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.
Arizona Land (AMEX:AZL)
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