Wilshire Enterprises Inc (WOC, Financial) filed Quarterly Report for the period ended 2009-09-30.
WILSHIRE OIL CO. OF (TX) is engaged in the exploration and development of oil and gas, both in its own name and through several wholly-owned subsidiaries in the United States and Canada. Co.'s real estate division owns investment real estate properties in Arizona, Texas, Florida and New Jersey. Wilshire Enterprises Inc has a market cap of $14.49 million; its shares were traded at around $1.8 with and P/S ratio of 1.57.
In January 2008, the Company closed on the sale of a one bedroom condominium at Jefferson Gardens, New Jersey for gross proceeds of approximately $150,000. After payments of closing costs and providing for taxes, the Company realized a net gain during the nine months ended September 30, 2008 of approximately $61,000 from this sale.
In May 2008, the Company closed on the sale of its Tamarac Office Plaza, Florida, office complex for gross proceeds of $2 million. After payments of closing costs and providing for taxes, the Company realized a net gain during the nine months ended September 30, 2008 of approximately $686,000 from this sale.
Loss from continuing operations amounted to $520,000 during the three months ended September 30, 2009 as compared to a loss from continuing operations of $453,000 during the three months ended September 30, 2008. Results per diluted share from continuing operations amounted to $(0.07) during the three months ended September 30, 2009 as compared to $(0.06) during the three months ended September 30, 2008. The 2009 period reflects a decrease in general and administrative expense of $225,000, which primarily relates to decreased professional fees, which was partially offset by an in increase in operating expenses of $51,000. The 2008 period included the following charges to expense: an increase in general and administrative expense of $159,000, which primarily relates to professional fees incurred in connection with the proposed sale of the Company, as well as an increase in operating expenses of $34,000 partially offset by a decrease in depreciation expense of $80,000 and an increased income tax benefit of $205,000 resulting from an increased operating loss for the period.
Read the The complete Report
WILSHIRE OIL CO. OF (TX) is engaged in the exploration and development of oil and gas, both in its own name and through several wholly-owned subsidiaries in the United States and Canada. Co.'s real estate division owns investment real estate properties in Arizona, Texas, Florida and New Jersey. Wilshire Enterprises Inc has a market cap of $14.49 million; its shares were traded at around $1.8 with and P/S ratio of 1.57.
Highlight of Business Operations:
Net loss for the three months ended September 30, 2009 was $472,000 or $0.07 per diluted share as compared to a net loss of $296,000 or $0.04 per diluted share for the three months ended September 30, 2008. For the nine months ended September 30, 2009, the Company recorded a net loss of $1,866,000 or $0.24 per diluted share as compared to a net loss of $1,088,000 or $0.14 per diluted share for the nine months ended September 30, 2008. Operations are shown as continuing and discontinued, with discontinued operations comprised of the results of operations from the Company s real estate properties held for sale, the gain from real estate properties held for sale that were sold during the period and the wind down of the oil and gas businesses.In January 2008, the Company closed on the sale of a one bedroom condominium at Jefferson Gardens, New Jersey for gross proceeds of approximately $150,000. After payments of closing costs and providing for taxes, the Company realized a net gain during the nine months ended September 30, 2008 of approximately $61,000 from this sale.
In May 2008, the Company closed on the sale of its Tamarac Office Plaza, Florida, office complex for gross proceeds of $2 million. After payments of closing costs and providing for taxes, the Company realized a net gain during the nine months ended September 30, 2008 of approximately $686,000 from this sale.
Loss from continuing operations amounted to $520,000 during the three months ended September 30, 2009 as compared to a loss from continuing operations of $453,000 during the three months ended September 30, 2008. Results per diluted share from continuing operations amounted to $(0.07) during the three months ended September 30, 2009 as compared to $(0.06) during the three months ended September 30, 2008. The 2009 period reflects a decrease in general and administrative expense of $225,000, which primarily relates to decreased professional fees, which was partially offset by an in increase in operating expenses of $51,000. The 2008 period included the following charges to expense: an increase in general and administrative expense of $159,000, which primarily relates to professional fees incurred in connection with the proposed sale of the Company, as well as an increase in operating expenses of $34,000 partially offset by a decrease in depreciation expense of $80,000 and an increased income tax benefit of $205,000 resulting from an increased operating loss for the period.
Read the The complete Report
