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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 1, 2021 /CNW/ - Genesis Land Development Corp. (TSX: GDC) (the "Corporation" or "Genesis") reported its fourth quarter and 2020 earnings today.
The integrated land developer and residential home builder reported $103.9 million of revenue for the twelve months ended December 31, 2020, up 53% year over year. Home sales, new home orders and the sale of residential lots were all up year over year, with cash flow from operating activities of $48.0 million, or $1.14 per share. Genesis declared a dividend to shareholders of $0.15 per share, which was announced in the fourth quarter of 2020 and paid in January 2021.
"Like the communities we build which last for generations, Genesis operates its businesses for long-term success and strength," says Iain Stewart, President and CEO of the Calgary-based developer. "In a very challenging year, we were able to pay a $0.15 dividend to shareholders, and deliver positive net earnings for the 20th consecutive year," he said.
2020 and Q4 Results and Highlights
Genesis continued in 2020 to execute its business plan while preserving cash resources and protecting its balance sheet:
Selected Financial Results and Operating Data:
Three months ended | Year ended | |||||
($000s, except for per share items or unless otherwise noted) | 2020 | 2019 | 2020 | 2019 | ||
Key Financial Data | ||||||
Total revenues | 19,817 | 26,081 | 103,933 | 68,097 | ||
Net earnings attributable to equity shareholders | 125 | 1,684 | 199 | 1,701 | ||
Net earnings per share - basic and diluted | 0.00 | 0.04 | 0.00 | 0.04 | ||
Cash flows from operating activities | 22,858 | 7,969 | 47,983 | 9,537 | ||
Cash flows from operating activities per share - basic and diluted | 0.54 | 0.19 | 1.14 | 0.23 | ||
Key Operating Data | ||||||
Land Development | ||||||
Total residential lots sold (units) | 30 | 64 | 225 | 161 | ||
Residential lot revenues | 4,772 | 12,230 | 39,189 | 29,071 | ||
Development land revenues | 7,146 | 550 | 16,628 | 550 | ||
Home Building | ||||||
Homes sold (units) | 28 | 43 | 163 | 128 | ||
Revenues (1) | 12,198 | 20,551 | 75,025 | 59,746 | ||
Outstanding new home orders at period end (units) | 83 | 54 | ||||
(1) Includes revenues of $4,299,000 for 28 lots in Q4 2020 and $26,909,000 for 163 lots in YE 2020 purchased by the Home Building division from the Land Development division ($7,250,000 and 43 in Q4 2019; $21,270,000 and 128 in YE 2019) 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 | 29,743 | 16,248 | ||
Total assets | 266,494 | 296,268 | ||
Loans and credit facilities | 21,470 | 51,546 | ||
Shareholders' equity | 187,676 | 193,957 | ||
Loans and credit facilities (debt) to total assets | 8% | 17% |
Outlook
The Calgary Metropolitan Area economy has experienced materially lower economic activity and increased unemployment levels due to the COVID-19 pandemic and volatility in energy prices. While the Calgary economy improved in the fourth quarter of 2020, the duration and impact of the COVID-19 pandemic remains unknown and, as a result, it is not possible to reliably estimate the impact on the financial results and condition of the Corporation in future periods. The Calgary Real Estate Board forecast that the momentum seen in the housing market in the second half of 2020 will continue into 2021, fueled by low mortgage interest rates, low levels of housing supply and increased demand for suburban single-family homes. Alberta GDP is forecast to be positive in 2021 by RBC Economics growing by 4.5%. These are both positive signs, but in addition to the ongoing potential impact of COVID there are still challenges that could have a negative impact including lower immigration and higher than historical unemployment levels.
Genesis has been able to adapt its operations, capital investments and marketing approaches to address current conditions and had positive results from these activities in 2020. Genesis is continuing to focus on managing cash, protecting the value of its assets and limiting financing risk while ensuring that all health and safety recommendations of regulatory authorities are being followed and, when feasible, exceeded.
In 2021, to add to the inventory of serviced lots and parcels in Bayside, Bayview, Sage Meadows and Saddlestone, Genesis will be bringing on additional inventory in the first phase of its Sage Hill community and is planning the development of the next phases in Sage Hill, Bayside and Bayview which will deliver additional lots and parcels in 2022 and 2023. Genesis will be looking to make progress in 2021 to obtain zoning and servicing approvals in its Lewiston, Logan Landing and OMNI developments.
Genesis is committed to implementing its strategy to develop and realize the value of its land holdings, while prudently managing its financial and other resources and controlling costs.
Genesis Annual Meeting
Genesis will hold its annual general meeting on May 14, 2021 at 9 am (Mountain Daylight Time). As a result of ongoing provincial COVID-19 limitations and restrictions on in-person indoor gatherings, our Meeting will be held as a virtual only shareholders meeting. If the provincial COVID-19 limitations and restrictions on in-person indoor gatherings are modified or removed such that an in-person meeting of Genesis shareholders would be permitted, Genesis may determine to convene the Meeting as an in-person shareholders meeting rather than a virtual only shareholders meeting. Any decision in this regard will be publicly announced by Genesis prior to the Meeting.
About Genesis
Genesis is an integrated land developer and residential home builder owning and developing a growing portfolio of well-located, entitled and unentitled residential, commercial and mixed-use lands and serviced lots throughout the Calgary Metropolitan Area.
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, 2020 and 2019 and the related Management's Discussion and Analysis ("MD&A") dated March 1, 2021 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; 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 favourable 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; labour 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 2021 Canada NewsWire
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