Wilshire Enterprises, Inc. Announces Financial Results for the First Quarter 2006
2006年5月16日 - 7:41AM
PRニュース・ワイアー (英語)
NEWARK, N.J., May 15 /PRNewswire-FirstCall/ -- Wilshire
Enterprises, Inc. ("Wilshire" or the "Company") (AMEX:WOC) today
announced financial results for the first quarter ended March 31,
2006. Net income for the first quarter 2006 increased to
$3,424,000, or $0.43 per diluted share, reflecting a loss from
continuing operations of $27,000 and income from discontinued
operations of $3,451,000. Discontinued operations in the 2006
period included after-tax gains of $3.6 million from the sale of
the Company's triple net lease on a bank branch building in
Rutherford, New Jersey and the sale of the Company's condominiums
at Galsworthy Arms in Long Branch, New Jersey. For the 2005
quarter, net income was $255,000, or $0.03 per diluted share,
reflecting income from continuing operations of $315,000 and a loss
from discontinued operations of $60,000. As previously reported in
the Company's Annual Report on Form 10-K, results for the 2005
quarter have been restated to reflect a change in the accounting
for foreign currency translation gains arising from the Company's
former Canadian oil and gas operations, which decreased previously
reported net income by $63,000. Wilshire received $8.8 million in
gross proceeds from asset sales in the first quarter of 2006. Since
2002, and inclusive of the first quarter of 2006, the Company
received $80.4 million in gross proceeds from assets sales, and had
a pending sale of $12.8 million, which closed on May 4, 2006. The
Company recently announced a $3.00 per share cash dividend payable
on June 29, 2006 to stockholders of record on May 25, 2006. About
Wilshire Enterprises Wilshire is engaged primarily in the ownership
and management of real estate investments in the United States
including the sunbelt states of Arizona, Florida, and Texas.
FORWARD-LOOKING STATEMENT: The non-historical statements (including
the statements regarding future purchases and sales) in this press
release are "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements are subject to several risks and
uncertainties that could cause actual results to differ materially
from such statements. Such risks and uncertainties include
uncertainties inherent in any analysis of business transactions,
including the impact of market, economic and competitive conditions
on the Company and others, as well as other risks and uncertainties
disclosed in the Company's 2005 Form 10-K filed with the Securities
and Exchange Commission. Company Contact: Sherry Wilzig Izak,
Chairman, 201-420-2796 Agency Contact: Neil Berkman, Berkman
Associates, 310-826-5051 DATASOURCE: Wilshire Enterprises, Inc.
CONTACT: Sherry Wilzig Izak, Chairman of Wilshire Enterprises,
Inc., +1-201-420-2796; or Neil Berkman of Berkman Associates,
+1-310-826-5051 for Wilshire Enterprises, Inc.
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