Alexander's, Inc. Reports Results.PARAMUS Paramus (pərăm`əs), borough (1990 pop. 25,067), Bergen co., NE N.J.; settled 1668, inc. 1922. It is a large retail-trade center known for its expansive shopping malls. An early Dutch church is there. , N.J. -- ALEXANDER'S Alexander's was a former department store in the New York metropolitan area. History Founded in 1928 by George Farkas, and catering to low- and middle-income consumers, Alexander's offered discounted designer fashions and high-quality private label goods. , INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (NYSE NYSE See: New York Stock Exchange : ALX ALX Alexandria (Egyptian automobile license plate) ALX America's Learning Exchange ALX Alienware Luxury Experience (Alienware Corp. ) today reported: Quarter Ended June June: see month. 30, 2006 Results Net income for the quarter ended June 30, 2006 was $36.9 million, or $7.25 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to $17.5 million, or $3.44 per diluted share, for the quarter ended June 30, 2005. Funds from operations Funds From Operations (FFO) Used by real estate and other investment trusts to define the cash flow from trust operations; earnings with depreciation and amortization added back. ("FFO FFO See: Funds from operations ") for the quarter ended June 30, 2006 was $42.3 million, or $8.31 per diluted share, compared to $22.4 million, or $4.41 per diluted share, for the quarter ended June 30, 2005. Net income and FFO for the quarter ended June 30, 2006 include, $14.7 million for the reversal reversal n. the decision of a court of appeal ruling that the judgment of a lower court was incorrect and is reversed. The result is that the lower court which tried the case is instructed to dismiss the original action, retry the case, or is ordered to change its of a portion of the accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. of stock appreciation rights ("SARs SARS or severe acute respiratory syndrome, communicable viral disease that can progress to a potentially fatal pneumonia. The first symptoms of SARS are usually a high fever, headache and body aches, sore throat, and mild respiratory symptoms; ") compensation expense and $8.2 million for an after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. net gain from the sale of residential condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. units at 731 Lexington Lexington. 1 City (1990 pop. 225,366), seat of Fayette co., N central Ky., in the heart of the bluegrass region; inc. 1832, made coextensive with Fayette co. 1974. Avenue. These items, in the aggregate, increased net income and FFO by $22.9 million, or $4.50 per diluted share. Net income and FFO for the quarter ended June 30, 2005 include, $13.2 million for an after-tax net gain from the sale of residential condominium units at 731 Lexington Avenue, partially offset by, $6.2 million for an accrual of SARs compensation expense. These items, in the aggregate, increased net income and FFO by $7.0 million, or $1.38 per diluted share. Six Months Ended June 30, 2006 Results Net income for the six months ended June 30, 2006 was $18.0 million, or $3.54 per diluted share, compared to $48.7 million, or $9.59 per diluted share, for the six months ended June 30, 2005. FFO for the six months ended June 30, 2006 was $28.7 million, or $5.64 per diluted share, compared to $58.3 million, or $11.48 per diluted share, for the six months ended June 30, 2005. Net income and FFO for the six months ended June 30, 2006 include, $22.9 million for an accrual of SARs compensation expense, partially offset by, $13.3 million for an after-tax net gain from the sale of residential condominium units at 731 Lexington Avenue. These items, in the aggregate, decreased net income and FFO by $9.6 million, or $1.90 per diluted share. Net income and FFO for the six months ended June 30, 2005 include, $53.1 million for an after-tax net gain from the sale of residential condominium units at 731 Lexington Avenue, partially offset by, $28.7 million for an accrual of SARs compensation expense. These items, in the aggregate, increased net income and FFO by $24.4 million, or $4.82 per diluted share. Alexander's, Inc. is a real estate investment trust which has six properties in the greater New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. metropolitan area. Certain statements contained herein may constitute "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors.
ALEXANDER'S, INC.
OPERATING RESULTS FOR THE QUARTER AND SIX MONTHS ENDED
JUNE 30, 2006 AND 2005
Below is a table of selected operating results.
For the Quarter Ended
--------------------------------
(Amounts in thousands, except share June 30, June 30,
and per share amounts) 2006 2005
--------------------------------
Revenues $ 49,371 $ 45,735
========== ==========
Income from continuing operations $ 28,603 $ 4,294
Net gain on sale of condominiums, net
of income taxes 8,248 13,170
---------- ----------
Net income $ 36,851 $ 17,464
========== ==========
FFO $ 42,265 $ 22,416
========== ==========
Net income per common share - basic:
Income from continuing operations $ 5.69 $ 0.86
Net gain on sale of condominiums,
net of income taxes 1.64 2.62
---------- ----------
Net income per common share - basic $ 7.33 $ 3.48
========== ==========
Net income per common share - diluted:
Income from continuing operations $ 5.63 $ 0.85
Net gain on sale of condominiums,
net of income taxes 1.62 2.59
---------- ----------
Net income per common share -
diluted $ 7.25 $ 3.44
========== ==========
FFO per common share - diluted $ 8.31 $ 4.41
========== ==========
Weighted average share and share
equivalents outstanding:
Basic 5,025,000 5,021,899
========== ==========
Diluted 5,084,541 5,081,113
========== ==========
For the Six Months Ended
-----------------------------
(Amounts in thousands, except share and June 30, June 30,
per share amounts) 2006 2005
-----------------------------
Revenues $ 97,747 $ 89,411
========== ==========
Income (loss) from continuing operations $ 4,738 $ (4,463)
Net gain on sale of condominiums, net of
income taxes 13,256 53,145
---------- ----------
Net income $ 17,994 $ 48,682
========== ==========
FFO $ 28,683 $ 58,265
========== ==========
Net income per common share - basic:
Income (loss) from continuing
operations $ 0.94 $ (0.89)
Net gain on sale of condominiums, net
of income taxes 2.64 10.59
---------- ----------
Net income per common share - basic $ 3.58 $ 9.70
========== ==========
Net income per common share - diluted:
Income (loss) from continuing
operations $ 0.93 $ (0.88)
Net gain on sale of condominiums, net
of income taxes 2.61 10.47
---------- ----------
Net income per common share - diluted $ 3.54 $ 9.59
========== ==========
FFO per common share - diluted $ 5.64 $ 11.48
========== ==========
Weighted average share and share
equivalents outstanding:
Basic 5,024,983 5,018,880
========== ==========
Diluted 5,083,836 5,077,344
========== ==========
The following table reconciles net income to FFO:
(Amounts in thousands) For the Quarter Ended
------------------------
June 30, June 30,
2006 2005
------------------------
Net income $36,851 $17,464
Depreciation and amortization of real property 5,414 4,952
------------------------
FFO $42,265 $22,416
========================
(Amounts in thousands) For the Six Months Ended
------------------------
June 30, June 30,
2006 2005
------------------------
Net income $17,994 $48,682
Depreciation and amortization of real property 10,689 9,583
------------------------
FFO $28,683 $58,265
========================
FFO is computed 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 the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT NAREIT National Association of Real Estate Investment Trusts "). NAREIT defines FFO as net earnings determined in accordance with accounting principles generally accepted in the United States of America UNITED STATES OF AMERICA. The name of this country. The United States, now thirty-one in number, are Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Hampshire, ("GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). "), excluding extraordinary items as defined under GAAP and gains or losses from sales of previously depreciated Depreciated may refer to:
A Real Estate Investment Trust that assumes ownership status in the property it invests in enabling investors of the REIT to earn dividends on rental income from the property and appreciation in property resale. Antithesis of a Mortgage REIT. . FFO and FFO per diluted share should be evaluated along with GAAP net earnings and earnings per diluted share (the most directly comparable GAAP measures), as well as cash flow from operating activities, investing activities and financing activities, in evaluating the operating performance of equity REITs. Management believes that FFO and FFO per diluted share are helpful to investors as supplemental performance measures because these measures exclude the effect of depreciation, amortization and gains or losses from sales of depreciable depreciable Of, relating to, or being a long-term tangible asset that is subject to depreciation. real estate, all of which are based on historical costs which implicitly im·plic·it adj. 1. Implied or understood though not directly expressed: an implicit agreement not to raise the touchy subject. 2. assumes that the value of real estate diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, these non-GAAP measures can facilitate comparisons of operating performance between periods and among other equity REITs. FFO does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of cash available to fund cash needs as disclosed in the Company's consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: statements of cash flows. FFO should not be considered as an alternative to net earnings as an indicator of the Company's operating performance or as an alternative to cash flows as a measure of liquidity. |
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