Earnings down over last year for W.P. Carey & Co., company reports.Investment firm W. P. Carey & Co. LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control reported financial results for the three- and six-month periods ended June 30. Among operating highlights were: * Earnings per share (EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. ) for the three-month period were $0.34 as compared to $0.65 for the comparable period in 2002. EPS for the six-month period were $0.81, as compared to $1.04 for the similar period last year. These declines were due in large part to a gain of $11 million on the sale of an 18.3-acre dairy site in downtown Los Angeles Downtown Los Angeles is the central business district of Los Angeles, California, located close to the geographic center of the metropolitan area. The sprawling, multi-centered megacity is such that its downtown core is often considered just another district like Hollywood or that was recognized during the second quarter of 2002. Excluding the gain from the sale of the dairy, EPS would have been even for the three-month period and up 11% for the six-month period. * Net income for the three-month period was $13 million, as compared to $23.6 million for the same period in 2002. For the six-month period, net income was $30.2 million as compared to $37.3 million for the same period a year ago. Excluding the gain from the sale of the dairy, net income would have increased $563,000 and $4.1 million for the three--and six-month periods in 2003, respectively. * Funds From Operations Funds From Operations (FFO) Used by real estate and other investment trusts to define the cash flow from trust operations; earnings with depreciation and amortization added back. (FFO FFO See: Funds from operations ), a widely accepted supplemental measure of performance, for the three-month period were $0.60 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, or $22.5 million, as compared to $0.67 per diluted share, or $24.2 million, for the same period last year. FFO for the six-month period increased to $1.35 per diluted share, or $50.7 million, up from $1.28 per diluted share, or $46.3 million for the similar period a year ago. * Total revenue for the three-month period was $36.3 million as compared to $36.5 million for the same period a year ago. Total revenue for the six-month period was $82.6 million as compared to $68.6 million for the same period a year ago. |
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