Ameritrans Reports Fourth Quarter and Fiscal Year June 30, 2005 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, 2005. For the quarter ended June 30, 2005, investment income was $2.19 million compared to $1.34 million during the prior comparable period. Investment income for the quarter ended June 30, 2005 included interest income, fee income and leasing income totaling $1,451,111 and net gain on sale of securities of $738,874 totaling to $2.19 million. For the fiscal year ended June 30, 2005, Ameritrans reported investment income of $6.13 million as compared to $5.63 million for the prior year. The increase in reported investment income for fiscal year ending June 30, 2005 is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk primarily to the result of an increase in the net gain on the sale of securities of $688,874 for the fiscal year. Interest income, fee income and leasing income totaled $5,443,192 during fiscal year ended June 30, 2005 as compared to $5,633,827 for fiscal year ended June 30, 2004. The reduction in interest income, fee income and leasing income was primarily due to a reduction in interest income of $423,787 due to the impact of lower average interest rates charged on new and modified mod·i·fy v. mod·i·fied, mod·i·fy·ing, mod·i·fies v.tr. 1. To change in form or character; alter. 2. loans, partially offset by an increase in other fees of $141,039 and leasing income of $92,113. Ameritrans reported a net income available to common shareholders for the quarter ended June 30, 2005 of $200,627, or $0.09 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 ($87,721), or ($0.04) per basic and diluted common share, in the fourth quarter of fiscal 2004. The increase in the net income for the year ended June 30, 2005 was attributable primarily to a gain on the sale of securities of $688,874. For the fiscal year ended June 30, 2005, Ameritrans reported a net loss to common shareholders of ($224,726), or ($0.11) per basic and diluted common share, versus net loss of ($704,683) or ($0.35) per basic and diluted common share for fiscal year 2004. The net loss to common shareholders in fiscal years ended June 30, 2005 and June 30, 2004 was calculated after taking into account payment of preferred dividends preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) to preferred shareholders 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 year ended June 30, 2005 was $285,289 as compared to operating income in the fourth quarter of fiscal year ended June 30, 2004 of $2,647. The Company's loan portfolio at June 30, 2005 was $51.9 million versus $49.4 million at June 30, 2004. 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:
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 of $275,176 added to net gain on sale of securities of $688,874 and increase of fee income of $141,039 partially offset by reductions in interest income of $423,787 and increases in interest expense of $394,217." Granoff went on to say: "During the fiscal year we made substantial progress 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 portfolio by selling 13 foreclosed medallions and executing contracts of sale to sell 5 of our leased medallions, and 20 additional foreclosed medallions. Closings on 20 of the medallions under contract of sale at June 30, 2005 took place on August 31, 2005. The number of foreclosed medallions in Chicago has stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. and at the present time we have approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 15 additional foreclosed medallions to sell, with active discussions taking place at this time with potential buyers. We believe that the Chicago taxi market and the local economy have improved which in turn has improved our current business and prospects for future business in that market. At August 31, 2005, the balance of our medallion loans in New York, Boston Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. and Miami are operating without any loans being in excess of 90 days delinquent delinquent 1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent. DELINQUENT, civil law. He who has been guilty of some crime, offence or failure of duty. and without any foreclosures in any of those markets. Our commercial loan portfolio is also performing well at the present time and we are continuing to build that portfolio with all new loans being made with adjustable interest rate terms. We also will continue to seek favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. equity investment transactions to augment aug·ment v. aug·ment·ed, aug·ment·ing, aug·ments v.tr. 1. To make (something already developed or well under way) greater, as in size, extent, or quantity: our loan activity. During the fiscal year ended June 30, 2005 the equity investment in a hotel in Arlington Arlington, county, United States Arlington, county (1990 pop. 170,936), N Va., across the Potomac River from Washington, D.C. Arlington is a residential and commercial suburb of Washington. , Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). was liquidated DAMAGES, LIQUIDATED, contracts. When the parties to a contract stipulate for the payment of a certain sum, as a satisfaction fixed and agreed upon by them, for the not doing of certain things particularly mentioned in the agreement, the sum so fixed upon is called liquidated damages. (q.v. , resulting in a positive impact on our financial results for the year." 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
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CONSOLIDATED BALANCE SHEETS
June 30, 2005 and 2004
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2005 2004
------------ ------------
Assets
------
Loans receivable $52,060,254 $49,900,989
Less unrealized depreciation on loans
receivable (150,000) (509,770)
------------ ------------
Loans receivable, net 51,910,254 49,391,219
Cash and cash equivalents 327,793 416,600
Accrued interest receivable, net of
unrealized depreciation of $59,000
in 2005 and $30,500 in 2004 756,701 969,912
Assets acquired in satisfaction of loans 384,528 1,421,723
Receivables from debtors on sales of assets
acquired in satisfaction of loan 455,184 422,158
Equity securities 908,457 1,038,617
Furniture, equipment and leasehold
improvements, net 329,573 439,262
Medallions under lease 2,282,201 2,382,201
Prepaid expenses and other assets 531,904 610,214
------------ ------------
Total assets (Note 8) $57,886,595 $57,091,906
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AMERITRANS CAPITAL CORPORATION AND SUBSIDIARIES
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CONSOLIDATED BALANCE SHEETS (Continued)
June 30, 2005 and 2004
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2005 2004
------------ ------------
Liabilities and Stockholders' Equity
------------------------------------
Liabilities:
Debentures payable to SBA $12,000,000 $12,000,000
Notes payable, bank 29,770,652 28,908,652
Accrued expenses and other liabilities 604,942 578,790
Accrued interest payable 256,285 271,630
Dividends payable 84,375 84,375
------------ ------------
Total liabilities 42,716,254 41,843,447
------------ ------------
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 (2,127,134) (1,902,408)
Accumulated other comprehensive loss (102,275) (248,883)
------------ ------------
Total 15,240,341 15,318,459
Less: Treasury stock, at cost,
10,000 shares of common stock (70,000) (70,000)
------------ ------------
Total stockholders' equity 15,170,341 15,248,459
------------ ------------
Total liabilities and stockholders'
equity $57,886,595 $57,091,906
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AMERITRANS CAPITAL CORPORATION AND SUBSIDIARIES
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CONSOLIDATED STATEMENTS OF OPERATIONS
Years Ended June 30, 2005, 2004 and 2003
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2005 2004 2003
----------- ----------- -----------
Investment income:
Interest on loans receivable $4,771,954 $5,195,741 $6,072,399
Gain on sale of equity securities,
net (Note 4) 688,874 5,665 2,976
Fees and other income 459,598 318,559 209,680
Leasing income 211,640 119,527 -
----------- ----------- -----------
Total investment income 6,132,066 5,639,492 6,285,055
----------- ----------- -----------
Operating expenses:
Interest 1,837,633 1,443,416 2,076,861
Salaries and employee benefits 1,128,963 1,022,964 879,074
Occupancy costs 188,466 207,079 144,279
Professional fees 675,399 605,168 575,022
Other administrative expenses 1,162,457 1,250,435 963,175
Loss and impairments on both
medallions under lease and assets
acquired in satisfaction of
loans, net 198,177 44,362 77,343
Foreclosure expenses 87,695 362,871 313,678
Write off and depreciation on
interest and loans receivable 728,710 1,024,245 852,512
----------- ----------- -----------
Total operating expenses 6,007,500 5,960,540 5,881,944
----------- ----------- -----------
Operating income (loss) 124,566 (321,048) 403,111
----------- ----------- -----------
Other expense:
Equity in loss of investee (4,021) (29,634) -
Loss on sale of automobile (60) - -
----------- ----------- -----------
Total other expense (4,081) (29,634) -
----------- ----------- -----------
Income (loss) before income
taxes 120,485 (350,682) 403,111
Income taxes 7,711 16,501 7,897
----------- ----------- -----------
Net income (loss) 112,774 (367,183) 395,214
Dividends on preferred stock (337,500) (337,500) (337,500)
----------- ----------- -----------
Net income (loss) available to
common shareholders $(224,726) $(704,683) $57,714
=========== =========== ===========
Weighted Average Number of Common
Shares Outstanding:
Basic 2,035,600 2,035,600 2,035,600
=========== =========== ===========
Diluted 2,035,600 2,035,600 2,035,600
=========== =========== ===========
Net Income (Loss) Per Common Share:
Basic $(0.11) $(0.35) $0.03
=========== =========== ===========
Diluted $(0.11) $(0.35) $0.03
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2005 2004 2003
----------- ----------- -----------
Net income (loss) $112,774 $(367,183) $395,214
Other comprehensive income (loss):
Unrealized gain (loss) on equity
securities arising during the
period 46,583 (13,338) (200,338)
Reclassification adjustment for
(gain) loss included in net
income (loss) 100,025 (5,665) -
----------- ----------- -----------
Total comprehensive income
(loss) $259,382 $(386,186) $194,876
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