Cash flow improves for Revenue Properties

Thursday, Nov. 11, 1999 | 10:57 a.m.

Revenue Properties Co. Ltd. of Toronto, 50 percent owner of Las Vegas-based P.T.'s Pubs, reported improved cash flow for the third quarter, but recorded a loss caused by one-time charges.

RPC's cash flow was (Canadian) $6.53 million, or 9.4 cents per share, up 36 percent from the year-ago quarter.

RPC recorded a net loss of $2.68 million, or 5 cents per share, for the quarter ending Sept. 30. This loss was caused by a non-recurring loss of $4.5 million connected to the sale of a residential project. Without this loss, the company earned $1.82 million, up from $1.75 million a year before.

The company's gaming operations, represented by P.T.'s, recorded $635,000 in revenues for the quarter. RPC said these earnings were slower than expected, due to slower-than-anticipated regulatory approvals and higher overhead costs. The company intends to open the P.T. Mining Co. casino in Henderson early next year, which will give it 22 locations in the Las Vegas Valley.

Also reporting earnings was Pan Pacific Retail Properties Inc. of San Diego, a majority-owned subsidiary of RPC, and a developer active in the Las Vegas area.

The real estate investment trust recorded funds from operations of (U.S.) $12.9 million, or 58 cents per share, a 17.4 percent increase. Net income was $8 million, or 38 cents per share, a 7.7 percent increase.

Pan Pacific's revenues rose 25.3 percent, to $25.4 million.