Grandfield Pacific Inc. releases annual and fourth quarter financial results



    YELLOWKNIFE, NW, Aug. 26 /CNW/ - Grandfield Pacific Inc. today released
the financial results for the fourth quarter and the year ended April 30,
2008.
    The loss for the year ended April 30, 2008, is $166,911 as compared to a
net loss for the previous year of $60,073.
    For the current year, loss from operations is $135,671 as compared to a
loss of $263,271 for the previous year. This improvement of $127,600 primarily
results from an increase in revenue and a decrease in direct costs.
    Room revenue increased during the year by 11% to $1,004,852 compared to
the previous year of $907,384. The increase in revenue for the year is a
result of changes in the operations of the hotel which attracted a new market
of hotel guests which lead to increased occupancy and increased room rates.
The image of the hotel was changed to a secured hotel that provides
comfortable accommodation, with reasonable room rates which resulted in an
improved clientele at the hotel.
    Direct costs and expenses decreased to $329,637 from $362,978 for the
previous year as a result of decreases in wages, room supplies, maintenance,
merchant charges and bad debt.

    
    Summary of results for the year:

    -------------------------------------------------------------------------
    For the Year Ended April 30:                   2008               2007
                                                     $                  $
    -------------------------------------------------------------------------
    Total revenue (note 1)                      1,074,666            997,247
    -------------------------------------------------------------------------
    Net (loss) income                            (166,911)           (60,073)
    -------------------------------------------------------------------------
    Income (loss) per share,
     basic and diluted                       (0.04)/(0.04)      (0.02)/(0.02)
    -------------------------------------------------------------------------
    Total assets                                3,524,523          3,906,895
    -------------------------------------------------------------------------
    Note 1 - Total revenue includes management fee, interest and other income
    -------------------------------------------------------------------------
    

    Net Income for the three-month period ended April 30, 2008, was $225,169,
as compared to a net income from the same quarter ending in 2007 of $40,264.
Income for the quarter includes a reversal of a provision for loss of $218,374
on a financial instrument. The income for the quarter before the reversal for
loss on a financial instrument is $6,795 (2007 - $40,264).
    Income from operations for the quarter ended April 30, 2008, was a loss
of $46,915 as compared to a loss of $57,978 for the comparative quarter ended
in 2007. The improvement in operations is a result of a decrease in direct
expenses of $23,959 to $71,404 offset by an increase in administration expense
of $25,691 to $129,546.

    
    Summary of results for the quarter:

    -------------------------------------------------------------------------
    For the three months ending:                30-Apr-08          30-Apr-07
                                                     $                  $
    -------------------------------------------------------------------------
    Total revenue (note 1)                        268,792            285,234
    -------------------------------------------------------------------------
    Net income (loss)                             225,169             40,264
    -------------------------------------------------------------------------
    Income (loss) per share,
     basic and diluted                          0.05/0.05          0.01/0.01
    -------------------------------------------------------------------------
    Note 1 - Total revenue includes management fee, interest and other income
    -------------------------------------------------------------------------
    

    %SEDAR: 00002312E




For further information:

For further information: Sam Mark, President and Chief Executive
Officer, Email: grandfieldvan@hotmail.com

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Grandfield Pacific Inc.

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