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Gendis Inc. Announces Second Quarter Results


/EINPresswire.com/ -- Gendis Inc. (TSX: GDS) today announced its financial results for the 2nd quarter ended July 31, 2016.

Revenue for the 2nd quarter was $1,316,000 compared to $1,379,000 for the 2nd quarter last year. Revenue less expense for the 2nd quarter was $336,000 compared to $153,000 for the 2nd quarter last year. Net income for the 2nd quarter was $6,648,000 ($0.51 per share) compared to a net loss $5,783,000 ($0.45 per share) for the 2nd quarter last year.

Revenue year-to-date was $2,543,000 compared to $2,875,000 year-to-date last year. Revenue less expense year-to-date was $635,000 compared to $545,000 year-to-date last year. Net income year-to-date was $7,827,000 ($0.61 per share) compared to a net loss of $3,845,000 ($0.30 per share) year-to-date last year.

The volatility in net income quarter over quarter and year over year is primarily due to the change in fair value of security investments, primarily Veresen and investment properties with the attendant effect on deferred income taxes.

Condensed summarized information is as follows:

         
    Quarter ended   YTD ended
in millions of Canadian dollars   Jul 31   Jul 31   Jul 31   Jul 31
except per share   2016   2015   2016   2015
Revenue                
  Lease rental revenue   0.8   0.9   1.5   1.8
  Dividends   0.5   0.5   1.0   1.1
Total revenue   1.3   1.4   2.5   2.9
Expense                
  Property   0.6   0.8   1.1   1.5
  Administration & finance   0.3   0.4   0.8   0.8
Total expense   0.9   1.2   1.9   2.3
Total revenue less total expense   0.4   0.2   0.6   0.5
Fair value change:                
  Veresen   3.8   (6.6)   6.0   (2.5)
  Osum   -   (0.6)   -   (0.6)
  Other investments in securities   0.5   (0.6)   0.4   (0.6)
  Investment properties   2.0   0.4   0.8   (1.4)
Total fair value change   6.3   (7.4)   7.2   (5.1)
Income tax (expense) recovery   -   1.4   -   0.7
Net income (loss)   6.7   (5.8)   7.8   (3.8)
Net income(loss) per share   $0.52   $(0.45)   $0.61   $(0.30)
                 
 
 
    Jul 31   Jan 31   Jul 31
in millions of Canadian dollars   2016   2016   2015
Fair value of investments:            
  Veresen   21.9   16.0   29.6
  Osum   4.7   4.8   5.6
  Other investment in securities   3.3   2.7   3.7
  Investment properties   30.9   30.1   29.4
Other assets   1.2   1.8   1.4
Debt & payables   6.6   7.2   7.3
Deferred tax payable   -   -   0.1
Shareholders' equity   55.4   48.2   62.3
 
             
             
    Quarter ended     Year to date ended  
    Jul 31     Jul 31     Jul 31     Jul 31  
in millions of Canadian dollars   2016     2015     2016     2015  
Cash flow from:                        
Operations                        
  Cash receipts   1.4     1.1     2.7     2.9  
  Cash disbursements & finance expense   (1.5 )   (1.4 )   (2.3 )   (3.0 )
  Income taxes recovered (paid)   -     -     0.6     (0.2 )
Investing                        
  Proceeds on sale of investment in securities   -     0.1     -     0.1  
  Acquisition of investments   -     -     -     -  
  Expenditures on investment properties   -     (0.2 )   -     (0.3 )
Financing                        
  Increase (decrease) in debt   0.5     1.2     (0.4   1.6  
  Purchase of share capital for cancellation   -     (0.4 )   -     (0.6 )
  Dividends paid   (0.3 )   (0.3 )   (0.6 )   (0.6 )
 
 
 
GENDIS INC.
INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION
 
    Jul 31   Jan 31   Jul 31
(unaudited - thousands of Canadian dollars)   2016   2016   2015
ASSETS            
Current assets            
  Cash   64   110   82
  Income tax recoverable   -   800   -
  Receivables   884   638   989
Total current assets   948   1,548   1,071
Non-current assets            
  Investment in securities (note 2)   29,869   23,461   38,912
  Investment properties   30,940   30,130   29,437
  Furnishings and equipment   164   170   190
  Deferred income tax asset   32   136   -
Total non-current assets   61,035   53,897   68,539
Total assets   61,953   55,445   69,610
             
LIABILITIES            
Current liabilities            
  Credit facilities (note 3)   4,698   5,098   5,196
  Payables   874   1,151   1,100
Total current liabilities   5,572   6,249   6,296
Non-current liabilities            
  Post employment benefit obligation   951   951   1,012
  Deferred income tax payable   -   -   50
Total non-current liabilities   951   951   1,062
Total liabilities   6,523   7,200   7,358
SHAREHOLDERS' EQUITY   55,430   48,245   62,252
Total liabilities and shareholders' equity   61,953   55,445   69,610
             
             
             
GENDIS INC.  
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME  
FOR THE PERIODS ENDED JULY 31  
   
(unaudited - thousands of Canadian   Quarter ended     Year-to-date ended  
dollars except for share data)   2016   2015     2016     2015  
Revenue                      
  Lease rentals   796   859     1,492     1,835  
  Dividends and other income   520   520     1,051     1,040  
Total revenue   1,316   1,379     2,543     2,875  
Expense                      
  Property   583   810     1,142     1,493  
  Administration   322   378     703     771  
  Finance   32   38     63     66  
Total expense   937   1,226     1,908     2,330  
Total revenue less total expense   379   153     635     545  
Fair value change                      
  Investment properties   1,950   371     808     (1,438 )
  Investment in securities   4,305   (7,729 )   6,387     (3,641 )
Total fair value change   6,255   (7,358 )   7,195     (5,079
Income (loss) before income tax   6,634   (7,205 )   7,730     (4,534 )
Income tax (expense) recovery   57   1,422     (3 )   689  
Net income (loss) from operations and comprehensive income(loss)   6,691   (5,783 )   7,827     (3,845 )
Net income (loss) from operations per share   $0.51   $(0.45 )   $0.61     $(0.30 )
                       
                       
                       
GENDIS INC.  
INTERIM CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY  
   
(unaudited - thousands - shares & Canadian dollars as applicable)   Share Capital     Retained earnings     Total  
    #     $     $     $  
Balance - July 31, 2016   13,046     13,713     53,667     67,380  
Comprehensive loss               (3,845 )   (3,845 )
Dividends               (649 )   (649 )
Purchase of share capital for cancellation  
(175
)  
(183
)  
(451
)  
(634
)
Balance - July 31, 2015   12,781     13,530     48,722     62,252  
For the remainder of the year:                        
Comprehensive loss               (13,132 )   (13,132 )
Dividends               (642 )   (642 )
Purchase of share capital for cancellation   (70 )   (73 )   (160 )   (233 )
Balance - January 31, 2016   12,801     13,457     34,788     48,245  
Comprehensive income               7,827     7,827  
Dividends               (640 )   (640 )
Purchase of share capital for cancellation   (1 )   (1 )   (2 )   (2 )
Balance - July 31, 2016   12,800     13,456     41,974     55,430  
                         
                         
                         
GENDIS INC.  
INTERIM CONDENSED STATEMENT OF CASH FLOWS  
FOR THE PERIODS ENDED JULY 31  
   
(unaudited - thousands of Canadian dollars)   Quarter ended     Year-to-date ended  
    2016     2015     2016     2015  
Changes in cash position                        
By operations                        
  Cash receipts                        
    Lease rentals   655     512     1,465     1,863  
    Investment income and recoverable costs   597     596     1,192     1,050  
  Cash disbursements                        
    Property   (861 )   (872 )   (1,352 )   (1,453 )
    Administration   (482 )   (482 )   (864 )   (937 )
  Income taxes recovered (paid)   -     -     638     (224 )
  Finance expense paid   (32 )   (37 )   (63 )   (65 )
Total by operations   (123 )   (283 )   1,016     234  
By investing activities                        
  Acquisition of investment in securities   -     -     -     (300 )
  Proceeds from sale of investment in securities   -     125     -     125  
  Expenditures on investment properties   -     (209 )   (2 )   (298 )
  Proceeds from sale furnishings and equipment   -     -     -     85  
  Expenditures on furnishings and equipment   (2 )   (21 )   (18 )   (115 )
Total by investing activities   (2 )   (105 )   (20 )   (503 )
By financing activities                        
  Net advance (repayment) of credit facilities   500     1,202     (400 )   1,599  
  Purchase of share capital for cancellation   -     (447 )   -     (635 )
  Dividends paid   (320 )   (323 )   (640 )   (649 )
Total by financing activities   180     432     (1,042 )   315  
Increase (decrease) in cash   55     44     (46 )   46  
Cash - beginning of period   9     38     110     36  
Cash - end of period   64     82     64     82  
                         
                         

Gendis Inc.
Notes to the unaudited Interim condensed Financial Statements
July 31, 2016
(All tabular amounts in thousands of Canadian dollars unless otherwise stated)

     
1.   General information
    General information on Gendis Inc. is the same as disclosed in Note 1 to the complete audited annual financial statements for the year ended January 31, 2016, which have been prepared in accordance with International Financial Reporting Standards. These interim condensed financial statements are presented in Canadian dollars, which is the Company's functional and presentation currency. The principal accounting policies applied in the preparation of these interim condensed financial statements are the same as set out in Note 2 to the complete audited annual financial statements for the year ended January 31, 2016. These policies have been consistently applied to all periods presented.
     
2.   Investment in securities
     
    Jul 31   Jan 31
    2016   2016
  Veresen   21,920   15,960
  Osum   4,739   4,739
  Other security investments   3,210   2,742
    29,869   23,461
         
3.   Credit facilities
             
    Borrowing Balance       Remaining borrowing availability   Carrying value of collateral
    Jul 31   Jan 31   Jul 31   Jan 31   Jul 31   Jan 31
    2016   2016   2016   2016   2016   2016
  Bank borrowing   4,698   5,098   5,300   2,289   20,463   14,778
  Broker's margin account   -   -   812   591   1,623   1,199
    4,698   5,098   6,112   2,880   22,086   15,977
                         
4.    Subsequent Event
    On September 1, 2016, the Company declared a regular dividend of 2.5¢ per share to shareholders of record September 23, 2016, payable October 7, 2016.
     
5.    Operating segments 
     
    Quarter
Ended
Jul 31
 
Realty
   
Corporate
    Inter-segment    
Total
 
Revenue   2016   813     727     (224 )   1,316  
    2015   877     7,30     (228 )   1,379  
Property & administration   2016   644     339     (77 )   905  
expense   2015   873     396     (81 )   1,188  
Finance expense   2016   146     32     (146 )   32  
    2015   147     38     (147 )   38  
Total revenue less total   2016   29     356     -     356  
expense   2015   (143 )   296     -     153  
Fair value change   2016   1,950     4,305     -     6,255  
    2015   371     (7,729 )   -     (7,358 )
Income tax recovery (expense)   2016   1     56           57  
    2015   (12 )   1,434     -     1,422  
Comprehensive income (loss)   2016   1,974     4,717     -     6,691  
    2015   216     (5,999 )   -     (5,783 )
                             
                             
    YTD
Ended
Jul 31
 

Realty
   

Corporate
   
Inter-Segment
   

Total
 
Revenue   2016   1,527     1,464     (448 )   2,543  
    2015   1,870     1,457     (452 )   2,875  
Property & administration   2016   1,263     738     (156 )   1,845  
expense   2015   1,619     806     (161 )   2,264  
Finance expense   2016   292     63     (292 )   63  
    2015   291     66     (291 )   66  
Total revenue less total   2016   (28 )   663     -     635  
expense   2015   (40 )   585     -     545  
Fair value change   2016   808     6,387     -     7,195  
    2015   (1,438 )   (3,641 )   -     (5,079 )
Income tax recovery (expense)   2016   14     (17 )   -     3  
    2015   204     485     -     689  
Comprehensive income (loss)   2016   794     7,330     -     7,827  
    2015   (1,274 )   (2,571 )   -     (3,845 )
Total assets   2016   32,028     52,939     (23,014 )   61,953  
    2015   30,257     60,917     (21,564 )   69,610  
Total liabilities   2016   23,306     6,231     (23,014 )   6,523  
    2015   22,498     6,424     (21,564 )   7,358  
                             

For more information, please contact:
James E. Cohen
President & Chief Executive Officer
Telephone: (204)474-5200
Fax: (204)474-5201
E-mail: Email contact

Web site: www.gendis.ca


Distribution channels: Energy, Real Estate & Property Management