UMH Properties, Inc. Reports First Quarter Earnings
2008年5月10日 - 5:30AM
PRニュース・ワイアー (英語)
FREEHOLD, N.J., May 9 /PRNewswire-FirstCall/ -- UMH Properties,
Inc. (AMEX:UMH) reported net loss of ($305,000) or ($0.03) a share
for the quarter ended March 31, 2008, as compared to net income of
$837,000 or $0.08 a share for the quarter ended March 31, 2007.
Included in the loss for 2008 are losses in our futures contracts
of $651,000 or $0.06 a share and an increase in interest expense of
$349,000 or $0.03 per share due to the fair value of our interest
rate swaps. A summary of significant financial information for the
three months ended March 31, 2008 and 2007 is as follows: For the
Three Months Ended 3/31/08 3/31/07 Total Revenues $8,316,000
$8,800,000 Total Expenses $8,616,000 $7,995,000 Net Income (Loss)
$(305,000) $837,000 Net Income per Share $(.03) $.08 FFO (1)
$714,000 $1,693,000 FFO per Share (1) $.07 $.16 Weighted Average
Shares Outstanding 10,771,000 10,368,000 (1) Non-GAAP Information:
Funds from Operations (FFO) is defined as net income excluding
gains (or losses) from sales of depreciable assets, plus
depreciation. FFO per share is defined as FFO divided by the
weighted average shares outstanding. FFO and FFO per share should
be considered as supplemental measures of operating performance
used by real estate investment trust (REITs). FFO and FFO per share
exclude historical cost depreciation as an expense and may
facilitate the comparison of REITs which have different cost bases.
The items excluded from FFO and FFO per share are significant
components in understanding and assessing the Company's financial
performance. FFO and FFO per share (1) do not represent cash flow
from operations as defined by generally accepted accounting
principles; (2) should not be considered as alternatives to net
income or net income per share as measures of operating performance
or to cash flows from operating, investing and financing
activities; and (3) are not alternatives to cash flow as a measure
of liquidity. FFO and FFO per share, as calculated by the Company,
may not be comparable to similarly entitled measures reported by
other REITs. The Company's FFO for the quarter ended March 31, 2008
and 2007 is calculated as follows: 2008 2007 Net Income (Loss)
($305,000) $837,000 Loss (Gain) on Sales of Depreciable Assets
4,000 (32,000) Depreciation Expense 1,015,000 888,000 FFO $714,000
$1,693,000 The following are the cash flows provided (used) by
operating, investing and financing activities for the three months
ended March 31, 2008 and 2007: 2008 2007 Operating Activities
$1,909,000 ($516,000) Investing Activities (2,979,000) (1,154,000)
Financing Activities 788,000 1,656,000 Samuel A. Landy, President,
stated that, "UMH experienced disappointing earnings for the first
quarter ended March 31, 2008. UMH's business plan envisions a
resurgence in sales for affordable manufactured housing. The
decline in the housing market and the unsettling economy has slowed
this resurgence. UMH invested over $5 million in newly-built home
sites over the past twelve months. These expansions upgraded our
communities and increased rental income. The full benefits of these
expansions cannot be seen until these expansions are fully on line
and vacant sites are filled. UMH added several new executives to
its staff to position itself for expanded sales and finance. UMH
increased inventory to a record high of $12 million. Instead of
increased sales, sales actually decreased in the first quarter.
"Management remains optimistic that sales will increase
substantially. Affordable housing is a necessity. Conventional home
ownership is trending back down, and we anticipate seeing greater
demand for our property type. UMH is well positioned to benefit
from this demand based on our locations, the quality of our
communities and our personnel. The manufactured housing industry
suffers from a lack of financing sources for sales of homes. UMH
has a competitive advantage if it can provide financing to our
customers. April's sales were good for UMH, but it is too early to
say if this is the beginning of a turnaround. We note that
occupancy is stable, and rents have increased. With increased sales
and occupancy, UMH will demonstrate improved financial performance.
Our focus, as always, remains on the longer term. In this regard,
it is worth noting that our nation is just now emerging from an
unprecedented conventional housing bubble. I am very proud of our
accomplishments to date and remain optimistic about the future.
"UMH has had to postpone a decision on its dividend policy pending
a clearer picture of our borrowing capacity. Our dividend meeting
is now scheduled for May 28, 2008. We anticipate recommending a
reduced dividend in 2008." UMH, a publicly-owned REIT, owns and
operates twenty-eight manufactured home communities located in New
Jersey, New York, Pennsylvania, Ohio and Tennessee. In addition,
the Company owns a portfolio of REIT securities. Certain statements
included in this press release which are not historical facts may
be deemed forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Although the
Company believes the expectations reflected in any forward-looking
statements are based on reasonable assumptions, the Company can
provide no assurance those expectations will be achieved. Factors
and risks that could cause actual results or events to differ
materially from expectations are contained in the Company's annual
report on Form 10-K and described from time to time in the
Company's other filings with the SEC. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements whether as a result of new information, future events,
or otherwise. DATASOURCE: UMH Properties, Inc. CONTACT: Rosemarie
Faccone or Susan Jordan, both of UMH Properties, Inc.,
+1-732-577-9997
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