ASR Investments Corp. reports third quarter income.TUCSON Tucson (t  `sŏn'), city (1990 pop. 405,390), seat of Pima co., SE Ariz.; inc. 1877. , Ariz.--(BUSINESS WIRE)--Nov. 14, 1995--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). , Tuesday Tuesday: see week. reported net income of $570,000 ($.18 per share) for the third quarter and $5,944,000 ($1.90 per share) for the first three quarters of 1995. This compares to income of $2,074,000 ($.67 per share) and $5,991,000 ($1.93 per share) for the like periods of 1994. Cash flow from operating activities was $6,277,000 ($2.01 per share) and the company declared and paid dividends of $1.50 for the first three quarters of 1995. The company anticipates net income and operating cash flows Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. for 1995 and 1996 to exceed its current annual dividend level of $2.00 per share and thus a continuation of the current dividend. The company continues to experience wide fluctuations of quarter to quarter income levels because of the significance of mortgage redemption income which, because it is transactional, varies greatly from quarter to quarter. Redemption income was $473,000 for the third quarter 1995 bringing year to date income to $4,927,000 compared to $1,366,000 and $3,920,000 for the like periods of 1994. Dividend levels are set in anticipation of annual earnings and operating cash flow levels. Income before depreciation from the company's apartment portfolio was $605,000 ($.19 per share) and $2,323,000 ($.74 per share) for the third and first three quarters 1995 compared to $587,000 ($.19 per share) and $1,881,000 ($.60 per share) for the like periods of 1994. Income from the company's mortgage assets (net of related interest expense) for the third quarter and first three quarters 1995 was $1,299,000 and $7,820,000 respectively compared to $2,231,000 and $7,083,000 for the like periods of 1994. ASR Investments Corp. is a real estate investment trust that owns and operates apartment communities. It currently owns 24 communities in the southwest Southwest or south west is the ordinal direction halfway between south and west, the opposite of northeast. Southwest or south west may also refer to:
Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. under the symbol ASR. -0-
ASR Investments Corp.
Financial Highlights
Quarter Ended Nine Months Ended
Sept. 30, Sept. 30,
1995 1994 1995 1994
Total income $4,798,000 $6,228,000 $19,191,000 $18,861,000 Net income $570,000 $2,074,000 $5,944,000 $5,991,000 SHR earns: Net income $0.18 $0.67 $1.90 $1.93 Average shares outstanding 3,151,000 3,100,000 3,137,000 3,100,000 Cash provided by operations 1,286,000 2,626,000 6,277,000 7,520,000 Per share $0.41 $0.85 $2.01 $2.43 CONTACT: ASR Investments Corp., Tucson Joseph C. Chan, 520/748-2111 |
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