Attached files
| file | filename |
|---|---|
| 8-K - INCOME OPPORTUNITY REALTY INVESTORS - INCOME OPPORTUNITY REALTY INVESTORS INC /TX/ | iot8k081413.htm |
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INCOME OPPORTUNITY REALTY INVESTORS, INC.
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CONSOLIDATED STATEMENTS OF OPERATIONS
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(unaudited)
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For the Three Months Ended
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For the Six Months Ended
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June 30,
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June 30,
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2013
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2012
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2013
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2012
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(dollars in thousands, except share and per share amounts)
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Revenues:
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Rental and other property revenues
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$ | - | $ | - | $ | - | $ | - | ||||||||
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Expenses:
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Property operating expenses (including $10 and $14 for the three months and $24 and $43
for the six months ended 2013 and 2012 respectively from related parties)
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9 | 14 | 23 | 45 | ||||||||||||
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General and administrative (including $123 and $117 for the three months and $222 and
$200 for the six months ended 2013 and 2012 respectively from related parties)
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261 | 207 | 449 | 360 | ||||||||||||
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Advisory fee to related party
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207 | 205 | 412 | 402 | ||||||||||||
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Total operating expenses
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477 | 426 | 884 | 807 | ||||||||||||
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Operating loss
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(477 | ) | (426 | ) | (884 | ) | (807 | ) | ||||||||
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Other income (expense):
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Interest income from related parties
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1,417 | 1,713 | 2,824 | 2,896 | ||||||||||||
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Mortgage and loan interest
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(294 | ) | (277 | ) | (581 | ) | (552 | ) | ||||||||
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Earnings from unconsolidated subsidiaries and investees
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- | (12 | ) | - | (23 | ) | ||||||||||
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Total other income
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1,123 | 1,424 | 2,243 | 2,321 | ||||||||||||
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Income from continuing operations before tax
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646 | 998 | 1,359 | 1,514 | ||||||||||||
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Income tax expense
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- | - | (6 | ) | (3 | ) | ||||||||||
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Net income from continuing operations
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646 | 998 | 1,353 | 1,511 | ||||||||||||
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Discontinued operations:
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Loss from discontinued operations
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- | - | (18 | ) | (9 | ) | ||||||||||
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Loss on the sale of real estate from discontinued operations
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- | - | - | - | ||||||||||||
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Income tax benefit from discontinued operations
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- | - | 6 | 3 | ||||||||||||
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Net loss from discontinued operations
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- | - | (12 | ) | (6 | ) | ||||||||||
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Net income
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646 | 998 | 1,341 | 1,505 | ||||||||||||
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Earnings per share - basic
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Income from continuing operations
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$ | 0.15 | $ | 0.24 | $ | 0.32 | $ | 0.36 | ||||||||
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Loss from discontinued operations
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- | - | - | - | ||||||||||||
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Net income applicable to common shares
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$ | 0.15 | $ | 0.24 | $ | 0.32 | $ | 0.36 | ||||||||
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Earnings per share - diluted
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Income from continuing operations
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$ | 0.15 | $ | 0.24 | $ | 0.32 | $ | 0.36 | ||||||||
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Loss from discontinued operations
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- | - | - | - | ||||||||||||
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Net income applicable to common shares
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$ | 0.15 | $ | 0.24 | $ | 0.32 | $ | 0.36 | ||||||||
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Weighted average common share used in computing earnings per share
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4,168,214 | 4,168,214 | 4,168,214 | 4,168,214 | ||||||||||||
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Weighted average common share used in computing diluted earnings per share
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4,168,214 | 4,168,214 | 4,168,214 | 4,168,214 | ||||||||||||
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INCOME OPPORTUNITY REALTY INVESTORS, INC.
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CONSOLIDATED BALANCE SHEETS
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(unaudited)
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June 30,
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December 31,
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2013
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2012
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(dollars in thousands, except
share and par value amounts)
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Assets
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Real estate land holdings, at cost
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$ | 24,511 | $ | 24,511 | ||||
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Total real estate
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24,511 | 24,511 | ||||||
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Notes and interest receivable from related parties
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27,560 | 27,002 | ||||||
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Less allowance for doubtful accounts
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(1,826 | ) | (1,826 | ) | ||||
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Total notes and interest receivable
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25,734 | 25,176 | ||||||
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Cash and cash equivalents
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13 | 2 | ||||||
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Receivable and accrued interest from related parties
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58,823 | 58,534 | ||||||
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Other assets
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1,855 | 1,283 | ||||||
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Total assets
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$ | 110,936 | $ | 109,506 | ||||
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Liabilities and Shareholders’ Equity
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Liabilities:
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Notes and interest payable
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$ | 28,399 | $ | 28,508 | ||||
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Deferred gain (from sales to related parties)
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5,127 | 5,127 | ||||||
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Accounts payable and other liabilities
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347 | 149 | ||||||
| 33,873 | 33,784 | |||||||
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Commitments and contingencies:
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Shareholders’ equity:
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Common stock, $0.01 par value, authorized 10,000,000 shares; issued 4,173,675
shares in 2013 and 2012
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42 | 42 | ||||||
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Treasury stock at cost, 5,461 shares in 2013 and 2012
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(39 | ) | (39 | ) | ||||
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Paid-in capital
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61,955 | 61,955 | ||||||
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Retained earnings
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15,105 | 13,764 | ||||||
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Total shareholders' equity
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77,063 | 75,722 | ||||||
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Total liabilities and shareholders' equity
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$ | 110,936 | $ | 109,506 | ||||