Message #4 From:
Stock News Bot Date: November 8, 2006 06:15:00 AM
AFP News United Capital Corp. Reports Third Quarter and Nine Month Results
GREAT NECK, N.Y.--(BUSINESS WIRE)--United Capital Corp. (AMEX:AFP) today reported net income for the
quarter ended September 30, 2006 of $20.6 million. On a per share basis,
net income for the current quarter was $2.49 per basic share on total
revenues of $16.4 million. For the three months ended September 30,
2005, net income was $5.7 million or $.65 per basic share on total
revenues of $14.9 million.
For the nine months ended September 30, 2006, total revenues were $49.7
million. Net income for this period was $25.9 million or $3.12 per basic
share. For the first nine months of 2005, total revenues were $46.0
million resulting in net income of $11.8 million or $1.32 per basic
share.
The results of the current quarter and year-to-date period were
favorably impacted by the reversal of approximately $17 million in
long-term and deferred income tax liabilities related to certain tax
matters for which the statue of limitations has expired.
In addition, the Company recorded a pre-tax charge of $807,000 during
the first half of 2006 related to the adoption of SFAS No. 123R, “Share-Based
Payments,” which requires the measurement of
stock-based compensation using a fair value method to be expensed in the
financial statements.
In commenting on the results, A.F. Petrocelli, Chairman of United
Capital Corp. noted “Another strong quarter
has enhanced the financial strength and liquidity of United Capital
which will further enable us to reach our long-term strategies and goals.”
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
2005 Annual Report on Form 10-K 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
(Unaudited)
(In thousands, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2006
2005
2006
2005
Revenues
$
16,438
$
14,874
$
49,659
$
45,998
Operating income
$
2,976
$
3,029
$
8,042
$
8,685
Other income
$
1,981
$
4,425
$
4,439
$
7,761
Income from continuing operations before income taxes
