Gendis Inc. Announces Fourth Quarter Results
- Press Release
- Source: Gendis Inc.
- On 5:12 pm EDT, Monday April 13, 2009
WINNIPEG, MANITOBA--(Marketwire - April 13, 2009) - Gendis Inc. (TSX:GDS - News) today announced its financial results for the 4th quarter ended January 31, 2009.
Related Quotes
| Symbol | Price | Change |
|---|---|---|
| GDS.TO | 1.22 | -0.02 |
Revenue for the quarter was $0.4-million compared to $0.9-million last year. The decrease in revenue quarter over quarter is primarily due to $0.8-million of reduced share of earnings of Fort Chicago offset by $0.2-million from increased tenancy in the Sony Place Facility.
The net loss for the 4th quarter was $0.7-million ($0.05 per share) compared to a net loss of $0.3-million ($0.02 per share) last year. The increase in the loss quarter over quarter is primarily due to a reduction in future tax recoveries of $1.5-million from the change in the valuation allowance, a decrease in revenue of $0.5-million, offset by the change in realized losses net of fair value changes of investments of $1.5-million.
Revenue for the year was $3.3-million compared to $3.2-million last year. The increase in revenue year over year is primarily due to $0.5-million from increased tenancy in the Sony Place Facility, $0.2-million of reduced share of loss of Thunder Energy offset by $0.5-million of reduced share of earnings of Fort Chicago.
The net loss for the year was $7.2-million ($0.51 per share) compared to a net loss of $5.1-million ($0.35 per share) last year. The increase in the loss year over year is primarily due to realized losses net of fair value changes of investments of $2.3-million, a reduction in future tax recoveries of $1.5-million from the change in the valuation allowance, the initial recognition of a post employment benefit obligation of $0.7 million offset by the non recurrence of the loss on sale of a note receivable of $2.2 million in 2008.
Gendis Inc.
Consolidated Balance Sheet
Jan. 31, Jan. 31,
(unaudited - $,000's) 2009 2008
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Assets
Cash 199 203
Receivables 291 259
Prepaid expenses 71 270
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561 732
Investments (note 2)
at fair value 15,979 34,028
at carrying value 4,946 4,821
Property and equipment 12,881 10,658
Future tax asset 2,732 2,597
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37,099 52,836
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Liabilities and Shareholders' Equity
Credit facilities 14,491 18,778
Payables and accrued liabilities 1,119 970
Income and capital taxes payable 20 67
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15,630 19,815
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Post employment benefit obligations 706 -
Shareholders' equity 20,763 33,021
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37,099 52,836
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Gendis Inc.
Consolidated Statement of Loss
quarter ended year ended
(unaudited - $,000's, except per Jan. 31, Jan. 31, Jan. 31, Jan. 31,
share) 2009 2008 2009 2008
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Revenue
Real estate rental 800 447 2,197 1,587
Investment (390) 491 1,114 1,575
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410 938 3,311 3,162
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Expenses
Property and administrative
expenses 736 745 2,892 2,770
Amortization of property &
equipment 131 86 457 349
Interest and finance expenses 129 265 841 945
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996 1,096 4,190 4,064
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Loss before the undernoted (586) (158) (879) (902)
Post employment benefit obligations 34 - (706) -
Provision for loss on investments (34) - (34) -
Change in fair value of investments
held for trading 35 (1,756) 361 (3,801)
Gain (loss) on sale of investments
Held for trading (26) - (5,476) 703
Available for sale (197) - (525) (283)
Gain (loss) on sale of note
receivable - 66 - (2,235)
Gain (loss) on sale of property &
equipment - - 95 (9)
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Loss before taxes (774) (1,848) (7,164) (6,527)
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Provision for (recovery of) income
taxes:
Current 19 81 199 199
Future (135) (1,637) (135) (1,637)
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(116) (1,556) 64 (1,438)
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Net loss from operations (658) (292) (7,228) (5,089)
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Loss from operations per share -
basic and diluted (0.05) (0.02) (0.51) (0.35)
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Gendis Inc.
Consolidated Statement of Comprehensive Income (Loss)
quarter ended year ended
Jan. 3l, Jan. 31, Jan. 3l, Jan. 31,
(unaudited - $,000's) 2009 2008 2009 2008
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Other comprehensive loss
Change in the fair value of
investments (749) 203 (4,664) (791)
Gain (loss) on sale of investments (197) - (525) (283)
Provision for loss on investments (34) - (34) -
Transfers to net loss from operations:
Gain (loss) on sale of investments 197 - 525 283
Provision for loss on investments 34 - 34 -
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Other comprehensive income (loss) (749) 203 (4,664) (791)
Net loss (658) (292) (7,228) (5,089)
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Comprehensive loss (1,407) (89) (11,892) (5,880)
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Gendis Inc.
Consolidated Statement of Shareholders' Equity
For the Periods Ended
Share
(unaudited - Capital Retained
in thousands of dollars) (note 3) Earnings AOCI Total
----------------------------------------------------------------------------
Balance - February 1, 2008 14,995 15,809 2,217 33,021
Net gain (loss) for the period - (6,570) (3,915) (10,485)
Shares purchased for cancellation (177) (151) - (328)
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Balance - October 31, 2008 14,818 9,088 (1,698) 22,208
Net loss for the quarter - (658) (749) (1,407)
Refundable dividend tax on hand - (20) - (20)
Shares purchased for cancellation (22) 4 - (18)
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Balance - quarter ended January 31, 2009 14,796 8,414 (2,447) 20,763
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Balance - February 1, 2007 15,736 21,740 3,008 40,484
Net loss for the period - (4,797) (994) (5,791)
Shares purchased for cancellation (499) (518) - (1,017)
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Balance - October 31, 2007 15,237 16,425 2,014 33,676
Net loss for the quarter - (292) 203 (89)
Refundable dividend tax on hand - (78) - (78)
Shares purchased for cancellation (242) (246) - (488)
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Balance - quarter ended January 31, 2008 14,995 15,809 2,217 33,021
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AOCI refers to Accumulated Other Comprehensive Income
Gendis Inc.
Consolidated Statement of Cash Flows
quarter ended year ended
Jan. 31, Jan. 31, Jan. 31, Jan. 31,
(unaudited - $,000's) 2009 2008 2009 2008
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By operations:
Net loss (658) (292) (7,228) (5,089)
add (deduct) items not affecting
cash:
Amortization of property and
equipment 131 86 457 349
(Gain) loss on sale of property &
equipment - - (95) 9
(Gain) loss on sale of investments 223 1 6,001 (420)
(Gain) loss on sale of note
receivable - (66) - 2,235
Provision for loss on investments 34 - 34 -
Change in fair value of investments (35) 1,756 (361) 3,801
Post employment benefit obligations (34) - 706 -
Future income tax (135) (1,637) (135) (1,637)
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Cash flow from earnings (474) (152) (621) (752)
Change in working capital (42) 11 327 49
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(516) (141) (294) (703)
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By investing activities:
Investments acquired - (2,397) (3,822) (8,208)
Proceeds on sale of investments 1,302 - 10,150 5,562
Reduction to the cost of investments
from a return of capital 930 132 1,258 1,104
Proceeds on sale of note receivable - 100 - 100
Proceeds on sale of property and
equipment - - 346 -
Expenditure on property and equipment (29) (91) (2,931) (127)
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2,203 (2,256) 5,001 (1,569)
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By financing activities:
Net advance (repayment) credit
facilities (1,791) 2,989 (4,287) 3,980
Purchase for cancellation of share
capital (18) (488) (346) (1,505)
Refundable dividend tax - - (78) (195)
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(1,809) 2,501 (4,711) 2,280
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Increase (decrease) in cash (122) 104 (4) 8
Cash - beginning of period 321 99 203 195
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Cash - end of period 199 203 199 203
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Supplementary information:
Interest paid 192 277 914 978
Taxes paid 19 82 277 394
Gendis Inc.
Notes to Consolidated Interim Financial Statements - unaudited
January 31, 2009
1. Significant Accounting Policies and Basis of Presentation
These unaudited consolidated interim financial statements are prepared in accordance with accounting principles generally accepted in Canada. However, these interim financial statements do not contain all the disclosures that would be required under generally accepted accounting principles for annual financial statements. These interim financial statements follow the same accounting policies and methods of application as the audited annual consolidated financial statements at January 31, 2008 except for the adoption of new accounting and presentation standards. Certain disclosures required for annual financial statements have been condensed or omitted in these interim financial statements. Accordingly, these interim financial statements should be read in conjunction with the annual consolidated financial statements and notes thereto as presented in the Company's Annual Report for the fiscal year ended January 31, 2009. The following notes to the interim financial statements are supplemental to the notes to the annual consolidated financial statements.
2. Investments
Number Fair Carrying
of shares/units Value Value
(000's) ($000's)
Jan. 31, Jan. 31, Jan. 31, Jan. 31,
2009 2008 2009 2008
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Available for sale in
Fort Chicago 2,057 2,190 15,674 22,644
Yellow Pages 10 - 64 -
Held for trading
Fort Chicago - 154 - 1,595
Alberta Clipper - 700 - 1,540
Ember Resources 147 673 82 941
FNX Mining - 110 - 2,920
International Nickel Ventures 350 500 82 435
Opti - 105 - 1,722
Other equity investments 77 2,231
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Total exchange-traded investments 15,979 34,028
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Number of shares/ Carrying
('000's) Value
face value ($000's) ($000's)
Jan. 31, Jan. 31, Jan. 31, Jan. 31,
2009 2008 2009 2008
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Private investments
OSUM - shares 2,047 1,948 4,946 4,821
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3. Capital Stock
Number of shares quarter ended year ended
Jan. 31, Jan. 31, Jan. 31, Jan. 31,
('000's) 2009 2008 2009 2008
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Balance - beginning of period 14,096 14,496 14,265 14,970
Shares purchased for cancellation 21 231 190 705
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Balance - end of period 14,075 14,265 14,075 14,265
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4. Segment Information
quarter
ended Realty Corporate Inter- Total
($,000's) Jan. 31 segment
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Revenue 2009 815 (256) (149) 410
2008 462 528 (52) 938
Expenses 2009 362 419 (45) 736
2008 327 462 (45) 744
Amortization 2009 126 5 - 131
2008 83 3 - 86
Interest 2009 104 129 (104) 129
2008 7 265 (7) 265
Other non cash income (expense) 2009 - (188) - (188)
2008 (1,691) - (1,691)
Recovery of (provision 2009 (297) 413 116
for) income taxes 2008 (16) 1,572 - 1,556
Net earnings (loss) 2009 (74) (584) (658)
from operations 2008 29 (321) - (292)
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Expenditures on property 2009 29 - - 29
& equipment 2008 91 - - 91
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Other non cash income (expenses) comprise gain/(loss) on sale & provision for loss on investments, notes receivable, property & equipment, and changes in fair value of investments and post employment benefit obligations.
year
ended Realty Corporate Inter- Total
($,000's) Jan. 31 segment
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Revenue 2009 2,257 1,711 (657) 3,311
2008 1,648 1,737 (223) 3,162
Expenses 2009 1,436 1,637 (181) 2,892
2008 1,292 1,659 (181) 2,770
Amortization 2009 438 19 - 457
2008 332 17 - 349
Interest 2009 476 841 (476) 841
2008 42 945 (42) 945
Other non cash income (expense) 2009 95 (6,380) - (6,285)
2008 - (5,625) - (5,625)
Recovery of (provision 2009 (220) 156 - (64)
for) income taxes 2008 6 1,432 - 1,438
Net loss 2009 (218) (7,010) - (7,228)
from operations 2008 (12) (5,077) - (5,089)
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Expenditures on property 2009 2,915 16 - 2,931
& equipment 2008 117 10 - 127
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Total Assets 2009 13,599 33,434 (9,934) 37,099
2008 12,046 49,450 (8,660) 52,836
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Contact:
James E. Cohen
Gendis Inc.
Executive Vice-President
(204) 474-5200
(204) 474-5201 (FAX)
finance@gendis.ca
www.gendis.ca
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