Printer Friendly

ANGELES PARTICIPATING MORTGAGE TRUST REPORTS SECOND QUARTER FISCAL 1993 RESULTS

 LOS ANGELES, Sept. 15 /PRNewswire/ -- Angeles Participating Mortgage Trust (AMEX: APT) today reported a net loss of ($156,000), or ($.06) per Class A share, in the fiscal year 1993 second quarter ended June 30. Revenue was $124,000. In the 1992 second quarter, net income was $1,015,000, or $.39 per Class A share, on revenue of $1,197,000.
 For the six months ended June 30, 1993, net income was $1,238,000, or $.49 per Class A share, on revenue of $1,655,000, compared with net income of $2,141,000, or $.83 per Class A share, and revenue of $2,459,000, in the 1992 like period.
 The substantial decline in revenues and income, which resulted in the net loss for the second quarter, was attributable to the failure of the Trust's borrowers to make required payments with respect to any of the Trust's outstanding loans, beginning in March 1993. As a result of this failure, the Trust stopped accruing, for income recognition purposes, interest income on all of its outstanding loans commencing in February 1993. Consequently, for the quarter ended June 30, 1993, interest income from loans was only $30,000 (consisting entirely of previously paid loan fees, which are currently being amortized), with $94,000 of interest being received on cash and cash equivalents. Operating results for the six months ended June 30, 1993, were favorably affected by the receipt, during the quarter ended March 31, 1993, of approximately $1,000,000 in participation and prepayment penalty income.
 As a result of the cessation of interest income payment or accrual on all of its outstanding loans, combined with the failure of Angeles Corp. (which filed for bankruptcy reorganization in May 1993) to honor a guarantee that the Trust's shareholders receive dividends monthly at a $2.00 per share annual rate through Oct. 6, 1993, the Trust announced in July 1993 that it had suspended paying monthly dividend commencing with the month of May 1993.
 The Trust is considering various alternatives which address the non- payment of these loans. The Trust anticipates that, unless and until one or more of these alternatives is successfully concluded, its outstanding loans will remain non-performing.
 -0- 9/15/93
 /CONTACT: Ann Merguerian, 310-772-0147/
 (APT)


CO: Angeles Participating Mortgage Trust ST: California IN: FIN SU: ERN

JB-LS -- LA013 -- 2289 09/15/93 13:52 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 15, 1993
Words:397
Previous Article:TOMASSETTI NAMED VP-GM AT DOUGLAS AIRCRAFT CO.
Next Article:APPOINT TECHNOLOGIES INC. ANNOUNCES THIRD QUARTER RESULTS
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters