Dream Unlimited Corp. Reports First Quarter 2015 Results and Provides Update on Key Achievements
This press release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 05/11/15 -- DREAM UNLIMITED CORP. (TSX: DRM)(TSX: DRM.PR.A) ("Dream", "the Company" or "we") today announced its financial results for the three months ended March 31, 2015. Basic earnings per share ("EPS") for the first quarter of 2015 were $0.03. The Company's quarterly results are impacted by timing of income recognition and seasonality. Traditionally, our highest sales volume quarter for our land and housing divisions has been the fourth quarter, while the lowest has been the first quarter. Additionally, the timing of occupancies within condominium development projects also impacts comparability of year-over-year results.
Michael Cooper, CEO of Dream commented: "While the first quarter is not typically a significant period for our land and housing business financially, we made great strides in the first few months of 2015 to increase the long-term value of our company. We are in a very exciting period having recently entered into a 20-year joint venture agreement with Canadian Pacific to develop certain of their surplus lands in key Canadian and U.S. markets; recognizing our first profits from Dream Centres, our internal retail development division which was established two years ago; and jointly announcing a reorganization of the asset management structure of Dream Office REIT in exchange for consideration of 4.85 million Dream Office REIT units, making Dream, one of the its largest unitholders. We believe these initiatives will add significant value to our business both in the near and long term."
A summary of our 2015 first quarter results is included in the table below.
Key Highlights:
Development:
Update on Approvals:
Asset Management & Management Services:
Capital Structure & Financing
Other
Selected financial operating metrics for the three months ended March 31, 2015 are summarized in the table below.
Other Information
Information appearing in this press release is a select summary of results. The financial statements and MD&A for the Company for the period ended March 31, 2015 are available at and on .
Annual Meeting of Shareholders
Senior management will host its Annual Meeting of Shareholders on May 11, at 4:00 p.m. (ET), located at the offices of Dream at 30 Adelaide Street East, Suite 301, Toronto, Ontario. For further details, please visit Dream's website at and click on the link for News and Events, then click on Calendar of Events.
About Dream Unlimited Corp.
Dream is one of Canada's leading real estate companies with approximately $15 billion of assets under management in North America and Europe. The scope of the business includes residential land development, housing and condominium development, asset management for three TSX-listed real estate investment trusts and one TSX-listed diversified, hard asset alternatives trust, investments in and management of Canadian renewable energy infrastructure and commercial property ownership. Dream has an established track record for being innovative and for its ability to source, structure and execute on compelling investment opportunities.
Non-IFRS Measures
Dream's condensed consolidated financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"). In this press release, as a complement to results provided in accordance with IFRS, Dream discloses and discusses certain non-IFRS financial measures, including: gross margin, net margin, assets under management, fee earning assets under management, estimated value upon completion, estimated costs of development, enterprise value and debt-to-enterprise value as well as other measures discussed elsewhere in this release. These non-IFRS measures are not defined by IFRS, do not have a standardized meaning and may not be comparable with similar measures presented by other issuers. Dream has presented such non-IFRS measures as Management believes they are relevant measures of our underlying operating performance and debt management. Non-IFRS measures should not be considered as alternatives to comparable metrics determined in accordance with IFRS as indicators of Dream's performance, liquidity, cash flow, and profitability. For a full description of these measures and, where applicable, a reconciliation to the most directly comparable measure calculated in accordance with IFRS, please refer to the "Non-IFRS Measures" section in Dream's MD&A for the period ended March 31, 2015.
Forward Looking Information
This press release may contain forward-looking information within the meaning of applicable securities legislation, including, but not limited to, the estimated cost of development and estimated value upon completion for retail developments, timing of occupancy of our condominium developments, expected fair value gains on future development, expectations regarding our joint ventures and future approvals for our developments. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dream's control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, general and local economic and business conditions, employment levels, regulatory risks, mortgage rates and regulations, environmental risks, consumer confidence, seasonality, adverse weather conditions, reliance on key clients and personnel and competition. All forward looking information in this press release speaks as of May 11, 2015. Dream does not undertake to update any such forward looking information whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR ().
Contacts:
DREAM Unlimited Corp.
Michael J. Cooper
Chief Executive Officer
(416) 365-5145
DREAM Unlimited Corp.
Pauline Alimchandani
Chief Financial Officer
(416) 365-5992
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Datum: 11.05.2015 - 19:52 Uhr
Sprache: Deutsch
News-ID 392321
Anzahl Zeichen: 0
contact information:
Town:
TORONTO, ONTARIO
Kategorie:
Commercial Real Estate
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