WINNIPEG, MANITOBA — (Marketwire) — 09/09/11 — Gendis Inc. (TSX: GDS) today announced its financial results for the 2nd quarter ended July 31, 2011.
Gendis Inc. has applied International Financial Reporting Standards for the quarters ended July 31, 2011 and 2010, has retrospectively applied those standards to all prior year periods, and will apply those standards for its fiscal year ending January 31, 2012.
Applying those standards has resulted in an increase in volatility to reported earnings for the quarters, primarily negative fair value changes to OSUM for the quarter ended July 31, 2011. The Company reported a loss of $3.4-million ($0.24 per share) in the current quarter compared to a loss of $3.7-million ($0.26 per share) in the prior year quarter. In the quarter last year, the Company recorded a provision for the settlement of legal claims of $2.8-million.
Lease rental revenue & recoverable property expenses and investment income are even with the prior year quarter.
Condensed summarized information is as follows:
Gendis Inc.
Notes to the unaudited Condensed Consolidated Interim Financial Statements
July 31, 2011
(All tabular amounts in thousands of Canadian dollars unless otherwise stated)
1. Significant Accounting Policies and Basis of Presentation
These unaudited condensed interim financial statements are prepared in accordance with International Financial Reporting Standards (–IFRS–) as issued by the International Accounting Standards Board using the accounting standards expected to be effective at January 31, 2012. Accounting policies will only be finalized when the first annual financial statements are prepared under IFRS for the year ending January 31, 2012 and consequently, these condensed interim financial statements may be subject to change. These condensed interim financial statements do not contain all the disclosures that would be required under generally accepted accounting principles for a comprehensive set of financial statements.
These condensed interim financial statements are presented in Canadian dollars, which is the Company–s functional and presentation currency. The condensed consolidated interim financial statements for the quarter ended July 31, 2011 have been reviewed and approved by the Company–s Audit Committee on September 9, 2011. The condensed consolidated interim financial statements for the quarter ended July 31, 2011 have not been audited or reviewed by the Company–s independent Auditors.
2. Investments
3. Credit facilities
4.0 Operating segments
The segment information provided to the CEO for the reportable segments is as follows:
Contacts:
Gendis Inc.
James E. Cohen
Co-President & Co-Chief Executive Officer
(204) 474-5200
(204) 474-5201 (FAX)