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DELTONA REPORTS THIRD QUARTER LOSS

 MIAMI, Nov. 5 /PRNewswire/ -- The Deltona Corporation (NYSE: DLT) today reported a net loss for the third quarter of 1993 of $2,006,000, or $.33 per share, on revenues of $2,523,000, vs. net income for the prior year's third quarter of $2,641,000, or $.46 per share, on revenues of $2,874,000. Included in last year's third quarter results were extraordinary gains of $3,983,000 from the settlement of litigation related to the company's Marco refund obligation and $400,000 from debt restructuring. Exclusive of such extraordinary gains, Deltona reported a loss from operations for the 1992 third quarter of $1,742,000, compared to the current year's third quarter loss from operations of $2,006,000.
 Although Deltona has not finalized the terms of a $5 million financing transaction with Selex International, the owner of 37.3 percent of its outstanding common stock, Selex has advanced a total of $4,020,000 (80.4 percent) of the required funds since July 1993. Such advances enabled the company to implement the majority of its 1993 marketing program during the third quarter of 1993. Because implementation was delayed and the fact that Deltona does not recognize a retail land sale as revenue until it has received payments totaling at least 20 percent of the contract sales price, the results of its marketing program are not anticipated to be reflected in revenues until early 1994. Preliminary results are, however, encouraging as the company reported that new retail land sales contracts written, net of cancellations, for the third quarter of 1993 rose to $1,600,000 -- a 309 percent increase over the $391,000 of net new retail land sales contracts written during the third quarter of 1992.
 For the first nine months of 1993, Deltona reported a net loss of $4,800,000, or $.79 per share, on revenues of $8,342,000, compared to the prior year's net income of $156,000, or $.02 per share, on revenues of $8,415,000. Results for 1992 include the above mentioned extraordinary gains of $4,383,000.
 Deltona is the developer of nine planned communities in Florida, extending from the Panhandle to the Gulf Coast, and encompassing approximately 100,000 acres.
 DELTONA CORPORATION
 (Financial Highlights)
 Three Months Ended
 Sept. 24, Sept. 25,
 1993 1992
 Revenues $ 2,523,000 $ 2,874,000
 Net income (loss) $ (2,006,000) $ 2,641,000
 Loss from operations $ (2,006,000) $ (1,742,000)
 Extraordinary items:
 Gain on settlement related
 to Marco refund
 obligation $ 0 $ 3,983,000
 Gain from debt
 restructuring $ 0 $ 400,000
 Income (loss) per share:
 From operations $ (.33) $ (.31)
 From reduction of
 income taxes $ 0 $ 0
 From extraordinary gains 0 .77
 Net income (loss)
 per share $ (.33) $ .46
 Nine Months Ended
 Sept. 24, Sept. 25,
 1993 1992
 Revenues:
 Net land sales $ 1,618,000 $ 1,595,000
 House and apartment sales 100,000 0
 Recognized improvement
 revenue/prior period sales 3,003,000 501,000
 Interest income 847,000 2,817,000
 Other revenues 2,774,000 3,502,000
 Total revenues $ 8,342,000 $ 8,415,000
 Costs and expenses:
 Cost of sales
 and improvements 4,715,000 2,247,000
 Selling, general and
 administrative and
 other expenses 7,553,000 7,601,000
 Interest expense 874,000 2,794,000
 Total cost and expenses 13,142,000 12,642,000
 Loss from operations
 before income taxes (4,800,000) (4,227,000)
 Provision (benefit) for
 income taxes 0 0
 Loss from operations before
 extraordinary items (4,800,000) (4,227,000)
 Extraordinary items:
 Gain on settlement related
 to the Marco refund
 obligation 0 $ 3,983,000
 Gain on debt
 restructuring 0 400,000
 Reduction of taxes
 arising from carryforward
 of prior years' losses 0 0
 Net income (loss): $ (4,800,000) $ 156,000
 Earnings (loss) per share:
 From operations $ (.79) $ (.75)
 From reduction of
 income taxes 0 0
 From extraordinary gains 0 .77
 Net income (loss)
 per share $ (.79) $ .02
 Number of common and
 common equivalent shares
 used to compute earnings
 (loss) per share 6,056,743 5,660,967
 Sept. 24, Dec. 25,
 1993 1992
 Balance Sheet Data:
 Total assets $ 28,810,000 $ 37,050,000
 Common stockholders'
 (deficiency) $(10,319,000) $ (5,519,000)
 Per share $ (1.73) $ (.93)
 -0- 11/5/93
 /CONTACT: Michelle R. Garbis of The Deltona Corporation, 305-854-1111/
 (DLT)


CO: The Deltona Corporation ST: Florida IN: CST SU: ERN

JB-AW -- FL011 -- 1382 11/05/93 16:53 EST
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Date:Nov 5, 1993
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