Gulf & Pacific Equities Reports First Quarter Results

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Gulf & Pacific Equities Reports First Quarter Results

posted on May 29, 2009 06:43AM

May 29, 2009

Gulf & Pacific Equities Reports First Quarter Results

TORONTO, ONTARIO--(Marketwire - May 29, 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 anchored shopping centres in Western Canada, is pleased to announce the 2009 first quarter revenues of $914,331.

Details of the three months financial results for fiscal 2009 and 2008 as summarized below are also available at www.sedar.com or at the company's website www.gpequities.com.

                                                         Three Months Ended
                                                            (Unaudited)
                                                              March 31,
                                                         2009          2008
                                                    ------------------------

Revenue                                             $ 914,331   $ 1,105,502
Loss for the period                                 $(241,669)  $   (23,252)
Loss per common share - basic and diluted           $   (0.03)  $         -
Funds from (Used in) operations for the period      $ (56,294)  $   224,586
Funds from (Used in) operations per common
 share - basic and diluted                          $   (0.01)  $      0.03
Weighted average number of common
 shares outstanding during the period
 - basic and diluted                                8,861,678     8,672,303

About Gulf & Pacific Equities Corp.

Gulf & Pacific Equities Corp. was incorporated under the laws of the Province of Alberta on April 8, 1998 and thereafter completed a public offering of common shares by prospectus dated June 26, 1998 (TSX VENTURE:GUF).

The Company acquires, manages and develops anchored shopping malls in rural centres in Western Canada, in particular Alberta. Gulf & Pacific targets smaller, but rapidly growing hub communities that have hospital, high school, police station and retail/service infrastructure. Management has consistently reinvested cash flow to improve and grow its portfolio of income properties.
Gulf & Pacific Equities Corp. currently owns five, well-located retail assets located in Three Hills, Whitecourt, St. Paul and Cold Lake Alberta, as well as in Merritt B.C.

In 2005, Gulf & Pacific Equities Corp. was named the 22nd fastest growing company in Canada by "Profit" magazine, a Rogers' publication. In 2006 and 2008, the company made the list again as the 162nd and 145th fastest growing company in Canada.

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