Alexander's Reports Second Quarter 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. . (New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. : ALX ALX Alexandria (Egyptian automobile license plate) ALX America's Learning Exchange ALX Alienware Luxury Experience (Alienware Corp. ) today reported net income for the quarter ended June June: see month. 30, 2005 was $17,464,000, or $3.44 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 $2,523,000, or $0.50 per diluted share, for the quarter ended June 30, 2004. 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, 2005 was $22,416,000, or $4.41 per diluted share, compared to $6,401,000, or $1.26 per diluted share, for the quarter ended June 30, 2004. Net income for the six months ended June 30, 2005 was $48,682,000, or $9.59 per diluted share, compared to a net loss of $20,469,000, or $4.09 per diluted share, for the six months ended June 30, 2004. FFO for the six months ended June 30, 2005 was a positive $58,265,000, or $11.48 per diluted share, compared to a negative $13,061,000, or $2.61 per diluted share, for the six months ended June 30, 2004. Net income and FFO for the quarter ended June 30, 2005 includes (i) 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. gain of $13,170,000 or $2.59 per diluted share, 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 and (ii) an accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. for 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 of $6,163,000 or $1.21 per diluted share. Net income and FFO for the quarter ended June 30, 2004 includes an accrual for SARs compensation expense of $6,579,000, or $1.30 per diluted share. Net income and positive FFO for the six months ended June 30, 2005 includes (i) an after-tax gain of $53,145,000 or $10.47 per diluted share, from the sale of residential condominium units at 731 Lexington Avenue and (ii) an accrual for SARs compensation expense of $28,688,000 or $5.65 per diluted share. Net loss and negative FFO for the six months ended June 30, 2004 includes (i) an accrual for SARs compensation expense of $36,618,000, or $7.32 per diluted share, and (ii) the $3,050,000, or $0.61 per diluted share, write off of the proportionate pro·por·tion·ate adj. Being in due proportion; proportional. tr.v. pro·por·tion·at·ed, pro·por·tion·at·ing, pro·por·tion·ates To make proportionate. share of unamortized deferred debt expense in connection with the reduction of the principal amount of the construction loan for the Company's 731 Lexington Avenue project. 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 Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. 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. Below is a table of selected operating results.
FOR THE THREE MONTHS
ENDED
--------------------
(amounts in thousands, except per share amounts) June 30, June 30,
2005 2004
--------------------
Revenues.......................................... $45,735 $34,799
====================
Income from continuing operations................. $4,294 $2,523
Net gain on sale of condominiums.................. 13,170 --
--------------------
Net income........................................ $17,464 $2,523
====================
FFO............................................... $22,416 $6,401
====================
Net income per common share - basic:
Income from continuing operations.............. $0.86 $0.50
Net gain on sale of condominiums............... 2.62 --
--------------------
Net income per common share - basic............... $3.48 $0.50
====================
Net income per common share - diluted:
Income from continuing operations.............. $0.85 $0.50
Net gain on sale of condominiums............... 2.59 --
--------------------
Net income per common share - diluted............. $3.44 $0.50
====================
FFO per common share - diluted.................... $4.41 $1.26
====================
Weighted average share and share equivalents
outstanding:
Basic..........................................5,021,899 5,007,141
====================
Diluted........................................5,081,113 5,060,910
====================
FOR THE SIX MONTHS
ENDED
--------------------
(amounts in thousands, except per share amounts) June 30, June 30,
2005 2004
--------------------
Revenues.......................................... $89,411 $68,564
====================
Loss from continuing operations................... $(4,463) $(20,469)
Net gain on sale of condominiums.................. 53,145 --
--------------------
Net income (loss)................................. $48,682 $(20,469)
====================
FFO............................................... $58,265 $(13,061)
====================
Net income (loss) per common share - basic:
Loss from continuing operations................ $(0.89) $(4.09)
Net gain on sale of condominiums............... 10.59 --
--------------------
Net income (loss) per common share - basic........ $9.70 $(4.09)
====================
Net income (loss) per common share - diluted:
Loss from continuing operations................ $(0.88) $(4.09)
Net gain on sale of condominiums............... 10.47 --
--------------------
Net income (loss) per common share - diluted...... $9.59 $(4.09)
====================
FFO per common share - diluted.................... $11.48 $(2.61)
====================
Weighted average share and share equivalents
outstanding:
Basic..........................................5,018,880 5,004,655
====================
Diluted........................................5,077,344 5,004,655
====================
The following table reconciles net income (loss) to FFO:
(amounts in thousands, except per share FOR THE THREE MONTHS
amounts) ENDED
----------------------
June 30, June 30,
2005 2004
--------- ---------
Net income................................... $17,464 (1) $2,523 (2)
Depreciation and amortization of real
property.................................... 4,952 3,878
--------- ---------
FFO.......................................... $22,416 (1) $6,401 (2)
========= =========
(amounts in thousands, except per share
amounts) FOR THE SIX MONTHS ENDED
-------------------------
June 30, June 30,
2005 2004
-------- ----------
Net income (loss)............................$48,682 (3) $(20,469)(4)
Depreciation and amortization of real
property.................................... 9,583 7,408
-------- ----------
FFO..........................................$58,265 (3) $(13,061)(4)
======== ==========
(1) Net income and FFO for the quarter ended June 30, 2005 includes an
after-tax gain of $13,170,000 or $2.59 per diluted share, from the
sale of residential condominium units at 731 Lexington Avenue and
$6,163,000 or $1.21 per diluted share for an accrual of SARs
compensation expense.
(2) Net income and FFO for the quarter ended June 30, 2004 includes an
accrual for SARs compensation expense of $6,579,000, or $1.30 per
diluted share.
(3) Net income and FFO for the six months ended June 30, 2005 includes
and after-tax gain of $53,145,000 or $10.47 per diluted share,
from the sale of residential condominium units at 731 Lexington
Avenue and $28,688,000 or $5.65 per diluted share for an accrual
for SARs compensation expense.
(4) Net loss and negative FFO for the six months ended June 30, 2004
includes (i) an accrual for SARs compensation expense of
$36,618,000, or $7.32 per diluted share, and (ii) the $3,050,000,
or $0.61 per diluted share, write off of the proportionate share
of unamortized deferred debt expense in connection with the
reduction of the principal amount of the construction loan for the
Company's 731 Lexington Avenue project.
FFO does not represent cash generated from operating activities 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 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, and is not necessarily indicative indicative: see mood. of cash available to fund cash needs, which is disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). in the 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. There are no material legal or functional restrictions on the use of FFO. FFO should not be considered as an alternative to net income (loss) as an indicator of the Company's operating performance. Management considers FFO a relevant supplemental measure of operating performance because it provides a basis for comparison among real estate investments trusts. FFO is computed in accordance with the National Association of Real Estate Investment Trust's ("NAREIT NAREIT National Association of Real Estate Investment Trusts ") standards, which may not be comparable to FFO reported by other real estate investment trusts that do not define the term in accordance with NAREIT's definition or that interpret To run a program one line at a time. Each line of source language is translated into machine language and then executed. NAREIT's definition differently. |
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