Ameritrans Reports Fourth Quarter and Fiscal Year 2004 Results.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 -- 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, 2004. For the quarter ended June 30, 2004, investment income was $1.34 million compared to $1.54 million during the quarter ended June 30, 2003. For the fiscal year ended June 30, 2004, Ameritrans reported investment income of $5.63 million as compared to $6.28 million for the prior year. Ameritrans reported a net loss available to common shareholders for the quarter ended June 30, 2004 of $(87,721), or $(0.04) 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 $(157,332), or $(0.08) per basic and diluted common share, in the fourth quarter of fiscal 2003. The net loss to common stockholders included the payment of preferred dividends preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) of $84,375 in each of said quarters on the Company's outstanding 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. . The net loss also resulted from 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. $211,000 during the fourth quarter of fiscal 2004. For the fiscal year ended June 30, 2004, Ameritrans reported a net loss to common shareholders of $(704,683), or $(0.35) per basic and common diluted share, versus net income of $57,714 or $0.03 per basic and diluted common share for fiscal year 2003. The net loss to common shareholders included the payment of preferred dividends in fiscal year ended June 30, 2004 of $337,500. The net loss to common stockholders in fiscal 2004 and the net income to common stockholders in fiscal year ended June 30, 2003 were calculated after taking into account payment of preferred dividends of $337,500 in each fiscal year. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. in the fourth quarter of fiscal 2004 was $2,647 as compared to an operating loss operating loss 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. in the fourth quarter of fiscal 2003 of $(83,962). The Company's net loan portfolio at June 30, 2004 was $49.4 million versus $55.0 million at June 30, 2003. 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:
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 with the Company completing most of its 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 and either reselling the medallions or placing them in operation through the Company's subsidiaries formed for that purpose. We expect that the trend toward improvement in our Chicago taxi medallion portfolio will continue into our current fiscal year which should result in continued improvement in our operating income." Granoff added, "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 first quarter of fiscal 2005 ending September September: see month. 30, 2004. The Company previously declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a regular quarterly dividend on our preferred stock for its first fiscal quarter ending September 30 2004." 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, 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 BALANCE SHEETS
June 30, 2004 and 2003
2004 2003
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Assets
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Loans receivable $49,900,989 $55,306,678
Less unrealized depreciation on loans
receivable (509,770) (303,170)
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Loans receivable, net 49,391,219 55,003,508
Cash and cash equivalents 416,600 498,669
Accrued interest receivable, net of
unrealized depreciation of $30,500 in 2004
and $691,000 in 2003 969,912 1,321,591
Assets acquired in satisfaction of loans 1,421,723 1,142,189
Receivables from debtors on sales of assets
acquired in satisfaction of loan 422,158 431,258
Equity securities 1,038,617 929,405
Furniture, equipment and leasehold
improvements, net 439,262 173,100
Medallions 2,382,201 -
Prepaid expenses and other assets 610,214 527,511
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Total assets $57,091,906 $60,027,231
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2004 2003
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Liabilities and Stockholders' Equity
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Liabilities:
Debentures payable to SBA $12,000,000 $9,200,000
Notes payable, bank 28,908,652 34,130,000
Accrued expenses and other liabilities 578,790 421,040
Accrued interest payable 271,630 219,671
Dividends payable 84,375 84,375
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Total liabilities 41,843,447 44,055,086
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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 (1,902,408) (1,197,725)
Accumulated other comprehensive loss (248,883) (229,880)
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Total 15,318,459 16,042,145
Less:Treasury stock, at cost, 10,000
shares of common stock (70,000) (70,000)
---------------------------
Total stockholders' equity 15,248,459 15,972,145
---------------------------
Total liabilities and
stockholders' equity $57,091,906 $60,027,231
===========================
CONSOLIDATED STATEMENTS OF OPERATIONS
Years Ended June 30, 2004, 2003 and 2002
2004 2003 2002
---------------------------------
Investment income:
Interest on loans receivable $5,195,741 $6,072,399 $5,984,678
Fees and other income 318,559 209,680 285,041
Leasing income 119,527 - -
---------------------------------
Total investment income 5,633,827 6,282,079 6,269,719
---------------------------------
Operating expenses:
Interest 1,443,416 2,076,861 2,632,918
Salaries and employee benefits 1,022,964 879,074 769,633
Occupancy costs 207,079 144,279 143,890
Professional fees 605,168 575,022 357,231
Other administrative expenses 1,250,435 963,175 722,380
Loss on assets acquired in
satisfaction of loans, net 44,362 77,343 78,907
Foreclosure expenses 362,871 313,678 126,565
Write off and depreciation on
interest and loans receivable 1,024,245 852,512 393,145
---------------------------------
Total operating expenses 5,960,540 5,881,944 5,224,669
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Operating (loss) income (326,713) 400,135 1,045,050
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Other income (expense):
Net gain from rental activities - - 2,700
Gain on sale of securities 5,665 2,976 -
Equity in loss of investee (29,634) - -
---------------------------------
Total other income (expense) (23,969) 2,976 2,700
---------------------------------
(Loss) income before income
taxes (350,682) 403,111 1,047,750
Income taxes 16,501 7,897 8,854
---------------------------------
Net (loss) income (367,183) 395,214 1,038,896
Dividends on preferred stock (337,500) (337,500) (68,438)
---------------------------------
Net (loss) income available to
common shareholders $(704,683) $57,714 $970,458
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Weighted Average Number of Common
Shares Outstanding
Basic 2,035,600 2,035,600 1,800,614
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Diluted 2,035,600 2,035,600 1,800,614
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Net (loss) Income Per Common Share
Basic $(0.35) $0.03 $0.54
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Diluted $(0.35) $0.03 $0.54
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