Press Release StorageVault Canada Inc. Releases December 31, 2010 Annual ResultsApril 4, 2011
STORAGEVAULT CANADA INC. (“StorageVault“) (SVI-TSX-V) is pleased to report results for the fiscal year ended December 31, 2010. Highlights for the fiscal year are presented below. For further information on the results for the fiscal year, please see StorageVault’s annual financial statements and management’s discussion and analysis for the year ended December 31, 2010 filed on the SEDAR website at www.sedar.com on April 1, 2011.
Highlights of the Fiscal Year:
- Revenue increased by $787,952 to $2,543,663 representing a 44.9% increase compared to the 2009 fiscal year.
- Net operating income from properties (a non-GAAP measure) increased by $349,177 to $1,406,844 representing a 33.0% increase compared to last year.
- Cash flow as measured by Funds from Operations (a non-GAAP measure) increased by $100,649 to $519,982 representing a 24.0% increase compared to last year.
Subsequent to the Fiscal Year end:
- On January 18, 2011, StorageVault agreed to sell a 2.16 acre parcel of undeveloped land in Cambridge, ON in exchange for $350,000 cash and a 1.45 acre parcel of undeveloped land adjacent to its B&B Mini Storage operation in Cambridge, ON. This transaction is expected to close in the second quarter of 2011.
As at December 31, 2010, StorageVault’s self storage portfolio included 134,000 square feet of rentable area, 56,000 square feet of rentable portable storage area, and a further two portable storage locations secured in Cambridge, ON and Nanaimo, British Columbia with planned launches in 2011.
About StorageVault Canada Inc.
StorageVault currently owns and operates Trans Can Mini-Stor in Regina, Kenaston Self Storage in Winnipeg, B&B Mini Storage in Cambridge, Parksville Mini Storage in the Regional District of Nanaimo and Canadian PUPS in Saskatoon. Both Trans Can Mini-Stor and Kenaston Self Storage are fixed unit storage facilities operating in conjunction with high margin Canadian PUPS portable storage franchises at each location. StorageVault currently operates Canadian PUPS in Saskatoon as a stand-alone portable storage franchise. StorageVault also manages six self-storage facilities in southern Ontario and intends to continue to grow its business through the acquisition of additional self-storage properties, and organically as master franchisee through the development of Canadian PUPS portable storage facilities in Canada. StorageVault intends to launch its PUPS portable storage business at both B&B Mini Storage and Parksville Mini Storage in the spring of 2011.
The non-GAAP measures identified in the Press Release do not have any standard meaning prescribed by Canadian generally accepted accounting principles (“GAAP”) and therefore may not be comparable to similar measures presented by other issuers. These non-GAAP measures are more fully defined and discussed in the management discussion and analysis of StorageVault for the year ended December 31, 2010, available on the SEDAR website at www.sedar.com.
For further information, contact:
Mr. Alan Simpson
3603 Selinger Crescent
Regina, Saskatchewan S4V 2H7 Tel: (306) 536-3771
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking information: This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in StorageVault’s disclosure documents on the SEDAR website at www.sedar.com.