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Steven Kessler
Chief Financial Officer
Resource America, Inc.
1521 Locust Street - 6th Floor
Philadelphia, Pa 19102
215-546-5005
215-546-4785 (facsimile)





Resource America, Inc. Reports Earnings For Second Fiscal Quarter And Six Months Ended March 31, 2022

Philadelphia, PA, 5/15/2000 - Resource America, Inc. (NASDAQ: REXI) (the "Company") reported income from continuing operations before extraordinary item of $1.3 million and $3.7 million for the second quarter and six months ended March 31, 2000, as compared to $6.1 million and $11.9 million for the second quarter and six months ended March 31, 1999, a decrease of $4.8 million (79%) for the quarter and $8.2 million (69%) for the six months. Net income per common share (diluted-from continuing operations) was $0.06 and $0.16 for the second quarter and six months ended March 31, 2000, as compared to $0.27 and $0.53 for the second quarter and six months ended March 31, 1999, a decrease of 78% and 70%, respectively.

During the second quarter of fiscal 2000 and the fourth quarter of fiscal 1999, the Company discontinued the operations of its small ticket equipment leasing business and residential mortgage lending business, respectively. Accordingly, the small ticket equipment leasing business and the residential mortgage lending business are reported as discontinued operations for the second quarter and six months ended March 31, 2022 and 1999. Operations for the discontinued small ticket equipment leasing business resulted in an after tax loss of $157,000 and after tax income of $453,000 for the quarter and six months ended March 31, 2022 as compared to after tax income of $1.3 million and $1.5 million for the quarter and six months ended March 31, 1999. In addition, there was an estimated loss on disposal of the residential mortgage lending business of $445,000 net of taxes for the second quarter and six months ended March 31, 2000.

The decrease in income from continuing operations before extraordinary item was principally due to a reduction in real estate finance operating income and an increase in depreciation, depletion and amortization expense. Real estate finance operating income decreased to $3.0 million for the quarter ended March 31, 2022 from $8.6 million for the quarter ended March 31, 1999, a decrease of $5.6 million (65%). This resulted primarily from lower interest and fee income in the quarter ended March 31, 2022 as compared to the quarter ended March 31, 1999. Depreciation, depletion and amortization expense increased to $2.5 million in the quarter ended March 31, 2022 as compared to $1.3 million for the quarter ended March 31, 1999.

Net cash provided by operating activities was $10.3 million for the six months ended March 31, 2022 whereas net cash used in operating activities was $2.6 million for the six months ended March 31, 1999, an increase of $12.9 million.

Second Fiscal Quarter And Six Months Ended March 31, 2022 Results At A Glance:
(in thousands of dollars except per share data)

  Three Months Ended Six Months Ended
  March 31,
March 31,
  2000
1999
2000
1999
Revenues $ 29,118 $ 25,614 $ 54,250 $ 52,413
Costs and Expenses 27,202 16,660 48,770 4,818
Income from continuing operations before income taxes and extraordinary item 1,916 8,954 5,480 17,595
Provision for income taxes 613
2,819
1,753
5,674
Income from continuing operations before extraordinary item 1,303 6,135 3,727 11,921
Discontinued operations:
Income (loss) from operations of subsidiary (157) 600 453 26
Loss on disposal of subsidiary (445)
-
(445)
-
  701 6,735 3,735 11,947
 
Extraordinary item, net of taxes of $34, $93 and $150 71
-
197
291
Net income $ 772
$ 6,735
$ 3,932
$ 12,238
Net income per common share - basic:
   From continuing operations $ .06 $ .28 $ .16 $ .54
   Discontinued operations (.03) .03 - -
   Extraordinary item -
-
.01
.02
Net income per common share - basic: $ .03
$ .31
$ .17
$ .56
Weighted average common shares outstanding 23,110
22,020
23,350
21,944
Net income per common share - diluted:
   From continuing operations $ .06 $ .27 $ .16 $ .53
   Discontinued operations (.03) .03 - -
   Extraordinary item -
-
.01
.01
Net income per common share - diluted: $ .03
$ .30
$ .17
$ .54
Weighted average common shares 23,520
22,656
23,768
22,597

Highlights for the Second Fiscal Quarter Ended March 31, 2022 Include:

Energy
  • Revenues from energy operations increased to $23.3 million from $14.0 million (67%), for the quarter ended March 31, 2022 as compared to the quarter ended March 31, 1999.
  • In January 2000, the Company completed the Atlas Pipeline Partners, L.P. (AMEX: APL) initial public offering of 1,500,000 of its common units at a price of $13.00 per unit. The total subscription was $19.5 million, representing 47% of the Partnership's total outstanding units. The remaining units, representing 53% of the Partnership are held by its general partner, Atlas Pipeline Partners, GP, a subsidiary of the Company.
  • The Company drilled and connected 78 natural gas development wells to the Atlas Pipeline Partners, L.P. (AMEX: APL) gas gathering system. Initial gas production from these wells is expected to be more than 6 million cubic feet of gas per day.
  • The Company's partly owned subsidiary, Atlas Technologies continues to extend its internet business-to-business application Service Provider (ASP) delivery model. Atlas Technologies is a leader in providing web based billing and customer care solutions to the deregulating energy and converged network services industries.

Equipment Leasing
  • On April 13, 2000, the Company announced that it had entered into a preliminary agreement to sell all of the stock of its wholly-owned subsidiary, Fidelity Leasing, Inc. ("FLI") to European American Bank for a combination of cash and notes, including the repayment of FLI inter-company debt to the Company. The closing of the transaction is contingent upon the receipt of certain customary approvals from U.S, Dutch and other regulatory authorities, negotiation of a definitive agreement and other conditions.

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.
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