WINNIPEG, MANITOBA — (Marketwired) — 09/06/13 — Gendis Inc. (TSX: GDS) today announced its financial results for the 2nd quarter ended July 31, 2013.
Revenue for the 2nd quarter was $1,639,000 compared to $1,527,000 for last year–s 2nd quarter. Revenue less expense for the 2nd quarter was $627,000 compared to $367,000 for last year–s 2nd quarter. Net loss for the 2nd quarter was $3,740,000 ($0.27 per share) compared to a loss of $7,736,000 ($0.56 per share) for last year–s 2nd quarter.
Revenue year-to-date was $3,059,000 compared to $3,040,000 year-to-date last year. Revenue less expense year-to-date was $1,282,000 compared to $988,000 year-to-date last year. Net loss year-to-date was $1,895,000 ($0.14 per share) compared to a loss of $7,509,000 ($0.54 per share) year-to-date last year.
The volatility in net earnings quarter over quarter and year over year is primarily due to the change in fair value of equity investments and investment properties with the attendant effect on deferred income taxes. Also, the 2nd quarter last year included the settlement with our insurer on legal claims in a prior year.
Condensed summarized information is as follows:
Gendis Inc.
Notes to the unaudited Interim condensed Financial Statements
January 31, 2013
(All tabular amounts in thousands of Canadian dollars unless otherwise stated)
1. General information
General information on Gendis Inc. is the same as disclosed in Note 1 to the complete audited annual financial statements for the year ended January 31, 2013, which have been prepared in accordance with International Financial Reporting Standards. These interim condensed financial statements are presented in Canadian dollars, which is the Company–s functional and presentation currency. The principal accounting policies applied in the preparation of these interim condensed financial statements are the same as set out in Note 2 to the complete audited annual financial statements for the year ended January 31, 2013. These policies have been consistently applied to all periods presented.
4. Subsequent Event
On September 6, 2013, the Company declared a regular dividend of 2.5 cents per share to shareholders of record September 20, 2013, payable October 4, 2013.
Contacts:
Gendis Inc.
James E. Cohen
President & Chief Executive Officer
(204) 474-5200
(204) 474-5201 (FAX)