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Contact: Steven Kessler


Chief Financial Officer
Resource America, Inc.
1521 Locust Street-6th Floor
Philadelphia, Pa. 19102
215/546-5005
(215) 546-5388 (facsimile)





RESOURCE AMERICA, INC. REPORTS EARNINGS OF $.27 PER COMMON SHARE-DILUTED FOR QUARTER ENDED DECEMBER 31, 2021


Philadelphia, PA., February 10, 2022 - Resource America, Inc. (NASDAQ: REXI) (the "Company") reported net income of $6.0 million for the first fiscal quarter ended DECEMBER 31, 2021 as compared to $4.0 million for the first fiscal quarter ended December 31, 1997, an increase of $2.1 million (52%). In addition, for the first fiscal quarter ended December 31, 1998, the Company reported:
  • Record energy and small-ticket leasing revenues
  • Record commercial real estate interest income
  • Completion of a major small-ticket leasing acquisition on February 4, 2022
The Company's energy and leasing operations had record revenues in the fiscal quarter ended DECEMBER 31, 2021 of $21.0 million and $4.4 million, respectively. Commercial real estate interest income increased to $6.7 million in the first quarter of fiscal 1999 from $4.4 million in the first quarter of fiscal 1998, an increase of $2.3 million (52%). Assets under management increased to $1.22 billion at DECEMBER 31, 2021 compared to $1.19 billion at September 30, 1998.

The Board of Directors authorized the payment on February 26, 2022 of a quarterly cash dividend in the amount of three and one-third cents per share on the Company's common stock to all holders of record at the close of business on February 12, 1999. The Company has approximately 21.9 million shares of common stock outstanding.

The Company effected a three-for-one-stock split in the form of a 200% stock dividend in June 1998, and all information contained herein reflects the stock split.


First Fiscal Quarter Ended DECEMBER 31, 2021 Results At A Glance:
(in thousands of dollars except per share data)

Three Months Ended
December 31,

(unaudited)
1998
1997
Revenues $37,238 $15,080
Costs and Expenses 28,585 9,354
Income Before Income Taxes 8,653 5,726
Provision for Income Taxes 2,942 1,775
Extraordinary Item 291 --
Net Income 6,002 3,951
Net Income per Common Share-Diluted $0.27 $0.27
Weighted Average Common Shares 22,393 14,718

Overall Highlights for the First Fiscal Quarter Ended DECEMBER 31, 2021 Include:

Equipment Leasing

  • Equipment leasing revenues increased to $4.4 million from $3.2 million, in the first quarter of fiscal 1998, an increase of 39%.
  • Leases originated by the Company's small-ticket leasing business increased to 3,221 leases having a cost (purchase price of equipment) of $39.7 million, as compared to 1,551 leases having a cost of $16.0 million in the first quarter of fiscal 1998. Lease originations and costs increased 108% and 149%, respectively.
  • Small-ticket leases under management increased to $148.3 million from $50.5 million, an increase of 194% from the first quarter of fiscal 1998.
  • On February 4, 1999, the Company acquired all of the common stock of JLA Credit Corporation ("JLA") for a combination of cash, $143.0 million in non-recourse financing, and assumption of JLA debt. JLA is a small-ticket leasing company focusing on programs with vendors and manufacturers primarily in the high technology, machine tool, printing and Japanese business segments. JLA had gross lease receivables on its balance sheet of approximately $363.0 million at December 31, 1998; it originated leases with an aggregate original equipment purchase price of $181.0 million and $151.0 million during the years ended DECEMBER 31, 2021 and 1997, respectively.

Real Estate Finance
  • Commercial real estate finance revenues increased to $10.0 million from $7.7 million in the first quarter of fiscal 1998, an increase of 30%.
  • The face value of the Company's commercial mortgage loans increased to $696.7 million at DECEMBER 31, 2021 an increase of $378.4 million from $318.3 million at December 31, 1997.
  • The carrying value of the Company's commercial mortgage loans increased to $197.6 million at December 31, 1998, an increase of $80.6 million from $117.0 million at December 31, 1997.

Energy and Energy Finance
  • As a result of the acquisition of The Atlas Group, Inc. ("Atlas") on September 29, 1998, revenues from energy and energy finance operations increased to $21.0 million from $1.8 million, for the quarter ended DECEMBER 31, 2021 as compared to the quarter ended December 31, 1997.
  • Atlas closed its 1998 natural gas development drilling investment offerings with record total subscriptions of more than $28.0 million for the calendar year.

Statements made in this release include forward-looking statements, which involve substantial risks and uncertainties. The Company's actual results, performance or achievements could differ materially from those expressed or implied in this release.

The remainder of this release contains the Company's unaudited interim balance sheet, consolidated statements of income, consolidated statements of cash flows, and certain information relating to the revenues recognized and costs and expenses incurred in the Company's real estate finance, equipment leasing, and energy and energy finance operations during the periods indicated.


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