Printer Friendly

CV REIT REPORTS THIRD QUARTER AND NINE MONTHS RESULTS; DECLARES QUARTERLY CASH DIVIDEND

    CV REIT REPORTS THIRD QUARTER AND NINE MONTHS RESULTS; DECLARES
                         QUARTERLY CASH DIVIDEND
    WEST PALM BEACH, Fla., Nov. 6 /PRnewswire/ -- CV Reit, Inc. (NYSE: CVI), a real estate investment trust, today reported operating results for the third quarter and nine months ended Sept. 30, 1991.
    The company also announced it declared a regular quarterly cash dividend of 25 cents per share payable Jan. 16, 1992, to stockholders of record on Jan. 3, 1992.
    Third quarter net loss was $849,000 or 12 cents per share on revenues of $5,189,000 compared to a net loss of $551,000 or eight cents per share on revenues of $5,443,000 in the like quarter last year.
    Nine-month net income was $2,440,000 or 34 cents per share on revenues of $15,644,000 compared with net income of $1,225,000 or 17 cents per share on revenues of $17,434,000 in the same period of 1990.
    Alvin Wilensky, president and chief executive officer, noted that "the third quarter of 1991 net loss was principally attributable to a $1.6 million or 22 cents per share deferred income tax expense. Although this caused a significant reduction in third quarter operating results, it does not affect the company's near-term cash flow."
    Wilensky added that "excluding the effect of the income tax expense, net income during the 1991 third quarter increased $1.3 million compared with the third quarter of the prior year.  This increase was primarily due to a $1.2 million decline in the provision for losses and a $500,000 gain on the repurchase of $1 million of the company's subordinated debentures, partially offset by an increase in operating and administrative expenses."
    The net loss in 1990's nine-month period included a charge of $1,905,000 or 26 cents per share due to the cumulative effect of a change in accounting for income taxes.
                              CV REIT INC.
                        Statements of Operations
                              (Unaudited)
    Periods ended               Three months           Nine months
       Sept. 30               1991       1990        1991      1990
    Revenues              5,189,000   5,443,000   15,644,000 17,434,000
    Income (loss) before
     income tax expense &
     cumulative effect of
     accounting change      751,000    (551,000)   4,040,000 3,130,000
    Income tax expense    1,600,000          --    1,600,000        --
    Income (loss) before
     cumulative effect of
     accounting change     (849,000)   (551,000)   2,440,000  3,130,000
    Cumulative effect of
     change in accounting
     for income taxes            --          --           -- (1,905,000)
    Net income (loss)      (849,000)   (551,000)   2,440,000  1,225,000
    Per common share:
     Income (loss) before
     cumulative effect of
     accounting change and
     income tax expense        $.10       $(.08)        $.56      $.43
    Income tax expense         (.22)         --         (.22)       --
    Income (loss) before
     cumulative effect of
     accounting change         (.12)       (.08)         .34       .43
    Cumulative effect of
     change in accounting
     for income taxes            --          --           --      (.26)
    Net income (loss)          (.12)       (.08)         .34       .17
    Average shares
     outstanding          7,226,633   7,226,633    7,226,633 7,226,633
    -0-        11/6/91
    /CONTACT:  Alvin Wilensky of CV Reit Inc., 407-640-3155/
    (CVI) CO:  CV Reit Inc. ST:  Florida IN:  FIN SU:  ERN SM-KW -- NY073 -- 1859 11/06/91 16:07 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 6, 1991
Words:522
Previous Article:STUDY SHOWS RACE MAJOR FACTOR IN NCNB'S HOME LENDING RATES; PRESS CONFERENCE TO BE HELD NOVEMBER 7
Next Article:TRAK AUTO ANNOUNCES SALES
Topics:


Related Articles
CV REIT REPORTS INCREASES IN 3RD QUARTER/NINE MONTHS EARNINGS
CRIIMI MAE REPORTS THIRD QUARTER RESULTS; REIT EXPECTS 1991 RESULTS TO MATCH 1990
CV REIT REPORTS FIRST QUARTER RESULTS; COMPLETES SALE OF WESTWARD SHOPPING CENTER
ASSET INVESTORS REPORTS THIRD QUARTER EARNINGS
CV REIT REPORTS FOURTH QUARTER/YEAR END GAINS; DECLARES QUARTERLY CASH DIVIDEND
ASSET INVESTORS REPORTS THIRD QUARTER RESULTS
COMMERCIAL ASSETS, INC. ANNOUNCES THIRD QUARTER EARNINGS INCREASE
CV REIT REPORTS IMPROVED 3RD QUARTER/9 MONTHS RESULTS
CV REIT DECLARES REGULAR QUARTERLY CASH DIVIDEND; REPORTS IMPROVED YEAR END AND FOURTH QUARTER OPERATING RESULTS
Commercial Assets, Inc. Reports 1997 Third Quarter Earnings

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