Hallwood Realty Partners, L.P. Announces Third Quarter 2003 Financial Results
November 11 2003 - 4:00PM
PR Newswire (US)
Hallwood Realty Partners, L.P. Announces Third Quarter 2003
Financial Results DALLAS, Nov. 11 /PRNewswire-FirstCall/ --
Hallwood Realty Partners, L.P. ("HRP") announced today its
financial results for the quarter ended September 30, 2003. HRP had
net income of $394,000 ($0.24 per unit) for the third quarter of
2003, as compared to net income of $1,843,000 ($1.11 per unit) for
the third quarter of 2002. The net results included $3,951,000 and
$3,604,000 of non-cash depreciation and amortization expense in the
2003 and 2002 third quarters, respectively. Total revenues
increased $1,074,000, or 6.0%, in the third quarter of 2003 as a
result of a $578,000 increase in revenue from property operations
and a $496,000 increase in revenue from construction services.
Revenue from property operations were enhanced by rental income
from the addition of the newly-constructed five-story office
building within Executive Park in Atlanta, Georgia. Construction
service revenues increased due to more construction projects
completed in the 2003 period compared to the 2002 period; by their
nature, the demand for and size of construction service projects
can vary significantly from time to time. Total expenses were
$2,471,000, or 15.3%, more in 2003's third quarter than in 2002 due
to increases in litigation costs of $1,067,000, construction tenant
service expense of $453,000, general and administrative expenses of
$385,000, depreciation and amortization expense of $347,000,
property operating expenses of $116,000, and interest expense of
$103,000. HRP had a net loss of $1,444,000 ($0.90 per unit) for the
first nine months of 2003, as compared to net income of $6,259,000
($3.76 per unit) for the comparable period in 2002. The net results
included $11,475,000 and $11,133,000 of non-cash depreciation and
amortization expense in the 2003 and 2002 periods, respectively.
Total revenues decreased $604,000, or 1.1%, in the first nine
months of 2003 as a result of a $1,306,000 decrease in revenue from
construction services, which were lower due to fewer construction
projects completed in the 2003 period compared to the 2002 period,
offset by a $702,000 increase in rental income primarily from the
addition of the newly-constructed five-story office building within
Executive Park in Atlanta, Georgia. Total expenses were $6,966,000,
or 14.2%, more in 2003's first nine months than in 2002 due to
increases in litigation costs of $6,198,000, general and
administrative expenses of $664,000, property operating expenses of
$660,000, depreciation and amortization expense of $342,000, and
interest expense of $217,000, partially offset by a decrease in
construction service expense of $1,115,000. The information
contained in this news release has been derived from financial
information to be included in Form 10-Q filed with the Securities
and Exchange Commission. The following table sets forth selected
unaudited financial information (in thousands, except per unit
amounts): Three Months Ended Nine Months Ended September 30,
September 30, 2003 2002 2003 2002 Total revenues $18,855 $17,781
$54,397 $55,001 Total expenses 18,595 16,124 56,176 49,210 Income
(loss) before interest income 260 1,657 (1,779) 5,791 Interest
income 134 186 335 468 Net income (loss) $ 394 $ 1,843 $(1,444) $
6,259 Net income (loss) per unit: Basic $ 0.24 $ 1.15 $ (0.90) $
3.90 Assuming dilution $ 0.24 $ 1.11 $ (0.90) $ 3.76 Weighted
average units outstanding: Basic 1,594 1,590 1,593 1,590 Assuming
dilution 1,652 1,647 1,593 1,647 HRP, a publicly traded Delaware
limited partnership, is engaged in the acquisition, ownership and
operation of commercial real estate assets. Certain statements in
this news release may constitute "forward-looking statements" which
are subject to known and unknown risks and uncertainties including,
among other things, certain economic conditions, competition,
development factors and operating costs that may cause the actual
results to differ materially from results implied by such
forward-looking statements. These risks and uncertainties are
described in greater detail in HRP's periodic filings with the SEC.
DATASOURCE: Hallwood Realty Partners, L.P. CONTACT: Investor
Relations of Hallwood Realty Partners, L.P., +1-214-528-5588 Web
site: http://www.hallwood.com/hrp
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