Ameritrans Reports Second Quarter Fiscal 2006 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, AMTCW) today reported financial results for the quarter ended December December: see month. 31, 2005. Ameritrans reported a net loss of ($131,762) available to common shareholders for the second quarter of fiscal year 2006 or ($0.06) versus a net loss of ($411,615) or ($0.20) 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 for the same period of fiscal year 2005. On an operating basis, before payment of the Company's 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. dividends, but after provisions for income tax, the Company reported 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. of ($47,387) for the quarter ended December 31, 2005, compared to an operating loss of ($327,240) during the quarter ended December 31, 2004. For the Company's second fiscal quarter, total investment income was $1.356 million compared to $1.267 million during the prior comparable period. Interest income increased by $87,014 over the comparable prior period, while fees and other income decreased by $20,038. Leasing income decreased by $27,527 over the comparable period. The Company's net loan portfolio at December 31, 2005 was $50.5 million versus $51.9 million at December 31, 2004. Commenting on the results, 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 portfolio." Granoff further stated "We are continuing to take steps to take action; to move in a matter. See also: Step to build our loan and investment portfolio. In addition, during the quarter ended December, 31, 2005 we were positively impacted by the closing of the first round of our private placement in early December, 2005, during which the Company sold 657,620 common shares and 164,405 warrants to purchase common shares for gross proceeds of $3,847,080 ($3,521,629 net of expenses). Subsequently, in January January: see month. , 2006 an additional 70,000 shares and an additional 17,500 warrants were sold as part of the private placement for gross proceeds of $409,500. The new capital is temporarily being utilized by the Company to reduce Elk Associates Funding Corporation's bank debt, which will result in a short term savings in interest expense. As suitable loans and investments are located for Ameritrans, it is the Company's intention to borrow Borrow To obtain or receive money on loan with the promise or understanding that it will be repaid. the funds back from Elk's bank lines of credit and repay the funds from Elk to Ameritrans to permit Ameritrans to complete the funding of its' proposed loans or investments. Since Ameritrans is able to make loans and investments in transactions that do not have to comply with SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government Regulations, the Company has gained an advantage of being able to make or participate in a wider range of loans and investments other than primarily making loans and investments that satisfy applicable SBA Regulations." Granoff added, "The Company's stockholders recently approved the extension of the Company's private placement to March 31, 2006." 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
December 31, 2005 (Unaudited) and June 30, 2005
ASSETS
December 31, June 30,
2005 2005
------------------------
Loans receivable $50,750,739 $52,060,254
Less: unrealized depreciation on loans
receivable (225,000) (150,000)
------------------------
Loans receivable, net 50,525,739 51,910,254
Cash and cash equivalents 518,932 327,793
Accrued interest receivable, net of
unrealized deprecation of $36,800 and
$59,000, respectively 771,374 756,701
Assets acquired in satisfaction of loans 384,528 384,528
Receivables from debtors on sales of assets
acquired in satisfaction of loans 406,850 455,184
Equity securities 858,985 908,457
Furniture, equipment and leasehold
improvements, net 244,906 329,573
Medallions under lease 2,224,701 2,282,201
Prepaid expenses and other assets 386,456 531,904
------------------------
TOTAL ASSETS $56,322,471 $57,886.595
========================
AMERITRANS CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31, 2005 (Unaudited) and June 30, 2005
LIABILITIES AND STOCKHOLDERS' EQUITY
December 31, June 30,
2005 2005
----------------------------
LIABILITIES
Debentures payable to SBA $12,000,000 $12,000,000
Notes payable, banks 25,125,568 29,770,652
Accrued expenses and other liabilities 492,214 604,942
Accrued interest payable 240,139 256,285
Dividends payable 84,375 84,375
----------------------------
TOTAL LIABILITIES 37,942,296 42,716,254
----------------------------
COMMITMENTS AND CONTINGENCIES (Notes 3,4 and 5)
STOCKHOLDERS' EQUITY
Preferred stock 500,000 shares
authorized, none issued or outstanding
9 3/8% cumulative participating callable
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, $0.0001 par value;
5,000,000 shares authorized; 2,703,220
and 2,045,600 shares issued and
2,693,220 and 2,035,600 shares
outstanding at December 31, 2005 and
June 30, 2005, respectively 270 205
Additional paid-in-capital 17,391,109 13,869,545
Accumulated deficit (2,334,327) (2,127,134)
Accumulated other comprehensive
loss (206,877) (102,275)
----------------------------
18,450,175 15,240,341
Less: Treasury stock, at cost,
10,000 shares of common stock (70,000) (70,000)
----------------------------
TOTAL STOCKHOLDERS' EQUITY 18,380,175 15,170,341
----------------------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 56,322,471 $ 57,886,595
============================
AMERITRANS CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months And Six Months Ended December 31, 2005 and 2004
(Unaudited)
Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
December December 31, December December
31, 2005 2004 31, 2005 31, 2004
------------------------------------------------
INVESTMENT INCOME
Interest on loans
receivable $1,241,722 $1,154,708 $2,391,505 $2,283,765
Fees and other
income 68,649 88,687 150,950 189,227
Leasing income 46,269 73,796 95,737 125,333
(Loss) gain on sale
of securities - (50,000) - (50,000)
------------------------------------------------
TOTAL INVESTMENT
INCOME 1,356,640 1,267,191 2,638,192 2,548,325
------------------------------------------------
OPERATING EXPENSES
Interest 586,181 441,400 1,125,454 823,156
Salaries and
employee benefits 282,531 293,081 558,769 555 745
Occupancy costs 46,304 46,434 101,020 95,617
Professional fees 146,684 195,734 216,496 331,298
Other administrative
expenses 227,320 297,485 509,109 542,953
Loss and impairments
assets acquired in
satisfaction of
loans, net 1,031 22,154 4,031 32,547
Foreclosure expenses 12,333 9,194 14,541 14,194
Write off and
depreciation on
interest and loans
receivable 98,776 288,541 134,624 390,059
------------------------------------------------
TOTAL OPERATING
EXPENSES 1,401,160 1,593,623 2,664,044 2,785,569
------------------------------------------------
OPERATING LOSS (44,520) (326,432) (25,852) (237,244)
------------------------------------------------
OTHER INCOME (EXPENSE)
Gain on sale of
asset acquired - 1,884 - 1,884
Loss on sale of
automobiles (2,867) (2,867)
Equity in loss of
investee - (2,010) - (4,021)
------------------------------------------------
TOTAL OTHER
EXPENSE. net (2,867) (126) (2,867) (2,137)
------------------------------------------------
LOSS BEFORE PROVISION
FOR INCOME TAXES (47,387) (326,558) (28,719) (239,381)
PROVISION FOR INCOME
TAXES - 682 9,724 3,147
------------------------------------------------
NET LOSS $(47,387) $(327,240) (38,443) (242,528)
------------------------------------------------
DIVIDENDS ON PREFERRED
STOCK $ (84,375) $ (84,375) (168,750) (168,750)
------------------------------------------------
NET LOSS AVAILABLE TO
COMMON SHAREHOLDERS $ (131,762) $ (411,615) $(207,193) (411,278)
------------------------------------------------
WEIGHTED AVERAGE
SHARES OUTSTANDING
- Basic 2,132,075 2,035,600 2,228,551 2,035,600
------------------------------------------------
-Diluted 2,132,075 2,035,600 2,228,551 2,035,600
------------------------------------------------
NET LOSS PER COMMON
SHARE
- Basic $(0.06) (0.20) (0.09) (0.20)
- Diluted $(0.06) (0.20) (0.09) (0.20)
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