ASR Investments Corp. announces 1995 earnings.TUCSON Tucson (t  `sŏn'), city (1990 pop. 405,390), seat of Pima co., SE Ariz.; inc. 1877. , Ariz.--(BUSINESS WIRE)--Feb. 15, 1996--ASR Investments Corp.
(AMEX AMEXSee: American Stock Exchange :ASR (Automatic Speech Recognition) Using voice recognition to replace keypad entry for telephone voice menus. Typically used to speak the digits 0 through 9 insted of keying them, ASR systems may be able to recognize a limited vocabulary. See voice recognition and AVSR. ), an apartment REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). , reported net income of $6,554,000 ($2.09 per share) for 1995 compared with $7,702,000 ($2.48 per share) for 1994. Net income for the fourth quarter of 1995 was $610,000 ($0.19 per share) compared with $1,712,000 ($0.55 per share) for the like period in 1994. Cash provided by operations for the quarter and year ended Dec. 31, 1995 was $1,443,000 ($0.46 per share) and $7,867,000 ($2.50 per share), respectively. Income before depreciation and after related interest expense from the company's apartment communities was $3,144,000 for 1995 compared with $3,131,000 for 1994. Income from mortgage asset (after related interest expense) was $9,301,000 for 1995 compared with $8,824,000 for 1994; the 1995 amount included a non-cash credit of $2,420,000 from the prepayment Prepayment 1. The payment of a debt obligation prior to its due date. 2. The excess payment over a scheduled debt repayment amount. Notes: 1. Examples include deferred expenses such as rent and early loan repayments. 2. of the notes payable. The company anticipates higher net income in 1996 due to increased income from both the real estate operations and mortgage assets. Both net income and cash provided by operations for 1996 are expected to exceed the current $2.00 dividend level. In accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with its corporate strategy, the company will continue to invest the excess cash flow in apartment acquisitions. ASR Investments Corp. is a real estate investment trust that owns and operates apartment communities. It owns 24 apartment communities containing 4,124 units located in Phoenix and Tucson, Albuquerque Albuquerque (ăl`bəkûr'kē), city (1990 pop. 384,736), seat of Bernalillo co., W central N.Mex., on the upper Rio Grande; inc. 1890. , N.M. and Houston Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; , including 6 communities (1,441 units) owned through joint ventures. -0-
ASR Investments Corp.
Financial Highlights
Quarter Ended Twelve Months Ended
Dec. 31 Dec. 31
1995 1994 1995 1994
Total income $4,491,000 $5,086,000 $23,682,000 $23,947,000 Net income (loss) $610,000 $1,712,000 $6,554,000 $7,702,000 SHR earns: Net income (loss) $0.19 $0.55 $2.09 $2.48 Average shares outstanding 3,141,000 3,100,000 3,141,000 3,100,000 Cash provided by operations 1,443,000 2,265,000 7,867,000 9,785,000 Per share $0.46 $0.73 $2.50 $3.16 CONTACT: ASR Investments Corp., Tucson Joseph C. Chan, 520/748-2111; fax: 520/750-8865 |
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