Arizona Land (AMEX:AZL)
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From Jun 2019 to Jun 2024
Arizona Land Income Corp. (AMEX: AZL), an independent
real estate investment trust (REIT), today announced a restatement of
its 2004 annual income to reclassify the results of the sale of its
last major real asset in May 2004. The company had used the full
accrual method in reporting this transaction, and has now revised its
financial statements to use the installment sale convention.
As a result of this restatement, the company has now reported a
"gain on sale of properties" in 2004 of $1,081,262 rather than
$4,648,963 previously reported. The effect of this restatement is to
reduce the year ended 2004 net income from $5,505,990 to $1,938,289,
which reduces 2004 net income per share from $2.97 to $1.05. The
company has also deferred the balance of $3,567,701 of the gain on
real estate sale by recording it as a contra balance against the
mortgage note receivable. The deferred gain, which will be recognized
as income as payments, are received in subsequent years.
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 strategic transaction
on favorable terms or at all. 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.