BlackBerry Ltd To Conclude Canadian Assets Sale By August

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BlackBerry Ltd To Conclude Canadian Assets Sale By August
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BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) is preparing to sell its remaining properties in Canada by the end of the summer to enhance operations and increase efficiency. Around 80% of the assets were already sold in the first quarter of fiscal year 2015 and the remaining 20% will be sold in the second quarter of fiscal 2015, according to the regulatory filing with the U.S. SEC last week.

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BlackBerry takes forward its CORE program

In the first quarter of fiscal 2015, BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) concluded the sale of a number of real estate assets under its CORE program, according to the regulatory filing.

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Back in May, the Waterloo-based firm entered into an agreement with Spear Street Capital to sell several properties for around $278 million and lease back a part for the company’s day-to-day affairs. In March, BlackBerry’s United States office in Texas was sold to Brookfield Property Group.

In 2014, the company stated that it will “strategically divest” the major portion of its Canadian commercial real estate portfolio, which includes as much as 3 million square feet of office space through a combination of sales, lease backs and vacant asset sales.

Better than expected results

The smartphone maker is taking these steps under its Cost Optimization and Resource Efficiency Program (CORE), which includes reducing number of employees by about 4,500 to bring the global workforce to 7,000 people. BlackBerry is aiming to achieve break even on cash flow by the end of fiscal 2015.

BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) is adopting these strategies to save as much  cash as possible to fund its rebound efforts in the wake of aggressive competition from Apple iOS and Google’s Android operating system-based smartphones.

Last week, the Canadian firm reported a net profit of $23 million, which was above expectations as smartphone sales surged along with the higher adoption of enterprise services. In the March-May quarter, BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) sold 1.6 million smartphones and issued 1.2 million BlackBerry Enterprise Service 10 licenses, which is a silver lining for the company. In the previous year, same quarter, the company posted a net loss of $84 million. Revenue for the quarter came in at $966 million, which is a decline of 1% from the same quarter last year.

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Aman is MBA (Finance) with an experience on both Marketing and Finance side. He has worked as a Risk Analyst for AIR Worldwide, and is currently leading VeRa FinServ, a Financial Research firm. Favorite pastimes include watching science fiction movies, reviewing tech gadgets, playing PC games and cricket. - Email him at amanjain@wordpress-785388-2679526.cloudwaysapps.com
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5 COMMENTS

  1. Devvv don’t listen to these a$$holes, they know full well BBRY is gone by next year. Your right, there’s nothing left. They can’t even convince the Chinese to buy it. If MOTO was sold for 3.2bil, BBRY is basically worthless. The name may be worth 500mil. Enterprise security is nothing more than a feature that at the most can be bundled with other services.

  2. DEVVVV is a troll who’s just plain misserable in life and has lot’s of hatred. I don’t usually post but once in a while need people to know who their dealing with. He’s just useless and lives on websites to promote negative thoughts only. Sad excuse for a person.

  3. DEVVVV, I am still drinking your milkshake aren’t I ? Please google “I drink your milkshake”, please. Watch the video with Daniel speaking to Eli. It perfectly describes the Karma descending upon you.

  4. you don’t know what you are talking about. you have to learn deep business strategy. what kind of person are you? it seems that you are a very miserable with no tight screws in your head.

  5. It’s apparent that Blackberry is being sold right under BlackBerry’s investors noses and they don’t even know it. 80% now is sold now the rest is in preparation to be sold, What is really left as value, barely enough to repay FFH’s debenture loans? I really think public investors are being set up for a fall.

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