HMG/Courtland Properties Inc (HMG, Financial) filed Quarterly Report for the period ended 2009-06-30.
HMG/Courtland Properties Inc. and its subsidiaries principal business is the ownership and management of income-producing commercial properties. HMG/Courtland Properties Inc has a market cap of $4.4 million; its shares were traded at around $4.35 with and P/S ratio of 0.4.
As discussed further below, total revenues for the three and six months ended June 30, 2009 as compared with the same periods in 2008, decreased by approximately $278,000 (9%) and $360,000 (6%), respectively. Total expenses for the three and six months ended June 30, 2009, as compared with the same periods in 2008, decreased by approximately $179,000 (6%) and $241,000 (4%), respectively.
Interest, dividend and other income for the three and six months ended June 30, 2009 was approximately $95,000 and $181,000, respectively. Interest, dividend and other income for the three and six months ended June 30, 2008 was approximately $248,000 and $337,000, respectively. The decreases in 2009 were primarily due to the receipt of a $168,000 nonrecurring real estate leasing commission received in June 2008.
Expenses for rental and other properties for the three and six months ended June 30, 2009 were $186,000 and $384,000, respectively. Expenses for rental and other properties for the three and six months ended June 30, 2008 were $136,000 and $269,000, respectively. The increase in 2009 is primarily due to increased repairs and maintenance at Grove Isle in connection with the change of tenants which occurred in November 2008, and increased rent expense at the Monty s property.
Interest expense for the three and six months ended June 30, 2009 was $282,000 and $562,000, respectively. Interest expense for the three and six months ended June 30, 2008 was $334,000 and $689,000, respectively. The decrease in 2009 is due to lower interest rates.
For the six months ended June 30, 2009, net cash used in investing activities was approximately $404,000. This consisted primarily of purchases of marketable securities of $1.3 million, additions to loans receivable of $150,000, contributions to other investments of $116,000 and improvements of properties and purchases of fixed assets of $89,000. These uses were partially offset by $936,000 in net proceeds from sales of marketable securities and distributions from other investment of $315,000.
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HMG/Courtland Properties Inc. and its subsidiaries principal business is the ownership and management of income-producing commercial properties. HMG/Courtland Properties Inc has a market cap of $4.4 million; its shares were traded at around $4.35 with and P/S ratio of 0.4.
Highlight of Business Operations:
The Company reported net income attributable to the Company of approximately $240,000 ($.24 per share) for the three months ended June 30, 2009 and a net loss of approximately $6,000 (less than $.01 per share) for the six months ended June 30, 2009. This is as compared with a net loss of approximately $13,000 ($.01 per share) and $267,000 ($.26 per share) for the three and six months ended June 30, 2008, respectively.As discussed further below, total revenues for the three and six months ended June 30, 2009 as compared with the same periods in 2008, decreased by approximately $278,000 (9%) and $360,000 (6%), respectively. Total expenses for the three and six months ended June 30, 2009, as compared with the same periods in 2008, decreased by approximately $179,000 (6%) and $241,000 (4%), respectively.
Interest, dividend and other income for the three and six months ended June 30, 2009 was approximately $95,000 and $181,000, respectively. Interest, dividend and other income for the three and six months ended June 30, 2008 was approximately $248,000 and $337,000, respectively. The decreases in 2009 were primarily due to the receipt of a $168,000 nonrecurring real estate leasing commission received in June 2008.
Expenses for rental and other properties for the three and six months ended June 30, 2009 were $186,000 and $384,000, respectively. Expenses for rental and other properties for the three and six months ended June 30, 2008 were $136,000 and $269,000, respectively. The increase in 2009 is primarily due to increased repairs and maintenance at Grove Isle in connection with the change of tenants which occurred in November 2008, and increased rent expense at the Monty s property.
Interest expense for the three and six months ended June 30, 2009 was $282,000 and $562,000, respectively. Interest expense for the three and six months ended June 30, 2008 was $334,000 and $689,000, respectively. The decrease in 2009 is due to lower interest rates.
For the six months ended June 30, 2009, net cash used in investing activities was approximately $404,000. This consisted primarily of purchases of marketable securities of $1.3 million, additions to loans receivable of $150,000, contributions to other investments of $116,000 and improvements of properties and purchases of fixed assets of $89,000. These uses were partially offset by $936,000 in net proceeds from sales of marketable securities and distributions from other investment of $315,000.
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