Excel Legacy Announces Fiscal Year End Earnings.SAN DIEGO--(BUSINESS WIRE)--Oct. 30, 1998--Excel Legacy Corporation (Legacy)(OTC/NASDAQ:XLCY) today reported total revenue for the period from inception (November 17, 1997 to July 31, 1998) of $8.1 million. Net income for the period was $1.7 million or under the basic earnings per share (basic) was $0.11 per share and $0.07 per share under the 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 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. ). The Company 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. The Company believes however, that EBDADT provides relevant information about its operations and is necessary, along with net income, for an understanding of its operating results. EBDADT for the period ended July 31, 1998 was $2.9 million or $0.18 per share basic and $0.11 per share diluted. The balance sheet of the Company reported assets at July 31, 1998 of approximately $246 million and liabilities of approximately $80 million. Net real estate assets were approximately $176 million and total stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. was approximately $165 million. Legacy was formed on November 17, 1997 as a wholly-owned subsidiary of Excel Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Trust, Inc., (Excel) and on March 31, 1998 was "spun-off" as a separate company to the common shareholders of Excel. Since the spin-off The situation that arises when a parent corporation organizes a subsidiary corporation, to which it transfers a portion of its assets in exchange for all of the subsidiary's capital stock, which is subsequently transferred to the parent corporation's shareholders. on March 31, 1998 Legacy has completed construction on two AMC (Advanced Mezzanine Card) See AdvancedTCA. theater complexes and obtained 20 year non-recourse, fixed-rate, fully-amortizing debt on the two projects. The Company also acquired TenantFirst Real Estate Services, Inc., a fully-integrated real estate development company providing development expertise, leasing, property management and construction management services. In July, the Company announced the completion of the Grand Hotel at the entrance of the Grand Canyon Grand Canyon, great gorge of the Colorado River, one of the natural wonders of the world; c.1 mi (1.6 km) deep, from 4 to 18 mi (6.4–29 km) wide, and 217 mi (349 km) long, NW Ariz. . Legacy has projects totaling over $1.5 billion in the following categories: retail entertainment (9 projects), office/industrial, (4 projects); hotel/hospitality, (5 projects); and real estate related operating businesses (2 projects). Legacy is a public real estate company organized to create value through the acquisition, development and management of real property and real estate related operating companies operating company A business that engages in transactions with outsiders. . The Company is actively pursuing a variety of real estate opportunities including among others, developing long-term, mixed-use, retail/entertainment projects, engaging in short term trading opportunities, investing in properties requiring significant restructuring or redevelopment in order to create substantial value, such as changing the use, tenant mix or focus of the property and acquiring single-tenant properties that can be leveraged with long-term fully-amortizing debt. |
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