SECOND QUARTER RESULTS
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EDMONTON, July 26 /CNW/ - Melcor Developments Ltd., an Alberta based real
estate development company achieved net earnings of $15,017,000 or $0.49 per
share (basic) on revenue of $72,378,000 for the six months ended June 30, 2006
compared to net earnings of $7,870,000 or $0.26 per share (basic) on revenue
of $39,688,000 for the same period in 2005. Diluted earnings per share were
$0.48 for the six months ended June 30, 2006 compared to $0.26 during the same
period in the prior year.
Earnings for the three months ending June 30, 2006 were $7,912,000 or
$0.26 per share ($0.25 per share diluted) compared to earnings of $5,297,000
or $0.17 per share ($0.17 per share diluted) during the same period in 2005.
Revenue for the second quarter was $37,950,000 compared to the second quarter
in 2005 when revenues were $24,095,000.
The company paid a semi-annual dividend of $0.15 per share on June 30,
2006 to shareholders of record on June 16, 2006. This compares to a
semi-annual dividend of $0.075 per share paid in June 30, 2005.
Significant acquisitions and other events during the second quarter
include:
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- The Company purchased 164 acres of land during the quarter for a
total of 568 acres year to date;
- The Company has removed conditions (with closing in Q3) to purchase a
50% joint venture interest in 433 acres of residential land adjoining
the Town of Sylvan Lake, just west of the City of Red Deer;
- The Company is actively evaluating other property acquisitions
opportunities in all regions and divisions. Several of these
opportunities are expected to close later this year;
- The City of Calgary and the County of Rockyview have reached a
preliminary mediated annexation agreement which is expected to be
finalized in 2006. This agreement will have a positive effect on some
significant land holdings of the Company which lie within the
annexation area; and
- Assets of the Company have grown from $396 million at
December 31, 2005 to $431 million at June 30, 2006.
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