Madison Pacific Properties Inc.
TSX : MPC

November 10, 2005 13:17 ET

Madison Pacific Properties Inc. (TSX:MPC) Announces Third Quarter Results

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

Madison Pacific is reporting net income of $899,000 for the third quarter 2005 compared to $696,000 for the third quarter 2004. Cash flow from continuing operations before changes in non-cash working capital for the third quarter 2005 is $1,811,000 compared to $1,510,000 for the third quarter 2004. Earnings per share were $0.018 per share for the third quarter 2005 compared to $0.013 per share for the third quarter 2004.

The Board accepted Mr. Heung's resignation as Chief Executive Officer effective September 30, 2005 and him for his past service as President and Chief Executive Officer. Mr. Heung will continue to act as a Director of Madison Pacific. The Board thanks Mr. Heung for his past contributions as President and Chief Executive Officer.

Madison Pacific owns over $160 million in real estate assets comprising 1,551,000 rentable sq. ft. of commercial and industrial space, 95.6 % 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
    (604) 732-6540