VANCOUVER, BRITISH COLUMBIA -- July 4, 2017 - Parkit Enterprise Inc. ("Parkit" or "the Company") (TSX VENTURE:PKT)(OTCQX:PKTEF) has recently filed its interim financial statements and management discussion and analysis for the quarter ended April 30, 2017 ("Q2 2017") on SEDAR (www.sedar.com). The financial highlights for the period include:
- Revenue of $619,674, comprised of fee income, profit from joint ventures and profit from associate;
- Net income of $537,763, or $0.02 per share, inclusive of a foreign exchange gain of $164,716;
- General and administrative expenses of $234,398, representing a 42% reduction versus the comparative period in the prior year;
- Working capital of $2,332,354 (including cash of $1,739,788), which increased during the quarter by $519,127 or 29%; and
- Net asset value increased by 3% to $17,332,170, equivalent to $0.54 per share.
During Q2 2017, the OP Holdings portfolio achieved the necessary milestone to earn the second payment of the contingent consideration of approximately $2.3 million (US$1.74 million). Net of reinvestment in the joint venture required pursuant to the OP Holdings joint venture and PAVe operating agreements, the Company expects to receive a net cash payment of approximately $341,000 (US$250,000). As a result of the reinvestment of the majority of the first and second payments of the contingent consideration, as well as a contractual one-time contribution from its fellow PAVe member, Parking Real Estate, LLC ("PRE"), approximately US$1.65 million has been pre-funded toward the Company's 5% equity commitment on future acquisitions which, in conjunction with mortgage financing, should allow the OP Holdings joint venture to more than double its current size, with no new equity contribution required by the Company.
For a more full explanation of the Company's Q2 2017 results, please refer to the Company's interim filings on SEDAR or the Company's website.
Parkit Enterprise Inc. is engaged in the acquisition, optimization and asset management of income producing parking facilities across North America. The Company's shares are listed on TSX-V (Symbol: PKT) and on the OTCQX (Symbol: 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.
Chief Executive Officer
Chief Financial Officer