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ROUSE COMPANY REPORTS RESULTS

 COLUMBIA, Md., Aug. 10 /PRNewswire/ -- The Rouse Company of Columbia, Md., today released financial results for the second quarter and the first half of 1993. Total earnings before depreciation and deferred taxes for the six months were $32,642,000, a 68 percent increase over the $19,391,000 recorded in 1992's first half. For the second quarter, earnings before depreciation and deferred taxes were $16,813,000, 97 percent ahead of the $8,517,000 in 1992's April through June period. The net loss for the six months was $4,413,000, compared to a net loss of $8,658,000 in the first half of 1992, and for the second quarter, the net loss was $1,912,000 compared to $6,128,000 for the same period last year.
 All components of the company's operating results showed improvement over the prior year, with the operating properties producing the most dramatic gains -- their earnings before depreciation and deferred taxes were 49 percent ahead of the first six months of 1992. The company cited improved occupancies, lower interest costs and high tenant sales as primary reasons for the strong gains.
 The company's quarterly report to shareholders stated, "It has been a very successful six months for the company, particularly in light of the still somewhat weak economic environment in the United States. We feel confident that the company is well positioned to show excellent results for 1993 and the foreseeable future."
 THE ROUSE COMPANY
 Consolidated Statements of Operations
 (In thousands, except per share data, unaudited)
 Periods ended Three months Six months
 June 30 1993 1992 1993 1992
 Revenues $154,341 $140,688 $307,083 $281,132
 Operating expenses, exclusive
 of depr. & amortization 85,034 80,656 168,812 160,480
 Interest expense 52,390 51,390 105,432 101,057
 Depreciation and amortization 15,942 17,308 33,169 33,195
 Gain (loss) on disposition
 of assets 93 (10) (351) 1,405
 Earnings (loss) before income
 taxes and extraordinary loss 1,068 (8,676) (681) (12,195)
 Income tax benefit (provision):
 Current-state (104) (125) (197) (204)
 Deferred (528) 2,740 (229) 3,808
 Total (632) 2,615 (426) 3,604
 Earnings (loss) before
 extraordinary loss 436 (6,061) (1,107) (8,591)
 Extraordinary loss from
 extinguishment of debt, net
 of related income tax benefit (2,348) (67) (3,306) (67)
 Net loss (1,912) (6,128) (4,413) (8,658)
 Loss per share of common stock
 after provision for dividends on
 preferred stock:
 Loss before extraord. loss (.06) (.13) (.13) (.18)
 Extraordinary loss (.05) -- (.07) --
 Total (.11) (.13) (.20) (.18)
 Dividends per share:
 Common stock .15 .15 .30 .30
 Preferred stock .81 -- 1.20 --
 Reconciliation of earnings
 before depreciation and
 deferred taxes from operations
 to net loss
 Earnings before depreciation
 and deferred taxes from
 operations $16,813 $ 8,517 $32,642 $19,391
 Depreciation and amortization (15,942) (17,308) (33,169) (33,195)
 Gain (loss) on disposition
 of assets 93 (10) (351) 1,405
 Deferred income tax benefit
 (provision) (528) 2,740 (229) 3,808
 Extraordinary loss, net of
 related income tax benefit (2,348) (67) (3,306) (67)
 Net loss (1,912) (6,128) (4,413) (8,658)
 -0- 8/10/93
 /CONTACT: David L. Tripp, vice president and director, Investor Relations, of Rouse Company, 410-992-6546/
 (ROUS)


CO: The Rouse Company ST: Maryland IN: SU: ERN

LG-OS -- NY072 -- 1321 08/10/93 15:53 EDT
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Publication:PR Newswire
Date:Aug 10, 1993
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