Wilmington Capital Management Inc. (TSX:WCM.A)(TSX:WCM.B) reported net income attributable to shareholders for the three months ended December 31, 2013 of $466,000 or $0.05 per share compared to a net loss of $938,000 or ($0.11) per share for the same period in 2012. For the year ended December 31, 2013, the Corporation generated a net income attributable to shareholders of $723,000 or $0.08 per share compared to a net loss of $1.5 million or ($0.18) per share for the same period in 2012.
To view a full copy of the Corporation’s audited financial results for the year ended December 31, 2013 including the Corporation’s audited consolidated financial statements and accompanying MD&A, please refer to the SEDAR website www.sedar.com.
FOURTH QUARTER 2013 HIGHLIGHTS
During the fourth quarter, the Corporation took further steps to solidify and build upon the foundation of its three operating platforms – self storage facilities, private equity funds and natural gas assets. For the three months ended December 31, 2013, the Corporation:
- Realized a distribution of $76,000 from Real Storage Private Trust representing the Corporation’s share of a 3% per annum distribution on invested capital which is paid quarterly.
- Realized a distribution of $716,000 from the Network 2012 Fund representing the Corporation’s share of the distribution of proceeds on the sale of an oil and gas investment which $502,000 represents a return of capital.
- Generated $1.0 million in revenue during the fourth quarter of 2013, compared to $1.2 million during the same period in 2012. This decrease was primarily due to decrease in natural gas production which was offset by higher natural gas prices.
- Reported net income from continuing operations of $466,000 compared to a loss of $293,000 during the same period in 2012, of which $540,000 related to an income tax recovery.
As at December 31, 2013, Wilmington had assets under management in its operating platforms of approximately $144 million ($56 million representing Wilmington’s share).
About Wilmington Capital Management
Wilmington organizes its business into a number of distinct operating platforms which Wilmington develop and maintain to ensure that the underlying assets are effectively managed and their values are enhanced in the near to longer term timeframes. Wilmington holds a 44.78% interest in Real Storage Private Trust which owns 17 self-storage facilities containing 645,978 square feet of rentable area and one development property, located in Alberta, British Columbia and Southwestern Ontario. Wilmington believes the Trust is currently the sixth largest owner and operator of self-storage facilities in Canada.For more information, please visit: www.realstorage.ca