Wilmington Announces First Quarter Results for 2011
10 Giugno 2011 - 1:23AM
Marketwired
Wilmington Capital Management Inc. (TSX: WCM.A)(TSX: WCM.B) today
announced net income for the three months ended March 31, 2011 of
$20.3 million compared to a net loss of $71,000 for the same period
in 2010. Net income per Class A and Class B share for the three
months ended March 31, 2011 was $2.56, compared to a net loss of
$0.01 per share for the same period in 2010.
On January 7, 2011, all of the issued and outstanding common
shares of Parkbridge Lifestyle Communities Inc. were acquired by
the British Columbia Investment Management Corporation for $7.30 in
cash per common share. Pursuant to this transaction, Wilmington
received $40.6 million in proceeds, realized a pre-tax gain of
$23.6 million and repaid its $14.6 million loan payable facility
relating to the Parkbridge shares.
During the three months ended March 31, 2011, 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 and bearing interest at 7% per annum. The
bridge loan and accrued interest was fully repaid in the second
quarter of 2011.
Wilmington also owns land leased to commercial property owners
which is located at 370 Third Street in San Francisco, California.
During the fourth quarter of 2010, 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 Corporation's wholly owned subsidiary which
owns the property.
Beginning January 1, 2011, the Corporation has prepared its
financial statements in accordance with IFRS. Accordingly, certain
adjustments were made to comply with IFRS for the current and
comparable periods.
The Corporation's principal objective is to generate
appreciation in value from its investments as opposed to current
income. Accordingly, net income, excluding gains and losses, is
expected to be minimal.
FINANCIAL HIGHLIGHTS
As reported under International Financial Reporting Standards
CONSOLIDATED STATEMENTS OF OPERATIONS
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Unaudited Three months ended March 31
(Thousands of Canadian Dollars, except
per share amounts) 2011 2010
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Income
Investment and other income $ 82 $ 2
Income from investment property 292 304
Foreign exchange gain 8 ---
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382 306
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Expenses
Interest 293 338
General and administrative 66 42
Foreign exchange loss --- 20
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359 400
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Income before gain, equity accounted
investment and income tax expense
(benefit)
23 (94)
Gain on sale of Parkbridge Lifestyle
Communities Inc. 23,581 ---
Share of net loss from equity account
investment (190) ---
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Income (loss) before income taxes 23,414 (94)
Income tax expense (benefit) 3,086 (23)
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Net Income (loss) $ 20,328 $ (71)
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Net income (loss) per share - basic $ 2.56 $ (0.01)
Net income (loss) per share - diluted $ 2.56 $ (0.01)
CONSOLIDATED BALANCE SHEET
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Unaudited
(Thousands of Canadian Dollars) Mar 31, 2011 Dec 31, 2010
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Assets
Non-current assets
Investment property $ 18,002 $ 18,507
Investment in associate 7,129 4,819
Investments in Parkbridge Lifestyle
Communities Inc. --- 40,466
Deferred tax asset 64 ---
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25,195 63,792
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Current assets
Loan to associate 1,625 ---
Receivables and other assets 87 67
Cash and cash equivalents 24,073 2,085
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25,872 2,239
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Total assets $ 50,980 $ 65,944
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Liabilities
Non-current liabilities
Secured debt $ 18,425 $ 18,949
Loan payable 1,478 16,103
Deferred tax liabilities --- 3,431
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19,903 38,483
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Current liabilities
Accounts payable and accrued liabilities 656 588
Income taxes payable 3,348 ---
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4,004 588
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Total liabilities 23,907 39,071
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Equity
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Shareholders' equity 27,073 26,873
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Total liabilities and equity $ 50,980 $ 65,944
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
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Unaudited Three months ended March 31
(Thousands of Canadian Dollars) 2011 2010
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Net income (loss) $ 20,328 $ (71)
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Foreign currency translation 1 ---
Available for sale securities (23,414) 2,226
Future income taxes on above items 3,285 (279)
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Other comprehensive income (loss) (20,128) 1,947
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Comprehensive income $ 200 $ 1,876
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Executive Officers of the Corporation will be available at
403-800-0869 to answer any questions on the Corporation's financial
results.
This news release contains forward-looking statements concerning
the corporation's business and operations. The corporation cautions
that, by their nature, forward-looking statements involve risk and
uncertainty and the Corporation'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. Francis Cooke
Treasurer (403) 800-0869
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