Ameritrans Reports Substantial Increase in Net Income; Announces Dividends on Common Stock.Business Editors NEW YORK--(BUSINESS WIRE)--Oct. 1, 2002 Ameritrans Capital Corporation (Nasdaq: 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) announced today that the company's total investment income for the fiscal year ended June June: see month. 30, 2002 was $6,269,719 as compared to total investment income of $6,439,792, for the year ended June 30, 2001, a decrease of 2.6%, as a result of a decline in yield received on new loans in a lower interest rate environment, as old loans are refinanced. Net income for the year ended June 30, 2002 was $1,038,896, as compared to net income of $574,509, for the prior fiscal year, an increase of 80.8%. 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. net income per share was $.54 per share versus $.33 per share for the prior comparable year, an increase of 63.6%. Last year's earnings were reduced by a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charge of $413,186, or $0.24 per share, of terminated ter·mi·nate v. ter·mi·nat·ed, ter·mi·nat·ing, ter·mi·nates v.tr. 1. To bring to an end or halt: merger costs. Net income on a per share basis reflects a higher average number of shares outstanding in fiscal 2002, versus fiscal 2001, and the distribution of dividends to preferred shareholders. The company's loan portfolio increased to $55,029,831, as of June 30, 2002, compared to $54,559,970 at June 30, 2001. President and Chairman of the Board, 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. Granoff Granoff may refer to:
1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. our debt. We are committed to resuming our portfolio growth, and plan to pursue other specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. business lending opportunities that we feel would enhance shareholder value." In addition, the company's Board of Directors 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 dividend to common shareholders of $0.06 per share for the fourth quarter of fiscal 2002, and $0.11 per share for the first quarter of fiscal 2003, based on estimated earnings for the period ending September September: see month. 30, 2002. The dividends are payable on October October: see month. 16, 2002 to holders of record as of October 7, 2002. About Ameritrans 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 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. TABLES TO FOLLOW
Ameritrans Capital Corporation and Subsidiaries
Consolidated Statements of Income
For the Years Ended June 30, 2002 and 2001
2002 2001
-------------------------
INVESTMENT INCOME
Interest on loans receivable $5,984,678 $6,165,910
Fees and other income 285,041 273,882
------- -------
TOTAL INVESTMENT INCOME 6,269,719 6,439,792
--------- ---------
OPERATING EXPENSES
Interest 2,632,918 3,392,202
Salaries and employee benefits 769,633 627,013
Legal fees 232,494 187,183
Miscellaneous administrative
expenses 1,087,822 1,006,543
Loss on assets acquired in
satisfaction of loans, net 78,907 122,912
Directors' fee 29,750 19,750
Write off and depreciation of
interest and loans receivable 393,145 225,235
------- -------
TOTAL OPERATING EXPENSES 5,224,669 5,580,838
--------- ---------
OPERATING INCOME 1,045,050 858,954
--------- -------
OTHER INCOME (EXPENSES)
Net gain from rental activities 2,700 15,000
Gain on sale of equity securities -- 121,637
Terminated merger costs -- (413,186)
----- ---------
TOTAL OTHER INCOME (EXPENSES) 2,700 (276,549)
----- ---------
INCOME BEFORE INCOME TAXES 1,047,750 582,405
INCOME TAXES 8,854 7,896
------------- ----- -----
NET INCOME 1,038,896 574,509
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DIVIDENDS ON PREFERRED STOCK (68,438) --
---------------------------- ======== ===
NET INCOME AVAILABLE TO $970,458 $574,509
----------------------- ========= =========
COMMON SHAREHOLDERS
Weighted Average Shares Outstanding
- Basic 1,800,614 1,745,600
========= =========
- Diluted 1,800,614 1,745,600
========= =========
Net Income Per Common Share
- Basic $0.54 $0.33
====== ======
- Diluted $0.54 $0.33
====== ======
Ameritrans Capital Corporation and Subsidiaries
Consolidated Balance Sheets
June 30, 2002 and 2001
ASSETS 2002 2001
------ --------------------------
Loans receivable $55,029,831 $54,559,970
Less: unrealized depreciation
on loans receivable (238,500) (318,500)
-------- --------
54,791,331 54,241,470
Cash and cash equivalents 774,062 575,229
Accrued interest receivable,
net of unrealized depreciation
of $206,272 and $0 respectively 1,197,075 985,334
Assets acquired in satisfaction
of loans 1,108,088 932,814
Receivables from debtors on
sales of assets acquired in
satisfaction of loans 367,271 421,823
Equity securities 443,327 436,914
Furniture, fixtures and leasehold
improvements, net 107,757 101,902
Prepaid expenses and other assets 219,305 289,383
------- -------
TOTAL ASSETS $59,008,216 $57,984,869
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Debentures payable to SBA $7,860,000 $8,880,000
Notes payable, banks 33,720,000 35,550,000
Accrued expenses and other
liabilities 434,339 456,316
Accrued interest payable 258,358 291,427
Dividends payable 68,438 --
------ ----
TOTAL LIABILITIES 42,341,135 45,177,743
---------- ----------
COMMITMENTS AND CONTINGINCIES
STOCKHOLDERS' EQUITY
Preferred stock 500,000 and
1,000,000 shares authorized,
None outstanding at June 30,
2002 and 2001, respectively -- --
9 3/8 % Cumulative participating
preferred stock $.01 par value,
$12.00 face value, 500,000 and
0 shares authorized; 300,000 and
0 shares issued and outstanding
at June 30, 2002 and 2001,
respectively 3,600,000 --
Common stock, $.0001 par value:
5,000,000 shares authorized;
2,045,600 and 1,745,600 shares
issued, 2,035,600 and 1,745,600
outstanding at June 30, 2002 and
2001, respectively 205 175
Additional paid-in-capital 13,869,545 13,471,474
Accumulated deficit (703,127) (678,593)
Accumulated other comprehensive
(loss) income (29,542) 14,070
------ ------
TOTAL STOCKHOLDERS' EQUITY 16,737,081 12,807,126
---------- ----------
Treasury Stock, at cost, 10,000
and 0 shares common stock at
June 30, 2002 and 2001, respectively (70,000) --
------- ----
NET STOCKHOLDERS' EQUITY 16,667,081 12,807,126
---------- ----------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $59,008,216 $57,984,869
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