Madison Pacific Properties Inc.
TSX : MPC

August 10, 2005 15:00 ET

Madison Pacific Properties Inc. Announces Second Quarter Results and Declares Dividend

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 10, 2005) - Madison Pacific Properties Inc. (TSX:MPC) a Vancouver-based real estate company announces the results of operations for the 3 months ended June 30, 2005 and declares a dividend.

The Company is reporting net income of $822,000 for the second quarter compared to $1,088,000 for the second quarter 2004 which included a $523,000 gain on sale of properties included in results from discontinued operations. Cash flow from operations before changes in non-cash working capital for the second quarter 2005 is $1,836,000 compared to $1,373,000 for the second quarter 2004. Earnings per share were $0.016 per share for the second quarter 2005 compared to $0.021 per share for the second quarter 2004.

The dividend is $0.05 per share and is payable October 1, 2005 to shareholders of record September 16, 2005.

The Company owns over $159 million in real estate assets comprising 1,551,000 rentable sq. ft. of commercial and industrial space, 97.2% of which is occupied.

Contact Information

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