Penny Stock News: GEO Reports Fourth Quarter and Full Year 2011 Results

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MEXICO CITY, Feb. 27, 2012 /PRNewswire/ — Corporacion GEO S.A.B. de C.V. (BMV: GEOB; GEOB:MM, ADR Level I CUSIP: 21986V204; Latibex: XGEO) GEO, Mexico‘s leading low-income housing developer, today announced results for the fourth quarter 2011. Accumulated Revenues and EBITDA increased 10.5% and 12.8% respectively, year on year.

Luis Orvananos Lascurain, Corporacion GEO’s CEO, commented, “The transition phase that took place in the housing industry throughout 2011- including the new housing guidelines that today are key elements in creating sustainable communities- represented a considerable challenge, to which only a few players have been able to adapt. GEO’s revenues increased 10.5% in 2011, based on more than 57,800 titled units. This was possible due to our commitment to delivering improved quality of life and adding value to thousands of Mexican families, which puts our Company one step ahead of our peers in the housing industry.”

He continued, “Furthermore, the investments we have made in recent years will strengthen our operations in the future ahead, as we continue to focus on financial equilibrium while maintaining conservative growth and improving corporate debt levels. We will also continue identifying ways to generate increased efficiencies that will improve profitability.”

Financial Highlights









Fourth Quarter


Twelve – Month Period

Income Statement Data

2011

2010

YoY var.


2011

2010

YoY var.

Sales (titled units)

17,904

18,041

-0.76%


57,865

56,093

3.16%

Revenues

$ 6,231.2

$ 5,597.1

11.33%


$ 21,163.0

$ 19,154.4

10.49%

Gross Profit

$ 1,952.8

$ 1,817.4

7.45%


$ 6,675.7

$ 6,013.7

11.01%

Gross Margin

31.3%

32.5%

-1.13 pp


31.5%

31.4%

0.15 pp

Operating Profit

$ 1,029.4

$ 897.8

14.66%


$ 3,425.9

$ 2,994.8

14.39%

Operating Margin

16.5%

16.0%

0.48 pp


16.2%

15.6%

0.55 pp

Profit before Taxes

$ 552.4

$ 622.2

-11.21%


$ 2,421.6

$ 2,245.8

7.83%

Profit before Taxes Margin

8.9%

11.1%

-2.25 pp


11.4%

11.7%

-0.28 pp

EBITDA

$ 1,368.8

$ 1,233.7

10.95%


$ 4,738.8

$ 4,202.4

12.76%

EBITDA Margin

22.0%

22.0%

-0.07 pp


22.4%

21.9%

0.45 pp

Net Profit

$ 348.3

$ 391.8

-11.12%


$ 1,437.0

$ 1,414.5

1.59%

Net Margin

5.6%

7.0%

-1.41 pp


6.8%

7.4%

-0.59 pp

Free Cash Flow to Equity (1)

$ 140.9

$ 477.5

-$ 336.6


-$ 2,719.8

-$ 1,373.3

-$ 1,346.4










Quarter – Quarter




Balance Sheet Data

4Q11

3Q11

QoQ var.





Cash and Cash Equivalents

$ 2,721.2

$ 1,774.1

53.38%





Working Capital Cycle

591 days

575 days

16 days





Total Debt (2)

$ 13,806.2

$ 12,739.8

8.37%





Interest Coverage

2.6 x

2.7 x

-0.1 x





Net Debt to EBITDA (LTM)

2.3 x

2.4 x

-0.1 x





Audited financial figures: Figures discussed in this announcement have been reformulated as of December 31, 2010 in accordance to NIF “Normas de Informacion Financiera” Mexican Accounting Principles. The figures are expressed in nominal pesos. Tables state figures in millions of pesos unless otherwise noted.

(1) Non-reformulated 2010 figures.

(2) Total debt obligations with financial institutions

To obtain the full text of this earnings release, please visit our Investor Relations website at www.corporaciongeo.com under the Shareholder Information section.

About Corporacion GEO S.A.B. de C.V.

Corporacion GEO is a leading housing developer in Mexico and one of the largest in Latin America. The Company is engaged in all aspects of design, development, construction, marketing, sales and delivery of mainly low-income housing developments in Mexico. With operations in 20 states, GEO is one of the most geographically diversified homebuilders in Mexico. Since its inception GEO has sold more than 560,000 homes which currently provide housing to 2,000,000 people. GEO’s Solid Business Model focuses mainly in the Affordable Entry Level and Economic segments, which are supported by government policies and by the Mexican Housing Institutions INFONAVIT and FOVISSSTE. For more information, visit www.corporaciongeo.com  

Safe Harbor Statement

This release contains forward-looking statements regarding the Company’s results and business prospects. The readers should know that the results obtained may differ from that stated on this release. Past performances do not guarantee the behavior of future performances. The Company undertakes no obligation to update any of these statements, either as a result of new information, future actions or other related events.

SOURCE Corporacion GEO S.A.B. de C.V.

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RELATED LINKS
http://www.corporaciongeo.com


PR Newswire: OTC, SmallCap

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