BF Enterprises, Inc. Reports Third Quarter Results.Business Editors SAN FRANCISCO--(BUSINESS WIRE)--Nov. 21, 2002 BF Enterprises, Inc. (Nasdaq:BFEN) reported that for the three and nine month periods ended September September: see month. 30, 2002, net income was $73,000, or $.02 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 $878,000, or $.23 per diluted share, respectively. Revenues were $669,000 and $2,915,000 for the three and nine month periods ended September 30, 2002. For the same periods in 2001, net income was $270,000, or $.07 per diluted share, and $1,878,000, or $.49 per diluted share. Revenues in the third quarter and first nine months of 2001 were $1,289,000 and $8,194,000, respectively. Net income for the three and nine month periods ended September 30, 2002 included gains, before income taxes, of $61,000 and $916,000, 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 $454,000 from sales of marketable Marketable are securities that can be easily converted into cash. Such securities will generally have highly liquid markets allowing the security to be sold at a reasonable price very quickly. equity securities in the nine month period. In the same periods of 2001, net income included gains of $494,000 and $2,973,000, 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 $2,231,000 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, respectively, 14 and 176 developed lots at Meadow Pointe during the three and nine month periods ended September 30, 2002 as compared to 84 and 344 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 lot construction due to heavy rains in the Tampa Tampa (tăm`pə), city (1990 pop. 280,015), seat of Hillsborough co., W Fla., a port of entry with an impressive harbor on Tampa Bay; inc. 1855. area during the third quarter of 2002. As of September 30, 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. 259 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 periodically reviews these estimates 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, costs and related timing and other factors affecting the project budget were made during the first half of 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 $33,000 in the nine months ended September 30, 2002 and by $1,476,000 in the same period of 2001. 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 Nine Months
Ended Ended
September 30, September 30,
--------------- ---------------
2002 2001 2002 2001
------- ------- ------- -------
Revenues:
Real estate sales $ 86 $ 669 $1,248 $6,548
Real estate rental income 454 454 1,361 1,361
Interest and dividends from
marketable securities 63 136 202 253
Interest from mortgage loans 55 -- 74 --
Other 11 30 30 32
------- ------- ------- -------
669 1,289 2,915 8,194
------- ------- ------- -------
Costs and Expenses:
Cost of real estate sold 25 175 332 3,575
Depreciation and amortization 24 24 72 72
General and administrative 515 557 1,526 1,447
------- ------- ------- -------
564 756 1,930 5,094
------- ------- ------- -------
105 533 985 3,100
Gains from sales of securities -- -- 454 --
------- ------- ------- -------
Income before income taxes 105 533 1,439 3,100
Provision for income taxes 32 263 561 1,222
------- ------- ------- -------
Net income $ 73 $ 270 $ 878 $1,878
======= ======= ======= =======
Net income per share:
Basic $ .02 $ .08 $ .25 $ .54
Diluted $ .02 $ .07 $ .23 $ .49
======= ======= ======= =======
Weighted average shares used in
computing basic net income
per share 3,536 3,589 3,569 3,484
Weighted average shares and
equivalents used in computing
diluted net income per share 3,745 3,827 3,780 3,800
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion