Intergroup Corp. (INTG, Financial) filed Quarterly Report for the period ended 2009-12-31.
Intergroup Corp. has a market cap of $27.1 million; its shares were traded at around $11.3399 with and P/S ratio of 0.6. Intergroup Corp. had an annual average earning growth of 24% over the past 5 years.
months ended December 31, 2009 compared to a gain of $445,000 for the three
months ended December 31, 2008. For the three months ended December 31, 2009,
the Company had a net realized gain of $4,000,000 and a net unrealized loss of
$3,818,000. For the three months ended December 31, 2008, the Company had a
net realized gain of $55,000 and net unrealized gain of $390,000. 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.
Loss on termination of garage lease - (684,000)
Interest expense (1,442,000) (1,443,000)
Depreciation and amortization expense (2,429,000) (2,316,000)
- -
Loss from hotel operations $ (392,000) $(1,019,000)
= =
For the six months ended December 31, 2009, the Hotel generated operating
income of approximately $3,479,000 before interest, depreciation and
amortization, on operating revenues of approximately $16,898,000 compared to
operating income of approximately $3,424,000 before the loss on termination of
garage lease, interest, depreciation and amortization, on operating revenues of
approximately $17,943,000 for the six months ended December 31, 2008. The
increase in Hotel operating income is primarily attributable to a significant
decline in operating expenses and an increase in garage revenues resulting from
the termination of the garage lease in October 2008 and integration of those
operations into those of the Hotel, partially offset by a decrease in room and
food and beverage revenues.
While operating in this difficult economy, management was able to improve its
real estate operations by reducing operating expenses and its interest expense.
The Company had real estate revenues of $5,936,000 for the six months ended
December 31, 2009 compared with revenues of $6,210,000 for the six months ended
December 31, 2008. While revenues declined by $274,000 as the result of
operating in a tougher economy, management was able to reduce real estate
operating expenses and interest expense by $175,000 and $82,000, respectively.
Interest expense decreased as the result reducing interest rates through
refinancing certain properties over the past twelve months and also to a lesser
extent, interest rates resetting lower on a certain number of our properties
located in Los Angeles, California. Management continues to review and analyze
the Company's real estate operations to improve occupancy and rental rates and
to reduce expenses and improve efficiencies.
The Company had a net loss on marketable securities of $1,140,000 for the six
months ended December 31, 2009 compared to a net gain of $2,088,000 for the six
months ended December 31, 2008. For the six months ended December 31, 2009,
the Company had a net realized gain of $4,148,000 and a net unrealized loss of
$5,288,000. For the six months ended December 31, 2008, the Company had a net
realized gain of $1,137,000 and net unrealized gain of $951,000. 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.
As of December 31, 2009 and June 30, 2009, the Company had net other
investments of $6,651,000 and $6,567,000, respectively. As of December 31,
2009, the Company had a net other investment in a public company in a basic
materials sector totaling $1,082,000. As of December 31, 2009, the Company
holds notes and convertible notes of this company totaling approximately
$11,209,000 which includes $8,097,000 of principal and $3,112,000 of accrued
interest and penalties.
Total Year 1 Year 2 Year 3 Year 4 Year 5 Thereafter
- - - - - - -
Mortgage notes payable $117,430,000 $1,074,000 $2,335,000 $5,561,000 $34,073,000 $3,338,000 $71,049,000
Line of credit 2,500,000 2,500,000 - - - - -
Other notes payable 383,000 204,000 179,000 - - - -
Leases 1,623,000 264,000 526,000 297,000 222,000 122,000 192,000
- - - - - - -
Total $121,936,000 $4,042,000 $3,040,000 $5,858,000 $34,295,000 $3,460,000 $71,241,000
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Intergroup Corp. has a market cap of $27.1 million; its shares were traded at around $11.3399 with and P/S ratio of 0.6. Intergroup Corp. had an annual average earning growth of 24% over the past 5 years.
Highlight of Business Operations:
The Company had a net gain on marketable securities of $182,000 for the threemonths ended December 31, 2009 compared to a gain of $445,000 for the three
months ended December 31, 2008. For the three months ended December 31, 2009,
the Company had a net realized gain of $4,000,000 and a net unrealized loss of
$3,818,000. For the three months ended December 31, 2008, the Company had a
net realized gain of $55,000 and net unrealized gain of $390,000. 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.
Loss on termination of garage lease - (684,000)
Interest expense (1,442,000) (1,443,000)
Depreciation and amortization expense (2,429,000) (2,316,000)
- -
Loss from hotel operations $ (392,000) $(1,019,000)
= =
For the six months ended December 31, 2009, the Hotel generated operating
income of approximately $3,479,000 before interest, depreciation and
amortization, on operating revenues of approximately $16,898,000 compared to
operating income of approximately $3,424,000 before the loss on termination of
garage lease, interest, depreciation and amortization, on operating revenues of
approximately $17,943,000 for the six months ended December 31, 2008. The
increase in Hotel operating income is primarily attributable to a significant
decline in operating expenses and an increase in garage revenues resulting from
the termination of the garage lease in October 2008 and integration of those
operations into those of the Hotel, partially offset by a decrease in room and
food and beverage revenues.
While operating in this difficult economy, management was able to improve its
real estate operations by reducing operating expenses and its interest expense.
The Company had real estate revenues of $5,936,000 for the six months ended
December 31, 2009 compared with revenues of $6,210,000 for the six months ended
December 31, 2008. While revenues declined by $274,000 as the result of
operating in a tougher economy, management was able to reduce real estate
operating expenses and interest expense by $175,000 and $82,000, respectively.
Interest expense decreased as the result reducing interest rates through
refinancing certain properties over the past twelve months and also to a lesser
extent, interest rates resetting lower on a certain number of our properties
located in Los Angeles, California. Management continues to review and analyze
the Company's real estate operations to improve occupancy and rental rates and
to reduce expenses and improve efficiencies.
The Company had a net loss on marketable securities of $1,140,000 for the six
months ended December 31, 2009 compared to a net gain of $2,088,000 for the six
months ended December 31, 2008. For the six months ended December 31, 2009,
the Company had a net realized gain of $4,148,000 and a net unrealized loss of
$5,288,000. For the six months ended December 31, 2008, the Company had a net
realized gain of $1,137,000 and net unrealized gain of $951,000. 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.
As of December 31, 2009 and June 30, 2009, the Company had net other
investments of $6,651,000 and $6,567,000, respectively. As of December 31,
2009, the Company had a net other investment in a public company in a basic
materials sector totaling $1,082,000. As of December 31, 2009, the Company
holds notes and convertible notes of this company totaling approximately
$11,209,000 which includes $8,097,000 of principal and $3,112,000 of accrued
interest and penalties.
Total Year 1 Year 2 Year 3 Year 4 Year 5 Thereafter
- - - - - - -
Mortgage notes payable $117,430,000 $1,074,000 $2,335,000 $5,561,000 $34,073,000 $3,338,000 $71,049,000
Line of credit 2,500,000 2,500,000 - - - - -
Other notes payable 383,000 204,000 179,000 - - - -
Leases 1,623,000 264,000 526,000 297,000 222,000 122,000 192,000
- - - - - - -
Total $121,936,000 $4,042,000 $3,040,000 $5,858,000 $34,295,000 $3,460,000 $71,241,000
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