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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:
  • Phyllis Granoff, a professor at Yale University;
  • Jonathan Granoff, president of the Global Security Institute;
  • Granoff School of Music, a music school in Philadelphia.
, Ameritrans' president said, "On a current operating basis, our gross investment income during the past quarter and during the last nine months has been negatively impacted by loans made during the prior fiscal year in the lower interest rate environment and due to an increase in our interest expense on our bank loans since the Fed began raising short term interest rates. While we are making new loans to borrowers at higher interest rates than during the last fiscal year, it will take time for the loan portfolio to generate higher gross interest income from new loans."

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)
                        ========== =========== =========== ===========
COPYRIGHT 2005 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2005, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Geographic Code:1USA
Date:May 16, 2005
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