Echelon International Reports Third-Quarter Results.ST. PETERSBURG, Fla.--(BUSINESS WIRE)--Nov. 4, 1998--Echelon International Corporation (NYSE NYSE See: New York Stock Exchange : EIN EIN Employer Identification Number EIN Employee Identification Number EIN European Ideas Network (think tank) EIN Environmental Information Network EIN Equivalent Input Noise EIN Elderhostel Institute Network ), a real estate company which develops, owns and manages multi-family residential Multi-family residential is a classification of housing where multiple separate housing units are contained within one building. The most common form is an apartment building. Many intentional communities incorporate multi-family residences, such as in cohousing projects. and commercial real estate, today announced financial results for the third quarter and nine months ended September 30, 1998. Net income was $2.1 million, or 31 cents 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 for the quarter ended September 30, 1998, a 62% increase compared to $1.3 million, or 19 cents per diluted share for the same quarter a year ago. For the first nine months of 1998 net income was $8.4 million or $1.22 per diluted share, a 27% increase compared to $6.6 million and 97 cents per diluted share for the same period a year ago. Sales and revenues were $9.3 million and $31.6 million for the third quarter and first nine months of 1998, respectively, compared to $10.6 million and $35.1 million for the same periods last year. The decrease in revenues is primarily the result of a $4.1 million decrease in gain on sale of loans for the nine months ended September 30, 1998, in comparison with the same period of the previous year. As of September 30, 1998, the Company's debt / equity ratio (including current portion of long-term debt Current Portion Of Long-Term Debt A portion of the balance sheet that represents the total amount of long-term debt that must be paid within the next year. The balance sheet has a liability section, which is broken down into long-term and current debt. ) was 31 / 69, with a cash position including marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has , of $31.6 million. Darryl A. LeClair, Echelon chairman, president and chief executive officer, commented, "We're excited about our solid success to date. We are currently under construction on four multi-family residential communities and two commercial properties. As previously communicated, we continuously evaluate our strategies against short-term and long-term real estate and capital market indicators. For example, a cornerstone cornerstone Ceremonial building block, dated or otherwise inscribed, usually placed in an outer wall of a building to commemorate its dedication. Often the stone is hollowed out to contain newspapers, photographs, or other documents reflecting current customs, with a view to of our strategic plan is to build quality multi-family projects not only for our own portfolio but for investors as well. Given current real estate market conditions and the opportunity to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. our own stock at an attractive discount, we have expedited our strategic initiative to attract joint venture, merchant build and pre-sale opportunities on some of our current pipeline projects. We have also secured extensions on several land contracts to afford us the flexibility and opportunity to react to current and future market conditions. As mentioned above, Echelon's Board of ion of our outstanding common stock. Tnt to build long-term shareholder value. We've also made further progress in the liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy of oucraft engines and the termination of the leveraged lease resulted in after-tax income of $odification in an agreement with the University Commenting on the quarter, Larry J. Newsome, Ech building our multi-family residential and commercial real estate portfolio through the delio to provide the greatest risk-adjusted rewards for the Company. In the area of develoent financings during the third quartes a portfolio of aircraft leases and aircraft e assets. The Company will continue to withdrawal facts are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. and are made under 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 1iness strategy including its plans to gradually withdraw from the aircraft and real estate lending business esults of such may differ materially from thoset. -0-
ECHELON INTine Months Ended
September 30, September 30,
$ 9.3 $ 10.6 $ 31.6 $ 35.1
$ 2.1 $ 1.3 $ 8.4 $ 6. .12 (.13)
Net income NSOLIDATED BALANCE SHEETS
362.7
Total assets 478.8 460.5
Total current liabilities 42.7 37.5
Long-term debt 85.7 64.9
Deferred income taxes 133.0 145.8
Stockholders' equity 217.0 209.1
Total liabilities
and stockholders' equity 478.8 460.5
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