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Gendis Inc. Announces Third Quarter Results

/EINPresswire.com/ -- WINNIPEG, MB--(Marketwired - December 02, 2016) - Gendis Inc. (TSX: GDS) today announced its financial results for the 3rd quarter ended October 31, 2016.

Revenue for the 3rd quarter was $1,198,000 compared to $1,269,000 for last year. Revenue less expense for the 3rd quarter was a loss of $107,000 compared to a profit of $544,000 for last year. Net earnings for the 3rd quarter were $1,188,000 ($0.09 per share) compared to a loss of $6,546,000 ($0.50 per share) for last year.

Revenue year-to-date was $3,741,000 compared to $4,144,000 year-to-date last year. Revenue less expense year-to-date was $528,000 compared to $1,089,000 year-to-date last year. Net earnings year-to-date were $9,015,000 ($0.70 per share) compared to net loss of $10,391,000 ($0.80 per share) year-to-date last year.

The volatility in net earnings quarter over quarter and year over year is primarily due to the change in fair value of investment in securities, primarily the Company's investment in 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   Oct 31     Oct 31     Oct 31   Oct 31  
except per share   2016     2015     2016   2015  
Revenue                          
  Lease rental revenue   0.7       0.8     2.2     2.6  
  Dividends & other income   0.5       0.5     1.5     1.5  
Total revenue   1.2       1.3     3.7     4.1  
Expense                          
  Property   0.9       0.3     2.1     1.9  
  Administration & finance   0.4       0.4     1.1     1.2  
Total expense   1.3       0.7     3.2     3.1  
Total revenue less total expense   (0.1 )     0.6     0.5     1.0  
Fair value change:                          
  Veresen   2.4       (6.8 )   8.4     (9.4 )
  Osum   -       -     -     (0.6 )
  Other security investments   (0.4 )     -     -     (0.4 )
  Investment properties   (0.8 )     (0.3 )   -     (1.7 )
Total fair value change   1.2       (7.1 )   8.4     (12.1 )
Income tax (expense)recovery   0.1       -     0.1     0.7  
Net earnings (loss)   1.2       (6.5 )   9.0     (10.4 )
Earnings (loss) per share   0.09     $ (0.50 )   0.70   $ (0.80 )
                           
                           
          Oct 31     Jan 31     Oct 31  
in millions of Canadian dollars         2016     2016     2015  
Fair value of investments:                        
  Veresen         24.3     16.1     22.7  
  Osum         4.8     4.8     5.6  
  Other security investments         2.8     2.6     3.9  
  Investment properties         30.2     30.1     29.2  
Other assets         1.4     1.8     0.9  
Debt & payables         7.2     7.2     7.1  
Shareholders' equity         56.3     48.2     55.2  
                         
    Quarter ended
    Year to date ended  
    Oct 31     Oct 31     Oct 31     Oct 31  
in millions of Canadian dollars   2016     2015     2016     2015  
Cash flow from:                        
Operations                        
  Cash receipts                        
    Lease rentals   0.9     1.0     2.6     2.8  
    Dividends & other income   0.6     0.7     1.6     1.8  
  Cash disbursements                        
    Property   (0.4 )   (0.5 )   (2.0 )   (1.9 )
    Administration & finance expense   (0.4 )   (0.4 )   (1.1 )   (1.5 )
  Income taxes recovered (paid)   -     -     0.6     (0.2 )
Investing                        
  Proceeds on sales of security investments   -     -     -     0.1  
  Purchase of security investments   -     -     -     (0.3 )
  Expenditures on investment properties and equipment   -     (0.1 )   (0.1 )   (0.4 )
Financing                        
  Increase (decrease) in debt   (0.2 )   (0.2 )   (0.6 )   1.4  
  Purchase of share capital for cancellation   -     (0.2 )   -     (0.8 )
  Dividends   (0.3 )   (0.3 )   (1.0 )   (1.0 )
                           
                           
GENDIS INC.
INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION
 
    Oct 31   Jan 31   Oct 31
(unaudited - thousands of Canadian dollars)   2016   2016   2015
ASSETS            
Current assets            
  Cash   146   110   39
  Income tax recoverable   -   800   -
  Receivables   967   638   692
Total current assets   1,113   1,548   731
Non-current assets            
  Investment in securities (note 2)   31,849   23,461   32,130
  Investment properties   30,200   30,130   29,247
  Furnishings and equipment   152   170   182
  Deferred income tax   208   136   -
Total non-current assets   62,409   53,897   61,559
Total assets   63,522   55,445   62,290
             
LIABILITIES            
Current liabilities            
  Credit facilities (note 3)   4,495   5,098   4,998
  Payables   1,778   1,151   1,050
Total current liabilities   6,273   6,249   6,048
Non-current liabilities            
  Post employment benefit obligation   951   951   1,012
Total non-current liabilities   951   951   1,012
Total liabilities   7,224   7,200   7,060
SHAREHOLDERS' EQUITY   56,298   48,245   55,230
Total liabilities and shareholders' equity   63,522   55,445   62,290
             
             
GENDIS INC.
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED OCTOBER 31
 
(unaudited - thousands of Canadian   Quarter ended   Year-to-date ended
dollars except for share data)   2016   2015   2016   2015
Revenue                          
  Lease rentals   683       744     2,175     2,579  
  Dividends & other income   515       525     1,566     1,565  
Total revenue   1,198       1,269     3,741     4,144  
Expense                          
  Property   928       362     2,070     1,855  
  Administration   343       332     1,046     1,103  
  Finance   34       31     97     97  
Total expense   1,305       725     3,213     3,055  
Total revenue less total expense   (107 )     544     528     1,089  
Fair value change                          
  Investment properties   (783 )     (293 )   25     (1,731 )
  Investment in securities   1,971       (6,793 )   8,358     (10,434 )
Total fair value change   1,188       (7,086 )   8,383     (12,165 )
Earnings (loss) before income tax   1,081       (6,542 )   8,911     (11,076 )
Income tax (expense) recovery   107       (4 )   104     685  
Net earnings (loss) from operations and comprehensive income (loss)  
1,188
     
(6,546
)  
9,015
   
(10,391
)
Net earnings (loss) from operations per share  
0.09
    $
(0.50
)  
0.70
  $
(0.80
)
                           
                           
GENDIS INC.
INTERIM CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
 
(unaudited - thousands - shares & Canadian dollars as applicable)   Share Capital   Retained earnings   Total
    #   $   $   $
Balance - January 31, 2015   13,046     13,713     53,667     67,380  
Comprehensive loss               (10,391 )   (10,391 )
Purchase of share capital for cancellation               (971 )   (971 )
Dividends   (220 )   (230 )   (558 )   (788 )
Balance - October 31, 2015   12,826     13,483     41,747     55,230  
For the remainder of the year:                        
  Comprehensive loss               (6,586 )   (6,586 )
  Purchase of share capital for cancellation  
(25
)  
(26
)  
(53
)  
(79
)
    Dividend               (320 )   (320 )
Balance - January 31, 2016   12,801     13,457     34,788     48,245  
Comprehensive income               9,015     9,015  
Purchase of share capital for cancellation  
(1
)  
(1
)  
(1
)  
(2
)
Dividends               (960 )   (960 )
Balance - October 31, 2016   12,800     13,456     42,842     56,298  
                         
                         
GENDIS INC.
INTERIM CONDENSED STATEMENT OF CASH FLOWS
FOR THE PERIODS ENDED OCTOBER 31
 
(unaudited - thousands of Canadian   Quarter ended   Year to date ended
dollars)   2016   2015   2016   2015
Changes in cash position                        
By operations                        
  Cash receipts                        
    Lease rentals   889     951     2,614     2,813  
    Dividends & other income   557     722     1,549     1,773  
  Cash disbursements                        
    Property   (420 )   (496 )   (2,032 )   (1,949 )
    Administration   (345 )   (408 )   (1,009 )   (1,345 )
  Income taxes recovered (paid)   -     -     638     (224 )
  Finance expense paid   (34 )   (33 )   (97 )   (98 )
Total by operations   647     736     1,663     970  
By investing activities                        
  Proceeds from sale of security investments  
-
   
-
   
-
   
125
 
  Acquisition of security investments   -     -     -     (300 )
  Expenditures on investment properties   (42 )   (103 )   (45 )   (401 )
  Proceeds from sale of equipment   -     -     -     85  
  Expenditures on furnishings and equipment  
-
   
(3
)  
(17
)  
(118
)
Total by investing activities   (42 )   (106 )   (62 )   (609 )
By financing activities                        
  Net advance (repayment) of credit facilities  
(203
)  
(198
)  
(603
)  
1,401
 
  Purchase of share capital for cancellation  
-
   
(153
)  
(2
)  
(788
)
  Dividends paid   (320 )   (322 )   (960 )   (971 )
Total by financing activities   (523 )   (673 )   (1,565 )   (358 )
Increase (decrease) in cash   82     (43 )   36     3  
Cash - beginning of period   64     82     110     36  
Cash - end of period   146     39     146     39  
                         
                         
Gendis Inc.
Notes to the unaudited Interim condensed Financial Statements
October 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
      Oct 31   Jan 31
      2016   2016
  Veresen   24,300   15,960
  Osum   4,759   4,759
  Other security investments   2,790   2,742
      31,849   23,461
           
3. Credit facilities
    Borrowing Balance   Remaining borrowing availability   Carrying value of collateral
    Oct 31   Jan 31   Oct 31   Jan 31   Oct 31   Jan 31
    2016   2016   2016   2016   2016   2016
  Bank credit facility 4,495   5,098   5,500   2,289   22,501   14,778
  Broker's margin account -   -   900   591   1,799   1,199
    4,495   5,098   6,400   2,880   24,300   15,977
                         
4. Subsequent Event
  On December 2, 2016, the Company declared a regular dividend of 2.5¢ per share to shareholders of record December 16, 2016, payable January 6, 2017.
   
5. Operating segments
      Quarter Ended Oct 31  

Realty
 

Corporate
 
Inter- segment
 

Total
  Revenue   2016   700     725     (227 )   1,198  
      2015   761     733     (225 )   1,269  
  Property & administration   2016   988     360     (77 )   1,271  
    Expense   2015   425     349     (80 )   694  
  Finance expense   2016   150     34     (150 )   34  
      2015   145     31     (145 )   31  
  Total revenue less total   2016   (438 )   331     -     (107 )
    expense   2015   191     353     -     544  
  Fair value change   2016   (783 )   1,971     -     1,188  
      2015   (293 )   (6,793 )   -     (7,086 )
  Income tax recovery (expense)   2016   91     16     -     107  
      2015   (11 )   7     -     (4 )
  Comprehensive income (loss)   2016   (1,130 )   2,318     -     1,188  
      2015   (113 )   (6,433 )   -     (6,546 )
                               
      YTD Ended Oct 31  

Realty
 

Corporate
 
Inter- Segment
 

Total
  Revenue   2016   2,227     2,189     (675 )   3,741  
      2015   2,631     2,190     (677 )   4,144  
  Property & administration   2016   2,250     1,098     (232 )   3,116  
    expense   2015   2,044     1,155     (241 )   2,958  
  Finance expense   2016   443     97     (443 )   97  
      2015   436     97     (436 )   97  
  Total revenue less total   2016   (466 )   994     -     528  
    expense   2015   151     938     -     1,089  
  Fair value change   2016   25     8,358     -     8,383  
      2015   (1,731 )   (10,434 )   -     (12,165 )
  Income tax recovery (expense)   2016   105     (1 )   -     104  
      2015   193     492     -     685  
  Comprehensive income (loss)   2016   (336 )   9,351     -     9,015  
      2015   (1,387 )   (9,004 )   -     (10,391 )
  Total assets   2016   31,302     54,839     (22,619 )   63,522  
      2015   29,802     54,755     (22,267 )   62,290  
  Total liabilities   2016   23,709     6,134     (22,619 )   7,224  
      2015   23,050     6,277     (22,267 )   7,060  

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