Parkit Enterprise Releases 2017 Annual Results
VANCOUVER, British Columbia, March 05, 2018 (GLOBE NEWSWIRE) -- Parkit Enterprise Inc. ("Parkit" or "the Company") (PKT.V) (PKTEF) has recently filed its audited financial statements and management discussion and analysis for the year ended October 31, 2017 (the "Annual Filings") on SEDAR (www.sedar.com).The financial highlights for the fiscal year include:
- Revenue of $1,566,176, comprised of fee income, profit from joint ventures and profit from associate;
- Net income of $457,298, or $0.01 per share, inclusive of a foreign exchange loss of $132,724;
- General and administrative expenses of $906,566, representing a 52% reduction versus the prior year;
- Cash increased 42% to $2,200,195, equivalent to $0.07 per share.
- Working capital increased 53% to $2,467,969;
- Book value increased to $17,384,767, equivalent to $0.54 per share.
During the year the Company earned the second earn-out consideration tranche of $2,343,655 as the OP Holdings portfolio achieved its performance target.
The Company re-invested a further $2,006,504 into its joint venture PAVe LLC resulting in an increase in the Company's net effective interest in OP Holdings from 23.21% to 24.39%.
Roadwork construction surrounding Canopy Denver was completed in December 2017 which should lead to revenue improvements in upcoming periods.
The Company's participation in OP Holdings generated a profit of $920,312 in 2017 compared to $1,234,926 the prior year. After adjusting for additional one-time costs and the write-off of deferred financing costs related to the refinancing of the OP Holdings debt portfolio, adjusted profit would have been $1,165,312 in 2017.
While the company's 50% owned Fly-A-Way Parking facility in Nashville experienced softness in 2017, cost control and marketing initiatives are being implemented to restore profit growth.
"2017 was an important year for Parkit. We are pleased with the performance of the OP Holdings joint venture, and the reduction in administrative costs. We believe the company is positioned for growth. This includes continuing to focus on OP Holdings and on new direct investments that meet our criteria" said CEO Bryan Wallner.
The Company remains focused on pursuing acquisitions and has made progress identifying opportunities, particularly in Canada, that include parking assets and services as well as opportunities that function and have similar dynamics to parking.
For further information please contact:
Chief Executive Officer
Tel. (604) 424-8700
Chief Financial Officer
Tel. (604) 424-8700
Parkit Enterprise Inc. is engaged in the acquisition, optimization and asset management of income producing parking facilities and related businesses. The Company's shares are listed on TSX-V (PKT) and on the OTCQX (PKTEF).
Neither 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 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.