Partners Preferred Yield II announces financial results.GLENDALE, Calif.--(BUSINESS WIRE)--Nov. 12, 1996--Harvey Lenkin, president of Partners Preferred Yield II Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :PYB PYB Plas Y Brenin (UK) PYB Posey Yuppie Biker PYB Posey Yuppie Bastard (aka RUB) PYB Pick Your Brain ), Tuesday announced that the company's total revenues were $2,831,000 for the quarter ended Sept. 30, 1996, compared with $2,704,000 for the same period of 1995. Net income for the third quarter of 1996 equaled $1,191,000, vs. $1,142,000 for the same quarter of 1995. Primary earnings per Series A share totaled $.35 for the three months ended Sept. 30, 1996, compared with $.32 for the same period of 1995. Fully 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. earnings per Series A share equaled $.32 for the third quarter of 1996, and $.29 for the third quarter of 1995. For the nine months ended Sept. 30, 1996, total revenues were $8,250,000, vs. $7,865,000 for the same period of 1995. Net income for the first nine months of 1996 equaled $3,484,000, compared with $3,244,000 for the first three quarters of 1995. Primary earnings per Series A share were $1.00 for the nine months ended Sept. 30, 1996, vs. $.89 for the same period of 1995. Fully diluted earnings per Series A share totaled $.92 for the first three quarters of 1996, compared with $.83 for the first three quarters of 1995. As previously announced, in August 1996 PYB and Public Storage Inc. (NYSE NYSE See: New York Stock Exchange :PSA (Professional Services Automation) An information system designed to organize, track and manage all opportunities, work, resources, costs, revenues and invoices to improve the productivity and efficiency of the workforce. ) agreed, subject to certain conditions, to merge. In the merger, PYB would be merged with and into PSA, and each outstanding share of PYB's common stock Series A would be converted, at the election of the shareholders of PYB, into either shares of PSA common stock or, with respect to up to 20% of the PYB common stock, $20.39 in cash. This dollar amount has been based on PYB's estimated net asset value (the appraised value An appraised value (USA) or mortgage valuation (Australia) pertains to the assessed value of real property in the opinion of a qualified appraiser or valuer. It is usually used as a pre-qualification & risk-based pricing factor related to the issuance of mortgage loans by a of PYB's real estate assets as of June 30, 1996, and the estimated book value of PYB's other net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. as of Dec. 31, 1996). The number of shares of PSA common stock will be based on dividing this same dollar amount by the average of the per-share closing prices on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. for a specified period prior to PYB's shareholders' meeting shareholders' meeting n. a meeting, usually annual, of all shareholders of a corporation (although in large corporations only a small percentage attend) to elect the Board of Directors and hear reports on the company's business situation. . In the event of the merger, additional distributions would be made to shareholders of PYB to cause PYB's estimated net asset value as of the effective date of the merger to be substantially equivalent to $20.39 per share. If additional distributions are required in order to satisfy PYB's real estate investment trust distribution requirements, the number of shares of PSA's common stock issued in the merger and the amount receivable upon a cash election would be reduced on a pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share. In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. basis in an aggregate amount equal to such distributions. The merger is conditioned on, among other requirements, approval by the shareholders of PYB. It is expected that any merger would close in December 1996. -0-
Partners Preferred Yield II Inc.
Summary of Operations
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
1996 1995 1996 1995
Total revenues $ 2,831,000 $ 2,704,000 $ 8,250,000 $ 7,865,000
Net income $ 1,191,000 $ 1,142,000 $ 3,484,000 $ 3,244,000
Net income per share:
Primary --
Series A $ 0.35 $ 0.32 $ 1.00 $ 0.89
Fully diluted --
Series A $ 0.32 $ 0.29 $ 0.92 $ 0.83
Distributions
declared per
share $ 0.28 $ 0.28 $ 0.84 $ 0.84
Weighted average
common shares
outstanding:
Primary --
Series A 3,130,103 3,232,636 3,138,192 3,235,747
Fully diluted --
Series A 3,798,552 3,901,085 3,806,641 3,904,196
CONTACT: Harvey Lenkin, 818/244-8080 |
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