Atlantic Gulf Communities announces record 1996 revenues and $42 million debt retirement.MIAMI--(BUSINESS WIRE)--Jan. 7, 1997--Atlantic Gulf Communities Corp. (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 :AGLF AGLF Association for Governmental Leasing and Finance AGLF Asian Government Leaders Forum ) Tuesday announced that it would report over $150 million in gross revenue for 1996, a 33% increase over the previous record, posted in 1995. The company also detailed a number of significant transactions and accomplishments which occurred in the final month of its Dec. 31 fiscal year: -- The company retired $41.7 million of Unsecured Unsecured A loan or equity interest that is given without any guarantee of payment, performance, satisfaction or opportunity for return from the recipient. No property, interest or security is used as collateral in either a guarantee or a pledge. 12% Notes which matured on Dec. 31, 1996. The Notes had been issued in the reorganization that created Atlantic Gulf Communities in 1992. -- In the month of December, the company closed $16.8 million in bulk sales of predecessor assets -- non-core properties in secondary market communities inherited inherited received by inheritance. inherited achondroplastic dwarfism see achondroplastic dwarfism. inherited combined immunodeficiency see combined immune deficiency syndrome (disease). from Atlantic Gulf's predecessor company -- to bring the predecessor asset/bulk sale total for 1996 to over $50 million. -- December was also a big month for the company's new primary market subdivision projects. In new wholly owned projects, the company sold 328 homesites and 15 acres of land for $9.05 million during December, and in projects owned through joint ventures, the company sold 312 acres of property for $7.5 million. -- In late December, the company modified certain trust agreements related to the 1992 reorganization and recovered approximately $12.1 million cash plus $6.2 million of Unsecured 12% Notes and Unsecured Cash Flow Notes. THe company will record an extraordinary gain in connection with this transaction. -- On Dec. 6, 1996, the company closed its latest new project acquisition -- a partnership between Atlantic Gulf and Hearthstone hearth·stone n. 1. Stone used in the construction of a hearth. 2. Family life; the home. 3. A soft stone or composition of pipe clay and pulverized stone used for scouring and whitening hearths or doorsteps. Advisors of California to develop and $8 million residential real estate tract in Raleigh/Durham, N.C. known as Panther Creek Panther Creek is a large creek (or small river) in the U.S. state of Illinois. It rises near Minonk, Illinois, and after flowing southwestward approximately 26 miles, discharges into the Mackinaw River near Eureka, Illinois. . The property, planned for 822 single family homes and up to 310 multi-family homes, is located adjacent to the Research Triangle Park Research Triangle Park, research, business, medical, and educational complex situated in central North Carolina. It has an area of 6,900 acres (2,795 hectares) and is 8 × 2 mi (13 × 3 km) in size. Named for the triangle formed by Duke Univ. in the town of Cary. Panther Creek represents the company's first new residential project outside the Florida market. -- The company also announced that its newest project, Falcon Trace, one of three Atlantic Gulf's Orlando projects, received $12 million of development financing from SunTrust Bank. Land development in Falcon Trace will begin in the first quarter of 1997, and the first 216 lots are already under contract to three builders. -- The company announced that it is closing this week on a $7.5 million homesite contract receivables portfolio financing with Litchfield Financial Corp. of Colorado. "These and other accomplishments in 1996 have set the company on course to make 1997 an exciting year for Atlantic Gulf and its shareholders," said 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. , 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. . "We have honored the commitments we made in 1992 by paying back approximately $240 million in reorganization debt, while adapting and enhancing the company's asset base and business plan for the future. The company has rationalized its balance sheet and created a valuable franchise as Florida's premier supplier of developed homesites to third-party homebuilders. These accomplishments should open up additional new opportunities." Atlantic Gulf Communities Corp., with assets of approximately $275 million, is one of Florida's largest real estate developers. The company develops finished residential lots for builders in many of Florida's most active markets including South Florida, Tampa, Orlando, Fort Myers Fort Myers, city (1990 pop. 45,206), seat of Lee co., SW Fla., on the Caloosahatchee River, near the Gulf of Mexico; founded 1850, inc. 1905. It has a tourist trade and light industry and is a shipping point for citrus fruits, winter vegetables, flowers (especially and Jacksonville, in addition to owning 44,000 acres in other parts of Florida, and 5,500 acres in the Cumberland Plateau Cumberland Plateau or Cumberland Mountains, southwestern division of the Appalachian Mt. system, extending northeast to southwest through parts of West Virginia, Virginia, Kentucky, and Tennessee into N Alabama. Black Mt., Ky. area of Tennessee. Headquartered in Miami, the company is a proven leader in professional development services, and is known for its leadership role in environmental quality. The achievement of sales and closings projections are subject to a number of factors, some of which the company has no control over, including the continuation of current market conditions and interest rates, timely receipt of required regulatory approvals and the absence of other adverse conditions. -0- NOTE TO EDITORS: In the World Wide Web address noted in this news release, there is a double slash between http: and www.atlanticgulf.com. These symbols may not appear properly in some systems. CONTACT: Atlantic Gulf Communities Corp., Miami Harry Rose, 305/859-4376 Internet Address There are two kinds of addresses that are widely used on the Internet. One is a person's e-mail address, and the other is the address of a Web site, which is known as a URL. Following is an explanation of Internet e-mail addresses only. For more on URLs, see URL and Internet domain name. : http://www.atlanticgulf.com |
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