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KILLEARN PROPERTIES ANNOUNCES EARNINGS

 TALLAHASSEE, Fla., Sept. 24 /PRNewswire/ -- Killearn Properties, Inc. (AMEX: KPI), today announced its financial information for the quarter ended July 31.
 Revenues were $3,751,299 compared to $4,806,368 for the quarter ended July 31, 1992. Net earnings for the current quarter were $31,911 or $.02 per share compared to a profit of $57,468 or $.04 per share for the quarter a year ago. The results for this quarter included an extraordinary gain of $105,000 or $.07 per share due to the company's adoption of Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes," which adoption is required by such Statement.
 As reported in a press release dated Sept. 16, the audit of the company's financial statements for the year ended April 30 has not been completed. There is an unresolved area with the prior auditors involving the capitalization of interest which could have a material adverse effect on the preliminary earnings at the year-end. The accounting difference has been reported on Form 8-K filed with the Securities and Exchange Commission. The company is in the process of retaining a new auditor and expects engagement to be completed within a short period of time.
 Net sales of land decreased during the current three months compared to the same three months a year ago due to the decrease in sales in the company's Florida properties resulting from a Notice and Order from the state of Florida, Department of Community Affairs. The company received a favorable ruling on Aug. 16 from the First District Court of Appeals of Florida, which permits the company to continue development. It is anticipated that the decreased sales in its Florida operations will continue until the engineering and development of additional residential units are completed and available for sale, which may take up to one year.
 Interest income decreased during the current three months compared to the same period a year ago due to the company's current policy of requiring higher down payments and shorter terms on many of its sales.
 Earnings per share are calculated based upon 1,438,733 fully diluted shares for the quarters ended July 31, 1993, and July 31, 1992.
 The company continues to be concerned about the overall national economy and the effect that the national deficit may have upon residential interest rates; however, it does remain confident of the long-range future of the company due to its outstanding inventory and its capacity to develop it to its potential.
 The income for the quarter is not necessarily indicative of the results expected for the year.
 -0- 9/24/93
 /CONTACT: J.T. Williams of Killearn, 404-389-2020/
 (KPI)


CO: Killearn Properties, Inc. ST: Georgia, Florida IN: SU: ERN

RA-BN -- AT006 -- 5410 09/24/93 12:14 EDT
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Publication:PR Newswire
Date:Sep 24, 1993
Words:462
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