Breaking News

Dollar General Reaffirms Commitment to Buying Family Dollar
Tweet TWEET

Genesis Reports Earnings of $0.11 and $0.36 for the three and nine months ended September 30, 2012

Genesis Reports Earnings of $0.11 and $0.36 for the three and nine months 
ended September 30, 2012 
TSE Stock Symbol: GDC 
CALGARY, Nov. 8, 2012 /CNW/ - 
Results of Operations 
Genesis Land Development Corp. ("Genesis" or the "Corporation") reports net 
earnings for the three and nine months ended September 30, 2012 of $5 million 
and $16 million or $0.11 and $0.36 basic and fully diluted earnings per share 
(2011 - $1.9 million and $9 million or $0.04 and $0.20 fully diluted earnings 
per share) on total revenues of $30.2 million and $83.9 million for the three 
and nine months ended September 30, 2012 (2011 - $21.7 million and $70 
million). 
The Corporation achieved the following sales: 


                                                                    
                  Three months ended         Nine months ended
                       September 30,             September 30,      
                  2012   2011              2012         2011        
                  (Number of units)        (Number of units)        

Single-family
residential                                      
lots                66     48               241          162        

Development                                      
land parcels         2      1                 4            5        

Single-family                                    
homes               18     24                56           54        

Multi-family                                     
homes                -      -                 1            3        
                                                                    
                                                                    
                                                   



Repayment of debt and new financing

During the nine months ended September 30, 2012, the Corporation reduced its 
debt by $11 million, a total reduction of 12% since year end. Total debt at 
September 30, 2012 was $77.2 million.

On October 30, 2012, the Corporation entered into a commitment letter in the 
amount of $71.5 million to receive development financing for its Sage Hill 
Crossing commercial project. The financing will be used to repay the existing 
loan amounting to $16.7 million and to complete servicing of Sagehill Crossing 
commercial project. All advances to complete the servicing will be funded on a 
cost to complete basis. A previously disclosed sale to Riocan Real Estate 
Investment Trust in the amount of $31.7 million will be recognized upon 
substantial completion of servicing of the lands under the agreement.

Outlook

The Calgary market appears set for a period of stable growth after 
experiencing significant improvements year over year. Genesis has an inventory 
of 444 fully serviced lots, 9 professionally staged show homes and a supply of 
approved lands within the Calgary Metropolitan Area ("CMA"). These assets 
serve Genesis well in a stable market while also allowing for adjustments 
should the market fluctuate.  The focus of the Corporation in 2012 continues 
to be the optimization of operations, core lands and housing operations.

FINANCIAL SUMMARY As at and for the three and nine months ended September 30, 
2012 and 2011

(all tabular amounts are in thousands of dollars except per share amounts and 
number of outstanding shares)
                                                          
                    Three months ended            Nine months ended
                      September 30,                  September 30,
                     2012       2011           2012            2011

Revenue             30,222      21,724          83,876          70,092

Expenses net of     22,434      19,262          62,008          58,117
finance income

Earnings before      7,788       2,462          21,868          11,975
taxes

Earnings
attributable to      4,956       1,877          15,987           9,003
equity holders

Earnings per share
(basic & fully        0.11        0.04            0.36            0.20
diluted)
                                                                      
                                         September 30,   September 30,
                                               2012            2011

Assets                                         376,714         360,877

Liabilities                                    127,539         124,841

Total equity                                   249,175         236,036

Common Shares                               44,737,603      44,484,287
Outstanding



About Genesis:
Genesis is a Calgary based land development company and residential home 
builder with land holdings in Alberta and British Columbia. Its active 
operations are located primarily in the CMA.

This press release should be read in conjunction with the Condensed 
Consolidated Interim Financial Statements and Management Discussion & Analysis 
of the Corporation for the three and nine months ended September 30, 2012, 
which have been filed on the System for Electronic Document Analysis and 
Retrieval (SEDAR). Copies of these documents may be obtained via SEDAR at 
www.sedar.com

Cautionary Statement Regarding Forward-Looking Information

This press release contains certain statements which constitute 
forward-looking statements or information ("forward-looking statements") 
within the meaning of applicable securities legislation concerning the 
business, operations and financial performance and condition of Genesis. 
Forward-looking statements include, but are not limited to, statements with 
respect to the estimated corporate tax rate and the number of dwelling sites 
that Genesis will actually develop and sell. Generally, these 
forward-looking statements can be identified by the use of forward-looking 
terminology such as "plans", "expects" or "does not expect", "is expected", 
"budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or 
"does not anticipate", or "believes", or variations of such words and phrases 
or state that certain actions, events or results "may", "could", "would", 
"might" or "will be taken", "occur" or "be achieved". Although Genesis 
believes that the anticipated future results, performance or achievements 
expressed or implied by the forward-looking statements are based upon 
reasonable assumptions and expectations, the reader should not place undue 
reliance on forward-looking statements because they involve assumptions, known 
and unknown risks, uncertainties and other factors which may cause the actual 
results, performance or achievements of Genesis to differ materially from 
anticipated future results, performance or achievement expressed or implied by 
such forward-looking statements. Accordingly, Genesis cannot give any 
assurance that its expectations will in fact occur and cautions that actual 
results may differ materially from those in the forward-looking statements. 
Factors that could cause actual results to differ materially from those set 
forth in the forward-looking statements include, but are not limited to, 
general economic conditions; local real estate conditions, including the 
development of properties in close proximity to Genesis' properties; timely 
leasing of newly-developed properties and re-leasing of occupied square 
footage upon expiration; dependence on tenants' financial condition; the 
uncertainties of real estate development and acquisition activity; the ability 
to effectively integrate acquisitions; interest rates; availability of equity 
and debt financing; the impact of newly-adopted accounting principles on 
Genesis' accounting policies and on period-to-period comparisons of financial 
results; economic conditions in Western Canada, not realizing on the 
anticipated benefits from the transaction or not realizing on such anticipated 
benefits within the expected time frame and other risks and factors described 
from time to time in the documents filed by Genesis with the securities 
regulators in Canada available at www.sedar.com., including the Annual 
Information Form under the heading "Risk Factors" and in Genesis' most recent 
interim report under the heading "Management's Discussion and Analysis." 
Furthermore, the forward-looking statements contained in this press release 
are made as of the date of this press release and, except as required by 
applicable law, Genesis does not undertake any obligation to publicly update 
or to revise any of the forward-looking statements, whether as a result of new 
information, future events or otherwise.

Caution should be exercised in the evaluation and use of the appraisal 
results. The appraisal is an estimate of market value at specific dates and 
not a precise measure of value, being based on subjective comparison of 
related activity taking place in the real estate market. The appraisal is 
based on various assumptions of future expectations and while the appraiser's 
assumptions are considered to be reasonable at the current time, some of the 
assumptions may not materialize or may differ materially from actual 
experience in the future.







Contact:Jeff Blair, C.E.O., Genesis Land Development Corp. Tel: (403) 
265-8079, Toll Free: 1-800-341-7211, Fax: (403) 266-0746 
E-Mail:genesis@genesisland.com Internet:www.genesisland.com

SOURCE: Genesis Land Development Corp.

To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/November2012/08/c6502.html

CO: Genesis Land Development Corp.
ST: Alberta
NI: REL ERN 

-0- Nov/08/2012 23:49 GMT


 
Press spacebar to pause and continue. Press esc to stop.