Intergroup Corp. (INTG, Financial) filed Quarterly Report for the period ended 2009-09-30.
Intergroup Corp. was organized to buy, develop, operate, rehabilitate and dispose of real property of various types and descriptions, and to engage in such other business and investment activities as would benefit the company and its shareholders. The company was founded upon, and remains committed to, social responsibility. Such social responsibility was originally defined as providing decent and affordable housing to people without regard to race. Intergroup Corp. has a market cap of $24.5 million; its shares were traded at around $10.4 with and P/S ratio of 0.54. Intergroup Corp. had an annual average earning growth of 24% over the past 5 years.
2009 compared to net income of $608,000 for the three months ended September
30, 2008. The net loss attributed to the Company was $1,327,000 and net income
attributed to the Company was $533,000 for the three months ended September 30,
2009 and 2008, respectively. The net loss attributed to the noncontrolling
interest was $396,000 and the net income attributable to the noncontrolling
interest was $75,000 for the three months ended September 30, 2009 and 2008,
respectively. The change to a net loss in the most recent quarter from net
income in the comparable quarter was primarily attributable to the increase in
the net loss from hotel operations and the increase in the net loss on
marketable securities in the most recent quarter.
For the three months ended September 30, 2009, the Hotel generated operating
income of approximately $1,654,000 before interest, depreciation and
amortization, on operating revenues of approximately $8,530,000 compared to
operating income of approximately $2,057,000 before interest, depreciation and
amortization, on operating revenues of approximately $9,299,000 for the three
months ended September 30, 2008. The decrease in Hotel operating income is
primarily attributable to the decrease in room and food and beverage revenues
in the current period, partially offset by an increase in garage revenues due
to the termination of the garage lease effective October 1, 2008 and the
integration of those operations into those of the Hotel.
The Company had a net loss on marketable securities of $1,322,000 for the three
months ended September 30, 2009 compared to a gain of $1,643,000 for the three
months ended September 30, 2008. For the three months ended September 30,
2009, the Company had a net realized gain of $148,000 and a net unrealized loss
of $1,470,000. For the three months ended September 30, 2008, the Company had
a net realized gain of $1,082,000 and net unrealized gain of $561,000. Gains
and losses on marketable securities may fluctuate significantly from period to
period in the future and could have a significant impact on the Company's
results of operations. However, the amount of gain or loss on marketable
securities for any given period may have no predictive value and variations in
amount from period to period may have no analytical value. For a more detailed
description of the composition of the Company's marketable securities please
see the Marketable Securities section below.
The Company had an income tax benefit of $678,000($707,000 tax benefit from
continuing operations and $29,000 tax expense from discontinued operations) for
the three months ended September 30, 2009 compared to an income tax expense of
$310,000($269,000 tax expense from continuing operations and $41,000 tax
expense from discontinued operations) for the three months end September 30,
2008 primarily as the result of the Company having a pre-tax loss for the three
months ended September 30, 2009.
For the three months ended September 30, 2009 2008
- -
Net (loss)gain on marketable securities $ (1,322,000) $ 1,643,000
Impairment loss on other investments - (595,000)
Dividend & interest income 77,000 60,000
Margin interest expense (136,000) (59,000)
Trading and management expenses (240,000) (279,000)
- -
$ (1,621,000) $ 770,000
= =
Total Year 1 Year 2 Year 3 Year 4 Year 5 Thereafter
- - - - - - -
Mortgage notes payable $117,979,000 $1,623,000 $2,335,000 $5,561,000 $34,073,000 $3,338,000 $71,049,000
Line of credit 1,735,000 1,735,000 - - - - -
Other notes payable 483,000 304,000 179,000 - - - -
Capital leases 400,000 143,000 243,000 14,000 - - -
Operating leases 368,000 368,000 - - - - -
- - - - - - -
Total $120,965,000 $4,173,000 $2,757,000 $5,757,000 $34,073,000 $3,338,000 $71,049,000
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Intergroup Corp. was organized to buy, develop, operate, rehabilitate and dispose of real property of various types and descriptions, and to engage in such other business and investment activities as would benefit the company and its shareholders. The company was founded upon, and remains committed to, social responsibility. Such social responsibility was originally defined as providing decent and affordable housing to people without regard to race. Intergroup Corp. has a market cap of $24.5 million; its shares were traded at around $10.4 with and P/S ratio of 0.54. Intergroup Corp. had an annual average earning growth of 24% over the past 5 years.
Highlight of Business Operations:
The Company had a net loss of $931,000 for the three months ended September 30,2009 compared to net income of $608,000 for the three months ended September
30, 2008. The net loss attributed to the Company was $1,327,000 and net income
attributed to the Company was $533,000 for the three months ended September 30,
2009 and 2008, respectively. The net loss attributed to the noncontrolling
interest was $396,000 and the net income attributable to the noncontrolling
interest was $75,000 for the three months ended September 30, 2009 and 2008,
respectively. The change to a net loss in the most recent quarter from net
income in the comparable quarter was primarily attributable to the increase in
the net loss from hotel operations and the increase in the net loss on
marketable securities in the most recent quarter.
For the three months ended September 30, 2009, the Hotel generated operating
income of approximately $1,654,000 before interest, depreciation and
amortization, on operating revenues of approximately $8,530,000 compared to
operating income of approximately $2,057,000 before interest, depreciation and
amortization, on operating revenues of approximately $9,299,000 for the three
months ended September 30, 2008. The decrease in Hotel operating income is
primarily attributable to the decrease in room and food and beverage revenues
in the current period, partially offset by an increase in garage revenues due
to the termination of the garage lease effective October 1, 2008 and the
integration of those operations into those of the Hotel.
The Company had a net loss on marketable securities of $1,322,000 for the three
months ended September 30, 2009 compared to a gain of $1,643,000 for the three
months ended September 30, 2008. For the three months ended September 30,
2009, the Company had a net realized gain of $148,000 and a net unrealized loss
of $1,470,000. For the three months ended September 30, 2008, the Company had
a net realized gain of $1,082,000 and net unrealized gain of $561,000. Gains
and losses on marketable securities may fluctuate significantly from period to
period in the future and could have a significant impact on the Company's
results of operations. However, the amount of gain or loss on marketable
securities for any given period may have no predictive value and variations in
amount from period to period may have no analytical value. For a more detailed
description of the composition of the Company's marketable securities please
see the Marketable Securities section below.
The Company had an income tax benefit of $678,000($707,000 tax benefit from
continuing operations and $29,000 tax expense from discontinued operations) for
the three months ended September 30, 2009 compared to an income tax expense of
$310,000($269,000 tax expense from continuing operations and $41,000 tax
expense from discontinued operations) for the three months end September 30,
2008 primarily as the result of the Company having a pre-tax loss for the three
months ended September 30, 2009.
For the three months ended September 30, 2009 2008
- -
Net (loss)gain on marketable securities $ (1,322,000) $ 1,643,000
Impairment loss on other investments - (595,000)
Dividend & interest income 77,000 60,000
Margin interest expense (136,000) (59,000)
Trading and management expenses (240,000) (279,000)
- -
$ (1,621,000) $ 770,000
= =
Total Year 1 Year 2 Year 3 Year 4 Year 5 Thereafter
- - - - - - -
Mortgage notes payable $117,979,000 $1,623,000 $2,335,000 $5,561,000 $34,073,000 $3,338,000 $71,049,000
Line of credit 1,735,000 1,735,000 - - - - -
Other notes payable 483,000 304,000 179,000 - - - -
Capital leases 400,000 143,000 243,000 14,000 - - -
Operating leases 368,000 368,000 - - - - -
- - - - - - -
Total $120,965,000 $4,173,000 $2,757,000 $5,757,000 $34,073,000 $3,338,000 $71,049,000
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