Printer Friendly

CONTINENTAL MORTGAGE AND EQUITY TRUST REPORTS YEAR END RESULTS

 CONTINENTAL MORTGAGE AND EQUITY TRUST REPORTS YEAR END RESULTS
 DALLAS, March 27 /PRNewswire/ -- Continental Mortgage and Equity Trust (NASDAQ: CMETS) today announced operating results for the year ended Dec. 31, 1991. The trust recorded net income of $387,000, or $0.11 per share, on revenues of $15.0 million for 1991, compared with net income of $926,000, or $0.25 per share, on revenues of $15.6 million for 1990.
 General and administrative expenses decreased from $2.3 million in 1990 to $1.7 million in 1991. This decrease is primarily the result of continuing cost controls by the advisor and a decrease in professional fees incurred during 1990 attributable to litigation that was settled.
 Continental Mortgage recognized gains on sales of properties of $143,000 related to Adams Properties Associates and Sacramento Nine partnerships and $91,000 on the sale of the Leavitt Office Building. The trust also recognized an extraordinary gain on the extinguishment of debt of $930,000 for 1991 related to the transfer of one of the Sacramento Nine Office buildings to the senior lienholder. Continental Mortgage's extraordinary gain in 1990 was $4.2 million.
 The trust recorded a provision for losses of $720,000 in connection with Adams Properties Associates which included equity in losses of partnership. Continental Mortgage also recorded a provision of $330,000 related to the Sacramento Nine partnership. This compares with a provision for losses of $4.5 million in 1990.
 Continental Mortgage and Equity Trust is a combination mortgage and equity real estate investment trust which operates nationwide.
 FINANCIAL HIGHLIGHTS
 (in thousands, except share and per share data)
 For the years ended Dec. 31 1991 1990
 Income $ 15,035 $ 15,582
 (Loss) before gain on sale
 of real estate and extraordinary
 gain (777) (3,253)
 Gain on sale of real estate 234 --
 Extraordinary gain 930 4,179
 Net income $ 387 $ 926
 Earnings per share
 (Loss) before gain on sale
 of real estate and extraordinary
 gain $ (0.22) $ (0.90)
 Gain on sale of real estate 0.07 --
 Extraordinary gain 0.26 1.15
 Net income $ 0.11 $ 0.25
 Weighted average shares of
 beneficial interest used in
 computing earnings per share 3,538,932 3,639,383
 -0- 3/27/92
 /CONTACT: Kevin LeBlanc, investor relations department of Continental Mortgage and Equity Trust, 214-692-4800/
 (CMETS) CO: Continental Mortgage and Equity Trust ST: Texas IN: FIN SU: ERN


TQ -- NY024 -- 2304 03/27/92 10:41 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 27, 1992
Words:408
Previous Article:100TH COMMERCIAL BANK JOINS FHLB OF CINCINNATI; VALUE OF MMA CREDIT PRODUCT CITED
Next Article:FIRST OF AMERICA BANK-SOUTHEAST MICHIGAN, N.A. TO UNDERWRITE DETROIT INNER CITY SOCCER PROGRAM
Topics:


Related Articles
MORTGAGE AND REALTY TRUST REPORTS FOURTH QUARTER, FISCAL YEAR RESULTS
CONTINENTAL MORTGAGE AND EQUITY TRUST REPORTS FIRST QUARTER RESULTS
CONTINENTAL MORTGAGE AND EQUITY TRUST REPORTS SECOND QUARTER RESULTS
CONTINENTAL MORTGAGE AND EQUITY TRUST REPORTS IMPROVED THIRD QUARTER RESULTS
IRWIN FINANCIAL CORPORATION ANNOUNCES RECORD THIRD QUARTER EARNINGS
IRWIN FINANCIAL CORPORATION ANNOUNCES FIRST QUARTER EARNINGS
IRWIN FINANCIAL CORPORATION ANNOUNCES FIRST QUARTER EARNINGS
Continental Mortgage and Equity Trust Reports 1996 Year End Results
Continental Mortgage And Equity Trust Announces 1997 First Quarter Results
Continental Mortgage and Equity Trust Reports 1997 Second Quarter Results

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