VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 1, 2016) - Parkit Enterprise Inc., ("Parkit," or "the Company") (TSX VENTURE:PKT)(PKTEF) yesterday reported its financial and operational results for the quarter ended January 31, 2016.
Financial Highlights:
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Profit for the quarter of $148,000
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Cash increased to $1.4 million
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Net asset value increased to $16.6 million
A key component of the Company's investment strategy has been to improve the yield on investment through operational efficiencies. Since inception of the institutional JV the unlevered return on the assets has improved from 8% to 9.5%. Management believes that the intrinsic value of the Company's portfolio investment has therefore increased over and above its reported book value, a trend that is expected to continue.
As JV investments grow, Parkit will derive further economic benefit from its role as asset manager through increased fee income and performance incentives on disposition, over and above its equity capital gains.
"We are pleased with the performance of our portfolio investment as measured by improved returns and optimization to date, which indicates an increase in our intrinsic valuation yet to be recognized on our balance sheet. This gap should continue to grow over time." - Rick Baxter, CEO
The Company also announces that it has granted 700,000 incentive stock options to certain directors and officers of the Company, exercisable at $0.50 per share for a period of three (3) years from the date of grant. This stock option grant is subject to the Company's Stock Option Plan and regulatory acceptance.
Full financials available on Sedar
ABOUT PARKIT
Parkit Enterprise Inc. is engaged in the acquisition, optimization and asset management of income producing parking facilities across the United States.
Neither the 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 news 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.