BRT Realty Trust Announces Results of Operations for the First Quarter of its Fiscal Year.Business Editors GREAT NECK, N.Y.--(BUSINESS WIRE)--Feb. 13, 2003 BRT BRT Bus Rapid Transit BRT Business Roundtable BRT Brightness BRT Be Right There (chat) BRT Bruttoregistertonnen (German: Gross Register Tons) BRT Biratnagar (Nepal) Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Trust (NYSE NYSE See: New York Stock Exchange :BRT) today announced that for the quarter ended December December: see month. 31, 2002, the first quarter of its fiscal year, it had revenues of $4,193,000 and net income of $2,836,000, or $.38 per share on a 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. basis. This compares with total revenues of $4,985,000, and net income of $3,456,000 or $.46 per share on a diluted basis for the three months ended December 31, 2001. The three months ended December 31, 2002 includes a $195,000 net gain on the sale of real estate, or $.03 per share. The weighted average number of shares outstanding was 7,536,538 and 7,445,042 for the quarter ended December 31, 2002 and 2001 respectively. Commenting on the results of operations for the first quarter, Jeffrey Gould, President and Chief Executive officer of BRT, noted that revenues had declined 16% or $792,000 relative to the first quarter of last year. Mr. Gould explained that the 2001 quarter included $1,182,000 of non-recurring interest received upon the payoff of two loans and a gain recorded during the same period from one of our unconsolidated joint ventures upon the sale of a parcel of land at a property located in Dover, Delaware The city of Dover is the capital and second largest city[1] in the U.S. state of Delaware. It is also the county seat of Kent County, and the principal city of the Dover, Delaware Metropolitan Statistical Area which encompasses all of Kent County. It is located on the St. . However, we had increased interest income of $428,000 during the recent first quarter compared to the prior year quarter because we had an increase in the average balance of loans outstanding during the current year's quarter. Mr. Gould also noted that total expenses increased slightly in the current quarter when compared to the comparable quarter in 2001. During the current quarter, interest expense increased $86,000 as the Trust utilized its available credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities to fund increased loan originations The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. . Offsetting this increase was an $80,000 decline in general and administrative expenses. BRT Realty Trust is a mortgage oriented o·ri·ent n. 1. Orient The countries of Asia, especially of eastern Asia. 2. a. The luster characteristic of a pearl of high quality. b. A pearl having exceptional luster. 3. real estate investment trust. Certain information contained herein is forward looking within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Securities and Exchange Act of 1934, as amended. BRT intends such forward looking statements to be covered by the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions for forward looking statements contained in 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 and includes this statement for purposes of complying with theses safe harbor provisions. The forward looking statements should not be relied upon since they involve known and unknown risks, uncertainties and other factors, which, in some cases, are beyond BRT's control and could materially affect actual results, performance or achievements.
BRT REALTY TRUST
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
Three Months Ended
December 31,
2002 2001
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Revenues $4,193 $4,985
Expenses 1,542 1,519
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Income before gain on sale of real estate loans
and real estate properties 2,651 3,466
Net gain on sale of real estate loans and real
estate properties 195 -
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Income before minority interest 2,846 3,466
Minority interest (10) (10)
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Net income $2,836 $3,456
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Income per share of beneficial interest:
Basic earnings per share $0.38 $0.47
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Diluted earnings per share $0.38 $0.46
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Weighted average number of common shares outstanding:
Basic 7,407,189 7,341,332
========== ==========
Diluted 7,536,538 7,445,042
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Cash Distribution per common share: $0.30 $0.24
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