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HEARTLAND PARTNERS, L.P. REPORTS 1993 SECOND QUARTER OPERATING RESULTS

 CHICAGO, Aug. 17 /PRNewswire/ -- Heartland Partners, L.P. (AMEX: HTL), a publicly traded limited partnership involved in the ownership, development, leasing and sale of real estate properties, today reported a loss of $52,000 for the six months ended June 30, 1993, or $.02 per Class A Unit, compared to a $996,000 loss, or $.46 per Class A Unit, for the six months of 1992. Revenues for the six months of 1993 totaling $3,853,000 were 49 percent higher than the $2,594,000 reported for the six months of 1992.
 For the second quarter ended June 30, 1993, Heartland reported a loss of $879,000 or $.40 per Class A Unit, compared to a $561,000 loss, or $.26 per Class A Unit in the similar 1992 quarter. Revenues of $769,000 were 41 percent lower than the $1,304,000 reported for the second quarter of 1992.
 Heartland Partners, L.P. owns substantially all of the real estate and related assets and liabilities previously owned by Chicago Milwaukee Corp. and its wholly owned subsidiary, Milwaukee Land Company.
 Following is a summary of financial results for Heartland.
 HEARTLAND PARTNERS, L.P. FINANCIAL RESULTS
 (Amounts in thousands, except unit information)
 Periods ended Quarter Six Months
 June 30 1993 1992 1993 1992
 Total revenues $ 769 $ 1,304 $ 3,853 $ 2,594
 Total expenses 1,648 1,865 3,905 3,590
 Net Income(loss) $ (879) $ (561) $ (52) $ (996)
 Net Income(loss) per
 Class A Unit (A) $(.40) $(.26) $(.02) $(.46)
 BALANCE SHEET June 30, Dec. 31,
 1993 1992
 Properties, net $ 22,713 $ 23,044
 Deferred capital contribution(B) -- 8,546
 Cash and all other assets 10,424 4,112
 Total assets 33,137 35,702
 Total liabilities(C) 4,878 7,391
 Partners' equity $ 28,259 $ 28,311
 (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 A 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 indulge an allowance for claims totaling $1.8 million at June 30, 1993, and $2. million at Dec. 31, 1992.
 -0- 8/17/93
 /CONTACT: Bryan Glaza, 312-565-4300, or Leon Fiorentino, 312-294-0440, both for Heartland Partners/
 (HTL)


CO: Heartland Partners, L.P. ST: Illinois IN: SU: ERN

TS -- NY085 -- 3732 08/17/93 16:59 EDT
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Publication:PR Newswire
Date:Aug 17, 1993
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