VANCOUVER, BC / ACCESSWIRE / April 27, 2015 / Less Mess Storage Inc. ("Less Mess" or the "Company") (TSX VENTURE:LMS) is pleased to announce the filing of its audited financial statements and management's discussion and analysis for the four months ended December 31, 2014. The filing of this audited stub period now brings Less Mess in line with a calendar year for future financial reporting.
For the four months ended December 31, 2014, the Company had a loss of $138,423 compared to a loss of $1,328,463 for the year ended August 31, 2014. This improvement is mainly attributable to the significant transaction costs incurred with the acquisition of its self-storage business on April 28, 2014 (the "Transaction"), losses incurred from Company's previous business not related to self-storage, and high interest temporarily paid on bond debt used to complete the Transaction, all of which applied during the previous financial period. Some Transaction related costs and high bond interest costs also applied during the current reporting period, but on a more limited basis.
The Company's operational EBITDA has shown steady growth since the Transaction, and increased again in the current period to $2,313,944 on an annualized basis, from $2,171,446 in the previous period. This represents a 6.6% increase from the previous reported period, and a 12% increase at constant exchange rates. Occupancy rates, averaging over 80% by number of lockers, and revenues across the portfolio have held steady through the winter months, which can often be a slower time for the self-storage business.
Please refer to the full financial statements and corresponding management discussion and analysis for further discussion of the numbers from the current reporting period including sales revenues and EBITDA.
The Company is also pleased to announce that on April 8 Guy Pinsent, Less Mess President and CEO, participated on an expert discussion panel at the Inside Self-Storage World Expo in Las Vegas, Nevada. The panel discussed the growth of self-storage outside North American markets, and gave insight on the specific challenges faced by self-storage operators in international markets. Other panel participants hailed from South America, Australia, Dubai and the United Kingdom.
Guy Pinsent, President and CEO of Less Mess Storage, commented:
"International growth of the self-storage market is obviously becoming a more important topic for conversation. Self-storage started in North America in the 60's and has grown exponentially. Self-storage was established in the UK in the 80's and has grown to over 1,000 stores since then. We see the same trend developing in Western Europe, and especially in Germany, which borders Poland and the Czech Republic. With just a fraction of the market penetration we are seeing in other regions, the self-storage market in Central Europe is poised to grow rapidly over the next decade."
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. Total revenues were over $4 million in 2013 and approximately $4.5 million in 2014. 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
pete@lessmess-storage.com
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.