StorageVault Canada Inc. Releases Financial Results for the Fiscal Quarter Ended June 30, 2012
August 24, 2012
STORAGEVAULT CANADA INC. (“StorageVault”) (SVI-TSX-V) is pleased to report results for the fiscal quarter ended June 30, 2012. Highlights for the fiscal quarter are presented below. All financial figures are unaudited and in Canadian dollars unless otherwise noted. For further information on the results for the fiscal quarter, please see StorageVault’s unaudited interim financial statements and management’s discussion and analysis for the three and six months ended June 30, 2012 filed on the SEDAR website at www.sedar.com on August 24, 2012; as well as the audited annual financial statements for the fiscal year ended December 31, 2011.
The June 30, 2012 unaudited interim financial statements are prepared and reported in accordance with International Financial Reporting Standards (“IFRS”).
Highlights of the Fiscal Quarter:
- Revenue from storage and related services increased by $140,084 to $979,362 representing a 16.7% increase compared to the same period last year.
- Net operating income from properties (a non-IFRS measure) increased by $89,489 to $525,267 representing a 20.5% increase compared to the same period last year.
On April 30, 2012 StorageVault completed the acquisition from an arm's length vendor of all of the assets and business of Space Place Self Storage (South), a self-storage facility located in Calgary, AB. The aggregate purchase price was $3,000,000. After standard customary closing adjustments and property transfer taxes, the purchase price was comprised of cash deposits totaling $100,000, a final cash payment of $635,623, and mortgage financing of $2,250,000. The self-storage facility has over 400 rental units with approximately 35,000 square feet of rentable self- storage space together with outdoor spaces for storage of vehicles. The total size of the site is approximately 1.50 acres. StorageVault intends to develop and operate a PUPS portable storage business in Calgary in conjunction with the acquisition of this facility.
As at June 30, 2012, StorageVault’s self-storage portfolio included 169,400 square feet of rentable area and 97,800 square feet of rentable portable storage area.
About StorageVault Canada Inc.
StorageVault currently owns and operates Trans Can Mini-Stor in Regina, Kenaston Self Storage in Winnipeg, B&B Mini Storage in Cambridge, and Parksville Mini Storage in the Regional District of Nanaimo. Each of these sites operates in conjunction with a high margin Canadian PUPS portable storage franchise. StorageVault also owns and operates a Canadian PUPS facility in Saskatoon as a stand-alone portable storage franchise and Space Place Self Storage in Calgary, where a PUPS portable storage franchise is set to be launched in August 2012. Additionally, StorageVault manages five self-storage facilities and two Canadian PUPS portable storage franchises in southern Ontario. StorageVault intends to continue to grow its business through the acquisition of additional self-storage properties, and organically as master franchisee through the development of Canadian PUPS portable storage facilities in Canada.
The non-IFRS measures identified in the Press Release do not have any standard meaning prescribed by International Financial Reporting Standards and therefore may not be comparable to similar measures presented by other issuers. These non-IFRS measures are more fully defined and discussed in the management discussion and analysis of StorageVault for the three and six months ended June 30, 2012, available on the SEDAR website at www.sedar.com.
For further information, contact:
Mr. Alan Simpson
3603 Selinger Crescent
Regina, Saskatchewan S4V 2H7 Tel: (306) 536-3771
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 release.
Forward-Looking information: This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in StorageVault’s disclosure documents on the SEDAR website at www.sedar.com.