New Valley Corporation Reports Third Quarter 2005 Results.MIAMI Miami, cities, United States Miami (mīăm`ē, –ə). 1 City (1990 pop. 358,548), seat of Dade co., SE Fla., on Biscayne Bay at the mouth of the Miami River; inc. 1896. -- New Valley Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : NVAL NVAL Not Available ) today announced financial results for the third quarter ended September September: see month. 30, 2005. For the three months ended September 30, 2005, the Company reported net income of $1.7 million, or $0.08 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. common share, versus net income of $2.3 million, or $0.10 per diluted common share, in the 2004 period. For the nine months ended September 30, 2005, the Company reported net income of $13.9 million, or $0.62 per diluted common share, versus net income of $8.8 million, or $0.40 per share, in the 2004 period. In February February: see month. 2005, New Valley sold its two Princeton, New Jersey
Princeton, New Jersey is located in Mercer County, New Jersey, United States. Princeton University has been sited in the town since 1756. office buildings. As a result of the sale, New Valley's results related to the office buildings have been reclassified in the financial statements as income from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . In the first quarter of 2005, the Company recorded a gain on disposal of discontinued operations of $8.3 million, net of income taxes of $6.4 million, in connection with the sale. New Valley is currently engaged in the real estate business and is seeking to acquire additional operating companies operating company A business that engages in transactions with outsiders. and real estate properties. New Valley has a 50% ownership interest in Douglas Douglas, city, Isle of Man Douglas, city (1991 pop. 19,950), capital of the Isle of Man, Great Britain. It is a popular resort, connected by rail to Ramsey and Port Erin, on the Irish Sea. Tourism is the chief industry. Elliman 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. , LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , which operates the largest residential real estate brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. company in the New York metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. . Additional information concerning the company is available on the company's website, www.newvalley.com.
NEW VALLEY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
--------------------- ----------------------
September 30, September 30,
--------------------- ----------------------
2005 2004 2005 2004
---------- ---------- ---------- -----------
Revenues:
Real estate leasing $-- $-- $-- $--
---------- ---------- ---------- -----------
Total -- -- -- --
---------- ---------- ---------- -----------
Cost and expenses:
General and
administrative 3,285 3,260 10,453 8,898
---------- ---------- ---------- -----------
Total 3,285 3,260 10,453 8,898
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Other results from
operations:
Equity income from
non-consolidated real
estate businesses 4,184 4,539 6,202 9,827
Gain on sale of
investments, net -- 321 1,441 5,613
Interest and dividend
income 781 219 1,920 674
Gain from conversion of
LTS shares -- -- 9,461 --
Equity loss in
operations of LTS -- -- (299) --
Other income (loss) 19 (1) 68 (12)
---------- ---------- ---------- -----------
Total 4,984 5,078 18,793 16,102
---------- ---------- ---------- -----------
Income from operations
before income taxes and
minority interests 1,699 1,818 8,340 7,204
Income tax (benefit)
provision (35) (160) 2,992 (616)
Minority interests in loss
from operations of
consolidated subsidiaries -- (1) -- (1)
---------- ---------- ---------- -----------
Income from continuing
operations 1,734 1,979 5,348 7,821
Discontinued operations:
Income from discontinued
operations, net of
income tax expense of
$0, $225, $ 178 and
$731 -- 299 231 1,012
Gain on disposal of
discontinued
operations, net of
income tax expense of
$0, $0, $6,395 and $0 -- -- 8,290 --
---------- ---------- ---------- -----------
Income from
discontinued
operations -- 299 8,521 1,012
--------------------------------------------
Net income $1,734 $2,278 $13,869 $8,833
========== ========== ========== ===========
Income per Common Share
(basic):
Continuing operations $0.08 $0.09 $0.24 $0.35
Discontinued operations -- 0.01 0.39 0.05
---------- ---------- ---------- -----------
Net income per Common
Share $0.08 $0.10 $0.63 $0.40
========== ========== ========== ===========
Number of shares used in
computation 22,231,492 22,105,609 22,132,402 22,114,213
========== ========== ========== ===========
Income per Common Share
(diluted):
Continuing operations $0.08 $0.09 $0.24 $0.35
Discontinued operations -- 0.01 0.38 0.05
---------- ---------- ---------- -----------
Net income per Common
Share $0.08 $0.10 $0.62 $0.40
========== ========== ========== ===========
Number of shares used in
computation 22,353,470 22,115,736 22,194,288 22,120,215
========== ========== ========== ===========
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