Arizona Land Income Corp. Reports Third Quarter Results and Declares a Regular Quarterly Dividend
November 15 2005 - 12:45PM
Business Wire
Arizona Land Income Corp. (AMEX: AZL), an independent real estate
investment trust (REIT), today announced earnings for the three-
and nine-month periods ending Sept. 30, 2005. For the operating
period of July 1, 2005, through Sept. 30, 2005, the company had
total income of approximately $99,000 compared to $83,000 for the
quarter ended Sept. 30, 2004. The company reported a net loss of
approximately $51,000 for the quarter ended Sept. 30, 2005,
compared to net income of approximately $56,000 for the quarter
ended Sept. 30, 2004. The decrease in net income is primarily
attributable to a charge for income taxes of approximately $123,000
in the third quarter. The company incurred this expense in
connection with its tax planning following a determination that
although the company's tax loss carryforward is still available for
federal income tax purposes, it had expired for Arizona state
income tax purposes. For the operating period of Jan. 1, 2005,
through Sept. 30, 2005, the company reported total income before
gain on sale of properties of approximately $285,000 compared to
$132,000 for the same period in the prior fiscal year. For the nine
months ended Sept. 30, 2005, the company's expenses totaled
approximately $137,000 compared to approximately $139,000 for the
same period in the prior fiscal year. The increase in expenses is
attributable to the non-recurring income tax expense of
approximately $123,000. The company reported net income of
approximately $24,000 for the nine months ended Sept. 30, 2005,
compared to net income of approximately $1,000,000 for the same
period in 2004. The decrease in net income is a result of a large
non-recurring gain on the sale of property in 2004. The company has
declared a regular quarterly dividend of $.10 per share payable
Jan. 17, 2006, to shareholders of record Jan. 3, 2006. As disclosed
in the company's quarterly report on Form 10-QSB filed with the
Securities and Exchange Commission on Nov. 14, 2005, the company's
board of directors, acting in consultation with the special
committee of the board of directors, intends to work toward the
ultimate dissolution of the company and liquidation of its assets.
To date, the board of directors has not made a decision regarding
the dissolution of the company and will continue to review with its
financial advisor any and all proposals regarding a possible
acquisition of the company or other strategic transaction that
could enhance shareholder value. 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, nor can any
assurance be given with respect to a possible dissolution of the
company. 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-KSB, subsequent quarterly filings on Form
10-QSB, 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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