Printer Friendly

VISTA ANNOUNCES QUARTERLY RESULTS

 VISTA ANNOUNCES QUARTERLY RESULTS
 DALLAS, May 19 /PRNewswire/ -- Vista Properties, Inc., the Dallas-


based land developer formerly known as Lomas Realty USA, announced the results of operations for the quarter ended March 31, 1992 today.
 On Jan. 31 of this year Vista was recapitalized, and the majority of its common stock was distributed from Lomas Financial Corporation to Lomas equityholders in conjunction with Lomas' plan of reorganization and emergence from Chapter 11 bankruptcy proceedings.
 Vista reported a net loss of $7.09 million for the quarter. Of this amount $1.94 million represents real estate tax expense (for which no comparable charge was made in 1991) and $4.48 million represents interest on Vista's senior secured notes, which was paid in kind in April by issuing additional senior secured notes. The senior secured notes were not outstanding in 1991.
 Since Vista accounted for the reorganization using "fresh-start" reporting as of Dec. 31, 1991, the consolidated statement of operations for the quarterly period ended March 31, 1992 is not comparable to 1991. For the quarter ending March 31, 1991 Vista incurred a net loss of $1.29 million.
 According to Ray Garfield, chairman and CEO, Vista's highly qualified management team and board of directors are currently developing strategic plans for each property and the company as a whole. "We are focusing our attention in four principal areas -- property marketing and sales, project strategy, operational efficiency and the issues that affect a new publicly-held entity," he said.
 At March 31, Vista owned a portfolio of over 50 properties in seven states, principally in urban areas.
 -0- 5/19/92
 /CONTACT: Laura Young, 214-746-7460, or Lisa Brittain, 214-746-8085, both of Vista Properties/ CO: Vista Properties Inc. ST: Texas IN: FIN SU: ERN


KD -- NY043 -- 1760 05/19/92 11:27 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 19, 1992
Words:298
Previous Article:SOUTHWEST AIRLINES ANNOUNCES ANNUAL MEETING
Next Article:MOODY'S RELEASES PUBLICATION ON SINGLE FAMILY HOUSING PROGRAMS
Topics:


Related Articles
VISTA ANNOUNCES RESULTS FOR THE SIX MONTHS ENDED JUNE 30, 1992
VISTA ANNOUNCES RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 1992
VISTA INFORMATION SOLUTIONS, INC. ANNOUNCES SIGNIFICANT IMPROVEMENT IN 4Q OPERATING RESULTS
VISTA Information Solutions, Inc. Announces 2Q96 Operating Results, Expanded STARVIEW(TM) Strategy
Vista Medical Schedules Press Release and Conference Call To Announce Third Quarter Results.
Vista Medical Schedules Second Quarter Press Release and Conference Call.
Vista Medical Schedules Third Quarter Press Release and Conference Call.
Vista Medical Re-Schedules Second Quarter Press Release and Conference Call.
Vista Medical Schedules Third Quarter Press Release and Conference Call.
Vista Gold Corp. Announces Rescheduling of Court Hearing to Approve Arrangement.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters