THE ROUSE COMPANY REPORTS INTERIM RESULTS
THE ROUSE COMPANY REPORTS INTERIM RESULTS COLUMBIA, Md., Nov. 12 /PRNewswire/ -- The Rouse Company
(NASDAQ-NMS: ROUS) of Columbia, Md., today released its interim report to shareholders for the third quarter of 1991. Earnings before depreciation and deferred taxes were $28,732,000 for the nine months ended Sept. 30, 1991, down 8 percent from 1990's comparable period, and $8,971,000 for the third quarter, down from $11,919,000 a year ago.
The company recorded net losses of $12,579,000 and $4,153,000, respectively, for the nine months and the third quarter, compared to a net loss of $3,258,000 for 1990's nine months, and net earnings of $707,000 for 1990's third quarter. The increase in the net loss for 1991 was largely related to additional depreciation expense associated with five new projects that opened during 1990. Chairman, President and Chief Executive Officer, Mathias J. DeVito told shareholders, "The current environment is difficult. The recession, if in fact it is over, is not ending with an obvious and perceptible upturn. New real estate development is minimal, and retail sales are flat. All of these factors have challenged the company, but prospects are good that we will produce operating results in 1991 close to 1990's." -0- 11/12/91 /CONTACT: David L. Tripp, vice president and director-investor relations of The Rouse Company, 301-992-6546/ (ROUS) CO: The Rouse Company ST: Maryland IN: FIN SU: ERN JT-TS -- NY031 -- 3382 11/12/91 10:44 EST
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|Date:||Nov 12, 1991|
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