CORRECTION FROM SOURCE: Madison Pacific Properties Inc. Announces Six Months Results
11 Agosto 2010 - 12:26PM
Marketwired
The following corrects and replaces a release issued on behalf of
Madison Pacific Properties Inc. on August 10, 2010. The dividend
payable date and the shareholders record date in the last paragraph
of the release were incorrect. The corrected updated release now
follows.
Madison Pacific Properties Inc. (TSX: MPC)(TSX: MPC.C) a
Vancouver-based real estate company announces the results of
operations for the six months ended June 30, 2010.
The Company is reporting net income from continuing operations
of $3,558,000 for the six months ended June 30, 2010 compared to
$3,350,000 for the same period in 2009. Cash flow from continuing
operations before changes in non-cash working capital for the six
months ended June 30, 2010 is $3,198,000 compared to $2,606,000 for
the same period in 2009. Earnings per share from continuing
operations were $0.06 per share for the six months ended June 30,
2010 and June 30, 2009.
The Company sold a parking lot in close proximity to an existing
property in the first six months of 2010. The gain on the
disposition, before tax, was $1,531,000. The Company has acquired
two new properties in 2010 for $29.7 million. One property was
acquired in the 1st quarter and the other in the 3rd quarter.
The net income for the six months was $3,558,000 compared to
$5,725,000 for the six months ended June 30, 2009 when the Company
reported net income from discontinued operations from the sale of
buildings of $2,375,000. Earnings per share were $.06 per share
compared to $.10 for the six months ended June 30, 2009.
For a review of the risks and uncertainties to which the Company
is subject, see the 2009 annual MD&A.
The Company is pleased to announce 5.25 cents per share dividend
will be payable September 1, 2010 to shareholders of record August
17, 2010.
Contacts: Madison Pacific Properties Inc. Mr. Alan Firth
President (604) 732-6540 Madison Pacific Properties Inc. Mr. Bill
Ramsey Chief Financial Officer (604) 732-6540 (604) 732-6550
(FAX)
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