Wilmington Capital Management Inc.
TSX : WCM.A
TSX : WCM
TSX : WCM.B

Wilmington Capital Management Inc.

March 26, 2010 17:45 ET

Wilmington Announces 2009 Fourth Quarter Results

TORONTO, ONTARIO--(Marketwire - March 26, 2010) - Wilmington Capital Management Inc. (TSX:WCM)(TSX:WCM.A)(TSX:WCM.B) today announced a net loss of $135,000 compared to $249,000 in 2008. Net loss per Class A and Class B share for the year ended December 31, 2009 was $0.02, compared to $0.03 per share for the year ended December 31, 2008.

Net income for the three months ended December 31, 2009 was $86,000 or $0.01 per Class A and Class B share, compared with net income of $45,000 or $0.01 per share for the same period in 2008.

Wilmington holds an 8% fully diluted interest in Parkbridge Lifestyle Communities Inc. (PRK.TO), an owner operator of manufactured home and recreational communities. During the third quarter, Parkbridge completed an equity offering of 5,000,000 common shares at a price of $4 per common share. The company acquired 250,000 common shares of this equity offering. Wilmington also owns land leased to commercial property owners which is located at 370 Third Street in San Francisco, California. Wilmington is considering alternatives to maximize the value for shareholders of its real estate investment, which could include the sale or restructuring of this holding.

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, 2009, the fair value of the company's investment in Parkbridge of $28.1 million reflects unrealized capital gains of $11.1 million.

CONSOLIDATED STATEMENTS OF OPERATIONS



(unaudited) Three months ended Years ended
December 31 December 31
$ thousands, except per share amounts 2009 2008 2009 2008
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Income
Investment and other $ 10 $ 20 $ 17 $ 103
Foreign exchange gain 19 65 - 65
Income producing property 310 360 1,334 1,573
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339 445 1,351 1,741
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Expenses
Operating 22 21 165 139
Foreign exchange loss - - 23 -
Interest 350 436 1,490 1,372
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372 457 1,678 1,511
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Net (loss) income before income taxes (33) (12) (327) 230
Income tax recovery (expense) 119 57 192 (479)
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Net income (loss) $ 86 $ 45 $ (135) $ (249)
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Net income (loss) per Class A
and Class B share $ 0.01 $ 0.01 $ (0.02) $ (0.03)
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CONSOLIDATED BALANCE SHEETS

As at December 31 ($ thousands) 2009 2008
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Assets
Cash and cash equivalents $ 1,569 $ 3,542
Investment in Parkbridge Lifestyle Communities Inc. 28,109 13,344
Income producing property 19,013 22,088
Other assets 143 414
Future income taxes - 78
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$ 48,834 $ 39,466
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Liabilities & Shareholders' Equity
Accounts payable and other liabilities $ 700 $ 1,269
Future income taxes 1,933 -
Secured debt 19,962 23,153
Loan payable 10,501 10,694
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33,096 35,116
Shareholders' equity 15,738 4,350
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$ 48,834 $ 39,466
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Three months ended Years ended
(unaudited) December 31 December 31
$ thousands 2009 2008 2009 2008
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Net income (loss) $ 86 $ 45 $ (135) $ (249)
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Other comprehensive income (loss)
Foreign currency translation (28) (37) (72) 44
Available-for-sale securities 6,624 (11,961) 13,765 (18,576)
Future income taxes on
above items (997) 2,027 (2,170) 3,135
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5,599 (9,971) 11,523 (15,397)
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Comprehensive income (loss) $ 5,685 $ (9,926) $ 11,388 $ (15,646)
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Executive Officers of the Company will be available at 416-867-9370 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.

Contact Information

  • Wilmington Capital Management Inc.
    Joseph F. Killi
    President and Chief Executive Officer
    416-867-9370