Excel Legacy Announces First Quarter Earnings.Business Editors SAN DIEGO--(BUSINESS WIRE)--May 11, 2000 Excel Legacy Corp. (AMEX AMEX See: American Stock Exchange :XLG XLG Extra Large XLG Export Lead Growth ) (Legacy) Thursday reported EBDADT (Earnings Before Depreciation, Amortization and Deferred Taxes) for the quarter ended March 31, 2000 increased to $2.0 million as compared with $1.4 million for the quarter ended March 31, 1999 or a 46% increase. EBDADT per share also increased to $0.06 per share according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. basic earnings per share (basic) as compared with $0.04 per share for the comparable quarter in 1999. EBDADT according to diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of (diluted) rose to $0.04 per share as compared with $0.03 for the quarter ended March 31, 1999. Net (loss) Income for the quarter was ($373,000) compared with $174,000 for the quarter ended March 31, 1999. Net Income per share was ($0.01) compared with $0.01 during the same quarter last year. Total revenue for Legacy during the quarter was $3.7 million and total assets at the quarter's end were $319.1 million. In addition Legacy also owns 91.3% of the common stock of Price Enterprises Inc. (Price). In the Price portfolio at March 31, 2000, Legacy managed 35 properties comprising approximately 4.5 million square feet with annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. Total Revenue of approximately $70.0 million and Total Assets of $599.6 million. At the beginning of the quarter, Legacy announced its intention to sell a group of assets and use the cash generated from these sales to retire Legacy's short term debt, invest in Legacy's larger mixed use developments and repurchase Legacy's common stock. The influx of capital will allow Legacy to focus its developmental efforts primarily on its existing larger mixed-use retail. Generally, these projects have very unique locations thus creating significant barriers to entry by competitive projects. Excel Legacy is a diversified real estate operating company operating company A business that engages in transactions with outsiders. organized to create value through the acquisition, development and management of real property and real estate-related operating companies. Many of the company's projects are singularly unique with respect to the inherent barriers to entry by competition and the substantial public assistance available to the projects. Legacy uses a supplemental performance measure called Earnings Before Depreciation, Amortization and Deferred Taxes (EBDADT) to report its earnings. This parameter represents net income plus depreciation and amortization on real estate assets and deferred taxes. EBDADT is not a measure of operating results or cash flows from operating activities as defined by generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting and it should not be used as an indicator of cash available or as an alternative to cash flows. Legacy believes, however, that EBDADT provides relevant information about its operations and is necessary, along with net income, for an understanding of its operating results. Certain statements in this release that are not historical fact may constitute 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. within the meaning of 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 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results of the company to differ materially from historical results or from any results expressed or implied by such forward-looking statements, including without limitation: national and local economic conditions; the competitive environment in which the company operates; financing risks; property management risks; acquisition and development risks; potential environmental and other liabilities other liabilities Small and relatively insignificant liabilities. For financial reporting purposes, firms often combine small liabilities into this single category rather than listing each liability separately. ; and other factors affecting the real estate industry generally. The company refers you to the documents filed by the company from time to time with the Securities and Exchange Commission, specifically the section titled "Certain Cautionary Statements" in the company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended Dec. 31, 1999, which discuss these and other factors that could adversely affect the company's results. |
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