- Genesis Land Development press release ( OTCPK:GNLAF ): Q3 GAAP EPS of -$0.05.
- Revenue of $43.61M (+24.6% Y/Y).
- 202 New Home Orders YTD, up 20% from YTD 2021: New home orders for the nine months ended September 30, 2022 were 202 units compared to 168 units for the same period in 2021. The Corporation ended the third quarter of 2022 with 231 outstanding new home orders, compared to 111 at the end of Q3 2021.
- $43.6 Million of Revenues in Q3 2022: In Q3 2022, Genesis sold 45 homes, 54 residential lots to third parties and two development land parcels generating aggregate revenues of $43.6 million. In Q3 2021, Genesis sold 47 homes, 38 residential lots to third parties and three development land parcels generating aggregate revenues of $35.0 million.
- Dividend Declared: The Corporation declared an unconditional special cash dividend of $0.075 per common share for a total of $4.265 million on November 2, 2022, payable on December 15, 2022 to shareholders of record on November 28, 2022. Pursuant to subsection 89(14) of the Income Tax Act (Canada) the dividend qualifies as an eligible dividend for Canadian federal income tax purposes.
- Land Acquisitions: In Q3 2022, Genesis paid $6.7 million to acquire land from two limited partnerships (controlled entities within the consolidated entity). With this transaction Genesis will directly own three land parcels totaling 456 acres in North Conrich, on the eastern edge of Calgary, in Rocky View County. In Q2 2022, Genesis entered into a binding agreement to acquire approximately 160 acres of future residential development land in the southeast sector of the City of Calgary for a total purchase price of up to $30.0 million.
- Cash on Hand of $18.5 Million: On September 30, 2022, Genesis had $18.5 million in cash and cash equivalents and loan and credit facilities of $40.7 million which is 12% of the total book value of assets.
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Genesis Land Development GAAP EPS of -$0.05, revenue of $43.61M