HEARTLAND PARTNERS, L.P. REPORTS 1993 THIRD QUARTER OPERATING RESULTS
CHICAGO, Nov. 16 /PRNewswire/ -- Heartland Partners, L.P. (AMEX: HTL), a public traded limited partnership involved in the ownership, development, leasing and sale of real estate properties, today reported a loss of $711,000 for the nine months ended Sept. 30, 1993, or $.33 per Class A Unit, compared to a $555,000 loss, or $.26 per Class A Unit, for the nine months of 1992. Revenues for the nine months of 1993 totaling $4,729,000 were 12 percent lower than the $5,398,000 reported for the nine months of 1992. For the third quarter ended Sept. 30, 1993, Heartland reported a loss of $659,000 or $.30 per Class A Unit, compared to income of $441,000, or $.20 per Class A Unit in the similar 1992 quarter.
Revenues of $874,000 were 69 percent lower than@p e $2,804,000 reported for the third quarter of 1992.
Heartland Partners, LjJ?owns substantially all of the real estate and related assets and liabilities previously owned by Chicago Milwaukee Corp. and the Milwaukee Land Company. HEARTLAND PARTNERS, L.P. Financial Summary (unaudited, amounts in thousands, except per unit data) Consolidated Operations Periods ended Sept. 30 Quarter Nine Months 1993 1992 1993 1992 Total revenues $ 874 $ 2,804 $ 4,729 $ 5,398 Total expenses 1,533 2,363 5,440 5,953 Net income (loss) $ (659) $ 441 $ (711) $ (555) Net income (loss) per Class A Unit (a) $ (.30) $ .20 $ (.33) $ (.26) Periods ended Sept. 30, Dec. 31, Balance Sheet 1993 1992 Properties, net $23,704 $23,044 Deferred capital Contribution (b) -- 8,546 Cash and all other assets 8,197 4,112 Total assets 31,901 35,702 Total liabilities (c) 4,301 7,391 Partners' equity $27,600 $28,311 NOTE: (a) Net income (loss) per Class A Unit is computed by dividing net income (loss), after deducting the General Partner's return and the return of the Class B Interest, by 2,142,438 Class A Units outstanding. (b) On June 22, 1993, Chicago Milwaukee Corp. paid Heartland approximately $7.9 million in full satisfaction of the deferred capital contribution in connection with Chicago Milwaukee's conversion to open- end investment company status. (c) Total liabilities include an allowance for claims totaling $1.4 million at Sept. 30, 1993 and $2.5 million at Dec. 31, 1992. -0- 11/16/93 /CONTACT: Leon F. Fiorentino of Heartland Partners, L.P., 312-294-0440, or Laura Havel of Dragonette, Inc., 312-565-4300/ (HTL)
CO: Heartland Partners L.P. ST: Illinois IN: SU: ERN
TM -- NY098 -- 4233 11/16/93 17:06 EST
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|Date:||Nov 16, 1993|
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