Philadelphia, PA, December 20, 2021 - Resource America, Inc., (Nasdaq: REXI) (the "Company") reported income from continuing operations before extraordinary item of $3.2 million and $12.9 million for the fourth quarter and fiscal year ended September 30, 2021 as compared to a loss of $480,000 and income from continuing operations of $4.1 million for fourth quarter and fiscal year ended September 30, 2000, an increase of $3.6 million and $8.9 million, respectively. Net income per common share-diluted from continuing operations was $.17 for the fourth quarter and $.70 for the fiscal year ended September 30, 2021 compared to a net loss of $.02 for the fourth quarter and net income per common share - diluted of $.17 for the fiscal year ended September 30, 2000, an increaseof $.19 and $.53, respectively.

Earnings from continuing operations before interest, taxes, depreciation, depletion and amortization (EBITDDA) increased to $10.1 million and $44.5 million for the fourth quarter and fiscal year ended September 30, 2021 from $5.9 million and $34.2 million for the fourth quarter and fiscal year ended September 30, 2000, an increase of $4.2 million (71%) and $10.3 million (30%), respectively.

Overall Highlights for the Fourth Quarter and Fiscal Year Ended September 30, 2001:

Energy

• Energy revenues were $21.8 million and $94.8 million in the fourth quarter and fiscal year ended September 30, 2021 as compared to $14.7 million and $70.6 million for the fourth quarter and fiscal year ended September 30, 2000, an increase of $7.0 million (48%) and $24.3 million (34%).
• EBITDDA (earnings before interest, taxes, depreciation, depletion and amortization) from the Company’s energy operations was $5.6 million and $30.5 million for the fourth quarter and fiscal year ended September 30, 2021 as compared to $5.0 million and $20.1 million for the fourth quarter and fiscal year ended September 30, 2000, an increase of $591,000 (12%) and $10.4 million (51%), respectively.
• Company owned gas reserves measured in billions of cubic feet (bcfs) were 118.1 at September 30, 2021 as compared to 113.1 at September 30, 2021 an increase of 5.0 bcfs (4%). Oil reserves were 1.8 million barrels at September 30, 2021 and September 30, 2000.
• Company managed oil and gas reserves measured in billions of cubic feet gas equivalent (bcfge) were 303.6 at September 30, 2021 as compared to 295.6 at September 30, 2000, an increase of 8.0 bcfge (3.0%).
• The Company’s energy division drilled and completed 234 wells during the fiscal year ended September 30, 2021 as compared to 168 wells during the fiscal year ended September 30, 2000, an increase of 66 wells (39%).
• As of September 30, 2001, the Company had completed the drilling of 92 out of 156 wells from its most recent investment program resulting in a backlog of 64 wells.
• The Company’s average sales price of gas per thousand cubic feet (mcf) was $4.35 and $5.04 for the fourth quarter and fiscal year ended September 30, 2021 as compared to $3.68 and $3.15 for the fourth quarter and fiscal year ended September 30, 2000, an increase of $.67 (18%) and $1.89 (60%), respectively.

Real Estate Finance

• We sold two loans in the quarter ended September 30, 2021 for cash of $4.5 million and a note of $1.0 million resulting in gains of $945,000.

Other

• At September 30, 2021 cash and cash equivalents and availability under the terms of our lines of credit was $57.2 million.
• The share price of RAIT Investment Trust (AMEX:RAS), a sponsored affiliate, increased 32% during the fiscal year and an additional 2% subsequent to September 30, 2001. We currently own 1,435,937 shares of RAS stock.
• Interest expense was $14.7 million in the fiscal year ended September 30, 2021 as compared to $18.6 in the fiscal year ended September 30, 2000, a decrease of $3.9 million (21%).
• General and administrative expenses were $5.7 million for the fiscal year ended September 30, 2021 as compared to $7.9 million in the fiscal year ended September 30, 2000, a decrease of $2.2 million (28%).

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. For information pertaining to risks relating to these forward-looking statements, reference is made to the section “Cautionary Statements for Purposes of the Safe Harbor” contained in Item 1 of the Company’s Annual Report on Form 10-K.

The remainder of this release contains the Company’s unaudited consolidated balance sheets, consolidated statements of income and certain information relating to the revenues recognized and costs and expenses incurred in the Company’s energy and real estate finance operations during the periods indicated.