Atlantic Gulf Communities Announces Profit for Third Quarter.MIAMI--(BUSINESS WIRE)--Nov. 10, 1998--Atlantic Gulf Communities Corporation (Nasdaq:AGLF AGLF Association for Governmental Leasing and Finance AGLF Asian Government Leaders Forum ) today reported net income of $3,337,000 for the three months ended September 30, 1998, as compared to a net loss of $10,801,000 for the same period last year. After certain non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. applicable to 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. , the Company reported net income applicable to common stock of $341,000, or $.03 per share, for the three months ended September 30, 1998, as compared to a net loss applicable to common stock of $12,302,000, or $1.07 per share, for the same period last year. The Company reported net income of $1,454,000 for the nine months ended September 30, 1998, as compared to a net loss of $26,747,000 for the same period last year. After certain non-cash charges applicable to preferred stock, the Company reported a net loss applicable to common stock of $7,056,000, or $.61 per share, for the nine months ended September 30, 1998, as compared to a net loss applicable to common stock of $28,318,000, or $2.73 per share, for the same period last year. The Company stated that total revenues for the three months ended September 30, 1998, increased to $13,919,000 (not including other reorganization revenues of $4,403,000), as compared to $12,426,000 for the same period last year. In addition, the Company reported that total revenues for the nine months ended September 30, 1998, increased to $72,409,000, as compared to $51,047,000 for the same period last year. As of September 30, 1998, the Company had 13 active core projects in primary or luxury oceanfront o·cean·front n. Land bordering an ocean: Condominiums crowd the oceanfront. Noun 1. oceanfront - land bordering an ocean markets in four states, including both wholly owned projects and joint ventures. Those projects contain future inventory of over 13,000 single family and multi-family homesites for sale to builders, 1,100 vertical residential units to be developed and sold, and 300 commercial tract acres. The Company also announced that it had an additional four potential projects in its due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. pipeline. Atlantic Gulf's Chairman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , J. Larry Rutherford Rutherford (rŭth`ərfərd), borough (1990 pop. 17,790), Bergen co., NE N.J., a residential suburb of the New York City–N New Jersey metropolitan area; inc. 1881. Several pre-Revolutionary houses remain there. , stated that, "From an operating standpoint The Standpoint is a newspaper published in the British Virgin Islands. It was originally published under the name Pennysaver, largely as a shopping-coupon promotional newspaper, but since emerged as one of the most influential sources of journalism in the , the Company's core business is just now hitting its stride. The major new projects that the Company has acquired over the last couple of years are coming on line. Initial sales in Sunset Lakes (Broward County) started this year. Initial sales in West Bay Club (north Naples) and Trails of West Frisco (Dallas) started this month. Continued profits from these and other new and existing core projects will bolster This article is about the pillow called a bolster. For other meanings of the word "bolster", see bolster (disambiguation). A bolster (etymology: Middle English, derived from Old English, and before that the Germanic word bulgstraz the Company's operating results for the foreseeable fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. future." Atlantic Gulf Communities Corporation is one of the Southeast's largest residential real estate developers. The Company develops residential lots for homebuilders in many of Florida's most active markets, including South Florida, Jacksonville, Tampa, Orlando and north Naples. The Company has recently expanded to active growth markets outside Florida, such as Raleigh-Durham, North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. and Aspen, Colorado The City of Aspen is a Home Rule Municipality that is the most populous city and the county seat of Pitkin County, Colorado, United States. According to 2006 Census Bureau estimates, the population of the city is 5,804. . Headquartered in Miami, the Company is a proven leader in professional development services and is known for its leadership role in environmental quality. Certain matters discussed herein contain forward looking statements based on management's expectations regarding, and evaluations of current information about, the company's business that involve risks and uncertainties, and are subject to factors that could cause actual future results to differ, both adversely and materially, from currently anticipated results, including, without limitation, (1) the effect of economic and market conditions; (2) the cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. nature of the real estate market in Florida and other Southeast U.S. primary markets; (3) competitive pressures; (4) the company's own debt and equity structure and related financing and refinancing Refinancing An extension and/or increase in amount of existing debt. contingencies and restrictions, including interest rates; (5) the company's ability to close financings of new real estate at particular times relative to the company's cash flow needs at such times; and (6) the performance of the company's current development projects. -0-
ATLANTIC GULF COMMUNITIES CORPORATION
FOR THE PERIOD ENDED SEPTEMBER 30, 1998
RESULTS OF OPERATIONS
(Unaudited)
For The Three Months Ended
September 30, 1998 September 30, 1997
---------------------------------------
Total Revenues $ 13,919,000 $ 12,426,000
============== =============
Net Income (Loss) $ 3,337,000 $ (10,801,000)
Charges Applicable to Preferred 1,501,000
Stock ------------ -------------
2,996,000
------------
Net Income (Loss) Applicable
to Common Stock $ $ (12,302,000)
============== ==============
341,000
==============
Net Income (Loss) per
Common Share $ .03 $ (1.07)
Weighted Average Common Shares
Outstanding 11,729,000 11,512,000
For The Nine Months Ended
September 30, 1998 September 30, 1997
---------------------------------------
Total Revenues $ 72,409,000 $ 51,047,000
============== ==============
Net Income (Loss) 1,454,000 (26,747,000)
Charges Applicable to
Preferred Stock 8,510,000 1,571,000
Net Income (Loss) Applicable
to Common Stock $ (7,056,000) $ (28,318,000)
=============== ===============
Net Income (Loss) per
Common Share $ (.61) $ (2.73)
Weighted Average Common Shares
Outstanding 11,597,000 10,372,000
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