Business
Genesis Reports Earnings of $0.11 and $0.25 for the three and six months ended June 30, 2012:
CALGARY, Aug. 9, 2012 /CNW/ - Results of Operations Genesis Land Development Corp...
About this update from Genesis Land Development Corp.
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, Aug. 9, 2012 /CNW/ -\n\n\nResults of Operations\n\n\nGenesis Land Development Corp. (\"Genesis\" or the \"Corporation\") reports\n net earnings of $4.8 million and $11 million or $0.11 and $0.25 (basic\n and fully diluted) earnings per share on total revenues of $31.5\n million and $53.7 million for the three and six months ended June 30,\n 2012.\n\n\nThe Corporation achieved the following sales:\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\n \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\n\n \n\n\n \n\n\n(Number of units)\n\n\n     \n\n\n(Number of units)\n\n\nSingle-family residential lots\n\n\n \n\n\n \n\n\n100\n\n\n \n\n\n32\n\n\n \n\n\n175\n\n\n \n\n\n114\n\n\nSingle-family homes\n\n\n \n\n\n \n\n\n31\n\n\n \n\n\n21\n\n\n \n\n\n38\n\n\n \n\n\n30\n\n\nMulti-family homes\n\n\n \n\n\n \n\n\n0\n\n\n \n\n\n1\n\n\n \n\n\n1\n\n\n \n\n\n3\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\nRepayment of debt\n\n\nDuring the three and six months ended June 30, 2012, the Corporation\n reduced its debt by $4 million and $10.7 million, a total reduction of\n 12.13% since year end. Total debt at June 30, 2012 was $78 million.\n\n\nOutlook\n\n\nThe Calgary market appears set for a period of stable growth after\n experiencing significant improvements year over year. Genesis has an\n inventory of 359 fully serviced lots, 9 professionally staged show\n homes and a supply of approved lands within the Calgary Metropolitan\n Area (\"CMA\"). This endowment serves Genesis well in a stable market\n while also allowing for adjustments should the market fluctuate.   The\n focus of the Corporation in 2012 continues to be the optimization of\n operations, reduction of non-project debt and increased home sales.\n\n\nFINANCIAL SUMMARY\nAs at and for the three and six months ended June 30, 2012 and 2011\n(all tabular amounts are in thousands of dollars except per share\n amounts and numbe...