[ACCESSWIRE]
VANCOUVER, BC / ACCESSWIRE / May 26, 2015 / Less Mess Storage Inc. ("Less Mess" or the "Company") (TSX VENTURE:LMS) is pleased to announce the filing of its financial statements and management's discussion and analysis for the three months ended March 31, 2015.
The Company reported net income of $407,049 for the quarter, translating to earnings per share of $0.04. This represents the Company's first reported net income and a significant improvement over previous reporting periods.
The current quarter also represents the first financial reporting period for the Company without transaction costs, high bond interest, amalgamation costs or other temporary expenses associated with the acquisition of the Company's self-storage business in April 2014.
On April 28, 2015, Less Mess also celebrated its first anniversary in the self-storage business. Since acquiring its five-store portfolio the Company has made significant positive strides as a self-storage company. Less Mess has:
(i) rebranded the portfolio, including the creation of a new website and installing state of the art LED signs at its Warsaw stores;
(ii) reorganised the corporate structure by merging the acquired companies, as well as moved the year end to December 31st, so as to create the simplest, most transparent and cost effective structure going forward;
(iii) refinanced its debt with Santander bank, one of the strongest banks globally, and the first time a bank has ever invested in self-storage in either Poland or the Czech Republic; this refinancing halved the Company's cost of debt to 4.3% and puts the capital structure on a long term stable foundation;
(iv) started rationalising operational costs which has already begun to show improved profitability;
(v) started upgrading and adding rentable space at our Holesovice, Prague property.
Guy Pinsent, Less Mess President and CEO, commented:
"We are pleased with these results, which have started to reflect the real underlying financial performance of the business. The steps taken in our first year since the acquisition have created a solid platform from which to grow in the largely untapped self-storage markets of Poland, the Czech Republic and neighbouring countries."
About the Company
Less Mess Storage Inc. owns and operates the largest self-storage chain in Central and Eastern Europe, with a portfolio of five stores, two in Warsaw (both freehold) and three in Prague (two freehold, one leasehold), offering over 180,000 square feet of net lettable area. The Company plans to add additional stores and rentable space in Warsaw and Prague in the future. The Company's registered and records office is located in Vancouver, British Columbia, its operations head office is located in Warsaw, Poland, and it also has offices in Prague, Czech Republic.
ON BEHALF OF THE BOARD
"Peter Smith"
Vice President, Corporate Development
Less Mess Storage Inc.
Peter Smith
VP Corporate Development
Phone: (778) 999-7030
[email protected]
This press release contains "forward-looking information" that is based on the Company's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, the Company's business, plans, outlook and business strategy. The words "may," "would," "could," "should," "will," "likely," "expect," "anticipate," "intend," "estimate," "plan," "forecast," "project" and "believe," or other similar words and phrases are intended to identify forward-looking information.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: changes in economic conditions or financial markets; changes in prices for the Company's products and services; increases in costs; litigation; legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties; and labour relations matters.
This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. Except as required by law, the Company disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
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.
SOURCE: Less Mess Storage Inc.
