Across America Reports Third Quarter Results.DENVER Denver, city (1990 pop. 467,610), alt. 5,280 ft (1,609 m), state capital, coextensive with Denver co., N central Colo., on a plateau at the foot of the Front Range of the Rocky Mts., along the South Platte River where Cherry Creek meets it; inc. 1861. -- Across America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. Real Estate Corp. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AARD (programming, tool) aard - (Dutch for "earth") A tool to check memory use for C++ programs, written by Steve Reiss <spr@cs.brown.edu> (who names his programs after living systems). Aard tracks the state of each byte of memory in the heap and the stack. ) today announced results for the third quarter ended September September: see month. 30, 2007. Third Quarter Developments * Real estate held for sale grew to $12.5 million at quarter end from $4.1 million at the end of the second quarter, representing a three-fold increase * Construction in progress grew to $4.7 million at quarter end from $3.3 million at the end of the second quarter, representing a 43% increase * Signed an agreement to finance two Dorsey Development Family Dollar Stores, representing the company's fifth and sixth Family Dollar Stores projects * Signed agreements to finance a Lonestar Steakhouse for Charmar Property Acquisitions and a Champps Americana Restaurant for Restaurant Group Management "As the credit market continues to tighten, we are seeing evidence of two counterbalancing trends: on the one hand, Across America's 100% financing value proposition offers an increasingly attractive alternative to developers and interest in our loan product continues to grow; on the other hand, small box retailers appear more conservative in their thinking about the pace of their development plans. As a result, although demand for high quality tenants remains strong, project cycles are starting to lengthen length·en tr. & intr.v. length·ened, length·en·ing, length·ens To make or become longer. length  en·er n. , pushing out the project
completion and revenue recognition. Our third quarter sales performance
is an example of this market dynamic," said Ann ANN, Scotch law. Half a year's stipend over and above what is owing for the incumbency due to a minister's relict, or child, or next of kin, after his decease. Wishaw. Also, an abbreviation of annus, year; also of annates. In the old law French writers, ann or rather an, signifies a year. L. Schmitt,
president and chief executive officer.
"Nevertheless, 2007 has been and remains a year of growth for Across America during which we have been building our backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. of small box retail real estate projects; processing an increasing number of transactions from project underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. through completion upon sale of the property; and, establishing our sales network and relationships with brokers and developers," added Ms. Schmitt. "To date we have increased the number of projects three-fold over last year and increased management fees six-fold. Considering that management fees are primarily comprised of origination fees A charge imposed by a lending institution or a bank for the service of processing a loan. For example, a bank might charge an individual who has applied for a student loan an origination fee of one percent for processing the application and granting the loan. charged on new projects, we believe the substantial increase is indicative of continued health in the business and anticipated future growth in construction project volume. We look forward to ending the year well equipped to move into 2008 with a great deal of momentum." Revenues for the quarter were $1.0 million compared to $5.2 million for the third quarter of 2006. Cost of sales were $0.8 million compared to $4.8 million for the quarter ended September 30, 2006. Selling, general and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. were $0.7 million compared to $0.5 million for the quarter ended September 30, 2006. This increase was largely attributable to the substantial increase in staff over the past year in addition to increased sales and marketing activity to generate additional projects. Net loss for the quarter was $0.2 million compared to a net loss of $0.2 million for the quarter ended September 30, 2006. Comprehensive loss applicable to common shareholders, after preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. dividends was $0.3 million compared to $0.2 million for the quarter ended September 30, 2006. Revenues for the nine months ended September 30, 2007 were $6.3 million compared to $7.2 million for the nine months ended September 30, 2006. Cost of sales were $5.5 million compared to $6.2 million for the nine months ended September 30, 2006. Selling, general and administrative costs were $2.7 million compared to $1.1 million in the nine months ended September 30, 2006. Net loss for the nine months ended September 30, 2007 was $2.6 million compared to a net loss of $0.4 million for the nine months ended September 30, 2006. Comprehensive loss applicable to common shareholders, after preferred stock dividends, was $2.8 million compared to $0.4 million in the nine months ended September 30, 2006. About Across America Real Estate Corp. Based in Denver, Colorado, Across America Real Estate Corp. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: AARD.OB - News) partners with national retailers and their developers to provide 100% financing for rapid retail expansion. The Company operates in the niche that is the small pad retail and restaurant market in the commercial real estate industry. Across America provides guidance and creates financing solutions for increasing retail productivity and profit. Please visit us at our website www.acrossamerica.com This press release may contain certain information about Across America's business prospects and financial projections. These are only prospects and projections based upon good faith current expectations by the management of Across America. This information is based on assumptions as to future events that are inherently uncertain and subjective. Across America makes no representation or warranty as to the attainability of such assumptions or as to whether future results will occur as projected. You are expected to conduct your own investigation with regard to Across America and its prospects. Across America assumes no obligation to update the information in this press release. [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
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