TORONTO, ON / ACCESSWIRE / May 28, 2019 / Findev Inc. ("Findev" or the "Corporation") (TSX-V: FDI) has released its 2019Q1 financial results.
During the quarter ended March 31, 2019 (2019Q1), key financial highlights are as follows;
- Revenues: increased 15.8% over 2018Q1 to $467,530;
- General and administrative expenses: declined 11.1% over 2018Q1 to $48,451;
- Operating income: increased 23.4% or $81,628 over 2018Q1 to $430,763;
- Net income: increased 23.4% or $81,628 over 2018Q1 to $430,763;
- Shareholders' equity has increased 4.5% after having paid out approximately 6.25% in dividends; and
- Loan portfolio has increased 7.7% to $16,674,595 after reserves.
In addition to the above highlights, the Corporation declared its tenth consecutive dividend in March, which was paid out in April 2019.
About Findev
Findev is a publicly traded real estate finance company focused on financing real estate developers with shorter-term loans of one to five years during the development or redevelopment process. Loans are secured by investment properties and real estate developments throughout the Greater Toronto Area. Findev's unique market advantages include its expertise in real estate development and access to its real estate development partners. As a result, Findev is uniquely suited to assist developers engaged in challenging projects. For further information please visit Findev's website at www.findev.ca.
On behalf of the Corporation,
Sruli Weinreb, CEO
(647) 789 - 5188
sweinreb@findev.ca
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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Forward-Looking Statements
Certain statements in this document may constitute "forward-looking" statements, which involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this document, such statements use words like "may", "will", "expect", "continue", "believe", "plan", "intend", "would", "could", "should", "anticipate" and other similar terminology. These statements reflect current assumptions and expectations regarding future events and operating performance and speak only as of the date of this document. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the "Risk Factors" section of the Corporation's most recently filed Management Discussion and Analysis which is available on SEDAR at www.sedar.com.
Although the forward-looking statements contained in this document are based upon what we believe are reasonable assumptions, we cannot assure investors that our actual results will be consistent with these forward-looking statements. We assume no obligation to update or revise these forward-looking statements to reflect new events or circumstances, except as required by securities law.
SOURCE: Findev Inc.
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