Monmouth (NASDAQ:MONM)
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Monmouth Capital Corporation Reports First Quarter Earnings
FREEHOLD, N.J., May 16 /PRNewswire-FirstCall/ -- Monmouth Capital Corporation
(NASDAQ:MONM) reported net income of $648,000 or $0.17 a share for the three
months ended March 31, 2005 as compared to $788,000 or $0.25 a share for the
three months ended March 31, 2004.
A summary of significant financial information for the three months ended March
31, 2005 and 2004 is as follows:
Three Months Ended March 31,
2005 2004
Total Income $1,801,000 $1,745,000
Net Income (Loss) $648,000 $788,000
Net Income (Loss) Per Share $0.17 $0.25
Weighted Average Shares Outstanding 3,841,000 3,113,000
Eugene W. Landy, President, stated, "The first quarter results were
satisfactory. The decline in net income was due to the fact that we recorded
gains on securities of $469,000 in the first quarter of 2005 as compared to
gains of $782,000 in the first quarter of 2004. Monmouth Capital Corporation
has significant funds to invest in real property acquisitions. Our ability to
grow earnings depends on our ability to add to our property portfolio."
Monmouth Capital Corporation is currently operating as a diversified real
estate investment trust (REIT), investing in real estate equities, mortgages,
mortgage-backed securities and other REIT securities.
MONM is part of a family of REITs including United Mobile Homes, Inc.
(AMEX:UMH), which invests in manufactured home communities, and Monmouth Real
Estate Investment Corporation (NASDAQ:MNRTA), which invests in net-leased
industrial properties on long-term leases to investment grade tenants. It is
MONM's intention to pursue any real estate opportunities other than the
specialized areas of United Mobile Homes, Inc. and Monmouth Real Estate
Investment Corporation.
DATASOURCE: Monmouth Capital Corporation
CONTACT: Rosemarie Faccone or Susan Jordan of Monmouth Capital,
+1-732-577-9993