Arizona Land (AMEX:AZL)
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From May 2019 to May 2024
Arizona Land Income Corp. (AMEX: AZL), an independent
real estate investment trust (REIT), today announced earnings for the
three and six month periods ending June 30, 2005.
For the operating period of April 1 through June 30, 2005, the
company had total income before sale of properties of approximately
$95,000 compared to $41,000 for the quarter ended June 30, 2004. The
company attributes this increase to an increase of approximately
$47,000 in interest on mortgages. The company reported net income of
approximately $32,000 or $.02 per share for the quarter ended June 30,
2005, compared to a net income of approximately $1,056,000 or $.57 per
share for the quarter ended June 30, 2004. The income for the period
ending June 30, 2004 included a non-recurring gain on sale of property
of $1,081,000. The net income for the quarter ending June 30, 2004 was
a loss of $25,000 or $.01 per share excluding the non-recurring gain.
The increase in net income is attributable to an increase in mortgage
interest of $47,000.
For the six-month period ending June 30, 2005, the company
reported total income before sale of properties of approximately
$186,000 compared to approximately $49,000 for the same period during
fiscal 2004. This increase is due primarily to an increase of
approximately $118,000 in interest on mortgages and an increase in
interest on temporary investments of approximately $15,000.
The company reported net income of approximately $75,000 or $.04
per share for the period from Jan. 1, 2005 through June 30, 2005. The
net income for the comparable prior period in 2004 was approximately
$1,019,000 or $.55 per share. The income for the six-month period
ended June 30, 2004 included a non-recurring gain on sale of
properties of $1,081,000. The company's net income for the period
ending June 30, 2004 was a loss of $62,000 or $.03 per share excluding
the non-recurring gain. The increase in net income is attributable to
an increase in mortgage interest of approximately $118,000 in interest
on mortgages and an increase in interest on temporary investments of
approximately $15,000.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
Statements contained in this release except for historical
information are forward-looking statements that are based on current
expectations and involve risks and uncertainties. Without limiting the
generality of the foregoing, words such as "may," "will," "expect,"
"believe," "anticipate," "intend," "could," "estimate," or "continue"
or the negative or other variations thereof or comparable terminology
are intended to identify forward-looking statements. The risks and
uncertainties inherent in such statements may cause actual future
events or results to differ materially and adversely from those
described in the forward-looking statements. Specifically, there can
be no assurance that the company will complete a merger or acquisition
transaction, or any other strategic transaction on favorable terms or
at all. Additional important factors that may cause a difference
between projected and actual results for the company are discussed in
the company's filings from time to time with the U.S. Securities and
Exchange Commission, including but not limited to the company's annual
reports on Form 10-K, subsequent quarterly filings on Form 10-Q and
current reports on Form 8-K. The company disclaims any obligation to
revise or update any forward-looking statements that may be made from
time to time by it or on its behalf.