Madison Pacific Properties Inc.
TSX : MPC
TSX : MPC.C

November 09, 2010 18:53 ET

Madison Pacific Properties Inc. Announces Nine Months Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 9, 2010) - Madison Pacific Properties Inc. (TSX:MPC)(TSX:MPC.C) a Vancouver-based real estate company announces the results of operations for the nine months ended September 30, 2010.

The Company is reporting net income from continuing operations of $4,331,000 for the nine months ended September 30, 2010 compared to $7,088,000 for the same period in 2009. The Company's 2009 net income included an unusual tax recovery of approximately $4.5 million.

Cash flow from continuing operations before changes in non-cash working capital for the nine months ended September 30, 2010 is $4,884,000 compared to $4,570,000 for the same period in 2009.

Earnings per share from continuing operations were $0.08 per share for the nine months ended September 30, 2010 compared to $0.13 per share for the same period in 2009.

The Company sold a parking lot in close proximity to an existing property in the first nine months of 2010. The gain on the disposition, before income tax, was $1,531,000. The Company has acquired two new properties in 2010 for $29.7 million. One property was acquired in the 1st quarter and the other in the 3rd quarter.

The net income for the nine months ended September 30, 2010 was $4,331,000 compared to $14,834,000 for the same period in 2009 when the Company reported net income from discontinued operations from the sale of buildings of $7,746,000. Earnings per share for the nine months ended September 30, 2010 were $.08 per share compared to $.26 for the same period last year.

For a view of the risks and uncertainties to which the Company is subject, see the 2009 annual MD&A.

Contact Information

  • Madison Pacific Properties Inc.
    Mr. Alan Firth
    President
    (604) 732-6540
    or
    Madison Pacific Properties Inc.
    Mr. Bill Ramsey
    Chief Financial Officer
    (604) 732-6540
    (604) 732-6550 (FAX)