Grandfield Pacific Inc. releases annual and fourth quarter financial results



    YELLOWKNIFE, Aug. 20 /CNW/ - Grandfield Pacific Inc. today released the
financial results for the fourth quarter and the year ended April 30, 2009.

    For the year ended April 30, 2009

    The loss for the year ended April 30, 2009, is $74,071 as compared to a
net loss for the previous year of $166,911.
    For the current year, loss from operations is $331,115 as compared to a
loss of $135,671 for the previous year. The increase in loss from operations
is primarily a result of a decrease in room and rental revenue to $746,826 for
the year as compared to $1,004,852 for the year ended April 30, 2008. The
decrease in room revenue is a result of decreased business from local travel
in Yellowknife, a decrease in mining exploration activities and a reduction of
corporate business in the Yellowknife Hotel.

    
    Summary of results for the year:

    -------------------------------------------------------------------------
    For the Year Ended April 30:                     2009           2008
                                                -----------------------------
                                                       $              $
    -------------------------------------------------------------------------
    Total revenue (note 1)                            796,686      1,074,666
    -------------------------------------------------------------------------
    Net (loss) income                                 (74,071)      (166,911)
    -------------------------------------------------------------------------
    Income (loss) per share, basic and diluted   (0.01)/(0.01)  (0.02)/(0.02)
    -------------------------------------------------------------------------
    Total assets                                    3,273,925      3,524,523
    -------------------------------------------------------------------------
    Note 1 - Total revenue includes management fee, interest and other income
    -------------------------------------------------------------------------
    

    For the quarter ended April 30, 2009

    Net loss for the three-month period ended April 30, 2009, was $147, as
compared to a net income from the same quarter ending in 2008 of $225,169.
Income for the comparative quarter ended in 2008 includes a reversal of a
provision for loss of $218,374 on a financial instrument. Income for the
comparative quarter ended in 2008 before the reversal for loss on a financial
instrument is $6,795.
    Income from operations for the quarter ended April 30, 2009, was a loss
of $60,671 as compared to a loss of $46,915 for the comparative quarter ended
in 2008. The increase in loss from operations is a result of a reduction of
room rental revenue and an increase in direct expenses partially offset by a
reduction of administration expenses.

    
    Summary of results for the quarter:

    -------------------------------------------------------------------------
    For the three months ending:                   30-Apr-09      30-Apr-08
    -------------------------------------------------------------------------
                                                       $              $
    -------------------------------------------------------------------------
    Total revenue (note 1)                            222,880        268,792
    -------------------------------------------------------------------------
    Net income (loss)                                    (147)       225,169
    -------------------------------------------------------------------------
    Income (loss) per share, basic and diluted      0.00/0.00      0.02/0.02
    -------------------------------------------------------------------------
    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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