Consolidated HCI Holdings Corporation announces its 2007 third quarter results

    WOODBRIDGE, ON, Aug. 13 /CNW/ - Consolidated HCI Holdings Corporation
(the "Company") today announced its fiscal 2007 third quarter results. The
results, segregating discontinued operations as a result of the asset sale as
described below are as follows:

                                3 months ended              9 months ended
                                    June 30                     June 30
                              2007          2006          2007          2006

      Revenue         $  8,646,000  $ 11,345,000  $ 22,466,000  $ 25,439,000

      Net earnings    $  1,424,000  $  2,119,000  $  3,380,000  $  4,579,000


    Earnings, net of
     income taxes      109,990,000       669,000   113,176,000     2,705,000
    Net earnings for
     the period       $111,414,000  $  2,788,000  $116,556,000  $  7,284,000

    Earnings per
     share from:
       operations       $    0.07     $     0.11    $     0.16    $     0.22
       operations            5.35           0.03          5.50          0.13
                        $    5.42     $     0.14    $     5.66    $     0.35

    As previously announced, during the third quarter, 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. From
the cash balance an amount of $9.3 million was held back pending transfer of
title to certain of the Purchased Assets requiring consents which were
subsequently obtained and the holdback released to the Company.
    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.
    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

For further information:

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

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