KILLEARN PROPERTIES ANNOUNCES RESULTS
KILLEARN PROPERTIES ANNOUNCES RESULTS TALLAHASSEE, Fla., Aug. 12 /PRNewswire/ -- Killearn Properties, Inc.
(AMEX: KPI) today announced its audited financial information for the fiscal year ended April 30.
Revenues for the current year were $18,416,739 compared to $19,897,939 for the year ended April 30, 1991. The company reported net income of $93,256 ($.06 per share) compared to $645,504 ($.45 per share) for the prior year. Per-share amounts are based upon the average number of stock and stock equivalents (fully diluted) outstanding during each year, which was 1,438,733 for fiscal 1992 and fiscal 1991. The decrease of sales in fiscal 1992 resulted primarily from the action by the Department of Community Affairs, state of Florida, which stopped development in one of the company's Florida golf course communities. It is the company's position that development of these areas, which has been done with the approval of appropriate local government, does not materially deviate from the previous approvals granted to the company. In addition, commercial and industrial sales decreased 48.3 percent from fiscal 1991, as a result of the national economy. -0- 8/12/92 /CONTACT: J.T. Williams Jr. of Killearn Properties, 404-389-2020/ (KPI) CO: Killearn Properties, Inc. ST: Florida IN: SU: ERN
BN-BR -- AT003 -- 9330 08/12/92 10:35 EDT
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|Date:||Aug 12, 1992|
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