Intergroup Corp. (INTG, Financial) filed Quarterly Report for the period ended 2009-03-31.
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 $23.23 million; its shares were traded at around $9.83 with and P/S ratio of 0.46. Intergroup Corp. had an annual average earning growth of 24% over the past 5 years.
March 31, Daily Rate Occupancy% RevPar
- - - -
2009 $135 80% $107
2008 $176 77% $136
Nine Months Ended Average Average
March 31, Daily Rate Occupancy% RevPar
- - - -
2009 $163 80% $130
2008 $174 84% $147
The Company's investment portfolio is diversified with 43 different equity
positions. The portfolio contains four individual equity securities that are
more than 5% of the equity value of the portfolio with the largest security
being 45.4% of the value of the portfolio. The amount of the Company's
investment in any particular issuer may increase or decrease, and additions or
deletions to its securities portfolio may occur, at any time. While it is the
internal policy of the Company to limit its initial investment in any single
equity to less than 5% of its total portfolio value, that investment could
eventually exceed 5% as a result of equity appreciation or reduction of other
positions. Marketable securities are stated at market value as determined by
the most recently traded price of each security at the balance sheet date.
As of March 31, 2009
% of Total
Investment
Industry Group Fair Value Securities
- - -
Dairy products $ 2,337,000 45.4%
Financial services and REITs 730,000 14.2%
Industrial 637,000 12.4%
Basic materials and energy 527,000 10.2%
Healthcare 415,000 8.1%
Consumer cyclical 334,000 6.5%
Other 171,000 3.2%
- -
$ 5,151,000 100.0%
= =
As of June 30, 2008
% of Total
Investment
Industry Group Fair Value Securities
- - -
Dairy products $ 1,540,000 23.0%
Communications 1,123,000 16.7%
Financial 721,000 10.8%
Basic materials 654,000 9.8%
Medical 467,000 7.0%
Transportation 442,000 6.6%
Others 1,759,000 26.1%
- -
$ 6,706,000 100.0%
= =
On December 12, 2008, Justice obtained a modification and extension of it
unsecured revolving line of credit facility from United California Bank ("UCB")
which was to mature on February 2, 2009. The modification extends the term of
the credit facility to February 2, 2010, but reduced the limit of funds
available to the Partnership for short term capital for the Hotel's business
operations from $3,000,000 to $2,500,000. The annual interest rate was
initially to be based on an index selected by Justice at the time of advance,
equal to the Wall Street Journal Prime Rate plus 1.0%, or the LIBOR Rate plus
3.5%, with an interest rate floor of 5% per annum.
As of December 31, 2008, Justice was not in compliance with a financial
covenant pertaining to the line of credit. The non-compliance resulted from
the one-time, non-recurring loss of $684,000 on the termination of the garage
lease and related professional fees. In February 2009, Justice obtained a
waiver of non-compliance from the bank regarding that covenant conditioned upon
a modification of the terms of the credit facility. Pursuant to that
modification, the annual interest rate is now based on the Wall Street Journal
Prime Rate plus 3%, floating, with an interest rate floor of 5%. As of March
31, 2009, there was a balance of $1,700,000 drawn by Justice under the line of
credit facility, with an annual interest rate of 6.25% (Prime at 3.25% as of
March 31, 2009 plus 3%).
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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 $23.23 million; its shares were traded at around $9.83 with and P/S ratio of 0.46. Intergroup Corp. had an annual average earning growth of 24% over the past 5 years.
Highlight of Business Operations:
Three Months Ended Average AverageMarch 31, Daily Rate Occupancy% RevPar
- - - -
2009 $135 80% $107
2008 $176 77% $136
Nine Months Ended Average Average
March 31, Daily Rate Occupancy% RevPar
- - - -
2009 $163 80% $130
2008 $174 84% $147
The Company's investment portfolio is diversified with 43 different equity
positions. The portfolio contains four individual equity securities that are
more than 5% of the equity value of the portfolio with the largest security
being 45.4% of the value of the portfolio. The amount of the Company's
investment in any particular issuer may increase or decrease, and additions or
deletions to its securities portfolio may occur, at any time. While it is the
internal policy of the Company to limit its initial investment in any single
equity to less than 5% of its total portfolio value, that investment could
eventually exceed 5% as a result of equity appreciation or reduction of other
positions. Marketable securities are stated at market value as determined by
the most recently traded price of each security at the balance sheet date.
As of March 31, 2009
% of Total
Investment
Industry Group Fair Value Securities
- - -
Dairy products $ 2,337,000 45.4%
Financial services and REITs 730,000 14.2%
Industrial 637,000 12.4%
Basic materials and energy 527,000 10.2%
Healthcare 415,000 8.1%
Consumer cyclical 334,000 6.5%
Other 171,000 3.2%
- -
$ 5,151,000 100.0%
= =
As of June 30, 2008
% of Total
Investment
Industry Group Fair Value Securities
- - -
Dairy products $ 1,540,000 23.0%
Communications 1,123,000 16.7%
Financial 721,000 10.8%
Basic materials 654,000 9.8%
Medical 467,000 7.0%
Transportation 442,000 6.6%
Others 1,759,000 26.1%
- -
$ 6,706,000 100.0%
= =
On December 12, 2008, Justice obtained a modification and extension of it
unsecured revolving line of credit facility from United California Bank ("UCB")
which was to mature on February 2, 2009. The modification extends the term of
the credit facility to February 2, 2010, but reduced the limit of funds
available to the Partnership for short term capital for the Hotel's business
operations from $3,000,000 to $2,500,000. The annual interest rate was
initially to be based on an index selected by Justice at the time of advance,
equal to the Wall Street Journal Prime Rate plus 1.0%, or the LIBOR Rate plus
3.5%, with an interest rate floor of 5% per annum.
As of December 31, 2008, Justice was not in compliance with a financial
covenant pertaining to the line of credit. The non-compliance resulted from
the one-time, non-recurring loss of $684,000 on the termination of the garage
lease and related professional fees. In February 2009, Justice obtained a
waiver of non-compliance from the bank regarding that covenant conditioned upon
a modification of the terms of the credit facility. Pursuant to that
modification, the annual interest rate is now based on the Wall Street Journal
Prime Rate plus 3%, floating, with an interest rate floor of 5%. As of March
31, 2009, there was a balance of $1,700,000 drawn by Justice under the line of
credit facility, with an annual interest rate of 6.25% (Prime at 3.25% as of
March 31, 2009 plus 3%).
Read the The complete Report
