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THE ROUSE COMPANY ANNOUNCES THIRD QUARTER RESULTS

 COLUMBIA, Md., Nov. 3 /PRNewswire/ -- The Rouse Company (NASDAQ-NMS: ROUS) of Columbia today reported financial results for the third quarter of 1993.
 Total earnings before depreciation and deferred taxes were $20,424,000 for the third quarter and $53,066,000 for the nine months, increases of 67 percent and 68 percent respectively over the comparable periods in 1992. The net losses, after depreciation and deferred taxes, were $4,414,000 for the third quarter and $8,827,000 for the nine months compared to net losses of $6,284,000 in 1992's third quarter and $14,942,000 for last year's first nine months.
 The company's retail centers recorded particularly strong results, with a 24 percent gain in earnings before depreciation and deferred taxes in the third quarter and 28 percent for the nine-month period.
 Commenting on the company's financial report, Chairman and Chief Executive Officer Mathias J. DeVito stated, "After three years of facing a very difficult environment for retailing, real estate and financing, the company has emerged from this trying period stronger than ever and with excellent prospects for 1993, 1994 and beyond."
 THE ROUSE COMPANY
 Consolidated Statements of Operations
 (Unaudited, in thousands, except per share data)
 Periods ended Three months Nine months
 Sept. 30, 1993 1992 1993 1992
 Revenues $165,880 $150,981 $472,963 $432,113
 Operating expenses,
 exclusive of
 depreciation and
 amortization 92,795 85,940 261,607 245,889
 Interest expense 52,551 52,721 157,983 154,309
 Depreciation and
 amortization 18,416 15,832 51,585 49,027
 Gain (loss) on
 disposition of
 assets and other
 provisions, net --- (4,515) (351) (3,110)
 Earnings (loss) before
 income taxes and
 extraordinary loss 2,118 (8,027) 1,437 (20,222)
 Income tax benefit
 (provision):
 Current state (110) (68) (307) (272)
 Deferred (2,932) 1,881 (3,161) 5,689
 Total (3,042) 1,813 (3,468) 5,417
 Loss before extraordinary
 loss (924) (6,214) (2,031) (14,805)
 Extraordinary loss from
 extinguishment of debt,
 net of related income tax
 benefit (3,490) (70) (6,796) (137)
 Net loss (4,414) (6,284) (8,827) (14,942)
 Loss per share of common
 stock after provision for
 dividends on preferred stock:
 Loss before extraordinary
 loss (.09) (.13) (.22) (.31)
 Extraordinary loss (.07) --- (.14) ---
 Total (.16) (.13) (.36) (.31)
 Dividends per share:
 Common stock .15 .15 .45 .45
 Preferred stock .81 --- 2.01 ---
 Reconciliation of earnings
 before depreciation and
 deferred taxes from
 operations to net loss:
 Earnings before depreciation
 and deferred taxes from
 operations 20,424 12,252 53,066 31,643
 Depreciation and
 amortization (18,416) (15,832) (51,585) (49,027)
 Gain (loss) on
 disposition of assets
 and other provisions,
 net --- (4,515) (351) (3,110)
 Deferred income tax
 benefit (provision) (2,932) 1,881 (3,161) 5,689
 Extraordinary loss, net
 of related income tax
 benefit (3,490) (70) (6,796) (137)
 Net loss (4,414) (6,284) (8,827) (14,942)
 /delval/
 -0- 11/3/93 R
 /CONTACT: David L. Tripp, vice president and director, Investor Relations, of The Rouse Company, 410-992-6546/
 (ROUS)


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

MJ-MP -- PH014R -- 0420 11/03/93 19:48 EST
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Publication:PR Newswire
Date:Nov 3, 1993
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