Grandfield Pacific Inc. Releases Annual and Fourth Quarter
Grandfield Pacific Inc. Releases Annual and Fourth Quarter Financial Results
NORTH VANCOUVER, BC, Aug. 27, 2012 /CNW/ - Grandfield Pacific Inc. today released the financial results for the
fourth quarter and the year ended April 30, 2012.
For the year ended April 30, 2012
The net loss for the year ended April 30, 2012, is $66,156 as compared
to net income for the previous year of $318,250. The previous year’s
results, April 2011, include a reversal of accrued contingent interest
expense of $591,835 and a loss on the sale of The Discovery Inn Hotel
of $39,630. As a result of the sale of the Discovery Inn Hotel in
February 2011, the Company had no Revenue from Hotel operations during
the year.
For the current year, loss from operations was $103,291 as compared to a
loss of $268,297 for the previous year. The decrease in loss from
operations is primarily a result of the sale of The Discovery Inn Hotel
on February 1, 2011.
Summary of results for the year:
__________________________________________________________________
| | 2012 | 2011 |
|For the Year Ended April 30: |_____________|_________|
| | $ | $ |
|__________________________________________|_____________|_________|
|Total revenue (note 1) | 35,416| 532,131|
|__________________________________________|_____________|_________|
|Net income (loss) | (66,156)| 318,250|
|__________________________________________|_____________|_________|
|Income (loss) per share, basic and diluted|(0.01)/(0.01)|0.04/0.04|
|__________________________________________|_____________|_________|
|Total assets | 1,214,408|1,346,843|
|__________________________________________|_____________|_________|
|Note 1 - Total revenue includes management fee, interest and other|
|income |
|__________________________________________________________________|
For the quarter ended April 30, 2012
Net loss for the three-month period ended April 30, 2012, was $25,419,
as compared to net income from the same quarter ending in 2011 of
$464,310. During the quarter ended April 30, 2011, the Discovery Inn
Hotel was sold for $2,550,000 resulting in a loss on sale of $39,630
and a gain on the settlement of contingent interest of $591,835 in
accordance with the terms of the forbearance agreement.
Income from operations for the quarter ended April 30, 2012, was a loss
of $16,993 as compared to a loss of $89,578 for the comparative quarter
ended in 2011. The improvement in operations is related to the sale of
the Discovery Inn Hotel in February 2011. This sale also resulted in
the decrease in revenue, direct expenses and administration expense for
the quarter.
Summary of results for the quarter:
_____________________________________________________________
| For the three months | 30-Apr-12 | 30-Apr-11 |
| ending: | | |
|______________________|______________|_______________________|
| | $ | $ |
|______________________|______________|_______________________|
|Total revenue (note 1)| 2,855| 8,230|
|______________________|______________|_______________________|
|Net income (loss) | (25,419)| 464,310|
|______________________|______________|_______________________|
|Income (loss) per | | 0.06/0.06|
|share, basic and | 0.00/0.00| |
|diluted | | |
|______________________|______________|_______________________|
|Note 1 - Total revenue includes management fee, interest and |
|other income |
|_____________________________________________________________|
SOURCE Grandfield Pacific Inc.
Grandfield Pacific Inc.
CONTACT: Sam Mark, President and Chief Executive Officer
Email: .(JavaScript must be enabled to view this email address)