BF Enterprises, Inc. Reports Second Quarter Results.Business Editors SAN FRANCISCO--(BUSINESS WIRE)--Aug. 7, 2000 BF Enterprises, Inc. (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 NMS See NetWare Management System. :BFEN) reported that for the three months and six months ended June June: see month. 30, 2000, net income was $100,000, or $.03 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 $730,000, or $.19 per diluted share, respectively. Revenues were $593,000 for the three-month period and $1,914,000 for the six-month period. For the same periods in 1999, net income was $889,000, or $.23 per diluted share, and $2,121,000, or $.54 per diluted share. Revenues in the second quarter and first half of 1999 were $1,638,000 and $2,916,000. Net income in the three months and six months ended June 30, 2000 included, respectively, a loss of $7,000 and a gain of $597,000, 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. . In the same periods of 1999, net income included gains of $865,000 and $1,419,000 from sales of Meadow Pointe property and, in the six month period, included a $656,000 recovery of state income taxes from the California Franchise Tax Board The California Franchise Tax Board (FTB) collects state personal income tax and corporate income tax of California.[1] History In 1879 California adopted its state constitution which among many other programs created the State Board of Equalization and the . 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 quarterly and makes cumulative adjustments to reflect any revised estimates Revised estimate The third estimate of GDP released about three months after the measurement period. . Cumulative adjustments resulting from changes in estimates of sales revenue and related timing, interest rates and other factors affecting the project budget, were made during the first half of 2000. These adjustments, reflecting changes occurring during this period, resulted in aggregate reductions in revenue and costs that reduced net income by $589,000 and $935,000 in the three months and six months ended June 30, 2000. Revisions ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. of project estimates were not deemed necessary at the time budgets were reviewed during the comparable periods of 1999. As a result of recording cumulative changes when identified, gross margins and related margin percentages, derived on a period to period basis, may not be directly comparable. BF Enterprises, Inc. is a San Francisco-based real estate holdings and development company.
BF ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
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2000 1999 2000 1999
---- ---- ---- ----
Revenues:
Real estate sales $ 18 $ 1,116 $ 819 $ 1,855
Real estate rental income 457 460 914 921
Interest and dividends 67 54 121 100
Other 51 8 60 40
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593 1,638 1,914 2,916
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Costs and Expenses:
Cost of real estate sold 25 251 222 436
Depreciation and amortization 24 24 48 48
Interest on subordinated
debentures -- 13 -- 25
General and administrative 444 461 914 942
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493 749 1,184 1,451
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Income before income taxes 100 889 730 1,465
Benefit for income taxes -- -- -- (656)
------- ------- ------- -------
Net income $ 100 $ 889 $ 730 $ 2,121
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Net income per share:
Basic $ .03 $ .25 $ .21 $ .60
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Diluted $ .03 $ .23 $ .19 $ .54
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Average shares used in
computing basic net income
per share 3,446 3,520 3,447 3,546
Average shares and equivalents
used in computing diluted net
income per share 3,776 3,882 3,756 3,926
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