My conference call summaryI just listened to their conference call from yesterday... Overall, they sound very confident, and I like their priorities right now.
Highlights:
1. Gobi says he anticipates the company will have its best year ever in 2010, based on sales through March and improving conditions in the Calgary market. I was a bit surprised the topic of increasing interest rates in Canada never came up, but it didn't.
2. They have a "large" inventory of lands in the NW and NE of Calgary (this means about 5-years of future development). For now they are focusing on paying down debt, and they want to eliminate all debt on land holdings so the only debt they have is financing actual development. It sounds like this will take at least one year. After that time, they want to try to close the gap between the stock price and NAV by buying back shares and/or instituting a dividend.
3. Gobi talked about building the company over the next 3-5 years into a 500-600 million dollar market cap (current is 180 million). Part of this strategy includes building a more stable revenue stream with properties like their new Sage Hill Shopping mall. They built this place and developed the land around it, and then they will retain it as a revenue generating property.