Dream Unlimited Corp. Reports Second Quarter 2015 Results and Announces Significant New Financing Transactions
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 07/30/15 -- Dream Unlimited Corp. (TSX: DRM)(TSX: DRM.PR.A) ("Dream", "the Company" or "we") today announced its financial results for the three and six months ended June 30, 2015. Basic earnings per share ("EPS") for the three months ended June 30, 2015 were $1.10, up from $0.16 for for the three months ended June 30, 2014. Basic EPS for the six months ended June 30, 2015 were $1.13, up from $0.28 for the six months ended June 30, 2014. Results for the three and six months ended June 30, 2015 included a $110.4 million after-tax gain ($0.97 per share) as a result of the reorganization of the asset management contract with Dream Office REIT (TSX: D.UN) on April 2, 2015. At June 30, 2015, the Company's total equity increased to $716.8 million, up 21% from $591.8 million at December 31, 2014, all through internally generated value creation activities.
Michael Cooper, CEO of Dream commented: "We have increased total equity by 170% to $6.33 per share since our first public reporting period two years ago, which demonstrates our continued success in generating value for our shareholders. With the closing of our new $175 million, three-year term facility at a 3.65% fixed interest rate and amendment of the borrowing base structure underlying our existing $290 million operating line on June 30, 2015, we have improved the safety in our capital structure and have ample liquidity and flexibility to run the operations of our business over the long term. Our outlook for the remainder of 2015 is positive across all business lines, including our Western Canadian land operations with an expectation to earn over $200 million of pre-tax income for the full year, up from $109 million in 2014."
A summary of our results for the three and six months ended June 30, 2015 is included in the table below.
Key Highlights:
New $175 Million, Three-Year Secured Term Facility Financing & Amendment of Existing Two-Year $290 Million Operating Line
Development
Acquisition of Western Canada lands
Asset Management & Management Services:
Select financial operating metrics for the three and six months ended June 30, 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 June 30, 2015 are available at and on .
Conference Call
Senior management will host a conference call on July 31, at 1:00 p.m. (ET). To access the call, please dial 1-888-465-5079 in Canada and the United States or 416-216-4169 elsewhere and use passcode 6281 674#. To access the conference call via webcast, please go to Dream's website at and click on the link for News and Events, then click on Calendar of Events. A taped replay of the conference call and the webcast will be available for 90 days.
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: assets under management, fee earning assets under management, debt-to-total assets 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 June 30, 2015.
Forward-Looking Information
This press release may contain forward-looking information within the meaning of applicable securities legislation, including, but not limited to, estimated 2015 pre-tax income, expected completion and occupancy dates of our developments, anticipated sales results, 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 assumptions include, but are not limited to: the nature of development lands held and the development potential of such lands, our ability to bring new developments to market, anticipated positive general economic and business conditions, including low unemployment and interest rates, positive net migration, oil and gas commodity prices, our business strategy, including geographic focus, anticipated sales volumes and performance of our underlying business segments. 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 July 30, 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 ().
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.
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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Unternehmensinformation / Kurzprofil:
Datum: 30.07.2015 - 21:00 Uhr
Sprache: Deutsch
News-ID 410565
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contact information:
Town:
TORONTO, ONTARIO
Kategorie:
Commercial Real Estate
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