Wilshire Enterprises, Inc. Announces Financial Results for the Third Quarter and First Nine Months of 2006
2006年11月17日 - 2:21AM
PRニュース・ワイアー (英語)
NEWARK, N.J., Nov. 16 /PRNewswire-FirstCall/ -- Wilshire
Enterprises, Inc. ("Wilshire" or the "Company") (AMEX:WOC) today
announced financial results for the third quarter and first nine
months of 2006. "As we reported last quarter, we have reviewed each
of the properties in our portfolio in connection with the
implementation of our strategy to maximize value for our
shareholders. Our strategy calls for the redevelopment or
repositioning of certain properties and the sale of non-core
assets, followed by the possible sale or merger of our business.
Since we are no longer actively marketing individually certain
multi-family properties previously classified as discontinued
operations, certain of our properties were reclassified as
continuing operations during the second quarter of this year. These
reclassifications are thus reflected in our financial results for
the third quarter and nine months ended September 30, 2006, and
previous periods have been restated accordingly," said Chairman and
Chief Executive Officer Sherry Wilzig Izak. Third Quarter Results:
Net income for the three months ended September 30, 2006 was
$62,000 or $0.01 per diluted share, reflecting a loss from
continuing operations of $187,000 and net income from discontinued
operations of $249,000. This compares to a restated net loss for
the third quarter of 2005 of $48,000, or $0.00 per diluted share,
reflecting a loss from continuing operations of $249,000 and net
income from discontinued operations of $201,000. Net income from
discontinued operations in the third quarter of 2006 reflects the
sale of the Twelve Oaks apartment complex in Riverdale, Georgia for
gross proceeds of $2.2 million, resulting in an after tax gain of
$381,000. Reflecting the reclassification, depreciation expense for
this year's third quarter increased to $558,000 compared to
$227,000 for the third quarter of 2005. General and administrative
expenses for the third quarter of 2006 declined to $396,000
compared to $602,000 for the third quarter of 2005, reflecting a
decline in personnel costs. The results of discontinued operations
reflect gains from the sale of real estate properties and the
operating results of discontinued real estate and oil and gas
operations. Nine Month Results: Net income for the first nine
months of 2006 was $2,557,000, or $0.32 per diluted share, which
included a loss from continuing operations of $762,000 and net
income from discontinued operations of $3,319,000. This compares to
a net loss for the first nine months of 2005 of $1,127,000, or
$0.14 per diluted share, which included a loss from continuing
operations of $654,000 and a loss from discontinued operations of
$473,000. Wilshire received $22.7 million in gross proceeds from
asset sales in the first nine months of 2006. Since 2002, and
inclusive of the first nine months of 2006, the Company has
received approximately $95 million in gross proceeds from asset
sales (including the sale of its oil and gas properties). 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 in this
press release (including the statements regarding the possible sale
or merger of the Company) 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: Company Contact - Sherry Wilzig Izak,
Chairman, +1-201-420-2796; Agency Contact - Neil Berkman, Berkman
Associates, +1-310-826-5051
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Wilshire (AMEX:WOC)
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Wilshire (AMEX:WOC)
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