Printer Friendly

J.M. PETERS CO. INC. REPORTS RESULTS FOR THE FOURTH QUARTER AND FISCAL 1992

 J.M. PETERS CO. INC. REPORTS RESULTS
 FOR THE FOURTH QUARTER AND FISCAL 1992
 NEWPORT BEACH, Calif., June 2 /PRNewswire/ -- J.M. Peters Co. Inc. (AMEX: JMP) today reported fourth quarter and 12-month results for the period ended Feb. 29, 1992.
 For the fiscal year ended Feb. 29, 1992, the company incurred a loss before income taxes of $71.7 million and a net loss of $57.8 million. The loss per share for the year was $4.13. As a result of these losses the company will report a negative net worth as of Feb. 29, 1992 of $25.6 million. However, subsequent to the fiscal year end San Jacinto Savings Association F.A. has released the amount claimed due from the company pursuant to tax-sharing arrangements between the company, San Jacinto and Southmark Corp., the owner of San Jacinto prior to its seizure by the Office of Thrift Supervision. The company's Feb. 29, 1992, balance sheet includes an obligation of $60.7 million evidencing amounts claimed by San Jacinto for tax-sharing obligations. The release of these obligations will have the effect of increasing the company's net worth by $60.7 million. This adjustment will be reflected in the company's first quarter results. Had this release been effective as of Feb. 29, 1992, the company would have reported a positive net worth of $35.0 million rather than a negative net worth of $25.6 million.
 The $71.7 million loss before taxes resulted primarily from $56.0 million in adjustments to the net realizable value of the company's assets. The adjustments were made to reflect the reduced amounts likely to be generated from the company's land and housing inventory as a result of depressed market conditions. The company reports these assets on its books at the lower of cost or net realizable value. The operating loss for fiscal 1992 was $15.7 million.
 Total revenue decreased to $184.9 million for fiscal 1992 from $215.5 million for fiscal 1991. Revenues from housing sales declined to $137.2 million on 395 home closings for fiscal 1992 as compared to $208.6 million on 541 home closings for the prior year. Revenues from land and lot sales increased to $45.5 million for fiscal 1992 as compared to $1.7 million for the prior year. As of May 24, 1992, the company had 16 completed homes in inventory.
 For the fourth quarter of fiscal 1992 the company incurred a net loss of $51.0 million vs. a net loss of $102.0 million for the fourth quarter of the prior year. The fourth quarter loss was the result of the same factors mentioned above.
 Total revenue decreased to $38.1 million for the fourth quarter of fiscal 1992 from $53.7 million for the fourth quarter of fiscal 1991. For the fourth quarter, the company closed 73 homes, down from the 147 homes closed in the fourth quarter of the prior year.
 The company's auditors have stated in their report that they are unable to express an opinion on the company's financial statements. This disclaimer is based on several factors, including the continuing losses, the unavailability of construction financing, the existence of defaults under the company's loans, the possible sale of the majority of the common stock of the company and the resulting uncertainties concerning future management and plans with respect to operations of the company. The uncertainty imposed by these factors on the company's ability to continue as a going concern or to complete construction on the company's land inventory, in the auditors' view, creates significant uncertainties regarding the company's ability to realize the value placed on the company's land inventory.
 J.M. PETERS CO. INC.
 Financial Highlights
 (Dollars in thousands except per share data)
 12 months ended
 Feb. 28, Increase
 1992 1991 -Decrease
 Total revenue $184,944 $215,535 -14.2 pct
 Housing sales $137,170 $208,605 -34.2 pct
 Land and lot sales $45,500 $1,658 2644.3 pct
 Adjustments to
 carrying value of
 real estate projects ($56,016) ($84,327) -33.6 pct
 Loss before income
 taxes ($71,671) ($110,634) -35.2 pct
 Net loss ($57,776) ($107,981) -46.5 pct
 Loss per share ($4.13) ($7.72) -46.5 pct
 Weighted average number
 of shares 13,980 13,980
 Homes closed 395 541 -27.0 pct
 Homes in backlog 81 150 -46.0 pct
 Home orders 326 430 -24.2 pct
 Three months ended
 Feb. 28, Increase
 1992 1991 -Decrease
 Total revenue $38,112 $53,667 -29.0 pct
 Housing sales $25,222 $51,355 -50.9 pct
 Land and lot sales $12,417 $1,658 648.9 pct
 Adjustments to
 carrying value of
 real estate projects ($47,587) ($79,117) -39.9 pct
 Loss before income
 taxes ($50,996) ($101,420) -49.7 pct
 Net loss ($50,996) ($101,970) -50.0 pct
 Loss per share ($3.65) ($7.29) -50.0 pct
 Weighted average number
 of shares 13,980 13,980
 Homes closed 73 147 -50.3 pct
 Homes in backlog 81 150 -46.0 pct
 Home orders 17 133 -87.2 pct
 -0- 6/2/92 R
 /CONTACT: Greg Petersen of J.M. Peters, 714-854-2500/
 (JMP) CO: J.M. Peters Co. Inc. ST: California IN: CST SU: ERN


KJ-EH -- LA026R -- 6481 06/03/92 08:19 EDT
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:Jun 3, 1992
Words:890
Previous Article:DAVE THOMAS STARS IN 99TH COMMERCIAL TO PROMOTE WENDY'S 99-CENT SUPER VALUE MENU
Next Article:PROTEIN ENGINEERING CORP. ANNOUNCES U.S. PATENT AWARDED ON METHODS TO GENERATE TARGETED DNA-BINDING PROTEINS
Topics:


Related Articles
J.M. PETERS CO. INC. REPORTS RESULTS FOR THE FOURTH QUARTER AND FISCAL 1992
J.M. PETERS CO. INC. REPORTS RESULTS FOR THE FIRST QUARTER OF FISCAL 1993
J.M. PETERS CO. INC. REPORTS RESULTSFOR THE THIRD QUARTER OF FISCAL 1993
J.M. PETERS CO. INC. REPORTS RESULTSFOR THE FOURTH QUARTER AND FISCAL 1993
J.M. PETERS CO. INC. REPORTS RESULTSFOR THE FIRST QUARTER OF FISCAL 1994
J.M. PETERS COMPANY INC. REPORTS RESULTS FOR THE SECOND QUARTER OF FISCAL 1994
J.M. PETERS CO. INC. REPORTS PROFIT FOR THE THIRD QUARTER OF FISCAL 1994
J.M. PETERS COMPANY INC. REPORTS RESULTS FOR THE FOURTH QUARTER AND FISCAL 1995
CAPITAL PACIFIC HOLDINGS INC. REPORTS RESULTS FOR THIRD QUARTER FISCAL 1996
CAPITAL PACIFIC HOLDINGS, INC. REPORTS RESULTS FOR FOURTH QUARTER FISCAL 1996

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