Arizona Land Income Corp. Restates Its 2004 Annual Income
2005年8月16日 - 6:43AM
ビジネスワイヤ(英語)
Arizona Land Income Corp. (AMEX: AZL), an independent real estate
investment trust (REIT), today announced a restatement of its 2004
annual income to reclassify the results of the sale of its last
major real asset in May 2004. The company had used the full accrual
method in reporting this transaction, and has now revised its
financial statements to use the installment sale convention. As a
result of this restatement, the company has now reported a "gain on
sale of properties" in 2004 of $1,081,262 rather than $4,648,963
previously reported. The effect of this restatement is to reduce
the year ended 2004 net income from $5,505,990 to $1,938,289, which
reduces 2004 net income per share from $2.97 to $1.05. The company
has also deferred the balance of $3,567,701 of the gain on real
estate sale by recording it as a contra balance against the
mortgage note receivable. The deferred gain, which will be
recognized as income as payments, are received in subsequent years.
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 strategic transaction on
favorable terms or at all. 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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