Angeles Mortgage Investment Trust Reports First-Quarter Fiscal 1998 Results.LOS LOS Length of stay, see there ANGELES--(BUSINESS WIRE)--May 13, 1998--Angeles Mortgage Investment Trust (AMEX AMEX See: American Stock Exchange :ANM ANM Azienda Napoletana Mobilità (Italian) ANM Advancing Native Missions ANM Answer Message (telecommunications) ANM Auxiliary Nurse Midwife ANM Arab Nationalist Movement ANM Advanced Network Management ) Wednesday reported net income of $984,000, or 37 cents per Class A share, on revenues of $1,060,000, in the first quarter ended March 31, 1998, as compared with net income of $882,000, or 33 cents per Class A share, on revenues of $1,235,000 for the first quarter ended March 31, 1997. During the quarter ended March 31, 1997, ANM modified a first-mortgage loan and capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. and recognized as interest income approximately $423,000 of past-due interest, late fees and default interest. Recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. revenue and interest income increased 31 percent during the quarter ended March 31, 1998, when compared with the same period in 1997. ANM's significant decrease in costs and expenses for the quarter ended March 31, 1998, when compared with the same period ended March 31, 1997, results from reversing $230,000 of expense accruals Accruals Accounts on a balance sheet that represent liabilities and non-cash-based assets used in accrual-based accounting. These accounts include, among many others, accounts payable, accounts receivable, goodwill, future tax liability and future interest expense. in the first quarter of 1998 that were provided for in 1997. -0-
Angeles Mortgage Investment Trust
Financial Highlights
As of March 31 and for the
three months then ended
1998 1997
Operating revenue $ 1,060,000 $ 1,235,000
Total revenues 1,060,000 1,235,000
Costs and expenses (76,000) (353,000)
Net income $ 984,000 $ 882,000
Net income per Class A share 37 cents 33 cents
Cash distribution per Class A share 32 cents 22 cents
Total assets $51,151,000 $43,494,000
Notes payable $ 4,525,000 --
Shareholders' equity $46,089,000 $43,394,000
CONTACT: Angeles Mortgage Investment Trust Ann ANN, Scotch law. Half a year's stipend over and above what is owing for the incumbency due to a minister's relict, or child, or next of kin, after his decease. Wishaw. Also, an abbreviation of annus, year; also of annates. In the old law French writers, ann or rather an, signifies a year. Merguerian, 805/449-1335 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion