Ameritrans Reports Fiscal 2000 Results.Business Editors NEW YORK--(BUSINESS WIRE)--Sept. 29, 2000 Ameritrans Capital Corporation announced that the company's total investment income rose to $6,602,397 for the year ended June June: see month. 30, 2000 versus $5,583,894 in the prior year ago period, an increase of 18.2%. Net income for the year ended June 30, 2000 was $212,752 versus $1,237,358 for the year ended June 30, 1999, a decrease of 82.8%. Net income per share was $0.12 for fiscal 2000 versus $0.71 in fiscal 1999, a decrease of 82.8%. The company's loan portfolio increased 11.2% to $56,426,579 at June 30, 2000, compared to $50,723,932 at June 30, 1999. The increase in investment income was due to increased interest earned on the loan portfolio, plus increases in fees and other income. The decrease in net income reflects increased bad debt write-offs. Additionally, the results include one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. write-offs of $256,087 in offering costs and $423,045 in recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. costs. These costs were non-operational and non-recurring. About Ameritrans Ameritrans Capital Corporation is a specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. finance company engaged in making loans to and investments in small businesses. Ameritrans' wholly-owned subsidiary Elk Associates Funding Corporation was licensed by the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Small Business Administration as a Small Business Investment Company (SBIC SBIC Small Business Investment Company SBIC Sustainable Buildings Industry Council SBIC Singapore Bioimaging Consortium (Singapore) SBIC School Bus Information Council SBIC Saudi Basic Industries Corporation SBIC Scsi Bus Interface Controller ) in 1980. The company maintains its offices at 747 Third Avenue; 4th Floor; New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY 10017.
Ameritrans Capital Corporation and Subsidiaries
Consolidated Statements of Income
For the Years Ended June 30, 2000 and 1999
2000 1999
-----------------------------
INVESTMENT INCOME
Interest on loans
receivable 6,177,218 $ 5,197,667
Fees and other income 425,179 386,227
----------- -----------
TOTAL INVESTMENT
INCOME 6,602,397 5,583,894
----------- -----------
OPERATING EXPENSES
Interest 3,367,907 2,440,051
Salaries and employee
benefits 594,804 533,352
Legal and professional
fees 395,366 303,995
Miscellaneous
administrative expenses 861,534 886,995
Loss on assets acquired in
satisfaction of loans, net 61,546 11,272
Directors fee 36,875 32,375
Bad debt expense 617,846 146,465
----------- -----------
TOTAL OPERATING
EXPENSES 5,935,878 4,354,505
----------- -----------
OPERATING INCOME 666,519 1,229,389
----------- -----------
OTHER INCOME (EXPENSES)
Write-off gain of non-cash
receivable -- --
Net gain from rental
activities 7,233 7,200
Gain on sale of equity
securities 231,703 --
Recapitalization costs (423,045) --
Terminated Offering costs (256,087) --
Recoveries -- --
----------- -----------
TOTAL OTHER (EXPENSES)
INCOME (440,196) 7,200
----------- -----------
INCOME BEFORE INCOME
TAXES 226,323 1,236,589
INCOME TAX (BENEFIT)
EXPENSE 13,571 (769)
----------- -----------
NET INCOME 212,752 $ 1,237,358
=========== ===========
Weighted Average Shares
Outstanding
- Basic 1,745,600 1,745,600
=========== ===========
- Diluted 1,745,600 1,750,684
=========== ===========
Net Income Per Common Share
- Basic $ 0.12 $ 0.71
=========== ===========
- Diluted $ 0.12 $ 0.71
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Ameritrans Capital Corporation and Subsidiaries
Consolidated Balance Sheets
June 30, 2000 and 1999
ASSETS 2000 1999
----------------------------
Loans receivable $ 56,806,579 $ 51,103,932
Less: allowance for loan
losses (380,000) (380,000)
------------ ------------
56,426,579 50,723,932
Cash and cash equivalents 376,507 542,290
Accrued interest receivable 928,765 714,626
Assets acquired in
satisfaction of loans 609,106 612,491
Receivables from debtors on
sales of assets acquired
in satisfaction of loans 743,954 409,939
Equity securities 631,974 909,386
Furniture, fixtures and
leasehold improvements, net 110,019 105,440
Prepaid expenses and other
assets 467,720 492,697
------------ ------------
TOTAL ASSETS $ 60,294,624 $ 54,510,801
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COMMITMENTS AND CONTINGINCIES
LIABILITIES AND STOCKHOLDERS
EQUITY
LIABILITIES
Debentures payable to SBA $ 8,880,000 $ 8,880,000
Notes payable, banks 37,800,000 31,000,000
Accrued expenses and other
liabilities 365,328 223,458
Accrued interest payable 365,270 354,918
Dividends payable -- 314,208
------------ ------------
TOTAL LIABILITIES 47,410,598 40,772,584
------------ ------------
STOCKHOLDERS EQUITY
Common stock, $.0001 par
value: 5,000,000 shares
authorized; 1,745,600
shares issued and
outstanding 175 175(1)
Additional paid-in-capital 13,471,474 13,214,550
Restricted capital -- 256,916
Accumulated (deficit)
earnings (725,057) 4,815
Accumulated other
comprehensive income 137,434 261,753
------------ ------------
TOTAL STOCKHOLDERS
EQUITY 12,884,026 13,738,217
------------ ------------
TOTAL LIABILITIES AND
STOCKHOLDERS EQUITY $ 60,294,624 $ 54,510,801
============ ============
(1)Restated
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