Printer Friendly

CHAMPS REPORTS THIRD QUARTER CASH FLOW OF APPROXIMATELY 13 CENTS PER SHARE

 ROCKVILLE, Md., Oct. 27 /PRNewswire/ -- Capital Housing and Mortgage Partners, Inc. (CHAMPS) (AMEX: CAP), a real estate investment trust, said today that total cash flow from operations for the three months ended Sept. 30, 1993, was $639,800 (13 cents per share) vs. approximately $6.8 million ($1.36 per share) for the same period in 1992.
 Approximately 90 percent of total cash flow for last year's third quarter consisted of one-time net proceeds from the involuntary disposition of two mortgage investments. Those one-time net proceeds totaled approximately $6.1 million ($1.21 per share).
 Cash flow from regular operations decreased approximately 14 percent compared with the third quarter of 1992, primarily due to the reduced size of the mortgage base.
 Since the beginning of 1992, CHAMPS has involuntarily disposed of four of the portfolio's original 12 mortgages. CHAMPS anticipates the involuntary disposition of two of the remaining eight mortgages late in 1993.
 Total cash flow is composed of regular cash flow and net proceeds from mortgage dispositions. Regular cash flow is composed of regular payments of both interest and principal from mortgage investments, cash flow from participating mortgage investments and amortization of deferred costs.
 Total cash flow, rather than net income, is the basis for paying shareholder dividends. Net income for financial reporting purposes decreased from eight cents per share for third quarter 1992 to approximately seven cents per share for the third quarter of this year. This was primarily due to the reduced mortgage base and the recognition of a loss on one of the company's investments in a limited partnership.
 In a separate news release, CHAMPS is announcing that it has filed a proxy statement with the Securities and Exchange Commission (SEC) in connection with a plan to completely liquidate the corporation's assets, distribute the liquidation proceeds to shareholders and dissolve the corporation.
 CAPITAL HOUSING AND MORTGAGE PARTNERS, INC. (CHAMPS)
 (Unaudited)
 For the three months For the nine months
 ended Sept. 30, ended Sept. 30,
 1993 1992 1993 1992
 Cash Flow:
 Cash flow from
 regular operations $639,800 $744,537 $1,827,764 $2,427,690
 Losses from mortgage
 dispositions -- (186,936) (7,334) (376,066)
 Return of capital from
 mortgage dispositions -- 6,239,783 306,460 11,825,190
 Net proceeds from
 mortgage dispositions -- 6,052,847 299,126 11,449,124
 Total cash flow $639,800 $6,797,384 $2,126,890 $13,876,814
 Cash Flow per Share:
 Cash flow from
 regular operations $0.13 $0.15 $0.37 $0.49
 Losses from mortgage
 dispositions -- (0.04) -- (0.08)
 Return of capital from
 mortgage dispositions -- 1.25 0.06 2.37
 Net proceeds from
 mortgage dispositions -- 1.21 0.06 2.29
 Total cash flow
 per share $0.13 $1.36 $0.43 $2.78
 Dividends paid
 per share(A) -- -- $0.39 $2.537
 Financial Statement Net Income:
 Total income $560,689 $729,361 $1,729,317 $2,456,059
 Income before
 mortgage
 dispositions $445,645 $552,142 $1,293,587 $1,860,655
 Losses from mortgage
 dispositions -- (142,072) (843) (504,834)
 Loss from investment in
 t?ed partnership (81,163) -- (81,163) --
 Net income $364,482 $410,070 $1,211,581 $1,355,821
 Net income per share $0.07 $0.08 $0.24 $0.27
 Shares outstanding 4,981,752 4,981,752 4,981,752 4,981,752
 As of Sept. 30,
 1993 1992
 (unaudited)
 Investment in mortgages
 and limited partnerships:
 Carrying value $ 24,618,792 $ 25,412,964
 Mortgage loans held for disposition $ 3,498,383 $ 3,835,177
 Total assets $ 29,310,244 $ 31,549,171
 (A) For the eight-month period ended Aug. 31, 1993 and 1992, respectively.
 -0- 10/27/93
 /CONTACT: James T. Pastore, 301-231-0323, or Susan Railey, 301-468-3120, both for CHAMPS/
 (CAP)


CO: Capital Housing and Mortgage Partners, Inc. ST: Maryland IN: FIN SU: ERN

MH-DC -- DC010 -- 7193 10/27/93 10:46 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 27, 1993
Words:649
Previous Article:ESKIMO PIE CORPORATION ANNOUNCES INTENT TO ACQUIRE FROZEN DAIRY DESSERT MANUFACTURER
Next Article:JPE, INC. ANNOUNCES 1.1 MILLION COMMON SHARE PUBLIC OFFERING
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters