Q2 Revenue Increases 109%
TSX-Venture - IIP
TORONTO, April 22 /CNW/ - InterRent International Properties
Inc.,("InterRent" or the "Company"), today released unaudited financial
results for the quarter and six months ended February 28, 2005. Revenues for
the quarter, increased to $779,394 from $369,520 in the same quarter of 2004,
an increase of 109%. For the six months, revenues were $1,422,507 compared to
$901,782, an increase of 58% over the same fiscal period in the prior year.
Revenues increased by $136,281 or 21% over the first quarter of 2005. The
Company recorded a net loss of $15,450 for the quarter ($0.00/share) compared
to a net gain of $1,518 ($0.00/share) in the second quarter of the prior year.
Funds from operations (FFO) a non-GAAP measure of financial performance used
by many public real estate companies, was $41,256 ($0.00/share) for the second
quarter, compared $57,284 ($0.01/share) in the second quarter of 2004, and a
negative ($21,719) in the first quarter of 2005. For the first six months of
2005 FFO was $19,537 ($0.00/share) compared to $97,879 ($0.01/share) for the
first six months of 2004.
<<
For the three months For the six months
ended February 28 ended February 28
2005 2004 2005 2004
---------------------------------------------------
Revenue $ 779,394 $ 369,520 $ 1,422,507 $ 901,782
Expense 794,844 368,002 1,623,640 746,884
Net Income(Loss) (15,450) 1,518 (201,133) 154,898
Net Income(Loss)/Share ($0.001) $ 0.000 ($0.012) $ 0.020
Cashflow 41,256 57,284 19,537 97,879
Cashflow/share $ 0.001 $ 0.007 $ 0.000 $ 0.012
Michael Newman President & CEO of InterRent, commenting on the results
for the quarter stated "In this quarter we saw a significant increase in our
revenues over last year as a result of acquisitions undertaken through fiscal
2004 and the first quarter of 2005. Operating expenses rose at roughly the
same rate, partly due to higher utility costs and rising property taxes, but
in great measure due to the administrative infrastructure being put into place
to manage the tremendous growth we are currently experiencing in the size of
our portfolio as a result of our recent equity raise of $8.0 million. As the
newly acquired properties come on line and are stabilized we expect both
revenues and income to be positively affected."
InterRent is a rapidly expanding, growth oriented real estate company
engaged in building shareholder value through the acquisition, ownership and
operation of strategically located income producing multi-residential real
estate within the Greater Toronto Area (GTA), and other major Ontario
population centers with 827 apartment suites under ownership or binding
agreements of purchase.
Certain information in this press release may contain forward-looking
statements. This information is based on current expectations that are subject
to significant risks and uncertainties that are difficult to predict. Actual
results might differ materially from results suggested in any forward-looking
statements. The Company assumes no obligation to update the forward-looking
statements, or to update the reasons why actual results could differ from
those reflected in the forward looking-statements unless and until required by
securities laws applicable to the Company. Additional information identifying
risks and uncertainties is contained in the Company's filings with the
Canadian securities regulators, which filings are available at www.sedar.com.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
>>
%SEDAR: 00010579E
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