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Message: Gulf & Pacific Equities Corp. Reports on 2008 Year End Results

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Gulf & Pacific Equities Corp. Reports on 2008 Year End Results

posted on Apr 28, 09 12:04PM

April 28, 2009

Gulf & Pacific Equities Corp. Reports on 2008 Year End Results

2.3% Revenue Decrease in 2008 with FFO of $0.08 per Share

TORONTO, ONTARIO--(Marketwire - April 28, 2009) -

NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR FOR DISTRIBUTION INTO THE UNITED STATES

Gulf & Pacific Equities Corp. (TSX VENTURE:GUF) an established company focused on the acquisition, management and development of grocery store anchored shopping centres in Western Canada, reports a 2.3% decrease in revenues to $4,388,561 in 2008 from $4,490,005 in 2007. In addition, Funds From Operations ("FFO") were $675,896 or $0.08 per share for the year ended December 31st, 2008 compared to $543,268 or $0.07 per share in 2007. Details of the three and twelve months financial results for fiscal 2008 and 2007 are summarized below and are also available at www.sedar.com or at the company's website www.gpequities.com.

                                   Year Ended          Three Months Ended
                                    (Audited)              (Unaudited)
                                   December 31,            December 31,
                                 2008        2007       2008        2007
                            -----------------------  -----------------------
Revenue                     $ 4,388,561 $ 4,490,005  $  866,131  $ 1,140,880
Income (Loss) for the period   (615,512)   (385,827)   (424,539)      50,186
Earnings (Loss) per common
 share - basic and diluted        (0.07)      (0.05)      (0.05)        0.01
Funds from operations for
 the period                     675,896     543,268     211,939      125,161
Funds from operations per
 common share - basic and
 diluted                           0.08        0.07        0.02         0.01
Weighted average number of
 common shares outstanding
 during the period
 - basic and diluted          8,749,342   8,346,715   8,854,096    8,644,674

Full details are available at www.sedar.com or at the company's website www.gpequities.com.

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