Intergroup Corp. (INTG, Financial) filed Quarterly Report for the period ended 2010-03-31.
Intergroup Corp. has a market cap of $36 million; its shares were traded at around $14.99 with and P/S ratio of 0.8. Intergroup Corp. had an annual average earning growth of 17.8% over the past 10 years.
months ended March 31, 2010 compared to a loss of $359,000 for the three months
ended March 31, 2009. For the three months ended March 31, 2010, the Company
had a net realized loss of $368,000 and a net unrealized gain of $849,000. For
the three months ended March 31, 2009, the Company had a net realized gain of
$56,000 and net unrealized loss of $415,000. 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.
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 $8,946,000 for the nine months ended
March 31, 2010 compared with revenues of $9,253,000 for the nine months ended
March 31, 2009. While revenues declined by $307,000 as the result of operating
in a tougher economy, management was able to reduce real estate operating
expenses to $4,500,000 for the nine months ended March 31, 2010 from $4,813,000
for the nine months ended March 31, 2009. Interest expense also decreased to
$2,323,000 from $2,459,000 as the result of 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 $659,000 for the nine
months ended March 31, 2010 compared to a net gain of $1,729,000 for the nine
months ended March 31, 2009. For the nine months ended March 31, 2010, the
Company had a net realized gain of $3,780,000 and a net unrealized loss of
$4,439,000. For the nine months ended March 31, 2009, the Company had a net
realized gain of $1,193,000 and net unrealized gain of $536,000. 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 March 31, 2010 and June 30, 2009, the Company had net other investments
of $6,926,000 and $6,567,000, respectively. As of March 31, 2010, the Company
had a net other investment in a public company in a basic materials sector
totaling $1,250,000. As of March 31, 2010, the Company holds notes and
convertible notes of this company totaling approximately $11,871,000 which
includes $8,347,000 of principal and $3,524,000 of accrued interest and
penalties.
For the nine months ended March 31, 2010 2009
- -
Net gain(loss) on marketable securities $ (659,000) $ 1,729,000
Net unrealized gain on other investments 157,000 -
Impairment loss on other investments (1,148,000) (1,300,000)
Dividend & interest income 248,000 138,000
Margin interest expense (340,000) (140,000)
Trading and management expenses (694,000) (761,000)
- -
$ (2,436,000) $ (334,000)
= =
Total Year 1 Year 2 Year 3 Year 4 Year 5 Thereafter
- - - - - - -
Mortgage notes payable $142,630,000 $2,176,000 $8,786,000 $11,498,000 $39,521,000 $7,244,000 $73,405,000
Line of credit 2,940,000 24,000 437,000 495,000 495,000 1,489,000 -
Other notes payable 959,000 325,000 634,000 - - - -
Leases 1,172,000 108,000 430,000 202,000 187,000 128,000 117,000
- - - - - - -
Total $147,701,000 $2,633,000 $10,287,000 $12,195,000 $40,203,000 $8,861,000 $73,522,000
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Intergroup Corp. has a market cap of $36 million; its shares were traded at around $14.99 with and P/S ratio of 0.8. Intergroup Corp. had an annual average earning growth of 17.8% over the past 10 years.
Highlight of Business Operations:
The Company had a net gain on marketable securities of $481,000 for the threemonths ended March 31, 2010 compared to a loss of $359,000 for the three months
ended March 31, 2009. For the three months ended March 31, 2010, the Company
had a net realized loss of $368,000 and a net unrealized gain of $849,000. For
the three months ended March 31, 2009, the Company had a net realized gain of
$56,000 and net unrealized loss of $415,000. 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.
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 $8,946,000 for the nine months ended
March 31, 2010 compared with revenues of $9,253,000 for the nine months ended
March 31, 2009. While revenues declined by $307,000 as the result of operating
in a tougher economy, management was able to reduce real estate operating
expenses to $4,500,000 for the nine months ended March 31, 2010 from $4,813,000
for the nine months ended March 31, 2009. Interest expense also decreased to
$2,323,000 from $2,459,000 as the result of 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 $659,000 for the nine
months ended March 31, 2010 compared to a net gain of $1,729,000 for the nine
months ended March 31, 2009. For the nine months ended March 31, 2010, the
Company had a net realized gain of $3,780,000 and a net unrealized loss of
$4,439,000. For the nine months ended March 31, 2009, the Company had a net
realized gain of $1,193,000 and net unrealized gain of $536,000. 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 March 31, 2010 and June 30, 2009, the Company had net other investments
of $6,926,000 and $6,567,000, respectively. As of March 31, 2010, the Company
had a net other investment in a public company in a basic materials sector
totaling $1,250,000. As of March 31, 2010, the Company holds notes and
convertible notes of this company totaling approximately $11,871,000 which
includes $8,347,000 of principal and $3,524,000 of accrued interest and
penalties.
For the nine months ended March 31, 2010 2009
- -
Net gain(loss) on marketable securities $ (659,000) $ 1,729,000
Net unrealized gain on other investments 157,000 -
Impairment loss on other investments (1,148,000) (1,300,000)
Dividend & interest income 248,000 138,000
Margin interest expense (340,000) (140,000)
Trading and management expenses (694,000) (761,000)
- -
$ (2,436,000) $ (334,000)
= =
Total Year 1 Year 2 Year 3 Year 4 Year 5 Thereafter
- - - - - - -
Mortgage notes payable $142,630,000 $2,176,000 $8,786,000 $11,498,000 $39,521,000 $7,244,000 $73,405,000
Line of credit 2,940,000 24,000 437,000 495,000 495,000 1,489,000 -
Other notes payable 959,000 325,000 634,000 - - - -
Leases 1,172,000 108,000 430,000 202,000 187,000 128,000 117,000
- - - - - - -
Total $147,701,000 $2,633,000 $10,287,000 $12,195,000 $40,203,000 $8,861,000 $73,522,000
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