BF Enterprises, Inc. Reports Earnings for 2002.Business Editors SAN FRANCISCO--(BUSINESS WIRE)--April 4, 2003 BF Enterprises, Inc. (Nasdaq:BFEN) reported that for the three months and the year ended December December: see month. 31, 2002, net income was $28,000, or $.01 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. share, and $906,000, or $.24 per diluted share, respectively. Revenues were $765,000 for the three-month period and $3,680,000 for the entire year. For the same periods in 2001, the Company reported a net loss of $39,000, or $.01 per diluted share, and net income of $1,839,000, or $.48 per diluted share. Revenues in the fourth quarter and the year ended December 31, 2001 were $789,000 and $8,983,000, respectively. Net income in the three months and the year ended December 31, 2002 included gains, before income taxes, of $34,000 and $950,000, respectively, from sales of property within the Company's Meadow meadow grassland, used for grazing and/or haying. meadow buttercup ranunculusacris. meadow crowfoot ranunculusacris. meadow rue see thalictrum. Pointe pointe n. In ballet, dancing that is performed on the tips of the toes. [From French pointe (des pieds), point (of the feet), tiptoe; see point.] project near Tampa, Florida “Tampa” redirects here. For other uses, see Tampa (disambiguation). Tampa is a United States city in Hillsborough County, on the west coast of Florida. It serves as the county seat for Hillsborough County.GR6. and $115,000 and $569,000, respectively, from sales of marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has . In the same periods of 2001, net income included gains of $210,000 and $3,183,000, respectively, from the sales of Meadow Pointe property. Gains from Meadow Pointe property sales in the 2001 periods include a gain before income taxes of $2,438,000 from the sale in June June: see month. 2001 of a 40-acre undeveloped commercial tract. There were no gains from sales of securities recorded in the 2001 periods. The Company sold 19 and 195 developed lots, respectively, at Meadow Pointe during the three months and the year ended December 31, 2002 as compared to 103 and 447 developed lots, respectively, in the same periods of 2001. The decreased sales activity in the 2002 periods reflects (1) a significant decline in lots available for sale as the project nears completion, and (2) delays in permitting and construction. As of December 31, 2002, there remained to be sold at Meadow Pointe, based on current estimates, approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 247 residential lots, land currently planned for 675 multifamily residential units and three commercial tracts aggregating 30 gross acres. The Company's reported gains and losses from property sales at Meadow Pointe are based in part upon estimates of the total revenues and costs to be derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. by the Company over the life of the project. The Company reviews these estimates and makes adjustments to reflect any revised estimates Revised estimate The third estimate of GDP released about three months after the measurement period. . Adjustments, resulting from changes in estimates of sales revenue and related timing and other factors affecting the project budget were made during both 2002 and 2001. These adjustments, reflecting changes occurring during such periods, resulted in aggregate reductions in revenue and costs that reduced net income by $108,000 in 2002 and $1,806,000 in 2001. As a result of recording changes when identified, gross margins and related margin percentages, derived on a period-to-period basis, may not be directly comparable. BF Enterprises is a San Francisco-based real estate holdings and development company. Certain information contained in this news release may be deemed 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. regarding events and financial trends that may affect the Company's future operating results or financial positions. The words or phrases "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project" or similar expressions identify "forward-looking statements" 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 forward-looking statements, which speak only as of the date made, involve risks and uncertainties, including, but not limited to, competition, general economic conditions, ability to manage and continue growth and other factors detailed in the Company's filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize ma·te·ri·al·ize v. ma·te·ri·al·ized, ma·te·ri·al·iz·ing, ma·te·ri·al·iz·es v.tr. 1. To cause to become real or actual: By building the house, we materialized a dream. , or should underlying assumptions prove incorrect Incorrect means to not be correct and may also refer to:
The Company specifically declines to undertake any obligation to publicly revise any forward-looking statements that have been made to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. BF ENTERPRISES, INC. AND SUBSIDIARIES CONSOLIDATED con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: STATEMENTS OF INCOME (UNAUDITED) (in thousands, except per share amounts)
Three Months Ended Year Ended
December 31, December 31,
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2002 2001 2002 2001
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Revenues:
Real estate sales $151 $220 $1,399 $6,768
Real estate rental income 454 454 1,815 1,815
Interest and dividends
from marketable
securities 50 97 252 350
Interest from mortgage
loans 99 -- 173 --
Other 11 18 41 50
--------- --------- --------- ---------
765 789 3,680 8,983
--------- --------- --------- ---------
Costs and Expenses:
Cost of real estate sold 117 10 449 3,585
Real estate operating 5 5 15 115
Depreciation and
amortization 24 24 96 96
General and administrative 688 653 2,204 1,990
--------- --------- --------- ---------
834 692 2,764 5,786
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Income (loss) before gains
from sales of securities and
income taxes (69) 97 916 3,197
Gains from sales of securities 115 -- 569 --
--------- --------- --------- ---------
Income before income taxes 46 97 1,485 3,197
Provision for income taxes 18 136 579 1,358
--------- --------- --------- ---------
Net income (loss) $28 $(39) $906 $1,839
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Net income (loss) per share:
Basic $.01 $(.01) $.25 $.52
========= ========= ========= =========
Diluted $.01 $(.01) $.24 $.48
========= ========= ========= =========
Weighted average shares used
in computing basic net income
per share 3,530 3,626 3,559 3,520
Weighted average shares and
equivalents used in computing
diluted net income per share 3,746 3,849 3,771 3,813
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