Ameritrans Reports Fiscal Year 2004 Third Quarter Results.Business Editors NEW YORK--(BUSINESS WIRE)--May 17, 2004 Ameritrans Capital Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AMTC AMTC Applied Media Technologies Corporation AMTC Aerospace Manufacturing Technology Centre (Canada) AMTC American Modeling and Talent Convention AMTC Army Missile Test Center (White Sands Missile Range, NM) , AMTCP) reported financial results for the quarter ended March 31, 2004. For the company's third fiscal quarter, total investment income was $1.43 million compared to $1.55 million during the prior comparable period. Ameritrans reported a net loss available to common shareholders for the third quarter of fiscal year 2004 of ($135,998) or ($0.07) per basic and 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. common share, versus a net loss of ($182,222) or ($0.09) per basic and diluted common share for the same period of fiscal year 2003. The Company's net loan portfolio at March 31, 2004 was $54.1 million versus $55.1 million at March 31, 2003. Not included in the net loan portfolio for the period ended March 31, 2004 was $1.42 million of medallions owned which are represented through inter-company receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed from wholly-owned subsidiaries. The Company's net equity securities at March 31, 2004 were $1,011,507 versus $929,405 at June June: see month. 30, 2003. For the nine months ended March 31, 2004, Ameritrans reported total investment income of $4.30 million, compared to $4.74 million during the prior comparable period. Net loss available to common shareholders for the nine months ended March 31, 2004 was ($616,963) or ($0.30) per basic and diluted common share, versus a profit of $215,046, or $0.11 for the nine months ended March 31, 2003. Gary Gary, city (1990 pop. 116,646), Lake co., NW Ind., a port of entry on Lake Michigan; inc. 1909. Gary was founded by the U.S. Steel Corporation, which purchased the land in 1905 and landscaped it for a city. C. Granoff Granoff may refer to:
The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. has diminished di·min·ish v. di·min·ished, di·min·ish·ing, di·min·ish·es v.tr. 1. a. To make smaller or less or to cause to appear so. b. and our programs in Chicago Chicago, city, United States Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. to resell re·sell tr.v. re·sold , re·sell·ing, re·sells 1. To sell again. 2. To sell (a product or service) to the public or to an end user, especially as an authorized dealer. our defaulted medallion collateral collateral (kəlăt`ərəl), something of value given or pledged as security for payment of a loan. Collateral consists usually of financial instruments, such as stocks, bonds, and negotiable paper, rather than physical goods, although , including our leasing programs through our new limited liability company subsidiaries, are making substantial progress and will have a positive result on future revenues and cash flow. Although we continue to be affected by the remaining foreclosures of Chicago medallion taxi loans that are still in progress, we expect to complete the remaining sales over the next few months. We believe that the steps taken during fiscal 2004 will produce better results for the company for the fiscal year ending June 30, 2005." 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 Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. 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. This announcement contains 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 statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those presently anticipated or projected. Ameritrans Capital Corporation cautions investors not to place undue reliance on forward-looking statements, which speak only as to management's expectations on this date.
AMERITRANS CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Three Nine Nine
Months Months Months Months
Ended Ended Ended Ended
March 31, March 31, March 31, March 31,
2004 2003 2004 2003
----------- ----------- ----------- -----------
INVESTMENT INCOME
Interest on loans
receivable $1,249,444 $1,499,081 $3,970,646 $4,593,638
Fees and other income 130,030 48,604 238,476 148,173
Leasing income 48,837 - 86,385 -
----------- ----------- ----------- -----------
TOTAL INVESTMENT
INCOME 1,428,311 1,547,685 4,295,507 4,741,811
----------- ----------- ----------- -----------
OPERATING EXPENSES
Interest 345,172 555,249 1,060,604 1,622,264
Salaries and employee
benefits 275,959 220,055 763,525 654,103
Occupancy costs 50,383 35,945 148,624 109,428
Professional fees 152,349 133,372 507,231 395,743
Miscellaneous
administrative
expenses 321,188 256,471 927,697 711,966
Loss on assets
acquired in
satisfaction of
loans, net 5,102 57,800 41,171 72,464
Foreclosure expenses 46,769 161,667 310,302 281,838
Write off and
depreciation of
interest and
loans receivable 254,159 220,530 865,713 412,884
----------- ----------- ----------- -----------
TOTAL OPERATING
EXPENSES 1,451,081 1,641,089 4,624,867 4,260,690
----------- ----------- ----------- -----------
OPERATING (LOSS)
INCOME (22,770) (93,404) (329,360) 481,121
----------- ----------- ----------- -----------
OTHER INCOME
Gain on sale of
securities - - 5,665 2,976
Equity share's loss
of unconsolidated
subsidiary (24,747) - (24,747) -
----------- ----------- ----------- -----------
TOTAL OTHER
INCOME (24,747) - (19,082) 2,976
----------- ----------- ----------- -----------
(LOSS) INCOME
BEFORE INCOME
TAXES (47,517) (93,404) (348,442) 484,097
----------- ----------- ----------- -----------
INCOME TAXES 4,106 4,443 15,396 15,926
----------- ----------- ----------- -----------
NET (LOSS)
INCOME (51,623) (97,847) (363,838) 468,171
----------- ----------- ----------- -----------
DIVIDENDS ON PREFERRED
STOCK (84,375) (84,375) (253,125) (253,125)
----------- ----------- ----------- -----------
NET (LOSS)
INCOME
AVAILABLE TO
COMMON
SHAREHOLDERS $(135,998) $(182,222) $(616,963) $215,046
----------- ----------- ----------- -----------
WEIGHTED AVERAGE
SHARES OUTSTANDING
- Basic 2,035,600 2,035,600 2,035,600 2,035,600
=========== =========== =========== ===========
-Diluted 2,035,600 2,035,600 2,035,600 2,035,600
=========== =========== =========== ===========
NET (LOSS) INCOME PER
COMMON SHARE
- Basic $(0.07) $(0.09) $(0.30) $0.11
=========== =========== =========== ===========
- Diluted $(0.07) $(0.09) $(0.30) $0.11
=========== =========== =========== ===========
AMERITRANS CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
March 31, June 30,
2004 2003
(unaudited)
------------ ------------
Loans receivable $54,502,805 $55,306,678
Less: unrealized depreciation on
loans receivable (388,500) (238,500)
------------ ------------
Loans receivable, net 54,114,305 55,068,178
Cash and cash equivalents 434,536 498,669
Accrued interest receivable, net of
unrealized depreciation of $82,100
and $691,000, respectively 1,133,589 1,321,591
Assets acquired in satisfaction of
loans 853,689 1,142,189
Receivables from debtors on sales
of assets acquired in satisfaction
of loans 424,258 431,258
Equity investments 1,011,507 929,405
Property and leasehold
improvements, net 432,715 173,100
Medallions 1,418,901 -
Prepaid expenses and other assets 646,508 527,511
------------ ------------
TOTAL ASSETS $60,470,008 $60,091,901
============ ============
LIABILITIES & STOCK HOLDERS' EQUITY
LIABILITIES
Debentures payable to SBA $12,000,000 $9,200,000
Notes payable, banks 32,408,652 34,130,000
Accrued expenses and other
liabilities 573,181 485,710
Accrued interest payable 63,948 219,671
Accrued dividend payable 84,375 84,375
------------ ------------
TOTAL LIABILITIES 45,130,156 44,119,756
------------ ------------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock 500,000 shares
authorized, none issued or
outstanding - -
9 3/8% cumulative participating
redeemable preferred stock $.01
par value, $12.00 face value,
500,000 shares authorized; 300,000
shares issued and outstanding 3,600,000 3,600,000
Common stock $.0001 par value:
5,000,000 shares authorized;
2,045,600 shares issued,
2,035,600 outstanding 205 205
Additional paid-in-capital 13,869,545 13,869,545
Accumulated deficit (1,814,687) (1,197,725)
Accumulated other comprehensive
income (245,211) (229,880)
------------ ------------
15,409,852 16,042,145
Less: Treasury stock, at cost,
10,000 shares of common stock (70,000) (70,000)
------------ ------------
TOTAL STOCKHOLDERS'
EQUITY 15,339,852 15,972,145
------------ ------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $60,470,008 $60,091,901
============ ============
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