CALGARY, AB, May 7, 2024 /CNW/ - Genesis Land Development Corp. (TSX:GDC) (the "Corporation" or "Genesis") reported its financial and operating results for the three months ("Q1") ended March 31, 2024. Genesis is an integrated land developer and residential home builder with a strategy to grow its portfolio of well-located, entitled and unentitled primarily residential lands and serviced lots throughout the Calgary Metropolitan Area ("CMA"). The following are highlights of Genesis financial results for the first quarter of 2024: Q1 2024 Highlights $68.3 Million of Revenues in Q1 2024: Genesis generated revenues of $68.3 million in Q1 2024 up from $37.3 million achieved in Q1 2023. $7.0 Million of Net Earnings in Q1 2024: Net earnings attributable to equity shareholders in Q1 2024 were $7.0 million ($0.12 net earnings per share - basic and diluted), compared to net earnings attributable to equity shareholders of $0.2 million ($0.00 net earnings per share - basic and diluted) in Q1 2023. 123 Lots Sold: In Q1 2024, Genesis sold 123 residential lots (92 to third-party builders and 31 through its home building division, Genesis Builders Group Inc. ("GBG")), an increase of 98% from 62 lots in Q1 2023 (30 to third-party builders and 32 through GBG). 85 Homes Sold and 113 New Home Orders: In Q1 2024, Genesis sold 85 homes, an increase of 42% from 60 homes sold in Q1 2023. During Q1 2024, Genesis had 113 new home orders compared to 24 for Q1 2023. As of March 31, 2024, Genesis had 275 outstanding new home orders, compared to 169 as at March 31, 2023. Cash on Hand of $39.2 Million: On March 31, 2024, Genesis had $39.2 million in cash and cash equivalents and loan and credit facilities of $97.9 million which is 22% of the total book value of assets. Dividend Declared: The Corporation declared an unconditional special cash dividend of $0.095 per common share for a total of $5.4 million on May 7, 2024, payable on June 12, 2024 to shareholders of record on May 24, 2024. Pursuant to subsection 89(14) of the Income Tax Act (Canada) the dividend qualifies as an eligible dividend for Canadian federal income tax purposes. Selected Financial Results and Operating Data: Three months ended March 31, ($000s, except for per share items or unless otherwise noted) 2024 2023 Key Financial Data Total revenues 68,305 37,349 Net earnings attributable to equity shareholders 6,950 160 Net earnings per share - basic and diluted 0.12 0.00