Ameritrans Third Quarter Net Income Rises; Recent Equity Offering Expands Lending Capacity; Loan Portfolio Expected to Expand.Business Editors NEW YORK--(BUSINESS WIRE)--May 16, 2002 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) ) reported total investment income of $1.64 million during the third quarter ended March 31, 2002, compared to $1.84 million during the prior comparable period. Net income for the three months ended March 31, 2002 was $215,671 or $0.1236 per 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 net income of $16,783 or $0.0096 per diluted common share in the third quarter of the prior fiscal year. The total loans receivable at March 31, 2002 were $53.8 million versus total loans receivable of $54.6 million at June June: see month. 30, 2001. Total investment income for the nine months ended March 31, 2002 was $4.64 million versus total investment income of $5.07 million for the nine months ended March 31, 2001. Net income for the nine months ended March 31, 2002 was $860,298 versus net income of $418,779 for the prior comparable period. Net income per diluted common share for the current nine month period was $0.4928 versus $0.2399 for the prior period. The year ago results were affected by the termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. of a proposed merger agreement, which resulted in the recognition of certain merger related costs for the three and nine month periods during fiscal 2001. These 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 totaled approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $413,000. 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:
Granoff said that Ameritrans has already put the capital to work which was raised in its recent public offering of units, which are comprised of common stock, 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. and warrants. "We used a large portion of the proceeds to pay down our lines and increase borrowing capacity. This new capacity is in sync with a back log of loans in our diversified diversified (di·verˑ·s as well as medallion portfolios." Granoff added, that "Investment income has been relatively flat over the past two years because we reached the loan limits with our lenders. This new layer of equity capital will allow us to once again start growing the portfolio." Granoff commented, "We are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the coming year. The company is well positioned to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. demand for loans among small business and medallion owners. With the capital we need to grow the portfolio in hand, we are confident that we can offer investors income with the prospect for growth over the long term." The company has updated its websites. The sites can be found at www.ameritranscapital.com and www.elkassociates.com. The revised sites are presently operational and are a good source of information on the company, the management team and the board of directors. Interested individuals can obtain information on AMTC common stock, as well as access the company's SEC filings directly from the site. Additionally, potential borrowers can now submit a loan application directly from either website. 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, 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.
AMERITRANS CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
March 31, 2002 (Unaudited) and June 30, 2001
ASSETS
March 31, 2002 June 30, 2001
-------------- -------------
Loan receivable $ 53,775,908 $ 54,559,970
Less: unrealized depreciation
on loans receivable (318,500) (318,500)
------------ ------------
53,457,408 54,241,470
Cash and cash equivalents 738,497 575,229
Accrued interest receivable, net
of unrealized depreciation of
$175,000 and $--0--, respectively 1,337,179 985,334
Assets acquired in satisfaction of loans 1,067,367 932,814
Receivables from debtors on sales of
assets acquired in satisfaction of loans 367,271 421,823
Equity securities 486,939 436,914
Furniture, fixtures and leasehold
improvements, net 97,954 101,902
Prepaid expenses and other assets 1,078,048 289,383
------------ ------------
TOTAL ASSETS $ 58,630,663 $ 57,984,869
============ ============
AMERITRANS CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
March 31, 2002 (Unaudited) and June 30, 2001
LIABILITIES AND STOCKHOLDERS' EQUITY
March 31, 2002 June 30, 2001
-------------- -------------
LIABILITIES
Debentures payable to SBA $ 8,880,000 $ 8,880,000
Notes payable, banks 36,300,000 35,550,000
Accrued expenses and other liabilities 373,758 456,316
Accrued interest payable 194,998 291,427
Accrued dividend payable 209,472 --
------------ ------------
TOTAL LIABILITIES 45,958,228 45,177,743
------------ ------------
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 13,471,474 13,471,474
Accumulated deficit (813,284) (678,593)
Accumulated other comprehensive income 14,070 14,070
------------ ------------
TOTAL STOCKHOLDERS' EQUITY 12,672,435 12,807,126
------------ ------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 58,630,663 $ 57,984,869
============ ============
AMERITRANS CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
For the Three Months and Nine Months Ended March 31, 2002 and 2001
Three Months Three Months Nine Months Nine Months
Ended Ended Ended Ended
03/31/02 03/31/01 03/31/02 03/31/01
------------ ------------ ----------- -----------
INVESTMENT INCOME
Interest on loans
receivable $1,533,452 $1,661,585 $4,433,111 $4,726,996
Fees and other
income 104,855 67,983 204,328 225,110
Gain on sale of
equity security -- 109,507 -- 121,637
---------- ---------- ---------- ----------
TOTAL INVESTMENT
INCOME 1,638,307 1,839,075 4,637,439 5,073,743
---------- ---------- ---------- ----------
OPERATING EXPENSES
Interest 652,857 904,712 2,025,435 2,649,482
Salaries and
employee benefits 215,292 236,332 554,741 533,586
Legal fees 84,708 58,985 183,263 139,022
Miscellaneous
administrative
expenses 281,296 176,451 706,440 630,055
Loss on assets
acquired in
satisfaction of
loans, net 14,494 19,473 64,660 75,242
Directors' fee 6,375 10,500 19,075 10,000
Depreciation in
value of loans 161,088 -- 215,931 194,298
Writeoff of
Merger Costs -- 413,187 -- 413,187
---------- ---------- ---------- ----------
TOTAL OPERATING
EXPENSES 1,416,110 1,819,640 3,769,545 4,644,872
---------- ---------- ---------- ----------
OPERATING INCOME 222,197 19,435 867,894 428,871
---------- ---------- ---------- ----------
INCOME BEFORE
INCOME TAXES 222,197 19,435 867,894 428,871
---------- ---------- ---------- ----------
INCOME TAXES 6,526 2,652 7,596 10,092
---------- ---------- ---------- ----------
NET INCOME $ 215,671 $ 16,783 $ 860,298 $ 418,779
---------- ---------- ---------- ----------
WEIGHTED AVERAGE
SHARES OUTSTANDING
- Basic 1,745,600 1,745,600 1,745,600 1,745,600
========== ========== ========== ==========
- Diluted 1,745,600 1,745,600 1,745,600 1,745,600
========== ========== ========== ==========
NET INCOME PER
COMMON SHARE
- Basic $ 0.1236 $ 0.0096 $ 0.4928 $ 0.2399
========== ========== ========== ----------
- Diluted $ 0.1236 $ 0.0096 $ 0.4928 $ 0.2399
========== ========== ========== ==========
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