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17
Feb

INTERRENT PROPERTIES LTD. ANNOUNCES FIRST QUARTER RESULTS


Tuesday January 25, 2000


HOUS.CDN

Shares issued 16,062,944

Canadian Company Press Release

Toronto, Ontario--

Mr. G. Michael Newman reports

Financial results for the first quarter ended Nov. 30, 1999, were as follows:

This is the first quarter as a public company and as such, prior year comparables are not available.

FINANCIAL HIGHLIGHTS
Three months ended Nov. 30, 1999

 

Revenue

$ 86,731

Net income (loss)

($192,967)

ncome (loss) per share

(1 cent)

Earnings before interest, taxes, depreciation and amortization

$ 38,231

EBITDA per share

0 cents


The operating results were extremely encouraging as EBITDA exceeded 44 per cent of rental income. However, non-recurring expenses such as the write-off of good will related to the recently completed reverse takeover $(126,359) and one-time costs associated with the acquisition of three rental properties $(62,000), resulted in a first quarter loss of $192,967 (one cent per share). The corporation exited the quarter with a revenue run rate of $39,000 per month.
Subsequent to quarter end, the corporation announced the acquisition of an additional two rental properties which are expected to close in the second and third quarter. This will bring the portfolio of properties under ownership to 10 buildings containing 58 suites.

 

 

(c) Copyright 2000 Canjex Publishing Ltd. http://www.canada-stockwatch.com

For further information contact:

G. Michael Newman, President & CEO
Tel: (905) 773-2435
Fax: (905) 773-2437
e-mail: interrent @canada.com

CONTACT INTERRENT PROPERTIES LTD. www.interrentproperties.com