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ARTIS sees quarterly jump

ARTIS Real Estate Investment Trust has reported a big jump in its third-quarter funds from operations (FFO) -- the term trusts use to indicate financial performance.

ARTIS officials told analysts on Thursday the Winnipeg-based REIT had FFO of $37.6 million, or 33 cents per unit, for the three-month period which ended on Sept. 30. That was an increase of 39.6 per cent from last year's third-quarter total of $26.9 million, or 31 cents per share.

Revenue also was up by 25.6 per cent to $98.5 million from $78.4 million.

The strong showing left revenue for the first nine months running 28.8 per cent ahead of last year's pace -- $267.4 million versus $207.6 million -- and FFO up 41.4 per cent to $100.8 million, of 96 cents per unit, from $71.3 million, or 88 cents per unit.

IMRIS revenue way up

IMRIS Inc. boosted revenue by 61 per cent in the third quarter and saw its backlog swell 34 per cent.

The Winnipeg medical device company that makes the VISIUS Surgical Theatre and other image-guided therapy solutions also took orders for $18 million worth of equipment, bringing its total 2012 orders to $64.3 million.

The sales and installation process for IMRIS devices is lengthy and order bookings and sales occur over extended periods of time.

During the quarter ending Sept. 30, 2012 the company had sales of $11.6 million compared to $7.2 million for the same period last year.

During the third quarter of 2012, IMRIS received orders for two VISIUS Surgical Theatres.

Net loss in the third quarter was $8.5 million, unchanged from the third quarter of 2011. Net loss in the first nine months of 2012 was $21.2 million compared with $16.0 million in the first nine months of 2011.

IGM sales, earnings down

WINNIPEG mutual fund company, IGM Financial Inc., reported declines in sales and earnings for the quarter ending Sept 30. 2012

Net earnings for the quarter were $186.9 million or 73 cents per share compared with $244.0 million or 94 cents per share for the comparative period in 2011.

For the nine months ended Sept. 30, net earnings were $559.2 million or $2.18 per share compared with $670.0 million or $2.58 per share in 2011.

Revenues for the quarter were $634.1 million compared with $673.8 million a year ago. Revenues for the first nine months of the year were $1.94 billion compared with $2.08 billion a year ago. Total assets under management at Sept. 30 were $119.3 billion. This compared with total assets under management of $116.7 billion at Sept. 30, 2011.

Spending at Disney up

LOS ANGELES -- The Walt Disney Co. said Thursday its net income in the latest quarter rose 14 per cent thanks to an uptick in revenue driven by higher consumer spending at its theme parks and on its cruise ships.

The results were announced a week after Disney said it would buy Lucasfilm Ltd. and revive the Star Wars franchise with a new trilogy starting in 2015.

Net income in the three months to Sept. 29 rose to $1.24 billion, or 68 cents per share, from $1.09 billion, or 58 cents per share, a year ago.

Adjusted earnings of 68 cents per share matched the expectations of analysts polled by FactSet.

Revenue rose three per cent to $10.78 billion, slightly below the $10.93 billion analysts expected.

Cineplex doubles profits

TORONTO -- Cineplex doubled its profits in the third quarter as the movie exhibitor countered a decline in moviegoers with higher-priced tickets and more sales at its concession stands.

Chief executive Ellis Jacob told analysts on Thursday a strong start to the summer movie season quickly petered out as blockbuster hits such as The Dark Knight Rises and The Amazing Spider-Man were followed by numerous flops.

"With the exception of The Bourne Legacy, films in the latter part of the quarter generated softer-than-expected results," he said.

Stronach resigns

FRANK Stronach has resigned from the board of Magna International Inc., the autoparts giant he founded in his garage in 1957.

Magna announced the departure Thursday in its third-quarter earnings report, which showed a big increase in profits, boosted by a revaluation of its E-Car business.

Magna earned US$390 million, or $1.66 per diluted share in the three months ended Sept. 30, up from US$102 million or 42 cents a share in the same quarter a year ago.

Sales totalled US$7.41 billion, up from $6.97 billion in the year-ago quarter.

-- from the news services

Republished from the Winnipeg Free Press print edition November 9, 2012 B9

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