BRESLER & REINER, INC., REPORTS THIRD QUARTER RESULTS
BRESLER & REINER, INC., REPORTS THIRD QUARTER RESULTS WASHINGTON, Nov. 14 /PRNewswire/ -- Bresler & Reiner, Inc. (OTC),
reported net income of $18,000, or 1 cent per share, on revenues of $7,968,000 for the three months ended Sept. 30, 1991. In the 1990 third quarter, the company earned $1,097,000, or 38 cents per share, on revenues of $10,394,000.
For the nine months ended Sept. 30, 1991, the company reported net income of $818,000, or 29 cents per share, on revenue of $23,284,000. In the 1990 six months the company earned $2,786,000, or 98 cents per share, on revenues of $31,248,000. Charles S. Bresler, chairman of the board, said the decrease in earnings as compared to the same period in 1990 reflects continued losses at a Baltimore condominium-hotel joint venture and continued losses at other commercial and residential joint ventures in Virginia and Florida. Also contributing to lower earnings in the 1991 third quarter was a 27 percent decline in home sale revenues. Bresler & Reiner, Inc., engages in residential land development and construction and operates a motel, apartment projects and a shopping mall/office complex in the Washington metropolitan area. The company also owns two nursing homes and operates an equipment leasing business. BRESLER & REINER, INC. Financial Summary Nine Months Ended Sept. 30, 1991 1990 Revenues $23,284,000 $31,248,000 Costs of Sales & Expenses 22,022,000 26,869,000 Income Before Taxes 1,262,000 4,379,000 Provision for Taxes 444,000 1,593,000 Net Income 818,000 2,786,000 Earnings Per Share 0.29 0.98 Weighted Average Number of Shares Outstanding 2,839,301 2,834,653 -0- 11/14/91 /CONTACT: Philip Friedman, treasurer, Bresler & Reiner, 202-488-8800/ CO: Bresler & Reiner, Inc. ST: District of Columbia IN: SU: ERN TW-SB -- DC021 -- 1168 11/14/91 14:41 EST
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|Date:||Nov 14, 1991|
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