Genesis Reports 2013 Second Quarter Results

About this update from Genesis Land Development Corp.

[{"type":"text","content":"\n\n\nCALGARY, Aug. 14, 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 and six months ended June 30,\n 2013.\n\n\nSummary\n\n\n\nGenesis realized revenues to $22,402,000 in the three months ended June\n 30, 2013 compared to $30,150,000 in the comparative period in 2012. In\n the six months ended June 30, 2013 Genesis realized revenues of\n $50,012,000 compared to $48,688,000 in the comparative period in 2012.\n\n\n\n\nSingle and multi-family homes sales increased to 82 in the six months\n ended June 30, 2013 from 39 in the comparative period of 2012.\n\n\n\n\nNet earnings per share were $0.04 and $0.12 in the three and six months\n ended June 30, 2013 compared to $ 0.11 and $0.25 in the comparative\n periods in 2012.\n\n\n\n\nGenesis reduced its loans and credit facilities liability to $47,942,000\n at June 30, 2013 from $97,224,000 at December 31, 2012. Debt to gross\n book value at June 30, 2013 was 15.0% compared to 26.4% at December 31,\n 2012.\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\n \n\n\nThree months ended June 30,\n\n\n \n\n\nSix months ended June 30,\n\n\n\n\n(number of units)\n\n\n \n\n\n2013\n\n\n \n\n\n2012\n\n\n \n\n\n2013\n\n\n \n\n\n2012\n\n\n\n\nSingle-family residential lots\n\n\n \n\n\n29\n\n\n \n\n\n89\n\n\n \n\n\n71\n\n\n \n\n\n164\n\n\n\n\nDevelopment land parcels (acres)\n\n\n \n\n\n2\n\n\n \n\n\n-\n\n\n \n\n\n12\n\n\n \n\n\n-\n\n\n\n\nSingle-family homes\n\n\n \n\n\n25\n\n\n \n\n\n31\n\n\n \n\n\n45\n\n\n \n\n\n38\n\n\n\n\nMulti-family homes\n\n\n \n\n\n17\n\n\n \n\n\n-\n\n\n \n\n\n37\n\n\n \n\n\n1\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 \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 \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\n\n \n\n\nThree Months Ended \nJune 30,\n\n\n \n\n\nSix Months Ende...

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