Capital Automotive Reports Second Quarter Results
biz.yahoo.com
Thursday July 28, 8:00 am ET
Highlights
* 23% Increase in Revenue Compared to Second Quarter 2004
* 15% Increase in Diluted Net Income Per Share and 8% Increase in Diluted Funds From Operations ("FFO") Per Share Compared to Second Quarter 2004, After Excluding a 2004 Debt Extinguishment Charge
* Completion of Over $200 Million of New Real Estate Investments
* Reaffirms 2005 FFO and Net Income Per Share and Dividend Guidance
MCLEAN, Va., July 28 /PRNewswire-FirstCall/ -- Capital Automotive REIT (Nasdaq: CARS), the nation's leading specialty finance company for automotive retail real estate, today announced financial results for the second quarter ended June 30, 2005.
Total revenues were $59.0 million for the quarter, a 23% increase from revenues of $48.0 million in the second quarter of 2004. Total revenues for the six-month period ended June 30, 2005 were $115.3 million, a 21% increase from revenues of $95.2 million in the same period in 2004.
Included in the Company's results for the quarter ended June 30, 2004 was a debt extinguishment charge totaling $8.7 million, which reduced both net income available to common shareholders and FFO available to common shareholders by that amount, or $0.20 per share. There was no equivalent charge during the second quarter of 2005.
Net income available to common shareholders on a diluted basis for the quarter increased 161% to $21.7 million as compared to $8.3 million for the same quarter last year. Net income on a diluted per share basis increased 114% to $0.49 per share from $0.23 per share for the same quarter last year. Net income available to common shareholders on a diluted basis for the six- month period increased 69% to $42.1 million as compared to $25.0 million for the same period last year. Net income on a diluted per share basis increased 36% to $0.96 per share from $0.71 per share for the same period last year.
FFO available to common shareholders on a diluted basis for the quarter increased 98% to $37.1 million as compared to $18.7 million for the same quarter last year. FFO on a diluted per share basis increased 58% to $0.67 per share from $0.42 per share for the same quarter last year. FFO available to common shareholders on a diluted basis for the six-month period ended June 30, 2005 increased 56% to $73.2 million as compared to $46.9 million for the same period last year. FFO on a diluted per share basis increased 23% to $1.33 per share from $1.08 per share for the same period last year. A complete reconciliation of FFO and FFO per share to net income and net income per share, which are, respectively, the most directly comparable GAAP measures, is included in this release.
Excluding the $8.7 million debt extinguishment charge recorded during the second quarter of 2004, net income on a diluted per share basis increased 15% for the quarter ended June 30, 2005 from the same quarter last year, and increased 6% for the six-month period ended June 30, 2005 from the same period last year. In addition, excluding this charge, FFO on a diluted per share basis increased 8% for the quarter ended June 30, 2005 from the same quarter last year, and increased 4% for the six-month period ended June 30, 2005 from the same period last year.
As previously announced, the Company's Board of Trustees declared a cash dividend of $0.4460 per share for the second quarter. The dividend is payable on August 19, 2005 to shareholders of record as of August 9, 2005. The second quarter dividend is the 30th consecutive increase in the Company's quarterly dividend and represents an annualized rate of $1.784 per share and an approximately 4.5% yield based on the July 26, 2005 closing stock price. The Company's dividend payout ratio for the second quarter of 2005 was approximately 68% of basic FFO available to common shareholders.
The Company's Board of Trustees also declared a dividend for the period commencing May 1, 2005 and ending on July 31, 2005 of $0.46875 per Series A Cumulative Redeemable Preferred Share and a dividend for the same period of $0.50 per Series B Cumulative Redeemable Preferred Share. The preferred dividends will be paid on August 15, 2005 to shareholders of record as of August 1, 2005. The dividends represent annualized rates of $1.875 per Series A preferred share and a yield of approximately 7.4% and $2.00 per Series B preferred share and a yield of approximately 7.6%, in each case based on the July 26, 2005 closing preferred stock prices. |
