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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Jannock Pptys Ltd | TSXV:JPL.UN | TSX Venture | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
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Jannock Properties Limited (TSX VENTURE:JPL.UN) today reported income of $95,000
for the Third Quarter of 2010 under the liquidation accounting principles that
it is now applying.
Net Income
The net income of $95,000 in the Third Quarter of this year resulted entirely
from income tax recoveries from prior period losses. This compares with a loss
of $260,000 in the Third Quarter of 2009 when the Corporation provided for
expenses that were to be incurred in its expected dissolution.
Net income of $25,000 for the nine months to September 30, 2010 reflects income
tax recoveries of $111,000 less accruals of $86,000 for additional costs that
will be incurred as a result of the delay in completing the dissolution of the
Corporation. In the comparable period in 2009, the Corporation had a net loss of
$376,000 primarily reflecting general and administrative expenses.
Cash Flows
Cash used in the Third Quarter of this year amounted to $39,000 compared with a
usage of cash of $38,000 in the same period last year.
-- Cash receipts for the Third Quarter this year were $16,000 for a
recovery of income taxes. In the Third Quarter of 2009 cash receipts
were $16,000 of which income tax recoveries were $14,000.
-- Cash payments for the Third Quarter this year were $55,000 for
dissolution costs that had previously been accrued. In the same period
last year cash payments were $54,000 for administrative costs.
Cash generated in the nine months to September 30, 2010 amounted to $86,000
compared with a usage of cash of $232,000 in the same period last year.
-- Cash receipts for the period were $235,000 comprised of $219,000 for a
recovery of development costs and $16,000 for a recovery of income
taxes. In the same period in 2009 cash receipts were $23,000 of income
tax recoveries and $18,000 of interest.
-- Cash payments for the period were $149,000 for dissolution costs. In the
same period last year cash payments were $273,000 for administrative
costs.
Capital Structure
The number of Class B Common Shares outstanding is 35,631,932. Currently there
are 55 Class A Special Shares that are associated with each Class B Common
Share. The combination of one Class B Common Share and 55 Class A Special Shares
is listed as a unit on the TSX Venture Exchange (trading symbol: JPL.UN).
Voluntary Dissolution
The voluntary dissolution has continued to be held up by delays in the
processing of the Corporation's income tax returns.
An income tax recovery of $52,000 was received in October for federal income
taxes on the Corporation's losses through May 31, 2010. An additional $43,000
recovery of Ontario income taxes for 2009 and May 31, 2010 was received in
November. The Corporation should now be able to proceed with requesting the
required consents and income tax clearances from the Canada Revenue Agency.
Corporate Items
Currently the Corporation's only significant assets are its cash in the bank and
outstanding income tax recoveries. The estimated net cash balance after the
receipt of the outstanding income tax recoveries and the payment of remaining
liabilities is equivalent to approximately 5.7 cents per unit.
Forward-looking statements contained in this news release involve risks and
uncertainties that could cause actual results to differ materially from those
contemplated by such statements. Factors that could cause such differences
include local real estate markets, zoning applications, changes in interest
rates and general economic conditions. In addition there are risk factors
described from time to time in the reports and disclosure documents filed by
Jannock Properties Limited with Canadian and U.S. securities regulatory agencies
and commissions.
NOTICE
The accompanying interim unaudited financial statements have not been reviewed
by the Company's auditors.
Interim Balance Sheet
(in thousands of Canadian dollars)
September 30 December 31
2010 2009
------------------------------
(unaudited)
---------------
Assets
Cash and cash equivalents $ 2,021 $ 1,935
Income taxes recoverable $ 95 $ -
Other assets - 219
------------------------------
$ 2,116 $ 2,154
------------------------------
Liabilities
Accounts payable and accrued liabilities $ 64 $ 127
------------------------------
Shareholders' Equity
Capital stock (note 3) $ 19,551 $ 19,551
Contributed surplus 6,868 6,868
Deficit (24,367) (24,392)
------------------------------
$ 2,052 $ 2,027
------------------------------
$ 2,116 $ 2,154
------------------------------
Interim Statement of Income, Comprehensive Income and Deficit
(in thousands of Canadian dollars, except per share amount)
Three Months Nine Months
Ended September 30 Ended September 30
------------------------------------------------
2010 2009 2010 2009
------------------------------------------------
(unaudited) (unaudited) (unaudited) (unaudited)
Revenue
Interest income $ - $ 2 $ - $ 18
Expenses
Dissolution costs - - (86) -
General and administrative - (197) - (388)
Foreign exchange gains - - - 2
------------------------------------------------
Income/(loss) before income
taxes - (195) (86) (368)
Income tax provision
(recovery) (95) 65 (111) 8
------------------------------------------------
Net income (loss) and
comprehensive income (loss)
for the period $ 95 $ (260) $ 25 $ (376)
Deficit - beginning of
period $ (24,462) $ (24,293) $ (24,392) $ (24,177)
------------------------------------------------
Deficit - end of period $ (24,367) $ (24,553) $ (24,367) $ (24,553)
------------------------------------------------
Basic and diluted earnings
(loss) per share $ 0.00 $ (0.01) $ 0.00 $ (0.01)
Interim Statement of Cash Flows
(in thousands of Canadian dollars)
Three Months Nine Months
Ended September 30 Ended September 30
------------------------------------------------
2010 2009 2010 2009
------------------------------------------------
(unaudited) (unaudited) (unaudited) (unaudited)
Cash provided by (used in)
Operating activities
Cash receipts
Recovery of prior years
cost of sales $ - $ - $ 219 $ -
Income tax recoveries 16 14 16 23
Interest received - 2 - 18
Cash payments
Other payments (55) (54) (149) (273)
------------------------------------------------
Total operating activities (39) (38) 86 (232)
------------------------------------------------
Increase (decrease) in cash
equivalents (39) (38) 86 (232)
Cash and cash equivalents -
beginning of period $ 2,060 $ 5,619 $ 1,935 $ 5,813
------------------------------------------------
Cash and cash equivalents -
end of period $ 2,021 $ 5,581 $ 2,021 $ 5,581
------------------------------------------------
------------------------------------------------
NOTES TO INTERIM FINANCIAL STATEMENTS
(unaudited)
1. Summary of significant accounting policies
The Company has presented on a liquidation basis the balance sheet as at
September 30, 2010, and the operating income and cash flows for the three months
and nine months ended September 30, 2010.
The disclosures contained in these unaudited interim financial statements do not
include all disclosures required for annual financial statements. They have been
prepared using the same accounting policies as set out in Note 2 to the
financial statements for the year ended December 31, 2009 and should be read in
conjunction with those financial statements.
2. Income taxes
The income taxes recoveries of $111,000 in the nine months to September 30, 2010
were for federal and Ontario income taxes on losses incurred in 2009 and through
part of 2010. The Corporation received federal income tax recoveries of $16,000
in August, $52,000 in October and $43,000 in November.
The provisions in the nine months to September 30, 2009 resulted from the
elimination of tax assets relating to that years loss as there was no certainty
that any amounts would be recovered.
3. Capital Stock
The Company's capital stock consists of Class A special shares and Class B
common shares. The Class A special shares are transferable with and only with
the associated Class B common shares and trade as one unit (JPL.UN). There have
been no changes to the shares outstanding during the three months to September
30, 2010
Number of shares
---------------------------------
Class B Common Class A special Amount
----------------------------------------------
Issued and outstanding at
September 30, 2010, and at
December 31, 2009. 35,631,932 1,959,756,260 $19,551,000
4. Capital Management
The Corporation's remaining assets are its cash balances and outstanding income
tax recoveries. Shareholders at the Annual General and Special Meeting on May
14, 2009 approved a voluntary dissolution of the Corporation and its eventual
delisting from the TSX-V exchange. The Corporation is actively working to
complete the dissolution as soon as possible.
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