JJFN BOCA RATON, Fla., May 2, 2002 (BUSINESS WIRE) -- Strategic Capital Resources,
Inc. (OTCBB:JJFN) today reported a net income for its fiscal 3rd quarter 2002 of
$372,564 or $.02 per share (diluted), on revenues of $19,112,718 versus a net
loss of $(360,783) or $(.02) per share (diluted) on revenues of $6,287,555 for
the same quarter of fiscal 2001 for the period ended March 31. The quarter ended
March 31, 2001 included an impairment charge of $1,000,000. This represents a
10% increase in operating income and 204% increase in revenues for the 3rd
quarter 2002 versus the 3rd quarter 2001.
For the nine months ended March 31, 2002, Strategic Capital Resources reported
net income of $1,425,335, or $.09 per share (diluted) on revenues of
$44,711,371. For the same period ending March 31, 2001, the company had a net
loss of $(92,184) or $(.01) per share (diluted) on revenues of $20,916,101. This
represents a 135% increase in operating income and 114% increase in revenues for
the nine months ended March 31, 2002 versus the nine months ended March 31,2001
The increase in operating income was due to an increase in revenue and reduced
borrowing costs on floating rate loans for the quarter and nine months ended
March 31, 2002 versus the quarter and nine months ended March 31, 2001.
The increase in revenue was due to the sale of residential real estate leases
totaling $12.5 million for the three month period and $21.6 for the nine month
period, versus no activity in this area in the prior year. In addition, interest
income on direct financing leases increased $0.3 million for the three month
period and $1.5 million for the nine month period compared to the prior year.
The increase in net income was attributable to the increase in revenue and
reduced borrowing costs described above.
The company's principal operations consists of the following business lines;
1. The purchase and leaseback of fully furnished model homes.
2 The acquisition, development and sale of residential real
estate.
3. The purchase and leaseback of multi-family
residential/commercial real estate.
"Safe Harbor Statement'
Except for the historical information contained herein, certain matters
discussed in this press release are "forward looking statements" as defined in
the Private Securities Litigation Reform Act of 1995, which involve certain
risks and uncertainties, including but not limited to changes in competition,
environmental factors, and governmental regulations affecting the companies
operations. See the company's latest annual report on Form 10-K for the year and
Form 10-Q filed with the SEC for a discussion of these and other risks and
uncertainties applicable to the company's business.
STRATEGIC CAPITAL RESOURCES, INC.
Financial Summary
3 months ended March 31,
2002 2001
Revenues $19,112,718 $6,287,555
Costs & Expenses 18,580,154 5,803,338
Operating Income (loss) before
income taxes 532,564 484,217
Impairment charge 0 1,000,000
Deferred income tax expense
(benefit) 160,000 (155,000)
Net income (loss) 372,564 (360,783)
Weighted average shares
outstanding 15,500,404 15,116,047
Earnings(loss) per share-
Basic $0.02 ($0.02)
Earnings (loss)per share-
Diluted $0.02 ($0.02)
9 months ended March 31,
2002 2001
Revenues $44,711,371 $20,916,101
Costs & Expenses 42,676,036 20,048,285
Operating Income (loss)before
income taxes 2,035,335 867,816
Impairment charge 0 1,000,000
Deferred income tax expense 610,000 (40,000)
Net income (loss) 1,425,335 (92,184)
Weighted average shares
outstanding 15,718,663 15,385,973
Earnings (loss)per share-
Basic $0.09 ($0.01)
Earnings (loss)per share-
Diluted $0.09 ($0.01)
3/31/02 6/30/01
Net investment in direct financing leases:
Model Homes $21,053,554 $34,502,977
Residential real estate $74,173,879 $44,524,990
Multi-family residential $10,227,999 $10,227,999
Total revenue producing assets $105,455,432 $89,255,966
Total Assets $108,493,083 $94,670,506
Shareholders' Equity $9,818,198 $8,437,865
CONTACT: Strategic Capital Resources, Inc., Boca Raton
Cary Greenberg, 561/558-0165
URL: businesswire.com
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
Copyright (C) 2002 Business Wire. All rights reserved.
-0-
KEYWORD: FLORIDA
INDUSTRY KEYWORD: BUILDING/CONSTRUCTION
REAL
ESTATE
EARNINGS
SOURCE:
Strategic
Capital
Resources,
Inc.
*** end of story *** |
