Grandfield Pacific Inc. releases annual and fourth quarter financial results



    YELLOWKNIFE, Aug. 25 /CNW/ - Grandfield Pacific Inc. today released the
financial results for the fourth quarter and the year ended April 30, 2007.
    The loss for the year ended April 30, 2007, is $60,073 as compared to a
net loss for the previous year of $133,509. The loss from operations, before
management fee, interest and other income, for the current year is $263,271 as
compared to a loss of $272,370 for the previous year.
    Room revenue remained relatively consistent for the year decreasing only
1.6% compared to the previous year.
    Net Income for the three-month period ended April 30, 2007, was $40,264,
as compared to a net loss from the same quarter ending in 2006 of $10,772.
Income from operations, before management fee, interest and other income, for
the quarter ended April 30, 2007, was a loss of $57,978 as compared to a loss
of $16,001 for the comparative quarter ended in 2006. The decrease in income
from operations is a result of an increase in Administration and General
expense. Administration and General expense for the fourth quarter increased
to $111,832 from $68,749 for the same period last year primarily as a result
of an increase of advertising and promotion expenditures of $12,000, an
increase in utilities of $6,000 and a loss on foreign exchange of $6,000 along
with a reversal of legal fees in the fourth quarter ending in 2006 of $18,000.
    For the fourth quarter ended April 30, 2007, room revenue increased by
3.7% to $248,638 as a result of the promotion of the hotel to the tourism
market. Revenue from the operations of the Discovery Hotel for the fourth
quarter was slightly higher than the three previous quarters falling in line
with the busy time of year for tourism in Yellowknife.

    
    Summary of results:

    -------------------------------------------------------------------------
    For the Year Ended April 30:                     2007            2006
                                                  -----------     -----------
                                                      $               $
    -------------------------------------------------------------------------
    Total revenue (note 1)                           997,247       1,031,445
    -------------------------------------------------------------------------
    Net (loss) income                                (60,073)       (133,509)
    -------------------------------------------------------------------------
    Income (loss) per share, basic and diluted  (0.02)/(0.02)   (0.03)/(0.03)
    -------------------------------------------------------------------------
    Total assets                                   3,906,895       4,094,481
    -------------------------------------------------------------------------
    Note 1 - Total revenue includes management fee, interest and other income



    -------------------------------------------------------------------------
    For the three months ending:                  30-Apr-07       30-Apr-06
    -------------------------------------------------------------------------
                                                      $               $
    -------------------------------------------------------------------------
    Total revenue (note 1)                           285,234         271,247
    -------------------------------------------------------------------------
    Net income (loss)                                 40,264         (10,772)
    -------------------------------------------------------------------------
    Income (loss) per share, basic and diluted     0.01/0.01    (0.00)/(0.00)
    -------------------------------------------------------------------------
    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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