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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, 2022 /CNW/ - Genesis Land Development Corp. (TSX: GDC) (the "Corporation" or "Genesis") reported its fourth quarter and 2021 earnings today.
Genesis is pleased to report net earnings for the year ("YE") 2021 of $10.9 million and $4.3 million for the fourth quarter ("Q4"), 2021, the 21st consecutive year of positive earnings. Annual revenue of $109.8 million was achieved largely from 191 home sales and 247 lot sales. Genesis finished the year with a successful $30 million rights offering which was completed in December 2021.
The following are highlights of Genesis financial results for the fourth quarter of 2021:
2021 Highlights (Q4 2021 and YE 2021)
Selected Financial Results and Operating Data:
Three months ended | Year ended | |||||
($000s, except for per share items or unless otherwise noted) | 2021 | 2020 | 2021 | 2020 | ||
Key Financial Data | ||||||
Total revenues | 26,531 | 19,817 | 109,761 | 103,933 | ||
Net earnings attributable to equity shareholders | 4,252 | 125 | 10,877 | 199 | ||
Net earnings per share - basic and diluted | 0.09 | 0.00 | 0.24 | 0.00 | ||
Cash flows (used in) from operating activities | (6,326) | 22,858 | 2,388 | 47,983 | ||
Cash flows (used in) from operating activities per share - basic and diluted | (0.15) | 0.52 | 0.05 | 1.08 | ||
Key Operating Data | ||||||
Land Development | ||||||
Total residential lots sold (units) | 49 | 30 | 247 | 225 | ||
Residential lot revenues | 8,423 | 4,772 | 41,095 | 39,189 | ||
Development land revenues | - | 7,146 | 5,870 | 16,628 | ||
Home Building | ||||||
Homes sold (units) | 51 | 28 | 191 | 163 | ||
Revenues (1) | 26,024 | 12,198 | 92,416 | 75,025 | ||
Outstanding new home orders at period end (units) | 141 | 83 |
(1) | Includes other revenues and revenues of $7,916,000 for 47 lots in Q4 2021 and $29,620,000 for 187 lots in YE 2021 purchased by the Home Building division from the Land Development division ($4,299,000 and 28 in Q4 2020; $26,909,000 and 163 in YE 2020) 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, | As at Dec. 31, | ||
Key Balance Sheet Data | ||||
Cash and cash equivalents | 63,975 | 29,743 | ||
Total assets | 324,929 | 266,494 | ||
Loans and credit facilities | 32,668 | 21,470 | ||
Shareholders' equity | 228,624 | 187,676 | ||
Loans and credit facilities to total assets | 10% | 8% |
Outlook
Supported by a solid financial position, a strong new-home market and a turnaround in the Alberta economy, Genesis is well-positioned to take advantage of growth opportunities.
The Calgary Metropolitan Area economy was stronger in 2021, driven in part by improved oil and gas prices. International immigration to Calgary continued to grow in 2021 with increased federal immigration targets and growing interprovincial migration. The Calgary Real Estate Board forecasts that Calgary is entering 2022 with some of the tightest market conditions seen in over a decade and housing market momentum will continue well into 2022. Despite these positive signs, economic uncertainty and volatility are likely to remain. Increases in interest rates, supply chain issues and inflationary pressures will affect operations and could impact the overall economic recovery. Genesis remains cautious in planning its strategy and operations.
Genesis Annual Meeting
Genesis will hold its annual general meeting on May 25, 2022 at 9 am (Mountain Daylight Time). The meeting will be held as a virtual only shareholders meeting.
About Genesis
Genesis is an integrated land developer and residential home builder operating in the Calgary Metropolitan Area ("CMA") holding a portfolio of well-located, entitled and unentitled primarily residential lands and serviced lots in the CMA.
Additional Information
The information contained in this press release should be read in conjunction with the consolidated financial statements for the years ended December 31, 2021 and 2020 and the related Management's Discussion and Analysis ("MD&A") dated March 2, 2022 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.
ADVISORIES
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, plans and strategies relating to adding additional inventory of serviced lots and future residential development land; planning for the development of the next phases of Genesis' communities; obtaining zoning and service approvals; anticipated general economic and business conditions (including in the context of COVID-19); 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 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; the impacts of COVID-19 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 2022 Canada NewsWire
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