Alexander's, Inc. Operating Results for the Year and Quarter Ended December 31, 2006
26 Febbraio 2007 - 3:07PM
Business Wire
ALEXANDER�S, INC. (New York Stock Exchange: ALX) today reported:
Year Ended December 31, 2006 Results Net loss for the year ended
December 31, 2006 was $75.0 million, or $14.92 per diluted share,
compared to net income of $82.2 million, or $16.19 per diluted
share, for the year ended December 31, 2005. Funds from operations
(�FFO�) for the year ended December 31, 2006 was a negative $53.2
million, or $10.59 per diluted share, compared to a positive $102.0
million, or $20.09 per diluted share, for the year ended December
31, 2005. Net loss and negative FFO for the year ended December 31,
2006 include, $148.6 million, for an accrual of stock appreciation
rights (�SARs�) compensation expense, partially offset by, $13.3
million for an after-tax net gain from the sale of residential
condominium units at 731 Lexington Avenue. These items, in the
aggregate, decreased net income and FFO by $135.3 million, or
$26.92 per diluted share. Net income and FFO for the year ended
December 31, 2005 include, $60.9 million for an after-tax net gain
from the sale of residential condominium units at 731 Lexington
Avenue and $2.1 million of income from the settlement of claims
against third parties for environmental remediation at Kings Plaza,
partially offset by, $27.6 million for an accrual of SARs
compensation expense. These items, in the aggregate, increased net
income and FFO by $35.4 million, or $6.98 per diluted share.
Quarter Ended December 31, 2006 Results Net loss for the quarter
ended December 31, 2006 was $74.4 million, or $14.79 per diluted
share, compared to net income of $40.3 million, or $7.93 per
diluted share, for the quarter ended December 31, 2005. FFO for the
quarter ended December 31, 2006 was a negative $68.9 million, or
$13.70 per diluted share, compared to a positive $45.5 million, or
$8.96 per diluted share, for the quarter ended December 31, 2005.
Net loss and negative FFO for the quarter ended December 31, 2006
include, $93.0 million, or $18.49 per diluted share, for an accrual
of SARs compensation expense. Net income and FFO for the quarter
ended December 31, 2005 include, $19.2 million for the reversal of
a portion of the SARs compensation expense accrual, $6.4 million
for an after-tax net gain from the sale of residential condominium
units at 731 Lexington Avenue and $1.7 million of income from the
settlement of claims against third parties for environmental
remediation at Kings Plaza. These items, in the aggregate,
increased net income and FFO by $27.3 million, or $5.38 per diluted
share. Alexander�s, Inc. is a real estate investment trust which
has seven�properties in the greater New�York City metropolitan
area. Certain statements contained herein may constitute
�forward-looking statements� within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors, which may cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Such factors include, among
others, risks associated with the timing of and costs associated
with property improvements, financing commitments and general
competitive factors. ALEXANDER'S, INC. OPERATING RESULTS FOR THE
YEAR AND QUARTER ENDED DECEMBER 31, 2006 AND 2005 Below is a table
of selected operating results. YEAR ENDED DECEMBER 31, (Amounts in
thousands, except share and per share amounts) 2006� 2005� �
Revenues $ 198,772� $ 187,085� � (Loss) Income from continuing
operations $ (88,239) $ 21,298� Net gain on sale of condominiums,
net of income taxes 13,256� 60,943� Net (loss) income $ (74,983) $
82,241� � Net (loss) income per common share - basic: (Loss) income
from continuing operations $ (17.56) $ 4.24� Net gain on sale of
condominiums, net of income taxes 2.64� 12.14� Net (loss) income
per common share - basic $ (14.92) $ 16.38� � Net (loss) income per
common share - diluted: (Loss) income from continuing operations $
(17.56) $ 4.19� Net gain on sale of condominiums, net of income
taxes 2.64� 12.00� Net (loss) income per common share - diluted $
(14.92) $ 16.19� � Weighted average share and share equivalents
outstanding: Basic 5,025,726� 5,021,350� Diluted 5,025,726�
5,080,171� � (Negative FFO) FFO $ (53,242) $ 102,037� � (Negative
FFO) FFO per diluted share $ (10.59) $ 20.09� � Weighted average
shares used in computing diluted FFO per share 5,025,726�
5,080,171� QUARTER ENDED DECEMBER 31, (Amounts in thousands, except
share and per share amounts) 2006� 2005� � Revenues $ 50,226� $
50,286� � (Loss) Income from continuing operations $ (74,361) $
33,887� Net gain on sale of condominiums, net of income taxes --�
6,426� Net (loss) income $ (74,361) $ 40,313� � Net (loss) income
per common share - basic: (Loss) income from continuing operations
$ (14.79) $ 6.74� Net gain on sale of condominiums, net of income
taxes --� 1.28� Net (loss) income per common share - basic $
(14.79) $ 8.02� � Net (loss) income per common share - diluted:
(Loss) income from continuing operations $ (14.79) $ 6.67� Net gain
on sale of condominiums, net of income taxes --� 1.26� Net (loss)
income per common share - diluted $ (14.79) $ 7.93� � Weighted
average share and share equivalents outstanding: Basic 5,027,912�
5,024,000� Diluted 5,027,912� 5,082,870� � (Negative FFO) FFO $
(68,890) $ 45,551� � (Negative FFO) FFO per diluted share $ (13.70)
$ 8.96� � Weighted average shares used in computing diluted FFO per
share 5,027,912� 5,082,870� The following table reconciles net
(loss) income to (Negative FFO) FFO: YEAR ENDED DECEMBER 31,
(Amounts in thousands) 2006� 2005� � Net (loss) income $ (74,983) $
82,241� Depreciation and amortization of real property 21,741�
19,796� (Negative FFO) FFO $ (53,242) $ 102,037� QUARTER ENDED
DECEMBER 31, (Amounts in thousands) 2006� 2005� � Net (loss) income
$ (74,361) $ 40,313� Depreciation and amortization of real property
5,471� 5,238� (Negative FFO) FFO $ (68,890) $ 45,551� FFO is
computed in accordance with the definition adopted by the Board of
Governors of the National Association of Real Estate Investment
Trusts (�NAREIT�). NAREIT defines FFO as net earnings determined in
accordance with accounting principles generally accepted in the
United States of America (�GAAP�), excluding extraordinary items as
defined under GAAP and gains or losses from sales of previously
depreciated operating real estate assets, plus specified non-cash
items, such as real estate asset depreciation and amortization, and
after adjustments for unconsolidated partnerships and joint
ventures. FFO and FFO per diluted share are used by management,
investors and industry analysts as supplemental measures of
operating performance of equity REITs. FFO and FFO per diluted
share should be evaluated along with GAAP net earnings and earnings
per diluted share (the most directly comparable GAAP measures), as
well as cash flow from operating activities, investing activities
and financing activities, in evaluating the operating performance
of equity REITs. Management believes that FFO and FFO per diluted
share are helpful to investors as supplemental performance measures
because these measures exclude the effect of depreciation,
amortization and gains or losses from sales of depreciable real
estate, all of which are based on historical costs which implicitly
assumes that the value of real estate diminishes predictably over
time. Since real estate values instead have historically risen or
fallen with market conditions, these non-GAAP measures can
facilitate comparisons of operating performance between periods and
among other equity REITs. FFO does not represent cash generated
from operating activities in accordance with GAAP and is not
necessarily indicative of cash available to fund cash needs as
disclosed in the Company�s consolidated statements of cash flows.
FFO should not be considered as an alternative to net earnings as
an indicator of the Company�s operating performance or as an
alternative to cash flows as a measure of liquidity.
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