Gendis Inc. Announces Third Quarter Profit
(firmenpresse) - WINNIPEG, MANITOBA -- (Marketwire) -- 12/09/11 -- Gendis Inc. (TSX: GDS) today announced its financial results for the 3rd quarter ended October 31, 2011 of the fiscal year ending January 31, 2012.
Gendis Inc. has applied International Financial Reporting Standards for the quarters ended October 31, 2011 and 2010, has retrospectively applied those standards to all prior year periods, and will apply those standards for its fiscal year ending January 31, 2012.
Applying those standards has resulted in an increase in volatility to reported earnings, primarily fair value changes to the Company's investments in equity securities and real estate. The Company reported net earnings of $3.0-million ($0.21 per share) in the current quarter compared to earnings of $9.5-million ($0.68 per share) in the prior year quarter.
Condensed summarized information is as follows:
Subsequent to the quarter ended October 31, 2011, the Company reached a settlement with the Canada Revenue Agency of its tax case involving the sale of the Company's shares in Sony of Canada Ltd. in 1995. The Company will receive approximately $11.2-million later this year or in early 2012. The settlement represents a refund of 25% of the tax and arrears interest paid in 2001 on re-assessment, plus interest from 2001 to the refund date.
1. Significant Accounting Policies and Basis of Presentation
These unaudited condensed interim financial statements are prepared in accordance with International Financial Reporting Standards ('IFRS') as issued by the International Accounting Standards Board using the accounting standards expected to be effective at January 31, 2012. Accounting policies will only be finalized when the first annual financial statements are prepared under IFRS for the year ending January 31, 2012 and consequently, these condensed interim financial statements may be subject to change. These condensed interim financial statements do not contain all the disclosures that would be required under generally accepted accounting principles for a comprehensive set of financial statements.
These condensed interim financial statements are presented in Canadian dollars, which is the Company's functional and presentation currency. The condensed consolidated interim financial statements for the quarter ended October 31, 2011 have been reviewed and approved by the Company's Audit Committee on December 9, 2011. The condensed consolidated interim financial statements for the quarter ended October 31, 2011 have not been audited or reviewed by the Company's independent Auditors.
2. Investments
3. Credit facilities
4. Operating segments
The segment information provided to the CEO for the reportable segments is as follows:
5. Subsequent event
Subsequent to the quarter ended October 31, 2011, the Company reached a settlement with the Canada Revenue Agency of its tax case involving the sale of the Company's shares in Sony of Canada Ltd in 1995. The Company expects to receive approximately $11.2-million later this year or in early 2012. The settlement represents a refund of 25% of the tax and arrears interest paid in 2001 on re-assessment, plus interest from 2001 to the refund date. The settlement has not been recorded as at October 31, 2011. The settlement will be recorded when a re-assessment has been received.
Contacts:
Gendis Inc.
James E. Cohen
President & Chief Executive Officer
(204) 474-5200
(204) 474-5201 (FAX)
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Datum: 09.12.2011 - 21:24 Uhr
Sprache: Deutsch
News-ID 95653
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contact information:
Town:
WINNIPEG, MANITOBA
Kategorie:
Oil & Gas
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