Grandfield Pacific Inc. Releases Annual and Fourth Quarter Financial Results

NORTH VANCOUVER, BC, Aug. 27, 2012 /CNW/ - Grandfield Pacific Inc. today released the financial results for the fourth quarter and the year ended April 30, 2012.

For the year ended April 30, 2012
The net loss for the year ended April 30, 2012, is $66,156 as compared to net income for the previous year of $318,250. The previous year's results, April 2011, include a reversal of accrued contingent interest expense of $591,835 and a loss on the sale of The Discovery Inn Hotel of $39,630. As a result of the sale of the Discovery Inn Hotel in February 2011, the Company had no Revenue from Hotel operations during the year.

For the current year, loss from operations was $103,291 as compared to a loss of $268,297 for the previous year. The decrease in loss from operations is primarily a result of the sale of The Discovery Inn Hotel on February 1, 2011.

Summary of results for the year:

For the Year Ended April 30:	2012	2011
	$	$
Total revenue (note 1)	35,416	532,131
Net income (loss)	(66,156)	318,250
Income (loss) per share, basic and diluted	(0.01)/(0.01)	0.04/0.04
Total assets	1,214,408	1,346,843
Note 1 - Total revenue includes management fee, interest and other income

For the quarter ended April 30, 2012
Net loss for the three-month period ended April 30, 2012, was $25,419, as compared to net income from the same quarter ending in 2011 of $464,310.  During the quarter ended April 30, 2011, the Discovery Inn Hotel was sold for $2,550,000 resulting in a loss on sale of $39,630 and a gain on the settlement of contingent interest of $591,835 in accordance with the terms of the forbearance agreement.

Income from operations for the quarter ended April 30, 2012, was a loss of $16,993 as compared to a loss of $89,578 for the comparative quarter ended in 2011.  The improvement in operations is related to the sale of the Discovery Inn Hotel in February 2011. This sale also resulted in the decrease in revenue, direct expenses and administration expense for the quarter.

Summary of results for the quarter:

For the three months ending:	30-Apr-12	30-Apr-11
	$	$
Total revenue (note 1)	2,855	8,230
Net income (loss)	(25,419)	464,310
Income (loss) per share, basic and diluted	0.00/0.00	0.06/0.06
Note 1 - Total revenue includes management fee, interest and other income

 

SOURCE: Grandfield Pacific Inc.

Sam Mark, President and Chief Executive Officer
Email:  [email protected]