GRANDFIELD PACIFIC INC. RELEASES ANNUAL AND FOURTH QUARTER FINANCIAL RESULTS

YELLOWKNIFE, Aug. 25 /CNW/ - Grandfield Pacific Inc. today released the financial results for the fourth quarter and the year ended April 30, 2010.

For the year ended April 30, 2010

The loss for the year ended April 30, 2010, was $15,489 as compared to a net loss for the previous year of $74,071. The current year's results include a reversal of accrued contingent interest expense of $139,540. The results for the previous year ended April 30, 2009, include a gain on the sale of land and building of $142,221.

Loss from operations is $197,602 as compared to a loss of $331,115 for the previous year. The reduction in loss from operations is a result of a significant decrease in direct costs, administration and interest on long term debt.

Summary of results for the year:

    
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    For the Year Ended April 30:                     2010           2009
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                                                       $              $
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    Total revenue (note 1)                            696,606        796,686
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    Net (loss) income                                 (15,489)       (74,071)
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    Income (loss) per share, basic and diluted   (0.01)/(0.01)  (0.01)/(0.01)
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    Total assets                                    3,140,958      3,273,925
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    Note 1 - Total revenue includes management fee, interest and other income
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For the quarter ended April 30, 2010

Net loss for the three-month period ended April 30, 2010, was $6,862, as compared to a net loss from the same quarter ending in 2009 of $147.

Income from operations for the quarter ended April 30, 2010, was a loss of $18,751 as compared to a loss of $60,671 for the comparative quarter ended in 2009. The improvement in operations is a result of cost reduction in all major categories.

Revenue for the current quarter decreased 5% to $196,859 as compared to $207,319 for the previous quarter. The decrease is related to the slow down in mining and drilling activity in the Yellowknife area and companies striving to cut costs.

Summary of results for the quarter:

    
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    For the three months ending:                   30-Apr-10      30-Apr-09
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                                                       $              $
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    Total revenue (note 1)                            206,074        222,880
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    Net income (loss)                                  (6,862)          (147)
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    Income (loss) per share, basic and diluted   (0.01)/(0.01)     0.00/0.00
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    Note 1 - Total revenue includes management fee, interest and other income
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%SEDAR: 00002312E

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