Ameritrans Reports Third Quarter Fiscal 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) reported financial results for the quarter ended March 31, 2005. For the Company's third fiscal quarter, total investment income was $1.39 million compared to $1.43 million during the prior comparable period. Ameritrans reported a net loss available to common shareholders for the third quarter of fiscal 2005 of ($14,075) or ($0.01) 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 for the third quarter of fiscal 2004 of ($135,998) or ($0.07) per basic and diluted common share. The Company's net loan portfolio at March 31, 2005 was $52.9 million versus $54.1 million at March 31, 2004. Not included in the net loan portfolio at March 31, 2005 is $2.38 million of medallions owned versus $1.42 million at March 31, 2004, which are represented through inter-company receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed from wholly-owned subsidiaries. The Company's net equity securities at March 31, 2005 were $1,196,838 versus $1,011,507 at March 31, 2004. For the nine months ended March 31, 2005, Ameritrans reported total investment income of $3.99 million, compared to $4.30 million during the prior comparable period. Net loss available to common shareholders for the nine months ended March 31, 2005 was ($425,353) or ($.21) per share versus ($616,963) or ($.30) per share for the nine months ended March 31, 2004. The above information takes into account the effect on common stockholders after payment of the preferred dividends preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) paid on the Company's outstanding 9 3/8 cumulative participating preferred stock Participating Preferred Stock A type of preferred stock that, under certain conditions, gives holders the right to receive earnings payouts over and above the specified dividend rate. . On an operating basis the Company had a net income of $70,300 for the three months ended March 31, 2005 and a net loss of ($51,623) for the three months ended March 31, 2004. On an operating basis the net loss was ($172,228) for the nine months ended March 31, 2005 versus ($363,838) for the nine months ended March 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:
Mr. Granoff stated further, "This past quarter was also negatively impacted by charges to our write off and depreciation on interest and loans receivables account by an $81,356 expense and which totaled $471,415 for the first nine months. These charges were essentially for a small number of diversified diversified (di·verˑ·s loans which were written down to estimated net realizable value Net realizable value (NRV) is a commonly used method of evaluating an asset's worth in the field of inventory accounting. NRV is part of GAAP rules that apply to valuing inventory, so as to not overstate or understate the value of inventory goods. ." Granoff continued, "Although we have experienced a difficult nine months, we have continued to increase the size of our loan portfolio and we are actively making new loans and investments which on an operating basis should help restore us to profitable operations in the future." 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 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
March 31, 2005 (Unaudited) and June 30, 2004
ASSETS
March 31, June 30,
2005 2004
------------ ------------
Loans receivable $53,414,168 $49,900,989
Less: unrealized depreciation on loans
receivable (541,401) (509,770)
------------ ------------
Loans receivable, net 52,872,767 49,391,219
Cash and cash equivalents 755,127 416,600
Accrued interest receivable, net of
unrealized depreciation of $108,000
and $30,500, respectively 786,946 969,912
Assets acquired in satisfaction of loans 474,728 1,421,723
Receivables from debtors on sales of assets
acquired in satisfaction of loans 463,233 422,158
Equity securities 1,196,838 1,038,617
Furniture, equipment and leasehold
improvements, net 370,506 439,262
Medallions 2,382,201 2,382,201
Prepaid expenses and other assets 599,873 610,214
------------ ------------
TOTAL ASSETS $59,902,219 $57,091,906
============ ============
AMERITRANS CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
March 31, 2005 (Unaudited) and June 30, 2004
LIABILITIES AND STOCKHOLDERS' EQUITY
March 31, June 30,
2005 2004
------------ ------------
LIABILITIES
Debentures payable to SBA $12,000,000 $12,000,000
Notes payable, banks 31,970,652 28,908,652
Accrued expenses and other liabilities 791,089 578,790
Accrued interest payable 124,908 271,630
Dividends payable 84,375 84,375
------------ ------------
TOTAL LIABILITIES 44,971,024 41,843,447
------------ ------------
COMMITMENTS AND CONTINGENCIES
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, $.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 (2,327,761) (1,902,408)
Accumulated other comprehensive loss (140,794) (248,883)
------------ ------------
15,001,195 15,318,459
Less: Treasury stock, at cost, 10,000
shares of common stock (70,000) (70,000)
------------ ------------
TOTAL STOCKHOLDERS' EQUITY 14,931,195 15,248,459
------------ ------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $59,902,219 $57,091,906
============ ============
AMERITRANS CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months and Nine Months Ended March 31, 2005 and 2004
(Unaudited)
Three Months Three Months Nine Months Nine Months
Ended Ended Ended Ended
March 31, March 31, March 31, March 31,
2005 2004 2005 2004
----------- ----------- ----------- -----------
INVESTMENT INCOME
Interest on loans
receivable $1,213,236 $1,249,444 $3,497,001 $3,970,646
Fees and other income 129,594 130,030 318,821 238,476
Leasing income 50,826 48,837 176,159 86,385
----------- ----------- ----------- -----------
TOTAL INVESTMENT
INCOME 1,393,656 1,428,311 3,991,981 4,295,507
----------- ----------- ----------- -----------
OPERATING EXPENSES
Interest 449,279 345,172 1,272,435 1,060,604
Salaries and employee
benefits 292,927 275,959 848,672 763,525
Occupancy costs 46,336 50,383 141,953 148,624
Professional fees 148,914 152,349 480,212 507,231
Other administrative
expenses 314,838 321,188 857,791 927,697
Loss on assets
acquired in
satisfaction of
loans, net 18,198 5,102 50,745 41,171
Foreclosure expense - 46,769 14,194 310,302
Write off and
depreciation on
interest and loans
receivable 81,356 254,159 471,415 865,713
----------- ----------- ----------- -----------
TOTAL OPERATING
EXPENSES 1,351,848 1,451,081 4,137,417 4,624,867
----------- ----------- ----------- -----------
OPERATING INCOME
(LOSS) 41,808 (22,770) (145,436) (329,360)
----------- ----------- ----------- -----------
OTHER INCOME (EXPENSE)
(Loss) gain on sale
of securities - - (50,000) 5,665
Gain on sale of asset
acquired 32,829 - 34,713 -
Equity in loss of
investee - (24,747) (4,021) (24,747)
----------- ----------- ----------- -----------
TOTAL OTHER INCOME
(EXPENSE) 32,829 (24,747) (19,308) (19,082)
----------- ----------- ----------- -----------
INCOME (LOSS) BEFORE
PROVISION FOR
INCOME TAXES 74,637 (47,517) (164,744) (348,442)
PROVISION FOR INCOME
TAXES 4,337 4,106 7,484 15,396
----------- ----------- ----------- -----------
NET INCOME (LOSS) $70,300 $(51,623) $(172,228) $(363,838)
----------- ----------- ----------- -----------
DIVIDENDS ON PREFERRED
STOCK $(84,375) $(84,375) $(253,125) $(253,125)
----------- ----------- ----------- -----------
NET LOSS AVAILABLE
TO COMMON
SHAREHOLDERS $(14,075) $(135,998) $(425,353) $(616,963)
----------- ----------- ----------- -----------
WEIGHTED AVERAGE SHARES
OUTSTANDING
- Basic 2,035,600 2,035,600 2,035,600 2,035,600
========== =========== =========== ===========
- Diluted 2,035,600 2,035,600 2,035,600 2,035,600
========== =========== =========== ===========
NET LOSS PER COMMON SHARE
- Basic $(0.01) $(0.07) $(0.21) $(0.30)
========== =========== =========== ===========
- Diluted $(0.01) $(0.07) $(0.21) $(0.30)
========== =========== =========== ===========
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