Arizona Land (AMEX:AZL)
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Arizona Land Income Corp. (AMEX: AZL), an independent
real estate investment trust (REIT), today announced earnings for the
three- and nine-month periods ending Sept. 30, 2005.
For the operating period of July 1, 2005, through Sept. 30, 2005,
the company had total income of approximately $99,000 compared to
$83,000 for the quarter ended Sept. 30, 2004.
The company reported a net loss of approximately $51,000 for the
quarter ended Sept. 30, 2005, compared to net income of approximately
$56,000 for the quarter ended Sept. 30, 2004. The decrease in net
income is primarily attributable to a charge for income taxes of
approximately $123,000 in the third quarter. The company incurred this
expense in connection with its tax planning following a determination
that although the company's tax loss carryforward is still available
for federal income tax purposes, it had expired for Arizona state
income tax purposes.
For the operating period of Jan. 1, 2005, through Sept. 30, 2005,
the company reported total income before gain on sale of properties of
approximately $285,000 compared to $132,000 for the same period in the
prior fiscal year.
For the nine months ended Sept. 30, 2005, the company's expenses
totaled approximately $137,000 compared to approximately $139,000 for
the same period in the prior fiscal year. The increase in expenses is
attributable to the non-recurring income tax expense of approximately
$123,000. The company reported net income of approximately $24,000 for
the nine months ended Sept. 30, 2005, compared to net income of
approximately $1,000,000 for the same period in 2004. The decrease in
net income is a result of a large non-recurring gain on the sale of
property in 2004.
The company has declared a regular quarterly dividend of $.10 per
share payable Jan. 17, 2006, to shareholders of record Jan. 3, 2006.
As disclosed in the company's quarterly report on Form 10-QSB
filed with the Securities and Exchange Commission on Nov. 14, 2005,
the company's board of directors, acting in consultation with the
special committee of the board of directors, intends to work toward
the ultimate dissolution of the company and liquidation of its assets.
To date, the board of directors has not made a decision regarding the
dissolution of the company and will continue to review with its
financial advisor any and all proposals regarding a possible
acquisition of the company or other strategic transaction that could
enhance shareholder value.
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, nor can any assurance be given with respect to a possible
dissolution of the company. 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-KSB, subsequent quarterly
filings on Form 10-QSB, 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.