Attached files
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| 8-K - UNITED CAPITAL CORP /DE/ | form8k01196_02242010.htm |
Exhibit 99.1
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NEWS
RELEASE
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NEWS
RELEASE
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NEWS
RELEASE
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SUMMARY:
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United
Capital Corp.
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Reports
Fourth Quarter and Year End Results
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COMPANY
CONTACT:
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Anthony
J. Miceli
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Chief
Financial Officer
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www.unitedcapitalcorp.net
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(516)
466-6464
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FOR IMMEDIATE
RELEASE
GREAT
NECK, New York, February 24, 2010… United Capital Corp. (NYSE
Amex: AFP) today reported results for the fourth quarter and year ended December
31, 2009 (see Table attached).
Total
revenues for the fourth quarter of 2009 increased 9.3% to $17.9 million,
compared to $16.4 million for the corresponding quarter of 2008. This
increase is primarily attributable to the Company’s recent acquisition of the
Doubletree Miami Mart Hotel and Convention Center located in Miami, Florida
during August 2009. Income from continuing operations and net income
for the current quarter were both $1.7 million or $.19 per basic
share.
For
the full year total revenues for 2009 were $60.1 million, down $12.3 million
from $72.4 million in 2008, reflecting the impact the weakened economy has had
on our engineered products and hotel operation segments. This
resulted in operating income of $6.9 million for the year, a $3.1 million
decline from that reported in 2008. Net income for the current year
was $5.7 million or $.63 per basic share, compared to $1.6 million or $.19 per
basic share for 2008.
The 2008
results includes ($24.1) million in realized losses on the Company’s marketable
securities portfolio. In addition, during the prior year, the Company
recorded a $6.6 million gain from the sale of a property, reflected as income
from discontinued operations, on a net of tax basis.
In
commenting on these results, A.F. Petrocelli, Chairman of United Capital Corp.,
noted “We are pleased with the Company’s 2009 performance, particularly in light
of the challenging economic environment which adversely impacted our
manufacturing and hotel businesses. We are excited about the
operation improvements and progress made to date on the renovations to our Miami
hotel, the newest addition to our growing hotel portfolio.”
Certain
statements in this press release and other statements made by the Company or its
representatives that are not strictly historical facts are “forward-looking”
statements within the meaning of the Private Securities Litigation Reform Act of
1995 that should be considered as subject to the many risks and uncertainties
that exist in the Company's operations and business environment. The
forward-looking statements are based on current expectations and involve a
number of known and unknown risks and uncertainties that could cause the actual
results, performance and/or achievements of the Company to differ materially
from any future results, performance or achievements, expressed or implied, by
the forward-looking statements. Readers are cautioned not to place
undue reliance on these forward-looking statements, and that in light of the
significant uncertainties inherent in forward-looking statements, the inclusion
of such statements should not be regarded as a representation by the Company or
any other person that the objectives or plans of the Company will be
achieved. The Company also assumes no obligation to publicly update
or revise its forward-looking statements or to advise of changes in the
assumptions and factors on which they are based. See our 2008 Annual
Report on Form 10-K and our 2009 Form 10-Q’s for a discussion of risk factors
that could impact our future financial performance and/or cause actual results
to differ significantly from those expressed or implied by such
statements.
United
Capital Corp. and its subsidiaries own and manage real estate and hotel
properties and provide engineered products to industrial and automotive markets
worldwide.
***
TABLE
FOLLOWS
UNITED
CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED
FINANCIAL HIGHLIGHTS
(In
thousands, except per share data)
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Three
Months Ended
December
31,
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Year
Ended
December
31,
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2009
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2008
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2009
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2008
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(Unaudited)
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(Unaudited)
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Revenues
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$ | 17,930 | $ | 16,407 | $ | 60,098 | $ | 72,401 | ||||||||
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Operating
income
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$ | 2,343 | $ | 1,741 | $ | 6,887 | $ | 10,036 | ||||||||
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Other
income (expense)
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$ | 905 | $ | (5,704 | ) | $ | 3,572 | $ | (16,741 | ) | ||||||
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Income
(loss) from continuing operations before income taxes
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$ | 3,248 | $ | (3,963 | ) | $ | 10,459 | $ | (6,705 | ) | ||||||
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Provision
(benefit) for income taxes
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$ | 1,533 | $ | (968 | ) | $ | 4,241 | $ | (1,863 | ) | ||||||
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Income
(loss) from continuing operations
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$ | 1,715 | $ | (2,995 | ) | $ | 6,218 | $ | (4,842 | ) | ||||||
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Income
(loss) from discontinued operations
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$ | 26 | $ | 6,444 | $ | (531 | ) | $ | 6,458 | |||||||
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Net
income
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$ | 1,741 | $ | 3,449 | $ | 5,687 | $ | 1,616 | ||||||||
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Basic
earnings (loss) per share:
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Income (loss) from continuing
operations
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$ | .19 | $ | (.35 | ) | $ | .69 | $ | (.58 | ) | ||||||
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Income (loss) from discontinued
operations
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— | .76 | (.06 | ) | .77 | |||||||||||
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Net income per
share
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$ | .19 | $ | .41 | $ | .63 | $ | .19 | ||||||||
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Diluted
earnings (loss) per share:
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Income (loss) from continuing
operations
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$ | .18 | $ | (.35 | ) | $ | .64 | $ | (.58 | ) | ||||||
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Income (loss) from discontinued
operations
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— | .76 | (.06 | ) | .77 | |||||||||||
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Net income per share assuming
dilution
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$ | .18 | $ | .41 | $ | .58 | $ | .19 | ||||||||
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Weighted
average shares outstanding:
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Basic
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9,097 | 8,483 | 8,990 | 8,418 | ||||||||||||
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Diluted
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9,905 | 8,483 | 9,791 | 8,418 | ||||||||||||