Intergroup Corp. (INTG, Financial) filed Quarterly Report for the period ended 2010-12-31.
Intergroup Corp. has a market cap of $53.8 million; its shares were traded at around $22.2299 with and P/S ratio of 1.2. Intergroup Corp. had an annual average earning growth of 21.9% over the past 10 years. GuruFocus rated Intergroup Corp. the business predictability rank of 2-star.
the Company exchanged approximately $13,231,000 in notes, convertible notes and
debt instruments that it held in Comstock Mining, Inc. ("Comstock" - OTCBB:
LODE)) for 13,231 shares ($1,000 stated value) of newly created 7 1/2% Series
A-1 Convertible Preferred Stock (the "A-1 Preferred") of Comstock. Prior to the
exchange, those notes and convertible debt instruments had a carrying value of
$1,809,000, net of impairment adjustments. The Company accounted for the
transaction as an exchange of its debt securities and recorded the new
instruments (A-1 Preferred) received based on their fair value. The Company
estimated the fair value of the A-1 Preferred at $1,000 per share, which was
the stated value of the instrument, for a total of $13,231,000. The fair value
of the A-1 Preferred had a similar value to the Series B preferred stock
financing (stated value of $1,000 per share) by which Comstock concurrently
raised $35.7 million in new capital from other investors in October 2010. The
Company recorded an unrealized gain of $11,422,000 related to the preferred
stock received as part of the debt restructuring.
The Company had a net gain on marketable securities of $3,703,000 for the three
months ended December 31, 2010 compared to a net gain of $182,000 for the three
months ended December 31, 2009. For the three months ended December 31, 2010,
the Company had a net realized gain of $334,000 and a net unrealized gain of
$3,369,000. For the three months ended December 31, 2009, the Company had a
net realized gain of $4,000,000 and net unrealized loss of $3,818,000. 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 may also invest, with the approval of the Securities Investment
Committee and other Company guidelines, in private investment equity funds and
other unlisted securities, such as convertible notes through private
placements. Those investments in non-marketable securities are carried at cost
on the Company's balance sheet as part of other investments, net of other than
temporary impairment losses. As of December 31, 2010, the Company had net
other investments of $17,871,000. On October 20, 2010, as part of a debt
restructuring of one of its investments, the Company exchanged approximately
$13,231,000 in notes, convertible notes and debt instruments that it held in
Comstock Mining, Inc. ("Comstock" - OTCBB: LODE)) for 13,231 shares ($1,000
stated value) of newly created 7 1/2% Series A-1 Convertible Preferred Stock
(the "A-1 Preferred") of Comstock. Prior to the exchange, those notes and
convertible debt instruments had a carrying value of $1,809,000, net of
impairment adjustments. The Company accounted for the transaction as an
exchange of its debt securities and recorded the new instruments (A-1
Preferred) received based on their fair value. The Company estimated the fair
value of the A-1 Preferred at $1,000 per share, which was the stated value of
the instrument, for a total of $13,231,000. The fair value of the A-1
Preferred had a similar value to the Series B preferred stock financing (stated
value of $1,000 per share) by which Comstock concurrently raised $35.7 million
in new capital from other investors in October 2010. The Company recorded an
unrealized gain of $11,422,000 related to the preferred stock received as part
of the debt restructuring. During the three months ended December 31, 2010 and
2009, the Company performed an impairment analysis of its other investments and
determined that one of its investments had other than temporary impairment and
recorded impairment losses of $310,000 and $917,000, for each respective
period.
The Company had a net gain on marketable securities of $4,056,000 for the six
months ended December 31, 2010 compared to a net loss on marketable securities
of $1,140,000 for the six months ended December 31, 2009. For the six months
ended December 31, 2010, the Company had a net realized gain of $220,000 and a
net unrealized gain of $3,836,000. 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. 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 see the Marketable Securities section below.
other investments of $17,871,000. On October 20, 2010, as part of a debt
restructuring of one of its investments, the Company exchanged approximately
$13,231,000 in notes, convertible notes and debt instruments that it held in
Comstock Mining, Inc. ("Comstock" - OTCBB: LODE)) for 13,231 shares ($1,000
stated value) of newly created 7 1/2% Series A-1 Convertible Preferred Stock
(the "A-1 Preferred") of Comstock. Prior to the exchange, those notes and
convertible debt instruments had a carrying value of $1,809,000, net of
impairment adjustments. The Company accounted for the transaction as an
exchange of its debt securities and recorded the new instruments (A-1
Preferred) received based on their fair value. The Company estimated the fair
value of the A-1 Preferred at $1,000 per share, which was the stated value of
the instrument, for a total of $13,231,000. The fair value of the A-1
Preferred had a similar value to the Series B preferred stock financing (stated
value of $1,000 per share) by which Comstock concurrently raised $35.7 million
in new capital from other investors in October 2010. The Company recorded an
unrealized gain of $11,422,000 related to the preferred stock received as part
of the debt restructuring. During the six months ended December 31, 2010 and
2009, the Company performed an impairment analysis of its other investments and
determined that one of its investments had other than temporary impairment and
recorded impairment losses of $540,000 and $917,000, for each respective
period.
Total Year 1 Year 2 Year 3 Year 4 Year 5 Thereafter
- - - - - - -
Mortgage notes payable $119,003,000 $1,204,000 $ 5,608,000 $34,173,000 $ 3,386,000 $1,817,000 $72,815,000
Other notes payable 3,593,000 784,000 651,000 569,000 1,557,000 32,000 -
Operating leases 557,000 45,000 93,000 87,000 107,000 111,000 114,000
Interest 34,923,000 3,369,000 6,475,000 5,962,000 4,358,000 3,969,000 10,790,000
- - - - - - -
Total $158,076,000 $5,402,000 $12,827,000 $40,791,000 $ 9,408,000 $5,929,000 $83,719,000
= = = = = = =
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Intergroup Corp. has a market cap of $53.8 million; its shares were traded at around $22.2299 with and P/S ratio of 1.2. Intergroup Corp. had an annual average earning growth of 21.9% over the past 10 years. GuruFocus rated Intergroup Corp. the business predictability rank of 2-star.
Highlight of Business Operations:
On October 20, 2010, as part of a debt restructuring of one of its investments,the Company exchanged approximately $13,231,000 in notes, convertible notes and
debt instruments that it held in Comstock Mining, Inc. ("Comstock" - OTCBB:
LODE)) for 13,231 shares ($1,000 stated value) of newly created 7 1/2% Series
A-1 Convertible Preferred Stock (the "A-1 Preferred") of Comstock. Prior to the
exchange, those notes and convertible debt instruments had a carrying value of
$1,809,000, net of impairment adjustments. The Company accounted for the
transaction as an exchange of its debt securities and recorded the new
instruments (A-1 Preferred) received based on their fair value. The Company
estimated the fair value of the A-1 Preferred at $1,000 per share, which was
the stated value of the instrument, for a total of $13,231,000. The fair value
of the A-1 Preferred had a similar value to the Series B preferred stock
financing (stated value of $1,000 per share) by which Comstock concurrently
raised $35.7 million in new capital from other investors in October 2010. The
Company recorded an unrealized gain of $11,422,000 related to the preferred
stock received as part of the debt restructuring.
The Company had a net gain on marketable securities of $3,703,000 for the three
months ended December 31, 2010 compared to a net gain of $182,000 for the three
months ended December 31, 2009. For the three months ended December 31, 2010,
the Company had a net realized gain of $334,000 and a net unrealized gain of
$3,369,000. For the three months ended December 31, 2009, the Company had a
net realized gain of $4,000,000 and net unrealized loss of $3,818,000. 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 may also invest, with the approval of the Securities Investment
Committee and other Company guidelines, in private investment equity funds and
other unlisted securities, such as convertible notes through private
placements. Those investments in non-marketable securities are carried at cost
on the Company's balance sheet as part of other investments, net of other than
temporary impairment losses. As of December 31, 2010, the Company had net
other investments of $17,871,000. On October 20, 2010, as part of a debt
restructuring of one of its investments, the Company exchanged approximately
$13,231,000 in notes, convertible notes and debt instruments that it held in
Comstock Mining, Inc. ("Comstock" - OTCBB: LODE)) for 13,231 shares ($1,000
stated value) of newly created 7 1/2% Series A-1 Convertible Preferred Stock
(the "A-1 Preferred") of Comstock. Prior to the exchange, those notes and
convertible debt instruments had a carrying value of $1,809,000, net of
impairment adjustments. The Company accounted for the transaction as an
exchange of its debt securities and recorded the new instruments (A-1
Preferred) received based on their fair value. The Company estimated the fair
value of the A-1 Preferred at $1,000 per share, which was the stated value of
the instrument, for a total of $13,231,000. The fair value of the A-1
Preferred had a similar value to the Series B preferred stock financing (stated
value of $1,000 per share) by which Comstock concurrently raised $35.7 million
in new capital from other investors in October 2010. The Company recorded an
unrealized gain of $11,422,000 related to the preferred stock received as part
of the debt restructuring. During the three months ended December 31, 2010 and
2009, the Company performed an impairment analysis of its other investments and
determined that one of its investments had other than temporary impairment and
recorded impairment losses of $310,000 and $917,000, for each respective
period.
The Company had a net gain on marketable securities of $4,056,000 for the six
months ended December 31, 2010 compared to a net loss on marketable securities
of $1,140,000 for the six months ended December 31, 2009. For the six months
ended December 31, 2010, the Company had a net realized gain of $220,000 and a
net unrealized gain of $3,836,000. 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. 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 see the Marketable Securities section below.
other investments of $17,871,000. On October 20, 2010, as part of a debt
restructuring of one of its investments, the Company exchanged approximately
$13,231,000 in notes, convertible notes and debt instruments that it held in
Comstock Mining, Inc. ("Comstock" - OTCBB: LODE)) for 13,231 shares ($1,000
stated value) of newly created 7 1/2% Series A-1 Convertible Preferred Stock
(the "A-1 Preferred") of Comstock. Prior to the exchange, those notes and
convertible debt instruments had a carrying value of $1,809,000, net of
impairment adjustments. The Company accounted for the transaction as an
exchange of its debt securities and recorded the new instruments (A-1
Preferred) received based on their fair value. The Company estimated the fair
value of the A-1 Preferred at $1,000 per share, which was the stated value of
the instrument, for a total of $13,231,000. The fair value of the A-1
Preferred had a similar value to the Series B preferred stock financing (stated
value of $1,000 per share) by which Comstock concurrently raised $35.7 million
in new capital from other investors in October 2010. The Company recorded an
unrealized gain of $11,422,000 related to the preferred stock received as part
of the debt restructuring. During the six months ended December 31, 2010 and
2009, the Company performed an impairment analysis of its other investments and
determined that one of its investments had other than temporary impairment and
recorded impairment losses of $540,000 and $917,000, for each respective
period.
Total Year 1 Year 2 Year 3 Year 4 Year 5 Thereafter
- - - - - - -
Mortgage notes payable $119,003,000 $1,204,000 $ 5,608,000 $34,173,000 $ 3,386,000 $1,817,000 $72,815,000
Other notes payable 3,593,000 784,000 651,000 569,000 1,557,000 32,000 -
Operating leases 557,000 45,000 93,000 87,000 107,000 111,000 114,000
Interest 34,923,000 3,369,000 6,475,000 5,962,000 4,358,000 3,969,000 10,790,000
- - - - - - -
Total $158,076,000 $5,402,000 $12,827,000 $40,791,000 $ 9,408,000 $5,929,000 $83,719,000
= = = = = = =
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