Mr. Richard Homburg, Chairman, President and CEO reports Homburg Invest Inc. has released the June 30, 2002 financial results prepared under both Canadian Generally Accepted Accounting Principles (CDN. GAAP) and International Accounting Standards (IAS).
Funds from operations for the second quarter was $830 thousand or $.02 per share compared with $821 thousand in 2001, also $.02 per share. Funds from operations was up $9 thousand or 1.1% on property revenue of $4.424 million in 2002 versus $3.831 million in 2001.
Net earnings for the second quarter of 2002 was $387 thousand or $.01 per share up 18.7% when compared with net earnings of $326 thousand, also $.01 per share for the second quarter of 2001.
Funds from operations for the six month period was $1,929 thousand in 2002 or $.02 per share compared with $1,758 thousand in 2001, also $.02 per share. Funds from operations was up $171 thousand or 9.7% on property revenue of $8.730 million in 2002 versus $7.713 million in 2001. Net earnings for the first six months of 2002 was $859 thousand or $.02 per share up 23.3% when compared with net earnings of $697 thousand, also $.02 per share for the first half of 2001.
Net earnings are up $44 thousand in 2002, a 9% increase over 2001. Funds from operations are down by 6% in the quarter, due to the fact that the company has utilized all its losses carry forward,
and is now paying current income tax, rather than accruing future income tax. Without this additional current expense, funds from operations would be up by 6% over the same three month period of 2001.
Funds from operations of $1,893 thousand in the first six months of 2002 represents an increase of 9% over the corresponding period last year. The improvement in 2002 is due to the coming on stream of eight new properties acquired since July 1, 2001. Net earnings for the first half of 2002 is up 14% over 2001.
For more information please visit www.homburginvest.com.
(source: Homburg Investment)
