Wilmington Announces 2010 Fourth Quarter Results
24 Marzo 2011 - 9:32PM
Marketwired
Wilmington Capital Management Inc. (TSX: WCM)(TSX: WCM.A)(TSX:
WCM.B) today announced net income of $252,000 for the year ended
December 31, 2010 compared to a net loss of $135,000 for the year
ended December 31, 2009. Net income per Class A and Class B share
for the year ended December 31, 2010 was $0.03, compared to a net
loss of $0.02 per share for the year ended December 31, 2009.
Net income for the three months ended December 31, 2010 was
$68,000 or $0.01 per Class A and Class B share, compared with net
income of $86,000 or $0.01 per share for the same period in
2009.
As at December 31, 2010, Wilmington held an 8% fully diluted
interest in Parkbridge Lifestyle Communities Inc. ("Parkbridge"),
an owner operator of manufactured home and recreational
communities. During the fourth quarter of 2010, Parkbridge
announced that it had entered into an agreement with British
Columbia Investment Management Corporation ("bcIMC") whereby bcIMC
would acquire all the issued and outstanding common shares of
Parkbridge for $7.30 in cash per common share. This equates to a
value of $40.6 million for the investment in Parkbridge. Closing
occurred on January 7, 2011 and loans payable of $14.6 million were
repaid from the $40.6 million received.
Wilmington also owns land leased to commercial property owners
which is located at 370 Third Street in San Francisco, California.
During the fourth quarter, Wilmington reorganized its investment in
this property and entered into a new secured credit facility on
which $1.5 million net is drawn, bears interest at 4% per annum and
is repayable on January 1, 2013. At maturity this credit facility
is payable, at the borrower's discretion, in cash or in shares of
the company's wholly owned subsidiary which owns the property.
The company's objective is to generate appreciation in value
from its existing investments as opposed to current income.
Accordingly, net income is expected to be minimal. In this regard,
as at December 31, 2010, the fair value of the company's investment
in Parkbridge of $40.5 million reflects unrealized capital gains of
$23.4 million.
Subsequent to year end, Wilmington acquired a 46.15% indirect
interest in a portfolio of five self storage facilities and two
development properties in Alberta, British Columbia and Ontario
through the Real Storage Private Trust (the "Trust"). Wilmington's
share of the cash consideration to complete the acquisition
consisted of $2.5 million in additional equity to the Trust and a
$1.625 million bridge loan to the Trust repayable upon demand
bearing interest at 7% per annum.
CONSOLIDATED STATEMENTS OF OPERATIONS
Three months ended Years ended
(unaudited) December 31 December 31
$ thousands, except per share amounts 2010 2009 2010 2009
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Income
Investment and other $ 211 $ 10 $ 631 $ 17
Equity accounted income 42 - 65 -
Foreign exchange gain 34 19 62 -
Income producing property 299 310 1,219 1,334
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586 339 1,977 1,351
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Expenses
Operating 132 22 296 165
Foreign exchange loss - - - 23
Interest 472 350 1,600 1,490
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604 372 1,896 1,678
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Net (loss) income before income taxes (18) (33) 81 (327)
Income tax recovery 86 119 171 192
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Net income (loss) $ 68 $ 86 $ 252 $ (135)
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Net income (loss) per Class A and
Class B share $ 0.01 $ 0.01 $ 0.03 $ (0.02)
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CONSOLIDATED BALANCE SHEETS
(unaudited)
As at December 31 ($ thousands) 2010 2009
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Assets
Cash and cash equivalents $ 2,085 $ 1,569
Investment in Parkbridge Lifestyle
Communities Inc. 40,466 28,109
Income producing property 18,031 19,013
Investment in Real Storage Private
Trust 5,065 -
Other assets 154 143
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$ 65,801 $ 48,834
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Liabilities & Shareholders' Equity
Accounts payable and other liabilities $ 588 $ 700
Future income taxes 3,462 1,933
Secured debt 18,949 19,962
Loans payable 16,103 10,501
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39,102 33,096
Shareholders' equity 26,699 15,738
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$ 65,801 $ 48,834
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three months ended Years ended
(unaudited) December 31 December 31
$ thousands 2010 2009 2010 2009
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Net income (loss) $ 68 $ 86 $ 252 $ (135)
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Other comprehensive income
(loss)
Foreign currency translation (23) (28) (55) (72)
Available-for-sale securities 9,407 6,624 12,357 13,765
Future income taxes on above
items (1,112) (997) (1,593) (2,170)
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8,272 5,599 10,709 11,523
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Comprehensive income $ 8,340 $ 5,685 $ 10,961 $ 11,388
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Executive Officers of the company will be available at (403)
800-0869 to answer any questions on the company's financial
results.
This news release contains forward-looking statements concerning
the company's business and operations. The company cautions that,
by their nature, forward-looking statements involve risk and
uncertainty and the company's actual results could differ
materially from those expressed or implied in such statements.
Reference should be made to the most recent Annual Information Form
for a description of the major risk factors.
Contacts: Wilmington Capital Management Inc. Joe Killi President
& Chief Executive Officer (403) 800-0869
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