Arizona Land Income Corp. Reports Second Quarter Results
August 15 2005 - 5:41PM
Business Wire
Arizona Land Income Corp. (AMEX: AZL), an independent real estate
investment trust (REIT), today announced earnings for the three and
six month periods ending June 30, 2005. For the operating period of
April 1 through June 30, 2005, the company had total income before
sale of properties of approximately $95,000 compared to $41,000 for
the quarter ended June 30, 2004. The company attributes this
increase to an increase of approximately $47,000 in interest on
mortgages. The company reported net income of approximately $32,000
or $.02 per share for the quarter ended June 30, 2005, compared to
a net income of approximately $1,056,000 or $.57 per share for the
quarter ended June 30, 2004. The income for the period ending June
30, 2004 included a non-recurring gain on sale of property of
$1,081,000. The net income for the quarter ending June 30, 2004 was
a loss of $25,000 or $.01 per share excluding the non-recurring
gain. The increase in net income is attributable to an increase in
mortgage interest of $47,000. For the six-month period ending June
30, 2005, the company reported total income before sale of
properties of approximately $186,000 compared to approximately
$49,000 for the same period during fiscal 2004. This increase is
due primarily to an increase of approximately $118,000 in interest
on mortgages and an increase in interest on temporary investments
of approximately $15,000. The company reported net income of
approximately $75,000 or $.04 per share for the period from Jan. 1,
2005 through June 30, 2005. The net income for the comparable prior
period in 2004 was approximately $1,019,000 or $.55 per share. The
income for the six-month period ended June 30, 2004 included a
non-recurring gain on sale of properties of $1,081,000. The
company's net income for the period ending June 30, 2004 was a loss
of $62,000 or $.03 per share excluding the non-recurring gain. The
increase in net income is attributable to an increase in mortgage
interest of approximately $118,000 in interest on mortgages and an
increase in interest on temporary investments of approximately
$15,000. Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995 Statements contained in this release
except for historical information are forward-looking statements
that are based on current expectations and involve risks and
uncertainties. Without limiting the generality of the foregoing,
words such as "may," "will," "expect," "believe," "anticipate,"
"intend," "could," "estimate," or "continue" or the negative or
other variations thereof or comparable terminology are intended to
identify forward-looking statements. The risks and uncertainties
inherent in such statements may cause actual future events or
results to differ materially and adversely from those described in
the forward-looking statements. Specifically, there can be no
assurance that the company will complete a merger or acquisition
transaction, or any other strategic transaction on favorable terms
or at all. Additional important factors that may cause a difference
between projected and actual results for the company are discussed
in the company's filings from time to time with the U.S. Securities
and Exchange Commission, including but not limited to the company's
annual reports on Form 10-K, subsequent quarterly filings on Form
10-Q and current reports on Form 8-K. The company disclaims any
obligation to revise or update any forward-looking statements that
may be made from time to time by it or on its behalf.
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