LBP, Inc. Announces First Quarter Results.Business Editors WHITE PLAINS, N.Y.--(BUSINESS WIRE)--May 4, 2000 LBP LBP In currencies, this is the abbreviation for the Lebanese Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. , Inc. (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : LBPI) today reported first quarter net income of $415,000 or $.08 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, compared to net income of $328,000 or $.07 per diluted share for last year's first quarter. LBP received the regular dividend for the first quarter of $525,000 on its $20 million investment in the 10.5 percent cumulative convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". of Impac Mortgage Holdings. In addition, this year's first quarter results include a gain of $222,000 relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the sale of the Company's investment in The North Face, Inc. This gain partially offset mark to market losses of $731,000, which had been recorded in 1999. General and administrative expenses include approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $60,000 of costs incurred in conducting due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. relating to a possible acquisition. The acquisition target subsequently accepted a higher offer from another acquirer and thus the Company's due diligence costs have been expensed. The Company is disappointed that its latest effort to acquire an operating business was not successful, but will continue to seek an appropriate acquisition candidate. It continues to be the Company's intent to be engaged in an operating business as soon as it is reasonably possible.
LBP, INC.
OPERATING RESULTS
(Unaudited)
Three Months Ended
March 31,
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(In thousands, except per share amounts) 2000 1999
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Investment income $ 915 $ 738
General and administrative expenses 286 173
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Operating income 629 565
Imputed interest expense - 39
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Income before income taxes 629 526
Provision for income taxes 214 198
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Net income $ 415 $ 328
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Net income per common share:
Basic $ .08 $ .07
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Diluted $ .08 $ .07
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Weighted average common shares outstanding:
Basic 4,937 4,893
Diluted 4,950 4,917
BALANCE SHEET INFORMATION
(Unaudited)
March March
(In thousands) 2000 1999
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ASSETS
Current assets
Cash and equivalents $ 8,132 $ 7,199
Investment in securities 20,157 20,761
Prepaid expenses and
other current assets 786 602
Discontinued operations -
Prime Acquisition Corp., net 32 36
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Total assets $ 29,107 $ 28,598
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable, accrued
expenses and other current liabilities $ 281 $ 601
Discontinued operations -
White Metal Rolling
and Stamping Corp., net 352 4,048
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Total liabilities 633 4,649
Stockholders' equity 28,474 23,949
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Total liabilities and
stockholders' equity $ 29,107 $ 28,598
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