CV REIT REPORTS YEAR END/FOURTH QUARTER RESULTS
CV REIT REPORTS YEAR END/FOURTH QUARTER RESULTS WEST PALM BEACH, Fla., March 31 /PRNewswire/ -- CV Reit, Inc.
(NYSE: CVI), a real estate investment trust, today reported results for the year and fourth quarter ended Dec. 31, 1991.
Net income in 1991 was $3,380,000 or 47 cents per share on revenues of $19,530,000, compared to a net loss of $17,386,000 or $2.41 per share on revenues of $22,598,000 in the prior year. Included are extraordinary gains, net of applicable income taxes, of $499,000 and $410,000 in 1991 and 1990, respectively, from the repurchase of a portion of the company's 9.25 percent senior subordinated notes. Fourth quarter net income was $940,000 or 13 cents per share on revenues of $4,686,000 compared to a net loss of $18,610,000 or $2.58 per share on revenues of $5,174,000 for the same period last year. Alvin Wilensky, president and chief executive officer, noted, "Excluding the effect of deferred income taxes, earnings were $5.4 million or 75 cents per share for 1991 and $1.4 million or 19 cents per share in the fourth quarter. "The improved earnings resulted primarily from a $34.2 million decrease in the provision for losses from $35 million in 1990 to $800,000 in 1991, partially offset by a $1 million decrease in net interest income." Wilensky added that "reduced net interest income was primarily attributable to a decrease in interest earning investments, which declined from $149.7 million at Dec. 31, 1990, to $138.2 million a year later. At Dec. 31, 1991, the company's non-earning loans and real estate acquired by foreclosure were $2.2 million and $25.2 million, respectively, before allowance for losses. At Dec. 31, 1990, non- earning loans and real estate acquired by foreclosure amounted to $45.4 million and $7.1 million, respectively, before allowance for losses." At Dec. 31, 1991, the allowance for losses was $11.6 million, after charge-offs during 1991 of $28.3 million, compared to an allowance for losses of $39.2 million at the end of 1990. CV REIT, INC. Statement of Operations Periods ended Year Three months Dec. 31 1991 1990 1991 1990 Revenues $19,530,000 $22,598,000 $4,686,000 $ 5,174,000 Income (loss) before deferred income taxes and cumulative effect of a change in accounting for income taxes 5,419,000 (28,296,000) 1,379,000 (31,425,000) Net income (loss) (A) 3,380,000 (17,386,000)(B) 940,000 (18,610,000) Per common share: Income (loss) before deferred income taxes and cumulative effect of a change in accounting for income taxes $.75 $(3.97) $.19 $(4.35) Net income (loss) .47 (2.41) .13 (2.58) Average number of shares outstg. 7,218,633 7,225,866 7,218,633 7,223,590 (A) -- Includes extraordinary gains on repurchase of senior subordinated notes, net of income tax expense, of $499,000 ($.07 per share) and $410,000 ($.06 per share) in fiscal 1991 and 1990, respectively, and $400,000 ($.06 per share) for the three months ended Dec. 31, 1990. (B) -- Includes $1,905,000 ($.26 per share) charge due to the cumulative effect of a change in accounting for income taxes. -0- 3/31/92 /CONTACT: Alvin Wilensky of CV Reit, 407-640-3155/ (CVI) CO: CV Reit, Inc. ST: Florida IN: FIN SU: ERN
CK-OS -- NY029 -- 3308 03/31/92 10:11 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Mar 31, 1992|
|Previous Article:||SALEM CORPORATION REPORTS RESULTS|
|Next Article:||SPRINT ANNOUNCES DIRECT VIDEO CONNECTIVITY TO EUROPE VIA SWISS PTT's MEGACOM NETWORK|