financial results on August 19, 2002, for the second quarter of 2002. The Company reported a net loss after preferred dividends of $302,180 ($.010 per common share) for the three months ending June 30, 2002, as compared to a net loss after preferred dividends of $208,393 ($.007 per common share) for the same period in 2001. During the three months ending June 30, 2002, non-reoccurring costs and expenses amounted to $115,000 as a result of two consent solicitation actions and marketing and architectural services rendered in connection with the Company's Diamondhead, Mississippi project.
The net loss after preferred dividends for the six-month period ending June 30, 2002 was $510,582 ($.017 per common share) as compared to a net loss after preferred dividends of $396,678 ($.014 per common share) for the same period in 2001. Non-reoccurring costs and expenses incurred in the first six months of 2002 amounted to $140,000.
Both Deborah A. Vitale, the Company's Chief Executive Officer, and Robert L. Zimmerman, the Company's Chief Financial Officer, certified the Company's 10QSB filed for the second quarter. |
