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Contact: Michael L. Staines
Sr. Vice President
Resource America, Inc.
1521 Locust Street - 4th Floor
Philadelphia, PA 19102
(215) 546-5005, (215) 546-5388 (facsimile)
RESOURCE AMERICA, INC. REPORTS RECORD EARNINGS FOR FISCAL YEAR ENDED SEPTEMBER 30, 1997
Philadelphia, PA, 11/11/1997 - Resource America, Inc.
(NASDAQ:REXI) (the "Company") announced net income of $10.95 million and $3.20 million for the year and three month periods ended September 30, 1997, respectively - an increase of 113% and 320% over the net income from
the corresponding periods of the Company's prior fiscal year.
During the year ended September 30, 1997, as compared to the corresponding 1996 period, revenues increased to $32.84 million from $16.99 million, income
from operations increased to $14.86 million from $7.35 million and net income increased to $10.95 million from $5.15 million. During the three months ended September 30, 1997, as compared to the corresponding 1996 period, revenues increased to $12.32 million from $3.54 million, income from operations increased to $4.69 million from $1.18 million and net income increased to $3.20
million from $.76 million.
Fully diluted net income per share was $2.50 and $.66 for the year and three month periods ended September 30, 1997, respectively, as compared to $1.87 and $.23 for corresponding 1996 periods.
As a result of the Company's equity offering of 1,656,000 new shares of its common stock in November 1996, fully diluted average shares outstanding for the
year ended September 30, 1997 increased to 4,385,200 from 2,763,000 in the corresponding 1996 period, while fully diluted average shares outstanding for the three months ended September 30, 1997 increased to 4,829,000 from
2,847,300 in the corresponding 1996 period.
Resource America, Inc. is a specialty finance company engaged in the financing of mortgage loans and commercial equipment leasing. In addition, the Company owns, manages, and operates energy assets in the Appalachian basin.
CONDENSED CONSOLIDATED COMPARATIVE
FINANCIAL STATEMENTS
(In Thousands Except Per Share Data)
| Year Ended September 30,
| Three months Ended September 30,
|
| 1997
| 1996
| 1997
| 1996
|
| Revenue | $32,844 | $16,991 | $12,323 | $3,541 |
| Income from Operations | 14,857 | 7,346 | 4,685 | 1,178 |
| Provision for Income Taxes | 3,980 | 2,206 | 1,486 | 416 |
| Net Income | 10,951 | 5,147 | 3,201 | 762 |
| Net Income/share (fully diluted) | 2.50 | 1.87 | .66 | .23 |
| Total Assets | 195,119 | 43,959 | 195,119 | 43,959 |
| Stockholders' Equity | 64,829 | 31,123 | 64,829 | 31,123 |
| Average Shares (fully diluted) | 4,385,200 | 2,763,000 | 4,829,000 | 2,847,300 |
|
