Urbanfund Corp.
TSX VENTURE : UFC

May 29, 2009 09:08 ET

Urbanfund Corp. Reports Financial Results for the Three-Month Period Ended March 31, 2009

TORONTO, ONTARIO--(Marketwire - May 29, 2009) - Mitchell Cohen, President and Chief Executive Officer of Urbanfund Corp. (TSX VENTURE:UFC) (the "Company"), confirmed today that the Company has filed interim financial results for the three-month period ended March 31, 2009.

For the three-month period ended March 31, 2009, the Company reported net income of $173,623 on revenues of $982,423 compared with a net loss of $183,488 on income of $525,046 for the corresponding period in 2008. The increase in revenue was due primarily to contractual increases in rental income and that the first full quarter of financial reporting of the acquisition of the Belleville Property and the London Property did not take place until the three month period ended June 30, 2008.

Amortization costs decreased during the three month-period ended March 31, 2009 to $163,355 from $176,007 for the corresponding period ended March 31, 2008. Administrative costs decreased to $68,131 during the three month period ended March 31, 2009, from $106,738 for the corresponding period ended March 31, 2008.

Rental expenses in the three month period ended March 31, 2009, increased to $311,717 compared to $265,831 for the corresponding period in 2008. This increase was a result of additional expenses at the Don Mills Property and that the first full quarter of financial reporting of the acquisition of the Belleville Property and the London Property did not take place until the three month period ended June 30, 2008.

Assets increased by $2,135 to $30,964,768 for the three month period ended March 31, 2009, compared to an increase of $9,580,000 to $24,731,939 for the corresponding period ended March 31, 2008. The increase in the most recent period was due to additional appliances being purchased at the Don Mills Property. The increase in assets during the corresponding period in 2008 was the result of the acquisition of the Belleville Property and the London Property in March of that year.

As at March 31, 2009, the Company had $5,640,860 in short term investments and $344,553 in cash.

The following table highlights selected financial information for the Company's past eight quarters:



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Net Income Net Income Net Income
Quarter ended Revenue (Loss) Per Share Per Share
(Basic) (Diluted)(1)

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March 31, 2009 $982,423 $173,623 0.005 0.003
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December 31, 2008 $988,053 $1,090,667 0.02 0.017
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September 30, 2008 $781,872 ($6,851) (0.0002) -
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June 30, 2008 $819,012 ($157,212) (0.004) -
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March 31, 2008 $525,046 ($183,488) (0.005) -
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December 31, 2007 $315,045 ($42,758) (0.004) -
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September 30, 2007 $320,654 ($126,429) (0.012) -
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June 30, 2007 $307,574 $447,085 0.044 -
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Notes:
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(1) Fully-diluted Net Income per Share figures have not been presented as
certain of the results would have been anti-dilutive for certain
Quarters.


Results from operations for the three month period ended June 30, 2008 are as follows:



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3 Months Ended 3 Months ended
March 31, 2009 March 31, 2008
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Net Earning (Loss) $230,655 ($183,488)
Gain on sale of JV Interest
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Add (deduct) ($44,572) ($22,235)
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Amortization, income producing properties $126,238 $131,107
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Amortization value of in-place leases $28,405 $28,752
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Amortization of tenant relationships $5,714 $5,706
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Amortization of above market leases $17,505 $17,505
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Amortization of below market leases ($14,507) ($7,062)
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Funds From Operations (FFO) $349,438 ($29,715)
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Funds from Operations ("FFO") is a non-GAAP performance measure used by the Company to improve the understanding of operating results for the investing public. FFO is not a measure recognized under GAAP and does not have a standardized meaning proscribed by GAAP. Therefore, FFO may not be comparable to similar measures presented by other issuers. However, the Company presents its FFO in accordance with the Real Property Association of Canada (REALpac) White Paper on Funds from Operations published on November 30, 2004 and revised in February, 2007.

FFO, or any other non-GAAP performance measure, is not intended to represent operating profits for the period or from a property. Furthermore, it should not be viewed as an alternative to net income, cash flow from operating activities or similar measures of financial performance calculated in accordance with GAAP

For the three-month period ended March 31, 2009, the Company reported Funds from Operations (FFO) of $349,438 on Net Earnings before Income Taxes of $230,655 as compared with a FFO loss of $29,715 on a Net Loss of $183,488. The increase in FFO is attributable to an increase in rental income and that the first full quarter of financial reporting of the acquisition of the Belleville Property and the London Property did not take place until the three month period ended June 30, 2008.

For comprehensive disclosure of the Company's performance during the quarter ended March 31, 2009 and its financial position as at such date, reference should be made to the Company's interim consolidated financial statements for the three-month period ended March 31, 2009 and the notes thereto, which have been filed with applicable securities regulators on SEDAR at www.sedar.com.

Urbanfund Corp. is a Toronto-based real estate development and operating company. The Company's common shares trade under the symbol UFC on the TSX Venture Exchange. Urbanfund's focus is to identify, evaluate and invest in real estate and real estate related projects. The Company's assets are located in Toronto, Belleville and London, Ontario. The Company's strategy going forward remains committed to seek accretive real estate or real estate-related opportunities.

FORWARD LOOKING STATEMENTS

This press release contains certain forward-looking statements, which reflect Management's expectations regarding the Company's growth, results of operations, performance and business prospects and opportunities.

Statements about the Company's future plans and intentions, results, levels of activity, performance, goals or achievements or other future events constitute forward-looking statements. Wherever possible, words such as "may," "will," "should," "could," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect Management's current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law. Many factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including: general economic and market segment conditions, interest rates, costs outside of the Company's control such as Real Estate Taxes and utilities, the ability of tenants to satisfy their contractual rent obligations and any unforeseen repair, maintenance or replacement of the Company's assets. More detailed assessment of the risks that could cause actual results to materially differ than current expectations is contained in the "Risks and Uncertainties" section of the Company's most recent Management's Discussion and Analysis.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

Contact Information

  • Urbanfund Corp.
    Mitchell Cohen
    President & CEO
    (416) 703-1877x225