Electric City Corp (ELC) filed Quarterly Report for the period ended 2009-06-30.
Electric City Corp has a market cap of $1.7 million; its shares were traded at around $4.6 with and P/S ratio of 2.6.
Highlight of Business Operations:
During 2008, the repayment of mortgage notes receivable and the monetization ofnon-performing assets reduced institutional borrowings by $1,636,644 to
approximately $2,000,000. The existing $7,000,000 credit facility had a
scheduled maturity of November 14, 2008 but the lending institution was taken
over by the FDIC on November 7, 2008. During the six months ended June 30, 2009,
the Company negotiated with the FDIC to eliminate its institutional borrowings.
On May 12, 2009, the Company successfully completed its negotiations with the
FDIC for $1,600,000, resulting in a gain of approximately $400,000 in our second
quarter ending June 30, 2009.
Amount of Commitment Expiration Per Period
Maximum Other -
Commercial Commitments (a) Total Amounts Less than 1 - 3 4 - 5 After 5
as of June 30, 2009 Committed 1 year years years years
- - - - - -
Margin Loan $245,191 $245,191 0 0 0
Lease Commitment $135,300 $ 66,000 $69,300 0 0
Standby Repurchase Obligations 0 0 0 0 0
Total Commercial Commitments $380,491 $311,191 $69,300 0 0
Three months ended June 30, 2009 and 2008. Revenues for the second quarter
increased to $128,185 as compared to $125,048 for the same period in the prior
year. The slight increase in revenue was due to the increase in rental income of
$34,700 and other income of $16,064 which was offset by a decrease in interest
income of $47,627. The decrease in interest income was the result of a smaller
loan portfolio while the increase in rental income was the result of an increase
in real estate investments.
Six months ended June 30, 2009 and 2008. As of January 1, 2009 and 2008, the
Trust had $1,974,687 and $962,190 of cash and cash equivalents, respectively.
During the six month period ended June 30, 2009, cash and cash equivalents
decreased by $1,734,014. During the six month period ended June 30, 2008, cash
and cash equivalents increased by $1,342,009. After taking into effect the
various transactions discussed below, cash and cash equivalents at June 30, 2009
and 2008 were $240,673 and $2,304,199.
Net cash provided by (used in) operating activities during the six months ended
June 30, 2009 and 2008 was $119,915 and ($207,547), respectively. During the
first six months of 2009, net income provided $74,466, a change in other
liabilities provided $240,640 and the allowance for doubtful accounts used
($74,464). During the first six months of 2008, net income provided $11,366, a
change in other liabilities used $144,983 and the provision for loan losses used
($56,509).
Net cash (used in) provided by investing activities for the six months ended
June 30, 2009 and 2008 was ($191,481) and $3,169,556 respectively. During the
first six months of 2009, net investments in marketable securities used
($296,753) while mortgage notes receivable provided $175,172. During the first
six months of 2008, proceeds from the sale of real estate owned provided
$1,769,825 and mortgage notes receivable provided $1,327,732.
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