Amica Mature Lifestyles Announces Second Quarter Results for Fiscal 2012 and Increase in Quarterly Dividend
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/16/12 -- Amica Mature Lifestyles Inc. (TSX: ACC) ("Amica" or the "Company"), a leader in the management, marketing, design, development and ownership of luxury housing and services for mature lifestyles, is pleased to announce the Company's operating and financial results for the three and six months ended November 30, 2011.
SECOND QUARTER HIGHLIGHTS
Mr. Colin Halliwell, Amica's Chief Operating Officer, commented, "The second quarter saw very good momentum in occupancy, finishing the quarter with 93.2% overall occupancy in our mature communities and 58.8% overall occupancy in our communities in lease-up. We are very pleased with the ongoing strong performance of all the British Columbia communities and the majority of the Ontario communities and we remain focused on the handful of communities that are situated in very competitive markets."
"We had an excellent second quarter and are pleased with the continued momentum in the lease-up of our newer communities, occupancy in our mature communities and our overall financial results," said Samir Manji, Amica's Chairman, President & CEO. "As a result of our strong financial performance, the Company has announced an 11% increase in its quarterly dividend. This will represent a 75% increase in our quarterly dividend since December 2010. We remain committed to maintaining our position as the premier brand in the high-end independent retirement living sector in Canada and continue to evaluate opportunities that will contribute to this goal. We are confident that Fiscal 2012 will be an excellent year for Amica and its shareholders."
FINANCIAL HIGHLIGHTS
A review of the financial results for the three month period ended November 30, 2011 ("Q2/12") compared to the three month period ended November 30, 2010 ("Q2/11") and the six month period ended November 30, 2011 ("YTD Fiscal 2012") compared to the six month period ended November 30, 2010 ("YTD Fiscal 2011") reflects the following:
For information on the impact of International Financial Reporting Standards ("IFRS") on the previously reported Canadian Generally Accepted Accounting Principles ("CGAAP") Q2/11 and YTD Fiscal 2011 results see "CHANGE IN ACCOUNTING POLICIES" and "RECONCILIATION OF NON-IFRS FINANCIAL MEASURES - 4. Reconciliation of Q2/11 and YTD Fiscal 2011 Non-IFRS Financial Measures" in the Company's Management's Discussion and Analysis for the three and six months ended November 30, 2011 ("MD&A").
Consolidated revenues
Q2/12 consolidated revenues increased by 27% to $18.34 million and YTD Fiscal 2012 consolidated revenues increased by 38% to $36.41 million. The increase in consolidated revenues is principally attributable to acquisitions completed in Fiscal 2011, improved occupancy and increase in MARPAS.
Net loss attributable to Amica shareholders
The net loss attributable to Amica shareholders for Q2/12 decreased by $1.48 million and for YTD Fiscal 2012 decreased by $1.44 million and are principally attributable to the improved results in the Property Ownership and Corporate Operations segment and the Management Operations segment, partially offset by lower income tax recoveries. The YTD Fiscal 2011 loss included a $1.58 million gain on business combinations, excluding this gain from the YTD Fiscal 2011 results the YTD Fiscal 2012 loss would be $3.02 million lower than the YTD Fiscal 2011 loss.
EBITDA
Q2/12 EBITDA increased by 40% to $5.83 million and YTD Fiscal 2012 EBITDA increased by 66% to $10.73 million. EBITDA results are summarized as follows:
FFO
Q2/12 FFO increased by 74% to $2.29 million ($0.10 per share basic and diluted) and YTD Fiscal 2012 FFO increased by 92% to $3.63 million ($0.16 per share basic and diluted). The Company, in assessing its results, adjusts FFO to exclude: losses from properties in lease-up as these losses are considered part of the development costs of the properties; and stock-based compensation as it is a non-cash expense. The following table summarizes the impact of these adjustments to FFO:
AFFO
Q2/12 AFFO increased by 79% to $2.07 million ($0.09 per share basic and diluted) and YTD Fiscal 2012 AFFO increased by 89% to $3.11 million ($0.14 per share basic and diluted). Q2/12 maintenance capital expenditures were $0.22 million (Q2/11 - $0.16 million). The following table summarizes the impact on AFFO of the adjustments to FFO discussed above:
DISCUSSION OF FINANCIAL RESULTS
PROPERTY OWNERSHIP AND CORPORATE OPERATIONS
The following table summarizes the Property Ownership and Corporate Operations segment results for Q2/12 compared to Q2/11 and YTD Fiscal 2012 compared to YTD Fiscal 2011:
MANAGEMENT OPERATIONS
The following table summarizes the Management Operations segment results for Q2/12 compared to Q2/11 and YTD Fiscal 2012 compared to YTD Fiscal 2011:
INCOME TAXES
Total income tax recovery decreased by $0.57 million to $0.61 million in Q2/12 and decreased by $1.18 million to $1.29 million for YTD Fiscal 2012. The Q2/12 current income tax recovery is $nil (Q2/11 - $0.26 million) and is $nil in YTD Fiscal 2012 (YTD Fiscal 2011 - $0.61 million).
COMMUNITY UPDATE
Amica's six communities in lease-up (Amica at Westboro Park, Amica at Thornhill, Amica at London, Amica at Whitby, Amica at Bayview Gardens - Rentals and Amica at Windsor) continued to make steady progress in the second quarter. At January 9, 2012, overall occupancy in these communities was 57.3% (November 30, 2011 - 58.8%; August 31, 2011 - 52.1%; May 31, 2011 - 46.2%), which is anticipated to increase to 62.2% following an additional 44 net pending move-ins. Net pending move-ins reflects suites that have been reserved with a deposit made for the reservation, less suites for which notice of termination has been received.
On November 23, 2011, the Company announced an agreement to acquire Quinte Gardens, a 239-suite retirement residence located in Belleville, Ontario (the "Acquisition"). As part of the purchase agreement a Phase 2 Environmental Site Assessment ("ESA") on the Quinte Gardens lands was commissioned. The Phase 2 ESA has been completed with no significant issues identified. Accordingly, the vendor and the Company are working towards completing the transaction with closing scheduled for January 19, 2012.
The Company is evaluating the opportunity to commence construction in Fiscal 2012 for one or more of the developments currently in pre-development.
In August 2011, an agreement was entered into for the sale of the property being held for the Amica at Richmond Hill development. The sale of this property is expected to close in January 2012.
FINANCIAL POSITION
The Company's consolidated cash and cash equivalents balance as at November 30, 2011 was $2.4 million compared to $10.2 million at May 31, 2011.
As at November 30, 2011, the balance drawn on the Company's demand operating loan is $2.4 million.
Subsequent to November 30, 2011, the Company sold 4,600,000 subscription receipts on a bought deal basis for gross proceeds of $34.3 million. The gross proceeds less an amount equal to 50% of the cash commission payable to the underwriters and the expenses of the underwriters are being held in escrow in conjunction with the Quinte Gardens acquisition. Each subscription receipt represents the right to receive one common share of the Company for no additional consideration on the closing of the Quinte Gardens acquisition.
THIRD QUARTER DIVIDEND
The Company's Board of Directors has approved a quarterly dividend of $0.105 per common share on all issued and outstanding common shares which will be payable on March 15, 2012, to shareholders of record on February 29, 2012. This represents an 11% increase to the quarterly dividend of $0.095 per share to $0.105 per share.
RESULTS CONFERENCE CALL
Amica has scheduled a conference call to discuss the results on Monday, January 16, 2012 at 10:00 am Pacific Time (1:00 pm Eastern Time). To access the call, dial (647) 438-4398 (Local/International access) or 1-866-971-7629 (North American toll-free access). To access a replay of the call, which will be available until January 19, 2012, dial (416) 915-1035 or toll-free 1-866-245-6755 (Passcode: 157531). A slide presentation to accompany management's comments during the conference call will be available. To view the slides, access Amica's website at and click on "Investor Relations" - "Webcasts". Please log on at least 15 minutes before the call commences.
The Company's unaudited interim consolidated financial statements for the three and six months ended November 30, 2011 and the management's discussion and analysis are available on SEDAR at and available on the Company's website at .
CONSOLIDATED STATEMENT OF FINANCIAL POSITION HIGHLIGHTS
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) HIGHLIGHTS
ABOUT AMICA MATURE LIFESTYLES INC.
Amica Mature Lifestyles Inc., a Vancouver-based public company, is a leader in the management, marketing, design, development and ownership of luxury housing and services for mature lifestyles. There are 24 Amica Wellness & Vitality™ Residences, including one under development and one in pre-development. The common shares of Amica are traded on the Toronto Stock Exchange under the symbol "ACC". For more information, visit .
Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable securities laws ("forward-looking statements").
These forward-looking statements are made as of the date of this news release and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as otherwise required by law. Users of forward-looking statements are cautioned that actual results may vary from forward-looking statements contained herein. Forward-looking statements include, but are not limited to, statements regarding the Company's growth prospects; future occupancy rates; the closing of the acquisition of Quinte Gardens and receipt of proceeds from the subscription receipt offering; the Company's business model and strategy going forward; anticipated future revenues and financial results; the Company's capital expenditures budgets and the expected level of maintenance capital expenditures; MARPAS and operating income; the closing of the sale of the Richmond Hill property; management of cash resources; future growth and value for shareholders; dividends and other similar statements concerning anticipated future events, conditions or results that are not historical facts. In certain cases, forward-looking statements can be identified by the use of words 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 statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". While the Company has based these forward-looking statements on its expectations about future events as at the date that such statements were prepared, the statements are not a guarantee of the Company's future performance and are subject to risks, uncertainties, assumptions and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Such factors and assumptions include, amongst others, the effects of general economic and market conditions; actions by government authorities, including the granting of zoning and other approvals and permits; uncertainties associated with potential legal proceedings and negotiations, including negotiations with respect to construction financing and debt refinancing; and misjudgements in the course of preparing forward-looking statements.
In addition, there are known and unknown risk factors which could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Known risk factors include, among others, risks related to dependence on the ability of Amica's co-tenancy participants to meet their obligations; interest rate volatility in the marketplace; job actions including strikes and labour stoppages; possible liability under environmental laws and regulations, relating to removal or remediation of hazardous or toxic substances on properties owned or operated by Amica; risks associated with new developments, including cost overruns and start-up losses; the ability of seniors to pay for Amica's services; regulatory changes; risks inherent in the ownership of real property; operational risks inherent in owning and operating residences; the risks associated with global events such as infectious diseases, extreme weather conditions and natural disasters; the availability of capital to finance growth or refinance debt as it comes due; Amica's ability to attract seniors with its services and keep pace with changing consumer preferences, as well as those factors discussed in the "Risks and Uncertainties" section of the Company's Management's Discussion and Analysis for the three and six months ended November 30, 2011, in the "Risk Factors" section of the Company's Short Form Prospectus dated December 7, 2011 and in the "Risk Factors" section of the Company's Annual Information Form dated August 12, 2011, filed with the Canadian Securities Administrators and available at . Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements, or the material factors or assumptions used to develop such forward looking statements, will prove to be accurate. Accordingly, readers should not place undue reliance on forward-looking statements.
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NON-IFRS FINANCIAL MEASURES
This news release makes reference to the following terms: "Cash Flow From Operations", "EBITDA", "Funds From Operations", "Adjusted Funds From Operations" and "MARPAS" (collectively the "Non-IFRS Measures"). These Non-IFRS Measures are not recognized under IFRS and do not have standardized meanings prescribed by IFRS. The Company considers these Non-IFRS Measures relevant in evaluating the operating and financial performance of the Company, along with IFRS measures such as net earnings (loss) and comprehensive income (loss), basic and diluted income (loss) per share and cash provided by (used in) operations. Definitions and detailed descriptions of these terms are contained in Amica's Management Discussion and Analysis for the three and six months ended November 30, 2011.
Contacts:
Amica Mature Lifestyles Inc.
Mr. Art Ayres
Chief Financial Officer
(604) 630-3473
Amica Mature Lifestyles Inc.
Ms. Alyssa Barry
Manager, Investor Communications
(604) 639-2171
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Datum: 16.01.2012 - 13:00 Uhr
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