Sao Carlos Empreendimentos Reports Growth in 2009: Annual Net Income Increases by 295% to R$ 133 Million

USA - English

• USA - English
• USA - English

SAO PAULO, March 25 /PRNewswire-FirstCall/ -- Sao Carlos Empreendimentos e Participacoes S.A. (Bovespa: SCAR3) announces today its results for the fourth quarter of 2009.

The 4Q09 and 2009 Income Statements were adjusted as to exclude the following non-recurring events: sale of Eldorado Business Tower investment; sale of three distribution centers; provisions for the payment of interest on equity; and the expense from the cancellation of the 2007 stock option program.

-- GROSS REVENUE WITH LEASES: R$ 37.8 mn in 4Q09 (-18.1% vs. 4Q08) and R$ 159.3 mn in 2009 (+1.4% vs. 2008).

-- ADJUSTED EBITDA: R$ 26.2 mn and margin of 74.1% in 4Q09 (-31.5% vs. 4Q08) and R$ 125.9 mn and margin of 84.3% in 2009 (+0.4% vs. 2008).

-- 2009 NET INCOME TOTALED R$ 133.4 MILLION, OR R$ 2.32/SHARE, NEARLY FOUR TIMES 2008'S. Adjusted net income, without non-recurring events, was R$ 11.0 mn in 4Q09 (-8.0% vs. 4Q08) and R$ 58.1 mn in 2009 (+71.9% vs. 2008).

-- FFO: R$ 16.5 mn and margin of 46.7% in 4Q09 (-9.7% vs. 4Q08) and R$ 80.3 mn and margin of 53.8% in 2009 (+41.3% vs. 2008).

-- NAV: R$ 1.33 bn or R$ 23.03/share in December 2009 and R$ 1.28 bn or R$ 22.17/share in December 2008.

To access the full "4Q09 Earnings Release," please access our website: www.scsa.com.br/ir and to listen to our conference call on the 4Q09 results use the information below:

    English (March 26, 2010, Friday)
    11:00 a.m. (New York time)
    12:00 p.m. (Brasilia time)
    Tel: +1 (973) 935-8893
    Code: 56419618

    Investor Relations Department
    Phone: (55 11) 3048-5413
    E-mail: [email protected]

About Sao Carlos

Sao Carlos is one of the main companies in the sector of investment and administration of commercial properties in Brazil. Our goal is to maximize rental revenues from the company's real estate, the assets' renting potential and the portfolio's market value. Our business strategy includes the investment in new commercial properties, reform and maintenance of our real estate, optimization of condominium administration and sale of properties that already attained maturation. We currently have a portfolio which includes office buildings, distribution centers and street stores, located mainly in the States of Sao Paulo and Rio de Janeiro.

SOURCE Sao Carlos Empreendimentos e Participacoes S.A.