Amica Mature Lifestyles Inc. (“Amica” or the “Company”), a Canadian developer of luxury housing and services for mature lifestyles, announced it fiscal results for the 2nd quarter last week and showed that the economy affecting its operations. The company’s net income and cash flow were signifcantly lower compared to last year and the lower earnings were attributed to a $1 million dollar decrease in fees from communities under development due to slower growth.
The company has reduced its growth projections due to the constraints in the capital markets and announced that it was reducing its staff by 10 employees. The company is traded on the Toronto Stock Exchange. For the full earnings release, click here.