Ameritrans Reports Third 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) yesterday reported financial results for the quarter ended March 31, 2006. Ameritrans reported a net loss of ($209,827) available to common shareholders for the third quarter of fiscal year 2006 or ($0.07) versus a net loss 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 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 ($125,452) for the quarter ended March 31, 2006, compared to an 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. of $70,300 during the quarter ended March 31, 2005. For the Company's third fiscal quarter, total investment income was $1.231 million compared to $1.394 million during the prior comparable period. The Company's interest income decreased $163,674 to $1.049 million as compared to the same period of fiscal year 2005. The decrease in interest income can be attributed primarily to a decrease in the total outstanding loan portfolio for the quarter. The Company's interest income for the nine months ended March 31, 2006 decreased $55,934 to $3.441 million as compared to the same period of fiscal year 2005, as a result of a reduction in the overall loan portfolio. The Company's net loan portfolio at March 31, 2006 was $49.9 million versus $52.0 million at June June: see month. 30, 2005. 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:
Payments made in excess of scheduled mortgage principal repayments. of existing loans. We are concentrating our efforts in growing the portfolio of Elk Associates Funding Corporation and with the new capital we raised for Ameritrans pursuant to our recent private offering, we are making new loans and investments in areas of business not restricted by applicable 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 that affect all of our loans and investments for Elk. The increased capital that we have raised for Ameritrans through the private offering of its securities will help us significantly in our plans for the expansion and diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. of the Company's business and investment opportunities." The Company filed a registration statement on Form N-2 relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the securities issued pursuant to the private offering on March 15, 2006, which was 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. effective by the SEC on April 25, 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
---------------------------
AS OF MARCH 31, 2006 (UNAUDITED) AND JUNE 30, 2005
--------------------------------------------------
ASSETS
March 31, June 30,
2006 2005
------------ ------------
Loans receivable $49,817,026 $52,060,254
Less: unrealized depreciation on loans
receivable (225,000) (150,000)
------------ ------------
Loans receivable, net 49,592,026 51,910,254
Cash and cash equivalents 808,188 327,793
Accrued interest receivable, net of
unrealized depreciation of $36,800 and
$59,000, respectively 685,529 756,701
Assets acquired in satisfaction of loans 381,939 384,528
Receivables from debtors on sales of assets
acquired in satisfaction of loans 398,575 455,184
Equity securities 907,103 908,457
Furniture, equipment and leasehold
improvements, net 229,778 329,573
Medallions under lease 1,994,401 2,282,201
Prepaid expenses and other assets 414,606 531,904
------------ ------------
TOTAL ASSETS $55,412,145 $57,886,595
============ ============
AMERITRANS CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
---------------------------
AS OF MARCH 31, 2006 (UNAUDITED) AND JUNE 30, 2005
--------------------------------------------------
LIABILITIES AND STOCKHOLDERS' EQUITY
March 31, June 30,
2006 2005
------------ ------------
LIABILITIES
Debentures payable to SBA $12,000,000 $12,000,000
Notes payable, banks 20,827,500 29,770,652
Accrued expenses and other liabilities 429,398 604,942
Accrued interest payable 115,810 256,285
Dividends payable 84,375 84,375
------------ ------------
TOTAL LIABILITIES 33,457,083 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 $ 0.01 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; 3,401,208
and 2,045,600 shares issued and 3,391,208
and 2,035,600 shares outstanding at March
31, 2006 and June 30, 2005, respectively 340 205
Additional paid-in-capital 21,127,636 13,869,545
Accumulated deficit (2,544,154) (2,127,134)
Accumulated other comprehensive loss (158,760) (102,275)
------------ ------------
22,025,062 15,240,341
Less: Treasury stock, at cost, 10,000
shares of common stock (70,000) (70,000)
------------ ------------
TOTAL STOCKHOLDERS' EQUITY 21,955,062 15,170,341
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $55,412,145 $57,886,595
============ ============
AMERITRANS CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
-------------------------------------
FOR THE THREE MONTHS AND NINE MONTHS ENDED
------------------------------------------
MARCH 31, 2006 AND 2005 (UNAUDITED)
-----------------------------------
Three Three Nine Nine
Months Months Months Months
Ended Ended Ended Ended
March 31, March 31, March 31, March 31,
2006 2005 2006 2005
----------- ----------- ----------- -----------
INVESTMENT INCOME
Interest on loans
receivable $1,049,562 $1,213,236 $3,441,067 $3,497,001
Fees and other
income 143,064 129,594 294,014 318,821
Leasing income 38,506 50,826 134,243 176,159
Loss on sale of
securities - - - (50,000)
----------- ----------- ----------- -----------
TOTAL INVESTMENT INCOME 1,231,132 1,393,656 3,869,324 3,941,981
----------- ----------- ----------- -----------
OPERATING EXPENSES
Interest 501,820 449,279 1,627,274 1,272,435
Salaries and
employee benefits 302,015 292,927 860,784 848,672
Occupancy costs 41,667 46,336 142,687 141,953
Professional fees 128,110 148,914 344,356 480,212
Other administrative
expenses 278,881 314,838 790,619 857,791
Loss and impairments
on assets acquired
in satisfaction of
loans, net 2,549 18,198 6,580 50,745
Foreclosure expenses - - 12,162 14,194
Write off and
depreciation on
interest and loans
receivable 101,240 81,356 235,864 471,415
----------- ----------- ----------- -----------
TOTAL OPERATING
EXPENSES 1,356,282 1,351,848 4,020,326 4,137,417
----------- ----------- ----------- -----------
OPERATING (LOSS)INCOME (125,150) 41,808 (151,002) (195,436)
----------- ----------- ----------- -----------
OTHER INCOME (EXPENSE)
Gain on sale of
asset acquired - 32,829 - 34,713
Loss on sale of
automobiles - - (2,867) -
Equity in loss of
investee - - - (4,021)
----------- ----------- ----------- -----------
TOTAL OTHER INCOME
(EXPENSE), NET - 32,829 (2,867) 30,692
----------- ----------- ----------- -----------
(LOSS) INCOME BEFORE
PROVISION FOR INCOME
TAXES (125,150) 74,637 (153,869) (164,744)
----------- ----------- ----------- -----------
PROVISION FOR INCOME
TAXES 302 4,337 10,026 7,484
----------- ----------- ----------- -----------
NET (LOSS) INCOME $(125,452) $70,300 $(163,895) $(172,228)
----------- ----------- ----------- -----------
DIVIDENDS ON PREFERRED
STOCK $(84,375) $(84,375) $(253,125) $(253,125)
----------- ----------- ----------- -----------
NET LOSS AVAILABLE TO
COMMON STOCKHOLDERS $(209,827) $(14,075) $(417,020) $(425,353)
----------- ----------- ----------- -----------
WEIGHTED AVERAGE SHARES
OUTSTANDING
- Basic 2,975,232 2,035,600 2,409,024 2,035,600
----------- ----------- ----------- -----------
- Diluted 2,975,232 2,035,600 2,409,024 2,035,600
----------- ----------- ----------- -----------
NET LOSS PER COMMON
SHARE
- Basic $(0.07) $(0.01) $(0.17) $(0.21)
- Diluted $(0.07) $(0.01) $(0.17) $(0.21)
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