Meredith Enterprises (AMEX:MPQ)
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Meredith Enterprises Reports Fourth Quarter Earnings
MENLO PARK, Calif., Feb. 9 /PRNewswire-FirstCall/ -- Meredith Enterprises, Inc.
, today reported operating results for the quarter and year ended December 31,
2003. Net income for the fourth quarter of 2003 totaled $2,044,568, or $2.04 per
share assuming dilution, compared with a net loss of ($6,208), or $0.00 per
share, for the fourth quarter of 2002. The increase in net income is due
largely to gains from sales of properties in 2003. Net income for the year 2003
totaled $2,442,604, or $2.44 per share assuming dilution, as compared with a net
income of $1,058,306, or $1.09 per share, for 2002. This increase is also due
largely to gains from sales of properties and the results of the company's
Northlake Festival property, which it acquired in October 2002.
Meredith Enterprises, Inc.
Income Statements
(Unaudited)
Three and Twelve Months ended December 31, 2003 and 2002
Three Three Twelve Twelve
Months Months Months Months
Ended Ended Ended Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2003 2002 2003 2002
Revenues
Rental $2,111,263 $1,765,968 $7,700,407 $3,927,908
Interest 838 38,168 10,244 40,973
Total revenues 2,112,101 1,804,136 7,710,651 3,968,881
Cost and expenses
Interest 654,849 694,076 2,624,149 1,480,521
General and
administrative286,971 431,025 1,458,872 1,261,057
Depreciation 257,129 227,677 1,028,510 513,446
Ground rent 236,170 235,924 922,698 235,924
Operating 253,070 200,447 984,393 387,813
Property taxes 128,699 121,380 500,399 191,134
Total expenses 1,816,888 1,910,529 7,519,021 4,069,895
Net income (loss) from
operations 295,213 (106,393) 191,630 (101,014)
Discontinued operations:
Gain on sale of rental
real estate held for
sale 1,716,771 -- 2,123,499 733,424
Income from operations 32,584 100,185 127,475 425,896
Net income (loss) $2,044,568 ($6,208) $2,442,604 $1,058,306
Net income per share
from operations assuming
dilution:
Net income (loss) from
operations $0.29 ($0.10) $0.19 ($0.10)
Net income per share from
discontinued operations $1.75 $0.10 $2.25 $1.19
Net income per share $2.04 $0.00 $2.44 $1.09
Meredith Enterprises, Inc. advises the reader to review this unaudited financial
information in conjunction with its SEC filings, including its reports on Form
10-Q and 8-K, and its Annual Report on Form 10-K for 2002 and Annual Report on
Form 10-K for 2003 to be filed in March 2004. The reader should note certain
reclassifications have been made to the 2002 results to conform to the 2003
presentation.
DATASOURCE: Meredith Enterprises, Inc.
CONTACT: Allen Meredith of Meredith Enterprises, Inc., +1-650-233-7140