LBP, Inc. Announces Second Quarter Results.Business Editors WHITE PLAINS, N.Y.--(BUSINESS WIRE)--Aug. 2, 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 second quarter net income of $325,000 or $.07 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 $133,000 or $.03 per diluted share for last year's second quarter. Net income for the six months ended June June: see month. 30, 2000 was $740,000 or $.15 per diluted share, compared to net income of $461,000 or $.09 per diluted share for last year's first six months. LBP received the regular dividend for the first and second quarter aggregating $1,050,000 ($525,000 per quarter) 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 pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta 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. The Company continues to seek an appropriate acquisition candidate, as it is the Company's intent to be engaged in an operating business as soon as it is reasonably possible.-
LBP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Six Months Ended
June 30,
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2000 1999
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(In thousands, except per share amounts)
Investment Income $1,565 $1,128
General and administrative expenses 443 299
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Operating income 1,122 829
Imputed interest expense -- 78
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Income before income taxes 1,122 751
Provision for income taxes 382 290
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Net income $ 740 $ 461
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Net income per common share:
Basic $ .15 $ .09
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Diluted $ .15 $ .09
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Weighted average common
shares outstanding:
Basic 4,937 4,910
Diluted 4,949 4,931
Three Months Ended
June 30,
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2000 1999
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(In thousands, except per share amounts)
Investment Income $ 650 $ 390
General and administrative expenses 157 126
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Operating income 493 264
Imputed interest expense -- 39
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Income before income taxes 493 225
Provision for income taxes 168 92
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Net income $ 325 $ 133
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Net income per common share:
Basic $ .07 $ .03
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Diluted $ .07 $ .03
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Weighted average common
shares outstanding:
Basic 4,937 4,932
Diluted 4,949 4,959
BALANCE SHEET INFORMATION
June 30, June 30,
(In thousands) 2000 1999
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ASSETS
Current assets
Cash and equivalents $ 8,741 $ 6,764
Investments in securities 20,157 21,056
Prepaid expenses and other
current assets 777 609
Discontinued operations -
Prime Acquisition Corp., net 25 32
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Total assets $ 29,700 $ 28,461
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable, accrued expenses
and other current liabilities $ 565 $ 292
Discontinued operations -
White Metal Rolling and
Stamping Corp., net 337 4,087
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Total liabilities 902 4,379
Stockholders' equity 28,798 24,082
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Total liabilities and
stockholders' equity $ 29,700 $ 28,461
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