AMERICAN REALTY TRUST REPORTS THIRD QUARTER RESULTS
AMERICAN REALTY TRUST REPORTS THIRD QUARTER RESULTS NEW YORK, Nov. 18 /PRNewswire/ -- American Realty Trust, Inc.
(NYSE: ARB), today announced operating results for the third quarter of 1991. The company reported a net loss of $6.5 million, or $3.07 per share, on revenues of $1.7 million for the period ending Sept. 30, 1991. This compares with a loss of $7.4 million, or $3.50 per share, on revenues of $1.0 million for the third quarter of 1990.
For the nine months ended Sept. 30, 1991, the company recorded a net loss of $9.9 million, or $4.68 per share, on revenues of $8.4 million, compared with a net loss of $9.7 million, or $4.58 per share, on revenue of $7.7 million in the first nine months of 1990. The 1991 results included gains on sale of real estate of $753,000 and $1.0 million for the three and nine months ended Sept. 30, 1991, respectively, compared with gains of $661,000 and $991,000 in the corresponding periods of 1990. Interest income on mortgage notes receivable decreased from $2.2 million and $7.7 million for the three and nine months ended Sept. 30, 1990, respectively, compared with $1.8 million and $5.5 million for the three and nine months ended Sept. 30, 1991. This decrease primarily results from foreclosures on seven mortgage notes receivable. The company reported equity in losses of investees of $2.0 million and $1.9 million for the three and nine months ended Sept. 30, 1991. The company's share of the investees' equity was a loss of $2.8 million and $3.7 million in the three month and nine months ended Sept. 30, 1990. American Realty recorded a charge against earnings of $3.5 million in the three months ended Sept. 30, 1991, as the estimated cost of certain litigation settlements. At its last meeting, the board of directors of American Realty accepted the advisor's recommendation for a 50 percent reduction in the advisor's base fee effective Oct. 1, 1991. This reduction will be in effect until the company's earnings for the four preceding quarters equals $2.00 per share. At the same meeting, the board of directors decided to allow the company's qualification as a real estate investment trust (REIT) for the 1991 fiscal year to lapse. The board determined that the benefits of maintaining the qualification were no longer significant and that maintaining REIT status would restrict the company's financial flexibility and opportunities in the current real estate markets. AMERICAN REALTY TRUST, INC. Financial Highlights (In thousands, except share and per share data) Periods ended Three Months Nine Months Sept. 30 1991 1990 1991 1990 Revenues $ 1,705 $ 1,015 $ 8,396 $ 7,715 Net (loss) before income taxes and gain from sale of properties (7,257) (8,068) (10,927) (10,675) Per share $(3.43) $(3.81) $(5.16) $(5.05) Income tax provision -- 11 -- 22 Gain from sale of properties 753 661 1,009 991 Net (loss) $(6,504) $(7,418) $ (9,918) $ (9,706) Per share $(3.07) $(3.50) $(4.68) $(4.58) Weighted average shares outstanding 2,117,467 2,118,357 2,117,708 2,118,439 -0- 11/18/91 /CONTACT: Kevin LeBlanc of American Realty Trust, 214-692-4800/ (ARB) CO: American Realty Trust, Inc. ST: New York IN: FIN SU: ERN GK -- NY026 -- 1320 11/18/91 10:22 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Nov 18, 1991|
|Previous Article:||UNITED AMERICAN HEALTHCARE CORPORATION ANNOUNCES STRONG FIRST-QUARTER RESULTS|
|Next Article:||HANS LAUTERBACH NAMED PRESIDENT OF MILES INC. DIAGNOSTICS DIVISION|