 in the\n comparable period in 2012.\n\nGenesis reduced its loans and credit facilities liability by nearly half\n to $50,134,000 at March 31, 2013 from $97,224,000 at December 31, 2012.\n\nSingle and multi-family homes sales increased to 40 from 8 in the\n comparative quarter.\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 March 31\n\n\n(number of units)\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n2013\n\n \n\n2012\n\n\nSingle-family residential lots\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n42\n\n \n\n75\n\n\nDevelopment land parcels (acres)\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n10\n\n \n\n-\n\n\nSingle-family homes\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n20\n\n \n\n7\n\n\nMulti-family homes\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n20\n\n\n \n\n\n1\n\n\n \n\n\n\n\n\nSummary of Financial Results \n\n\n\n \n \n \n \n \n \n\n \n\n \n\n \n\n \n\nThree Months Ended March 31,\n\n\n($000s, except as noted)\n\n \n\n \n\n\n \n\n\n2013\n\n\n2012 (2)\n\nFinancial\n\n \n\n \n\n\n \n\n\n \n\n\n \n\n \n\nTotal revenues\n\n \n\n \n\n\n \n\n\n27,610\n\n\n18,538\n\n \n\nGross margin\n\n \n\n \n\n\n \n\n\n8,456\n\n\n10,089\n\n \n\nImpairment of real estate held for\ndevelopment\n\n \n\n \n\n\n \n\n\n-\n\n\n399\n\n \n\nGross margin, before write-downs (3)\n \n\n \n\n\n \n\n\n8,456\n\n\n10,488\n\n \n\nGross margin, before write-downs (%)\n\n \n\n \n\n\n \n\n\n31%\n\n\n57%\n\n\n \n\n\n \n\n \n\n \n\n\n \n\n\n \...

More updates from Genesis Land Development Corp.