Consolidated HCI Holdings Corporation announces its 2007 annual and fourth quarter results



    WOODBRIDGE, ON, Dec. 21 /CNW/ - Consolidated HCI Holdings Corporation
(the "Company") today announced its annual and fourth quarter results for
fiscal 2007. The results, segregating discontinued operations as a result of
the asset sales as described below are as follows:

    
                                        3 months ended     12 months ended
                                         September 30        September 30
                                        2007      2006      2007      2006
                                           ($000's)            ($000's)
                                     ----------------------------------------
    Continuing operations

      Revenue                         $  8,464  $  9,926  $ 30,998  $ 35,433
                                     ----------------------------------------
                                     ----------------------------------------

    Net earnings for the year from
     continuing operations            $  1,131  $    875  $  4,511  $  5,454


    Earnings for the year from
     discontinued operations,
     net of income taxes                   836       875   114,301     3,399
                                     ----------------------------------------
    Net earnings for the year         $  2,256  $  1,569  $118,812  $  8,853
                                     ----------------------------------------
                                     ----------------------------------------

    Earnings per share from:
      Continuing operations           $   0.04  $   0.04  $   0.22  $   0.27
      Discontinued operations             0.07      0.03      5.55      0.16
                                     ----------------------------------------
                                      $   0.11  $   0.07  $   5.77  $   0.43
                                     ----------------------------------------
                                     ----------------------------------------
    

    As previously announced, on May 1, 2007, the Company completed the sale
of a portfolio of its assets and properties, to a subsidiary of Dundee Real
Estate Investment Trust ("Dundee"). The portfolio of assets and properties
sold by the Company consisted of 2,066,448 square feet of income-producing
properties comprising 59 industrial buildings in the Pine Valley Business Park
in Vaughan totaling 1,723,118 square feet, 1 industrial building in Burlington
of 160,000 square feet, 1 office building in Mississauga of 42,808 square
feet, and 14 commercial buildings in Vaughan totaling 140,522 square feet,
(the "Purchased Assets"). The Purchased Assets were sold for a total purchase
price of $230.0 million. The purchase price of $230.0 million was paid by way
of: (a) the assumption by Dundee of the outstanding principal amount of the
mortgages relating to the Purchased Assets; and (b) the balance in cash of
$175.7 million after adjustments.
    On May 30, 2007 the Company declared a special dividend of $8.50 per
Class B share payable to shareholders of record at the close of business on
June 15, 2007. The dividend, totaling $175 million, was paid on July 4, 2007.
    On October 10, 2007, the Company completed the sale of its land held for
future development, resulting in a gain of approximately $8.6 million. In
satisfaction of the selling price of $10.2 million, the Company received cash
of $3.1 million and took back a mortgage of $7.1 million The mortgage bears
interest at 4% for the first two years of its term and 6% for the next two
years, is payable as to interest only during the first two years and interest
with $0.05 million of principal per quarter during the second two years, and
is due on October 10, 2011.
    On October 15, 2007, the Company completed the sale of its commercial
property held for sale on Yonge Street in north Toronto for cash proceeds of
$3.9 million, resulting in a gain of approximately $1.8 million.
    Some statements in this press release contain forward-looking
information. These statements address future events and conditions and, as
such, involve inherent risks and uncertainties. Actual results could be
significantly different from those projected.

    Consolidated HCI Holdings Corporation is an Ontario-based real estate and
development company that trades on The Toronto Stock Exchange under the symbol
"CXA.B"





For further information:

For further information: Mr. Arnold J. Resnick, (905) 851-7741


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890