Ameritrans Six Month Net Rises on Loan Portfolio Increases.Business Editors/Banking Writers NEW YORK--(BUSINESS WIRE)--Feb. 16, 2000 Ameritrans Capital Corporation's (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) ) total investment income during the second quarter ended December December: see month. 31, 1999 was $1.76 million, an increase of 30.4% over total investment income of $1.35 million during the prior comparable period. Net income for the period was $319,825 compared to $306,670, an increase of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 4%. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the quarter were $0.1831 versus $0.1757 for the prior comparable period. The total loans receivable at December 31, 1999 were $58.0 million, an increase of 13.5% over total loans receivable of $51.1 million at June June: see month. 30, 1999. For the six months ended December 31, 1999 total investment income was $3.27 million, an increase of 21.6% over total investment income of $2.69 million for the six months ended December 31, 1998. Net income for the six months ended December 31, 1999 was $656,549, versus net income of $611,892 for the prior comparable period, an increase of 7.3%. 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 for the six months ended December 31, 1999 was $0.3761 versus diluted net income per share of $0.3505 for the prior period. The diluted weighted average shares outstanding at December 31, 1999 was 1,746,572. The diluted weighted average shares outstanding at December 31, 1998 was 1,745,600. 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:
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. into asset based loans and investments, as well as 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. "With the share exchange between Elk and Ameritrans completed, and with our new holding company structure, we can now pursue business opportunities not previously available to us." 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 BALANCE SHEETS
December 31, 1999 (Unaudited) and June 30, 1999
ASSETS
December 31, 1999 June 30, 1999(a)
----------------- ----------------
Loans receivable $ 58,029,360 $ 51,103,932
Less: allowance for loan
losses (380,000) (380,000)
-------------- --------------
57,649,360 50,723,932
Cash and cash equivalents 767,106 542,290
Accrued interest receivable 858,039 714,626
Assets acquired in satisfaction
of loans 612,491 612,491
Receivables from debtors on
sales of assets acquired
in satisfaction of loans 394,752 409,939
Equity securities 944,146 909,386
Furniture, fixtures and
leasehold improvements, net 126,668 105,440
Prepaid expenses and other
assets 538,733 492,697
-------------- --------------
TOTAL ASSETS $ 61,891,295 $ 54,510,801
============= =============
(a) Restated
AMERITRANS CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31, 1999 (Unaudited) and June 30, 1999
LIABILITIES AND STOCKHOLDERS' EQUITY
December 31, 1999 June 30, 1999(b)
----------------- ----------------
LIABILITIES
Debentures payable to SBA $ 8,880,000 $ 8,880,000
Notes payable, banks 38,600,000 31,000,000
Accrued expenses and other
liabilities 262,129 223,458
Accrued interest payable 414,548 354,918
Dividends payable 331,664 314,208
-------------- --------------
TOTAL LIABILITIES 48,488,341 40,772,584
-------------- --------------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Common stock, $.0001 par
value: 5,000,000 shares
authorized; 1,745,600
shares issued and
outstanding, 175 175
Additional paid-in-capital 13,125,533 13,214,558
Restricted capital 0 256,916
Retained earnings 15,493 4,815
Accumulated other
comprehensive income 261,753 261,753
-------------- --------------
TOTAL STOCKHOLDERS' EQUITY 13,402,954 13,738,217
-------------- --------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 61,891,295 $ 54,510,801
============== ==============
(b) Restated
AMERITRANS CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
For the Three Months and Six Months Ended December 31, 1999 and 1998
Three Three Six Six
Months Months Months Months
Ended Ended Ended Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1999 1998 1999 1998
-------- -------- -------- --------
INVESTMENT INCOME
Interest on loans
receivable $1,502,653 $1,258,639 $2,906,923 $2,475,744
Fees and other income 176,755 87,642 291,316 219,204
Gain on sales of
equity security 76,169 0 76,169 0
----------- ----------- ----------- -----------
TOTAL INVESTMENT
INCOME 1,755,577 1,346,281 3,274,408 2,694,948
----------- ----------- ----------- -----------
OPERATING EXPENSES
Interest 818,863 617,983 1,546,047 1,192,115
Salaries and employee
benefits 136,119 136,030 281,128 274,483
Legal fees 142,581 51,926 237,549 144,261
Miscellaneous
administrative
expenses 241,241 216,485 437,917 410,007
Loss on assets
acquired in
satisfaction of
loans, net 1,876 (1,547) 1,935 268
Directors' fee 5,250 4,500 20,250 13,250
Bad debt expense 81,050 19,890 81,050 48,965
----------- ----------- ----------- -----------
TOTAL OPERATING
EXPENSES 1,426,980 1,045,267 2,605,876 2,083,349
----------- ----------- ----------- -----------
OPERATING INCOME 328,597 301,014 668,532 611,599
----------- ----------- ----------- -----------
INCOME BEFORE INCOME
TAXES 328,597 301,094 668,532 611,599
INCOME TAXES (BENEFIT) 8,772 (5,656) 11,983 (293)
----------- ----------- ----------- -----------
NET INCOME $ 319,825 $ 306,670 $ 656,549 $ 611,892
=========== =========== =========== ===========
WEIGHTED AVERAGE SHARES
OUTSTANDING
- Basic 1,745,600 1,745,600 1,745,600 1,745,600
=========== =========== =========== ===========
- Diluted 1,746,572 1,745,600 1,746,572 1,745,600
=========== =========== =========== ===========
NET INCOME PER COMMON
SHARE
- Basic $ .1832 $ .1757 $ .3761 $ .3505
=========== =========== =========== ===========
- Diluted $ .1831 $ .1757 $ .3760 $ .3505
=========== =========== =========== ===========
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