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News and Information Article
WASHINGTON, Aug. 14 /-FirstCall/ -- Bresler & Reiner, Inc.
(OTC Bulletin Board: BRER) reported a 326% increase in net income for the
second quarter 2006. Net income was $11,790,000 or $2.15 per common share
on revenues of $25,760,000 for the three months ended June 30, 2006.
Included in the reported results are $11,684,000 of after-tax gains on
sales of depreciable properties, net of minority interest. For the
comparable period in 2005, the Company reported net income of $2,765,000 or
$0.50 per common share on revenues of $42,051,000. Funds from operation for
the three months ended June 30, 2006 were $6,165,000 or $1.13 per common
share compared to $5,993,000 or $1.09 per common share for the same period
in 2005.
For the six months ended June 30, 2006, the Company reported net income
of $9,388,000 or $1.71 per common share on revenues of $48,724,000. For the
comparable period in 2005, the Company reported net income of $3,646,000 or
$0.67 per common share on revenues of $69,749,000. Funds from operations
for the six months ended June 30, 2006 were $8,519,000 or $1.56 per common
share compared to $10,333,000 or $1.89 per common share for the same period
in 2005.
Sidney M. Bresler, Chief Executive Officer, stated that the increase in
net income for the three months ended June 30, 2006 is due to the gains on
the sales of depreciable properties. The decrease in revenue for the three
months ended June 30, 2006 is primarily due to fewer residential
condominium units and lots sales due to the sell-out in 2005 of several
development projects. The increase in funds from operations for the three
months ended June 30, 2006, reflects operations of the commercial
properties the Company acquired subsequent to the first quarter of 2005,
partially offset by the lower development sales.
Funds from operations is defined by the Company as net income computed
in accordance with accounting principles generally accepted in the United
States, excluding gains and losses, net of tax, on sales of depreciable
property, plus depreciation and amortization and after adjustments for
unconsolidated partnerships and joint ventures. The Companys FFO and FFO
per share for the three and six months ended June 30, 2006 and 2005 are
calculated as follows (in thousands):
Three months Six months
ended June 30, ended June 30,
2006 2005 2006 2005
Net income $11,790 $2,765 $9,388 $3,646
Add: Depreciation and
amortization including our
share of unconsolidated real
estate joint ventures 6,059 4,315 11,625 7,774
Add: Income tax expense from
property sales (net of
minority interest share of
taxes) 7,788 724 8,329 724
Less: Gain on sale of
properties (net of minority
interest) (19,472) (1,811) (20,823) (1,811)
Funds from operations $6,165 $5,993 $8,519 $10,333
Net income per common share $2.15 $0.50 $1.71 $0.67
Funds from operations
per common share $1.13 $1.09 $1.56 $1.89
Weighted average number
of shares outstanding 5,477,212 5,477,212 5,477,212 5,477,212
About the Company:
Bresler & Reiner, Inc. owns and develops land and residential,
commercial and hospitality properties, principally in the Washington, D.C.;
Wilmington, Delaware; Philadelphia, Pennsylvania; Houston, Texas;
Baltimore, Maryland and Orlando, Florida metropolitan areas, and the
Delaware and Maryland Eastern Shore.
Supplemental Information:
SEC Filings (including Forms 10-K, 10-Q, 8-K and proxy materials) are
available at http://www.breslerandreiner.com or may be requested in e-mail
or hard copy formats.
This press release may contain forward-looking statements that are
based on current estimates, expectations, forecasts and projections about
us, our future performance, the industry in which we operate, our beliefs,
and managements assumptions. In addition, other written or oral statements
that constitute forward-looking statements may be made by or on behalf of
us. Words such as "expects," "anticipates," "targets," "goals," "projects,"
"intends," "plans," "believes," "seeks," "estimates," or "would be," and
variations of such words and similar expressions are intended to identify
such forward-looking statements. These statements are not guarantees of
future performance and involve certain risks, uncertainties and assumptions
that are difficult to predict. Therefore, actual outcomes and results may
differ materially from what is expressed or forecasted in such
forward-looking statements. These risks and uncertainties include: our
ability to compete effectively; our exposure to the credit risks of our
tenants; our ability to recruit and retain key personnel; adverse changes
in the local or general economy and market conditions; our ability to
obtain necessary governmental permits and approvals; our ability to
complete development projects in a timely manner and within budget; our
ability to secure tenants for our projects and properties; our ability to
sustain occupancy levels at our properties through keeping existing tenants
and securing new ones; our ability to secure tenants for the residential
and commercial properties that we develop; changes in the interest rate
environment which will affect our ability to obtain mortgage financing on
acceptable terms; future litigation; and changes in environmental health
and safety laws.
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