Hallwood Realty Partners (AMEX:HRY)
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Hallwood Realty Partners, L.P. Announces Third Quarter 2003 Financial Results
DALLAS, Nov. 11 /PRNewswire-FirstCall/ -- Hallwood Realty Partners, L.P.
("HRP") announced today its financial results for the quarter ended September
30, 2003. HRP had net income of $394,000 ($0.24 per unit) for the third quarter
of 2003, as compared to net income of $1,843,000 ($1.11 per unit) for the third
quarter of 2002. The net results included $3,951,000 and $3,604,000 of non-cash
depreciation and amortization expense in the 2003 and 2002 third quarters,
respectively.
Total revenues increased $1,074,000, or 6.0%, in the third quarter of 2003 as a
result of a $578,000 increase in revenue from property operations and a $496,000
increase in revenue from construction services. Revenue from property
operations were enhanced by rental income from the addition of the
newly-constructed five-story office building within Executive Park in Atlanta,
Georgia. Construction service revenues increased due to more construction
projects completed in the 2003 period compared to the 2002 period; by their
nature, the demand for and size of construction service projects can vary
significantly from time to time.
Total expenses were $2,471,000, or 15.3%, more in 2003's third quarter than in
2002 due to increases in litigation costs of $1,067,000, construction tenant
service expense of $453,000, general and administrative expenses of $385,000,
depreciation and amortization expense of $347,000, property operating expenses
of $116,000, and interest expense of $103,000.
HRP had a net loss of $1,444,000 ($0.90 per unit) for the first nine months of
2003, as compared to net income of $6,259,000 ($3.76 per unit) for the
comparable period in 2002. The net results included $11,475,000 and $11,133,000
of non-cash depreciation and amortization expense in the 2003 and 2002 periods,
respectively.
Total revenues decreased $604,000, or 1.1%, in the first nine months of 2003 as
a result of a $1,306,000 decrease in revenue from construction services, which
were lower due to fewer construction projects completed in the 2003 period
compared to the 2002 period, offset by a $702,000 increase in rental income
primarily from the addition of the newly-constructed five-story office building
within Executive Park in Atlanta, Georgia.
Total expenses were $6,966,000, or 14.2%, more in 2003's first nine months than
in 2002 due to increases in litigation costs of $6,198,000, general and
administrative expenses of $664,000, property operating expenses of $660,000,
depreciation and amortization expense of $342,000, and interest expense of
$217,000, partially offset by a decrease in construction service expense of
$1,115,000.
The information contained in this news release has been derived from financial
information to be included in Form 10-Q filed with the Securities and Exchange
Commission.
The following table sets forth selected unaudited financial information (in
thousands, except per unit amounts):
Three Months Ended Nine Months Ended
September 30, September 30,
2003 2002 2003 2002
Total revenues $18,855 $17,781 $54,397 $55,001
Total expenses 18,595 16,124 56,176 49,210
Income (loss) before
interest income 260 1,657 (1,779) 5,791
Interest income 134 186 335 468
Net income (loss) $ 394 $ 1,843 $(1,444) $ 6,259
Net income (loss) per unit:
Basic $ 0.24 $ 1.15 $ (0.90) $ 3.90
Assuming dilution $ 0.24 $ 1.11 $ (0.90) $ 3.76
Weighted average units
outstanding:
Basic 1,594 1,590 1,593 1,590
Assuming dilution 1,652 1,647 1,593 1,647
HRP, a publicly traded Delaware limited partnership, is engaged in the
acquisition, ownership and operation of commercial real estate assets.
Certain statements in this news release may constitute "forward-looking
statements" which are subject to known and unknown risks and uncertainties
including, among other things, certain economic conditions, competition,
development factors and operating costs that may cause the actual results to
differ materially from results implied by such forward-looking statements. These
risks and uncertainties are described in greater detail in HRP's periodic
filings with the SEC.
DATASOURCE: Hallwood Realty Partners, L.P.
CONTACT: Investor Relations of Hallwood Realty Partners, L.P.,
+1-214-528-5588
Web site: http://www.hallwood.com/hrp