Parkit Reports Record Revenues for Full Year 2014
Vancouver, B.C., February 27, 2015 - Parkit Enterprise Inc. (“Parkit,” or “the Company”) [TSX-V: PKT, OTCQX: PKTEF] is pleased to announce its financial and operational results for the full fiscal year ended October 31, 2014.
Highlights of the 2014 Fiscal Year:
- Revenues of USD $9.8 million, a 28% increase over the prior year
- Record profit from operations of USD $1.2 million, versus a loss of USD $0.3 million the prior year
- Refinanced Canopy airport parking facility, the Company’s flagship asset in Denver, Colorado
- Repaid debt, deleveraged the balance sheet, and significantly improved the Company’s financial position
- Received first cash distributions from investment in Canopy
- Invested USD $5.5 million in a joint venture acquisition of the Expresso airport parking facility in Oakland, California
Accelerated transformation towards 2015 ambition:
“2014 has been a dynamic year for Parkit,” stated Rick Baxter the Company’s Chief Executive Officer. We refinanced Canopy, de-leveraged the balance sheet, acquired a new cornerstone asset, and accelerated the business plan. We now have a solid footing for the expected launch of our new joint venture. Parkit will grow earnings through a combination of accretive acquisitions, yield optimization, and capital appreciation.”
“The objective for 2015 is to crystalize gains in equity and reinvest alongside institutional capital in a new joint venture that will target $500 million in asset value under an aggressive acquisition plan. We’re pleased by our achievements to date and excited for our near term prospects.”
Please refer to Parkit’s Consolidated Financial Statements and Management’s Discussion and Analysis at www.sedar.com for detailed financial information and analysis.
Parkit Enterprise Inc. is an alternative real estate investment firm focused on income-producing parking facilities in the United States. www.parkitenterprise.com
Tel. (604) 424-8707
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Parkit Enterprise Inc.
Suite 1088 – 999 West Hastings Street
Vancouver, British Columbia
Canada V6C 2W2
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them.