We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Genesis Land Development Corp | TSX:GDC | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.10 | -3.02% | 3.21 | 3.21 | 3.30 | 3.30 | 3.20 | 3.30 | 9,000 | 21:10:04 |
CALGARY, AB, March 2, 2023 /CNW/ - Genesis Land Development Corp. (TSX: GDC) (the "Corporation" or "Genesis") reported its financial and operating results for the three months ("Q4") and year end December 31, 2022 ("YE").
The following are highlights of Genesis financial results for the fourth quarter of 2022:
2022 Highlights (Q4 2022 and YE 2022)
Selected Financial Results and Operating Data:
Three months ended | Year ended | |||||||
($000s, except for per share items or unless otherwise noted) | 2022 | 2021 | 2022 | 2021 | ||||
Key Financial Data | ||||||||
Total revenues | 54,157 | 26,531 | 140,357 | 109,761 | ||||
Net earnings attributable to equity shareholders | 3,062 | 4,252 | 4,520 | 10,877 | ||||
Net earnings per share - basic and diluted | 0.05 | 0.09 | 0.08 | 0.24 | ||||
Cash flows (used in) from operating activities | (1,686) | (6,326) | (43,756) | 2,388 | ||||
Cash flows (used in) from operating activities per share - basic and diluted | (0.03) | (0.15) | (0.77) | 0.05 | ||||
Key Operating Data | ||||||||
Land Development | ||||||||
Total residential lots sold (units) | 106 | 49 | 236 | 247 | ||||
Residential lot revenues (1) | 18,015 | 8,423 | 40,639 | 41,095 | ||||
Development land revenues | 6,338 | - | 15,991 | 5,870 | ||||
Home Building | ||||||||
Homes sold (units) | 57 | 51 | 169 | 191 | ||||
Revenues (2) | 33,799 | 26,024 | 100,680 | 92,416 | ||||
Outstanding new home orders at period end (units) | 205 | 141 | ||||||
(1) Includes residential lot sales to third parties, residential lot sales to GBG and other revenues |
(2) Includes other revenues and revenues of $3,995,000 for 22 lots in Q4 2022 and $16,953,000 for 92 lots in YE 2022 purchased by the Home Building division from the Land Development division ($7,916,000 and 47 in Q4 2021; $29,620,000 and 187 in YE 2021) and sold with the home. These amounts are eliminated on consolidation. |
($000s, except for per share items or unless otherwise noted) | As at Dec. 31, 2022 | As at Dec. 31, 2021 | ||
Key Balance Sheet Data | ||||
Cash and cash equivalents | 36,598 | 63,975 | ||
Total assets | 364,140 | 324,929 | ||
Loan and credit facilities | 65,057 | 32,668 | ||
Shareholders' equity | 224,632 | 228,624 | ||
Loan and credit facilities to total assets | 18 % | 10 % |
Supported by a solid financial position, a backlog of new-home orders at December 31, 2022 and the relative strength of the Calgary economy, Genesis continues to consider growth opportunities, while carefully monitoring new home orders and the Calgary housing market. Housing price increases in recent years, rapidly increasing interest rates, inflationary pressures, tight labour markets and continuing supply chain constraints are impacting new home sales, home affordability and our ability to build new homes. These and other factors will likely negatively impact Genesis new home orders in 2023, although the supply of homes for sale in the Calgary market remains tight at 1.87 months, the lowest level reported for December in over a decade. In its December 2022 report, the Calgary Real Estate Board (CREB) noted that further interest rate increases are expected to slow sales activity, with some slippage in price growth possible in 2023. CREB is forecasting a reduction in home sales in 2023, to 25,920, down from a record high in 2022 of 27,672. RBC forecasts that Alberta will avoid a recession in 2023, and forecasts 1.9% growth in 2023, a marked deceleration from the 4.9% rate projected for 2022. Given the changing market conditions and general economic uncertainty, Genesis remains cautious in planning and executing its strategic and business plans.
Genesis will hold its annual general meeting on May 18, 2023 at 9 am (Mountain Daylight Time). The meeting will be held as a virtual only shareholders meeting.
The information contained in this press release should be read in conjunction with the consolidated financial statements for the years ended December 31, 2022 and 2021 and the related Management's Discussion and Analysis ("MD&A") dated March 2, 2023 which have been filed with Canadian securities regulatory authorities. Copies of these documents may be obtained via www.sedar.com or our website at www.genesisland.com.
Genesis is an integrated land developer and residential home builder with a strategy to grow its portfolio of well-located, entitled and unentitled primarily residential lands and serviced lots throughout the Calgary Metropolitan Area.
Website: www.genesisland.com
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain statements which constitute forward-looking statements or information ("forward-looking statements") within the meaning of applicable securities legislation, including Canadian Securities Administrators' National Instrument 51-102 - Continuous Disclosure Obligations, concerning the business, operations and financial performance and condition of Genesis. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "proposed", "scheduled", "future", "likely", "seeks", "estimates", "plans", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
Although Genesis believes that the anticipated future results, performance or achievements expressed or implied by forward-looking statements are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements because they involve assumptions, known and unknown risks, uncertainties and other factors many of which are beyond the Corporation's control, which may cause the actual results, performance or achievements of Genesis to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements. Accordingly, Genesis cannot give any assurance that its expectations will in fact occur and cautions that actual results may differ materially from those in the forward-looking statements.
Forward-looking statements are based on factors or assumptions made by us with respect to, among other things, opportunities that may or may not be pursued by us; changes in the real estate industry; fluctuations in the Canadian and Alberta economy; changes in the number of lots sold and homes delivered per year; and changes in laws or regulations or the interpretation or application of those laws and regulations. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control.
Forward-looking statements in this news release include, but are not limited to, Genesis' strategy; the ability to take advantage of growth opportunities; anticipated general economic and business conditions (including prospects for the local economy); ; and areas of continued operational focus.
Factors that could cause actual results to differ materially from those set forth in the forward-looking statements include, but are not limited to: the impact of contractual arrangements and incurred obligations on future operations and liquidity; local real estate conditions, including the development of properties in close proximity to Genesis' properties; the uncertainties of real estate development and acquisition activity; fluctuations in interest and inflation rates; ability to access and raise capital on favorable terms; not realizing on the anticipated benefits from transactions or not realizing on such anticipated benefits within the expected time frame; the cyclicality of the oil and gas industry; changes in the Canadian / U.S. dollar exchange rate; labor matters; governmental regulations; general economic and financial conditions; stock market volatility; and other risks and factors described from time to time in the documents filed by Genesis with the securities regulators in Canada available at www.sedar.com, including in the Corporation's MD&A under the heading "Risks and Uncertainties" and the Corporation's annual information form under the heading "Risk Factors".
Furthermore, the forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, Genesis does not undertake any obligation to publicly update or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Genesis Land Development Corp.
Copyright 2023 Canada NewsWire
1 Year Genesis Land Development Chart |
1 Month Genesis Land Development Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions