QUEBEC, CANADA, May 30 (MARKET WIRE) --
Cagim Real Estate Corporation (TSX VENTURE: CIM) (Cagim), a real estate
management and acquisition corporation, is pleased to announce today its
financial results for the first quarter ended March 31, 2008.
Highlights:
- Revenues from operations increased 57.1% to $1,029,674
- End of construction and start of operatons of Place d'Affaires
Lebourgneuf Phase 2 whose results are included in the first quarter of
2008
- In February 2008, Cagim declared and paid the first dividend in its
history, namely $0.15 per class A share
- The liquid assets available as at March 31, 2008 were above $2,6 million
- Profit from real estate activities has almost quadrupled to $161,596
Selected Financial Information:
For the three month period ended
March 31, 2008 2008 2007 Variation %
-----------------------------------------------------------------------
Revenues (3) 1,029,674 655,574 57
Income from real estate activities
(NOI)(1)(3) 161,596 41,120 293
Net loss (3) (98,313) (98,482) 0,2
Income from operations (FFO) (2)(3) 53,647 (14,861) 361
Liquid assets 2,612,001 260,866 978
Shareholders' equity 4,629,412 1,881,988 146
-----------------------------------------------------------------------
(1) Income from real estate activities (NOI) is not a measure of
performance in compliance with Canadian GAAP but is a measure commonly
used in the real estate sector.
(2) Income from operations (FFO) is not a measure of performance in
compliance with Canadian GAAP but is a measure commonly used in the real
estate sector.
(3) For purposes of comparison, the 2007 figures only take into account
those operations and therefore do not include activities related to
buildings sold in 2007
-----------------------------------------------------------------------
A first quarter that fully meets the expectations of management and
who sets the tone for another year of growth for Cagim.
Management's Discussion and Analysis of Financial Position and Results of
Operations
Revenues
During the quarter ended March 31, 2008, revenues from continuing
operations stood at $1,029,674 compared to $655,574 in 2007 representing
an increase of 57.1%. The change in revenues between periods is mainly
attributable to the acquisition of 50% of the shares Lombard Societe en
commandite for $176,274 and the start of operations of Place d'Affaires
Lebourgneuf Phase 2, which contributed $166,485. The remainder of the
increase came from internal growth of buildings that were already held by
the corporation in the first quarter of 2007 and the management contract
awarded for the Place d'Affaires Lebourgneuf Phase 1 building which was
sold in 2007.
Income from real estate activities
For the quarter ended March 31, 2008, income from real estate activities
from continuing operations almost quadrupled to reach $161,596 compared
to $41,120. This increase is mainly linked to the acquisition of Lombard
and to internal growth. It is noteworthy that for the first quarter, the
contribution of Place d'Affaires Lebourgneuf Phase 2 is marginal as it is
the first quarter of this building. With the arrival of new tenants
during the second and third quarter, the contribution of this building is
expected to increase significantly in coming quarters.
Capital
Shareholders' equity per share is up 139.2% compared with the first
quarter of 2007 to reach $0.332 per share as at 31 March 2008.
Furthermore, this value does not include potential increase in value on
properties from the difference between market value and book value of
properties.
Liquid assets
There is a sharp increase of liquid assets to over $0.18 per share as at
March 31 2008 even after the payment of a dividend of $0.15 per Class A
share in February 2008.
About Cagim Real Estate Corporation
The Corporation is listed on the TSX Venture Exchange and operates
property management and acquisition activities. The Corporation operates
its activities through its subsidiaries ADG Immobilier Inc., Complexe
Lebourgneuf Inc. and Palim Inc.
FORWARD-LOOKING INFORMATION -- This press release contains
forward-looking statements reflecting Cagim objectives, estimates,
expectations and the impact of acquisitions on Cagim's financial
performance. These statements are identified by the use of verbs such as
"believe", "anticipate", "estimate", and "expect" as well as by the use
of future or conditional tenses. By their very nature, these types of
statements involve risks and uncertainty. Consequently, reality may
differ materially from Cagim's projections or expectations.
TSX Venture Exchange does
not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Cagim Real Estate Corporation
Mr. Denis Lepine
Chief Financial Officer
418-622-6644
Cagim Real Estate Corporation
Mr. Guy Boutin
Leasing and Development Officer
418-622-6644
Copyright 2008, Market Wire, All rights reserved.
-0-
