Electric City Corp (ELC, Financial) filed Quarterly Report for the period ended 2010-09-30.
Electric City Corp has a market cap of $1.44 million; its shares were traded at around $4.1001 with and P/S ratio of 3.71.
Nine months ended September 30, 2010 and 2009. Revenues for the first nine months decreased $190,486 to $130,857 as compared to $321,343 for the same period in the prior year. The decrease in revenue is due to the decrease in interest income of $94,217 due to a smaller loan portfolio and a lower weighted average interest rate. The decrease in rental income of $72,331 from $104,281 to $31,950 is due to increased vacancies to facilitate REO sales. During the nine months ended September 30, 2010, six REOs sold. During the nine months ended September 30, 2009, no REOs sold.
Expenses for the nine months ended September 30, 2010 decreased $118,140 to $963,583 compared to $1,081,723 for the same period in the prior year. During the first nine months of 2010, there was an increase in REO impairment costs of $257,645. Approximately $250,000 of the REO impairment expenses is attributable to the estimated decline in the fair market value of a luxury REO. The rest of the 2010 nine month expenses declined resulting in a net decrease. Expenses of real estate owned declined $160,635 due to reduced maintenance, interest expenses declined $24,169 due to the repayment of all Company borrowings in 2009 (the Company has senior mortgage debt from foreclosures that is being served), provisions for loan losses declined $42,084 from due to generally more stable market conditions in non-luxury residential home prices, wages and salaries declined $44,411 due to fewer employees and reduced bonuses, and general and administrative expenses declined $45,516 due to normal expenditure fluctuation.
Nine months ended September 30, 2010 and 2009. As of January 1, 2010 and 2009, the Trust had $227,944 and $1,974,687 of cash and cash equivalents, respectively. During the nine month period ended September 30, 2010, cash and cash equivalents increased by $147,109. During the nine month period ended September 30, 2009, cash and cash equivalents decreased by $1,613,378. After taking into effect the various transactions discussed below, cash and cash equivalents at September 30, 2010 and 2009 were $375,053 and $361,309, respectively.
Net cash (used in) operating activities during the nine months ended September 30, 2010 and 2009 was ($258,069) and ($283489), respectively. During the first nine months of 2010, net cash used from operating activities was primarily the result of the ($961,905) net loss for the period, but offset by $1,032,645 of non cash REO impairment expenses and a 253,020 decline in accounts receivable, while a decrease in allowance for doubtful accounts used $453,974. During the first nine months of 2009, the net cash provided by operating activities came from a number of sources. Net income used ($396,136), provision for loan losses provided $54,794, realized marketable securities transactions provided $137,883, reduced accounts receivable provided $184,268 and the primary use of cash was a ($400,000) non cash gain from the retirement of Company debt at a discount.
Net cash provided from investing activities for the nine months ended September 30, 2010 and 2009 was $4,358,622 and $338,375, respectively. During the first nine months of 2010, the proceeds from REO transactions provided $4,011,176 and proceeds from mortgage notes receivable principal payments provided $359,461. During the first nine months of 2009, investments in marketable securities provided $74,894, REO proceeds provided $76,411, while principal collected from mortgage notes receivable generated $187,070.
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Electric City Corp has a market cap of $1.44 million; its shares were traded at around $4.1001 with and P/S ratio of 3.71.
Highlight of Business Operations:
Expenses for the third quarter decreased $190,635 to $235,116 as compared to $425,751 for the same period in the prior year. The decrease in expenses primarily resulted from a decrease of $166,936 in REO expenses. Wages and salaries decreased $11,743 from $106,865 to $95,122 in the current period due to fewer employees and reduced bonuses.Nine months ended September 30, 2010 and 2009. Revenues for the first nine months decreased $190,486 to $130,857 as compared to $321,343 for the same period in the prior year. The decrease in revenue is due to the decrease in interest income of $94,217 due to a smaller loan portfolio and a lower weighted average interest rate. The decrease in rental income of $72,331 from $104,281 to $31,950 is due to increased vacancies to facilitate REO sales. During the nine months ended September 30, 2010, six REOs sold. During the nine months ended September 30, 2009, no REOs sold.
Expenses for the nine months ended September 30, 2010 decreased $118,140 to $963,583 compared to $1,081,723 for the same period in the prior year. During the first nine months of 2010, there was an increase in REO impairment costs of $257,645. Approximately $250,000 of the REO impairment expenses is attributable to the estimated decline in the fair market value of a luxury REO. The rest of the 2010 nine month expenses declined resulting in a net decrease. Expenses of real estate owned declined $160,635 due to reduced maintenance, interest expenses declined $24,169 due to the repayment of all Company borrowings in 2009 (the Company has senior mortgage debt from foreclosures that is being served), provisions for loan losses declined $42,084 from due to generally more stable market conditions in non-luxury residential home prices, wages and salaries declined $44,411 due to fewer employees and reduced bonuses, and general and administrative expenses declined $45,516 due to normal expenditure fluctuation.
Nine months ended September 30, 2010 and 2009. As of January 1, 2010 and 2009, the Trust had $227,944 and $1,974,687 of cash and cash equivalents, respectively. During the nine month period ended September 30, 2010, cash and cash equivalents increased by $147,109. During the nine month period ended September 30, 2009, cash and cash equivalents decreased by $1,613,378. After taking into effect the various transactions discussed below, cash and cash equivalents at September 30, 2010 and 2009 were $375,053 and $361,309, respectively.
Net cash (used in) operating activities during the nine months ended September 30, 2010 and 2009 was ($258,069) and ($283489), respectively. During the first nine months of 2010, net cash used from operating activities was primarily the result of the ($961,905) net loss for the period, but offset by $1,032,645 of non cash REO impairment expenses and a 253,020 decline in accounts receivable, while a decrease in allowance for doubtful accounts used $453,974. During the first nine months of 2009, the net cash provided by operating activities came from a number of sources. Net income used ($396,136), provision for loan losses provided $54,794, realized marketable securities transactions provided $137,883, reduced accounts receivable provided $184,268 and the primary use of cash was a ($400,000) non cash gain from the retirement of Company debt at a discount.
Net cash provided from investing activities for the nine months ended September 30, 2010 and 2009 was $4,358,622 and $338,375, respectively. During the first nine months of 2010, the proceeds from REO transactions provided $4,011,176 and proceeds from mortgage notes receivable principal payments provided $359,461. During the first nine months of 2009, investments in marketable securities provided $74,894, REO proceeds provided $76,411, while principal collected from mortgage notes receivable generated $187,070.
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