Ameritrans Reports Fourth Quarter and Fiscal Year 2003 Results.Business Editors NEW YORK--(BUSINESS WIRE)--Oct. 8, 2003 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) today reported financial results for the fiscal year and quarter ended June June: see month. 30, 2003. For the quarter ended June 30, 2003, investment income was $1.54 million compared to $1.63 million during the prior comparable period. For the fiscal year ended June 30, 2003, Ameritrans reported investment income of $6.28 million as compared to $6.27 million for the prior year. Ameritrans reported a net loss available to common shareholders for the quarter ended June 30, 2003 of $157,332, or $0.08 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 income of $110,160, or $0.05 per basic and diluted common share, in the fourth quarter of fiscal 2002. The net loss was the result of a continued increase in write offs for loan losses and foreclosure foreclosure Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. expenses, which negatively impacted earnings by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $300,000 during the fourth quarter. For the fiscal year ended June 30, 2003, Ameritrans reported a net income available to common shareholders of $57,714, or $0.03 per basic and common diluted share, versus net income of $970,458 or $0.54 per basic and diluted common share for fiscal year 2002. The Company's loan portfolio at June 30, 2003 was $55.1 million versus $54.8 million at June 30, 2002. President of Ameritrans, 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:
adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. interest rate environment, which is allowing us to reduce our cost of funds Cost of Funds The interest rate paid on an outstanding loan. Notes: Money isn't free! Cost of funds is the cost of borrowing money. See also: Interest Rate Cost of funds Interest rate associated with borrowing money. and improve our margins." Granoff continued, "However, given our combined efforts to continue building reserves for our problem loans in our 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. taxi medallion portfolio, the Company's directors have elected e·lect v. e·lect·ed, e·lect·ing, e·lects v.tr. 1. To select by vote for an office or for membership. 2. To pick out; select: elect an art course. not to declare TO DECLARE. To make known or publish. By tho constitution of the United States, congress have power to declare war. In this sense the word, declare, signifies, not merely to make it known that war exists, but also to make war and to carry it on. 4 Dall. 37; 1 Story, Const. Sec. a dividend on our common stock for the fourth quarter of fiscal 2003 ended June 30, as well as for the first quarter of fiscal 2004 ended September September: see month. 30. We did, however, declare a regular quarterly dividend on our 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. for the fourth quarter of fiscal 2003 ended June 30 and the first quarter of fiscal 2004 ended September 30." Mr. Granoff further stated that, "The Company is continuing to actively market and sell or lease its medallions in Chicago and complete pending foreclosure sales foreclosure sale n. the actual forced sale of real property at a public auction (often on the court house steps following public notice posted at the court house and published in a local newspaper) after foreclosure on that property as security under a mortgage or . As a result of these steps, the Company will continue to incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. related expenses until this process has been completed." 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.
CONSOLIDATED STATEMENTS OF INCOME
Years Ended June 30, 2003 and 2002
2003 2002
----------------------
Investment income:
Interest on loans receivable $6,072,399 $5,984,678
Fees and other income 209,680 285,041
----------------------
Total investment income 6,282,079 6,269,719
----------------------
Operating expenses:
Interest 2,076,861 2,632,918
Salaries and employee benefits 879,074 769,633
Legal fees 304,097 232,494
Other administrative expenses 1,342,129 961,257
Loss on assets acquired in satisfaction of
loans, net 77,343 78,907
Directors' fees 36,250 29,750
Foreclosure expenses 313,678 126,565
Write off and depreciation on interest and
loans receivable 852,512 393,145
----------------------
Total operating expenses 5,881,944 5,224,669
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Operating income 400,135 1,045,050
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Other income:
Net gain from rental activities - 2,700
Gain on sale of securities 2,976 -
----------------------
Total other income 2,976 2,700
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Income before income taxes 403,111 1,047,750
Income taxes 7,897 8,854
----------------------
Net income 395,214 1,038,896
Dividends on preferred stock (337,500) (68,438)
----------------------
Net income available to common shareholders $57,714 $970,458
======================
Weighted Average Shares Outstanding
Basic 2,035,600 1,800,614
======================
Diluted 2,035,600 1,800,614
======================
Earnings Per Common Share
Basic $0.03 $0.54
======================
Diluted $0.03 $0.54
======================
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Years Ended June 30, 2003, and 2002
2003 2002
--------------------
Net income $395,214 $1,038,896
Other comprehensive income
Unrealized loss on equity securities arising
during the period (200,338) (43,612)
--------------------
Total comprehensive income $194,876 $995,284
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CONSOLIDATED BALANCE SHEETS
June 30, 2003 and 2002
2003 2002
------------------------
Assets
------
Loans receivable $55,306,678 $55,029,831
Less unrealized depreciation on loans
receivable (238,500) (238,500)
------------------------
Loans receivable, net 55,068,178 54,791,331
Cash and cash equivalents 498,669 774,062
Accrued interest receivable, net of unrealized
depreciation of $691,000 in 2003 and $300,000
in 2002 1,321,591 1,103,347
Assets acquired in satisfaction of loans 1,142,189 1,108,088
Receivables from debtors on sales of assets
acquired in satisfaction of loan 431,258 367,271
Equity securities 929,405 443,327
Furniture, equipment and leasehold
improvements, net 173,100 107,757
Prepaid expenses and other assets 527,511 313,033
------------------------
Total assets $60,091,901 $59,008,216
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Liabilities and Stockholders' Equity
------------------------------------
Liabilities:
Debentures payable to SBA $9,200,000 $7,860,000
Notes payable, bank 34,130,000 33,720,000
Accrued expenses and other liabilities 485,710 434,339
Accrued interest payable 219,671 258,358
Dividends payable 84,375 68,438
------------------------
Total liabilities 44,119,756 42,341,135
------------------------
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 (1,197,725) (703,127)
Accumulated other comprehensive loss (229,880) (29,542)
------------------------
16,042,145 16,737,081
Less: Treasury stock, at cost, 10,000
shares of common stock (70,000) (70,000)
------------------------
Total stockholders' equity 15,972,145 16,667,081
------------------------
Total liabilities and stockholders'
equity $60,091,901 $59,008,216
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