Gulf & Pacific Equities Corp. Reports on First Quarter Results with Revenue of $907,191
May 22 2020 - 07:30AM
Gulf & Pacific Equities Corp. (TSX-V:
GUF) an
established company focused on the acquisition, management and
development of anchored shopping centres in Western Canada, reports
a 8.66% decrease in revenues to $907,191 in the first quarter of
2020 from $993,166 at same period last year.
Details of the three months financial results
for fiscal 2020 and 2019 under International Financial Reporting
Standards (IFRS) as summarized below are also available at
www.sedar.com or at the company’s website www.gpequities.com.
|
|
Three Months Ended |
|
|
(Unaudited) |
|
|
March 31, |
|
|
|
2020 |
|
2019 |
|
|
|
|
Revenue |
|
$ |
907,191 |
$ |
993,166 |
|
|
|
|
Net Income before fair
value adjustment |
|
|
|
and income
taxes |
|
$ |
163,554 |
$ |
93,116 |
Net Income before fair
value adjustment |
|
|
|
and income
taxes per share – basic and diluted |
|
$ |
0.01 |
$ |
- |
|
|
|
|
Net Income and
Comprehensive Income |
|
$ |
188,252 |
$ |
75,359 |
Net Income and
Comprehensive Income |
|
|
|
per
common share – basic |
|
$ |
0.01 |
$ |
- |
Net Income and
Comprehensive Income |
|
|
|
per
common share – diluted |
|
$ |
0.01 |
$ |
- |
|
|
|
|
Weighted average
number of common |
|
|
|
shares
outstanding – basic |
|
|
21,290,685 |
|
21,290,685 |
Weighted average
number of common |
|
|
|
shares
outstanding – diluted |
|
|
21,786,685 |
|
21,686,685 |
|
|
|
|
About Gulf & Pacific Equities
Corp.
Gulf & Pacific Equities Corp. was
incorporated under the laws of the Province of Alberta on April 8,
1998 and thereafter completed a public offering of common shares by
prospectus dated June 26, 1998 (TSX-V:
GUF).
The Company acquires, manages and develops
anchored shopping malls in rural centres in Western Canada, in
particular Alberta. Gulf & Pacific targets smaller,
but rapidly growing hub communities that have hospital, high
school, police station and retail/service infrastructure.
Management has consistently reinvested cash flow to improve
and grow its portfolio of income properties.
Gulf & Pacific Equities Corp. currently
owns three, well-located retail assets located in Three Hills, St.
Paul, and Cold Lake Alberta.
For further information, please
contact:
Mr. Anthony CohenPresident and Chief Executive
OfficerGulf & Pacific Equities Corp.1240 Bay Street, Suite
800Toronto, OntarioM5R 2A7
Telephone:
416-968-3337Telecopy:
416-968-3339E-mail:
info@gpequities.comwww.gpequities.com
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
NOT FOR DISTRIBUTION TO U.S. WIRE
SERVICES OR FOR DISTRIBUTION INTO THE UNITED STATES
Cautionary Statements
This news release contains “forward-looking
statements”, within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and similar Canadian
legislation, concerning the business, operations and financial
performance and condition of Gulf & Pacific Equities.
Forward-looking statements include, but are not limited to,
statements with respect to the benefits of the offering and option
transaction. 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”,
“scheduled”, “estimates”, “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”. Forward-looking statements are based on the opinions and
estimates of management as of the date such statements are made,
and they are subject to known and unknown risks, uncertainties and
other factors that may cause the actual results, level of activity,
performance or achievements of Gulf & Pacific Equities to be
materially different from those expressed or implied by such
forward-looking statements, including but not limited to risks
related to: economic conditions in Western Canada, interest rates,
raising less than the required capital; not realizing on the
anticipated benefits from the transaction or not realizing on such
anticipated benefits within the expected time frame; and other
risks of the real estate industry. Although management of
Gulf & Pacific Equities has attempted to identify important
factors that could cause actual results to differ materially from
those contained in forward-looking statements, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements. Gulf & Pacific Equities does
not undertake to update any forward-looking statements that are
incorporated by reference herein, except in accordance with
applicable securities laws.
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