MERRY LAND REPORTS EARNINGS, RAISES DIVIDEND
MERRY LAND REPORTS EARNINGS, RAISES DIVIDEND AUGUSTA, Ga., April 20 /PRNewswire/ -- Merry Land & Investment
Company, Inc. (NYSE: MRY) (Merry Land) reported that funds from operations increased 91 percent to $3,563,000 from $1,779,000.
Unaudited net income totaled $4,946,000 for the quarter ending March 31, up from $2,311,000 earned for the first quarter of 1991. Fully diluted earnings per share were $.52 vs. $.25. Revenues for the period were $10,564,000 vs. $8,966,000 for the first quarter of 1991. Peter S. Knox III, chairman of the company, reported that these increases came from greater rental income, lower financing costs and gains recognized on the sale of the company's portfolio of mortgage- backed securities. In light of the company's strong earnings and cash flow, its board of directors declared a $.17 per share dividend payable June 30 to shareholders of record June 15. Merry Land is a real estate investment trust which invests in real estate. The company is headquartered in Augusta, Ga. Its stock is traded through the New York Stock Exchange under the symbol MRY. 3 mos. ended March 31 1992 1991 Revenues $10,564,000 $8,966,000 Net income 4,946,000 2,311,000 Per share $ .52 $ .25 Funds from operations 3,563,000 1,779,000 Per share $ .38 $ .19 Avg. common shares outstanding 9,428,000 9,258,000 All per-share amounts include adjustments made for stock dividends and splits paid to date. -0- 4/20/92 /CONTACT: Tennent Houston, president of Merry Land & Investment Company, 404-722-6756/ (MRY) CO: Merry Land & Investment Company, Inc. ST: Georgia IN: SU: ERN
BN-EA -- AT007 -- 9963 04/20/92 10:42 EDT