BRENTWOOD, Tenn. -- Aug. 9, 1996 -- Comptronix
Corporation (OTC Bulletin Board:CMPX) today announced it has filed
for protection under Chapter 11 of the Bankruptcy Code. The Company
has been unable to reach agreement with its principal lender on
terms for continued lending and a waiver of covenants in its current
credit agreement for the Company's second quarter performance;
however, the Company said that it has reached an agreement with its
principal lender, The CIT Group, which will allow the Company to use
its cash from operations to fund its business.
E. Townes Duncan, Chairman and Chief Executive Officer, said,
"The decision to file under Chapter 11 was a difficult one. We were
forced to take this action as a result of difficult business
conditions in the second quarter and our inability to reach an
agreement with our principal lender on terms for continued lending
or obtain a waiver of financial performance covenants from our
principal lender. We have concluded that the best way to protect
the value of the Company and its business is to proceed with the
protection of the Court. Chapter 11 allows us to continue operating
while we consider all our strategic alternatives, including a sale
of the Company, and develop a restructuring plan."
The Company also reported a net loss of $3.5 million for the
second quarter ended June 30, 1996. Accrued preferred dividends
payable in kind for the second quarter were $0.3 million; and the
total net loss for the quarter amounted to $3.8 million, or $0.29
per share, compared with a net loss, including preferred dividends,
of $1.9 million, or $0.14 per share, for the second quarter of 1995.
Sales for the 1996 second quarter totaled $17.8 million compared
with $22.8 million for the second quarter of 1995.
For the six months ended June 30, 1996, the Company reported a
net loss, including preferred dividends, of $5.6 million, or $0.42
per share, compared with a net loss, including preferred dividends,
of $2.0 million, or $0.16 per share, for the six months ended July
2, 1995. Sales for the first half of 1996 were $41.3 million
compared with $50.2 million for the first half of 1995.
Commenting on the second quarter results, Mr. Duncan said, "As
we previously reported, several large customers in the
telecommunications industry reduced their production schedules for
the second quarter of 1996 citing the need to reduce their finished
goods inventory levels. This reduction was even more significant
than expected and was the principal factor in the decline in sales
in the second quarter. Revenues for the second quarter of 1996
decreased 24% compared with the first quarter of 1996. We had
anticipated an increase in shipments to these customers for the
second half of 1996, but shipment levels have continued at second
quarter levels to date; and we are unable to forecast with
confidence when demand from these customers will increase. During
the next several months, our focus will remain on reducing overhead
and other costs to match the Company's anticipated level of sales
while maintaining the resources necessary to continue to provide
responsive, high quality manufacturing services to our customers."
Comptronix Corporation provides contract manufacturing services
to original equipment manufacturers in the electronics industry at
its ISO 9002 registered facilities in Guntersville, Alabama, and at
its Empalme, Sonora, Mexico, facility. It specializes in assembling
printed circuit boards and system level "Box Build" products, as
well as providing engineering, order fulfillment and other services,
for customers requiring strict quality control and prompt,
responsive service.
Comptronix Corporation
Financial Highlights
(In thousands, except per share data)
Three Months Ended
June 30, July 2,
1996 1995
Net sales $ 17,768 $ 22,737
Gross profit (loss) $ (1,009) $ 1,262
Marketing, general and administrative
expenses $ 1,544 $ 1,798
Interest expense, net 952 938
Other expense 19 125
Net loss from operations (3,524) (1,599)
Dividend in kind on Preferred Stock 295 277
Net loss applicable to Common Stock $ (3,819) $ (1,876)
Net loss per common share $ (0.29) $ (0.14)
Weighted average common shares 13,298 13,263
Six Months Ended
June 30, July 2,
1996 1995
Net sales $ 41,265 $ 50,240
Gross profit $ 203 $ 3,490
Marketing, general and administrative
expenses $ 3,007 $ 3,153
Interest expense, net 1,967 1,931
Other expense 251 (69)
Net loss from operations (5,022) (1,525)
Dividend in kind on Preferred Stock 586 512
Net loss applicable to Common Stock $ (5,608) $ (2,037)
Net loss per common share $ (0.42) $ (0.16)
Weighted average common shares 13,298 12,975
MILWAUKEE, WI -- Aug. 9, 1996 -- United States Leather, Inc.
reported today that net sales for the second quarter of 1996 were
$81.0 million which was flat to the average of the last three
quarters. As compared to the same period in 1995, however, second
quarter 1996 sales decreased by $12.7 million or 13.6%. This
reduction was principally the result of a 9% reduction in the square
footage of finished leather sold, reduced sales from the USL Trading
Division, which the Company is discontinuing, and lower selling
prices. While the square footage of finished leather sold in the
second quarter of 1996 was less than the same period last year, the
square footage of finished leather sold in the second quarter of
1996 was flat as compared to the first quarter of 1996 and increased
1% and 5% as compared to the fourth quarter and third quarter of
1995, respectively. The lower selling prices were partially the
result of lower hide costs in the second quarter of 1996 as compared
to the second quarter of 1995. Net sales for the six month period
were $160.1 million, a decrease of $37.4 million or 18.9%, versus
the same period last year.
On June 24, 1996, the Company announced a series of business
decisions resulting from an evaluation of the business that was
initiated immediately after the April 9, 1996 change in control.
These decisions were designed to improve operating trends and to
focus on core businesses and markets. These decisions included:
While sales in the second quarter of 1996 dropped by 13.6% as
compared to the same period last year, cost of sales, excluding the
nonrecurring $6.6 million inventory reserve, declined by only 11.2%.
As a result, excluding the inventory reserve, gross profit for the
second quarter of 1996 was $9.9 million, a reduction of $3.7 million
or 27.2% as compared to the same period last year. The decrease was
principally the result of reduced square footage of finished leather
sold, increased unit conversion costs and reduced selling prices,
partially offset by reduced cattlehide prices. The reduced sales
and production volumes contributed to the increased unit
manufacturing costs. As a percentage of sales, excluding the
nonrecurring inventory adjustment, gross profits dropped from 14.5%
in the second quarter of 1995 to 12.2% in the second quarter of
1996. Including the nonrecurring inventory reserve, the Company had
a gross profit of $3.3 million in the second quarter of 1996. The
Company recorded a $0.8 million LIFO revaluation credit to
operations in the second quarter of 1996 as compared to a $1.1
million LIFO revaluation credit during the same period last year.
Excluding the $9.4 million of nonrecurring expenses, the Company
recorded income from operations of $2.8 million during the second
quarter of 1996 as compared to $6.5 million during the second
quarter of 1995, a reduction of $3.7 million principally due to
reduced sales and reduced gross profits. Including the nonrecurring
expenses, the Company had a loss from operations of $6.6 million
during the second quarter of 1996. During the first half of 1996,
the Company recorded a loss from operations of $2.3 million as
compared to income from operations during the first half of 1995 of
$15.6 million, a reduction of $17.9 million. Excluding the
nonrecurring expenses, income from operations was $7.1 million
through the first half of 1996.
Interest expense in the second quarter of 1996 was $4.3 million,
a decrease of $0.2 million versus the same period last year. For
the six month period ended June 30, 1996, interest expense was $8.6
million as compared to $9.0 million in the first six months of 1995.
The decrease in both periods was principally the result of reduced
average borrowings in the Company's revolving credit facility.
The Company had a net loss of $7.3 million in the second quarter
of 1996 as compared to net income of $1.0 million during the second
quarter of 1995. The nonrecurring expenses reduced net income by
$5.8 million; the remainder of the decrease was principally the
result of reduced sales and reduced gross profits. For the six
month period ended June 30, 1996, the Company recorded a loss of
$7.6 million, $5.8 million of which is nonrecurring, as compared to
net income of $3.9 million in the first half of 1995. 1995 year-to-
date income included a $0.4 million extraordinary gain related to
the Company's repurchase of its 10.25% senior notes due 2003 during
the first quarter of 1995.
United States Leather, Inc. is a diversified producer and
marketer of finished leather serving the footwear, furniture,
personal leather goods and automotive markets. The Company has four
operating divisions: Pfister & Vogel and A.L. Gebhardt based in
Milwaukee, Wis.; Lackawanna Leather based in Conover, N.C.; and A.R.
Clarke based in Toronto, Canada. Pfister & Vogel is a leading
domestic producer of finished leather used in the production of high
quality men's footwear; A.L. Gebhardt is a producer and marketer of
a wide variety of finished leather for footwear, accessories,
sporting goods, apparel and other personal leather goods; Lackawanna
Leather is a leading supplier of upholstery leather to the domestic
furniture and automobile industries; and A.R. Clarke, specializing
in waterproof leathers, is principally a supplier to the Canadian
footwear industry.
UNITED STATES LEATHER, INC. AND SUBSIDIARIES
CONDENSED STATEMENTS OF INCOME (UNAUDITED)
(Dollars in Millions)
3 Months Ended 6
Months Ended
June 30, June 30,
Income Statement Data 1996 1995
1996 1995
Net sales $81.0 $93.7
$160.1 $197.5
Cost of sales 77.7 80.1
145.4 167.9
Gross profit 3.3 13.6
14.7 29.6
Selling, general & administrative expenses 6.2 6.3
12.3 12.4
Restructuring expense 2.5 0.0
2.5 0.0
Amortization of intangible assets 1.2 0.8
2.2 1.6
Income (loss) from operations (6.6) 6.5
(2.3) 15.6
Other (income) expense 0.1 0.0
0.1 0.0
Interest expense 4.3 4.5
8.6 9.0
Income before taxes and
extraordinary gain (11.0) 2.0
(11.0) 6.6
Income tax provision (3.7) 1.0
(3.4) 3.1
Net income (loss) before
extraordinary gain (7.3) 1.0
(7.6) 3.5
Extraordinary gain, net of tax 0.0 0.0
0.0 0.4
Net income (loss) available for
Common Shares ($7.3) $1.0
($7.6) $3.9
Other Data
EBITDA ($3.6) $8.9
$3.5 $20.4
% of Net Sales
Gross profit margin 4.1% 14.5%
9.2% 15.0%
Income from operations -8.1% 6.9%
-1.4% 7.9%
EBITDA -4.4% 9.5%
2.2% 10.3%
EL PASO, Texas -- Aug. 9, 1996 -- El Paso Electric
Company ("EPE") reported net income applicable to common stock of
approximately $6.6 million for the quarter ended June 30, 1996. The
net income applicable to common stock for the period Feb. 12, 1996
to June 30, 1996 was approximately $6.7 million. The results
reflect the effects of EPE's Plan of Reorganization and its
emergence from bankruptcy on Feb. 12, 1996. For financial reporting
purposes, the reorganization and application of "fresh-start"
reporting caused significant changes to EPE's financial information,
which means the financial information for the post reorganization
period is not comparable to past results.
In June, July and August 1996, the company repurchased $9.0
million, $16.8 million and $6.0 million, respectively, of its first
mortgage bonds, at a discount from the original price. The
repurchases, individually or collectively, net of related issuance
cost, did not result in a material net gain or loss. The company
intends to continue to use a portion of its available cash flow to
reduce fixed obligations by making open market purchases of first
mortgage bonds, from time to time, based on prevailing market
conditions.
The company achieved a new record system peak demand of 1,387 MW
(megawatts) on June 20, 1996, which was a 0.9 percent increase over
1995's record system peak of 1,374 MW. The company also recorded a
native system peak demand of 1,105 MW on June 20, 1996, a 1.6
percent increase from the previous record of 1,088 MW set in 1995.
EPE is an electric utility serving approximately 276,000
customers in El Paso, Texas and an area of the Rio Grande Valley in
West Texas and Southern New Mexico, and to wholesale customers in
Southern California, New Mexico, Texas and Mexico. EPE's common
stock trades on the American Stock Exchange under symbol "EE."
El Paso Electric Company's results of operations for the three
months ended June 30, 1996 and the period Feb. 12 to June 30, 1996
are as follows (in thousands except share data):
Three Months Ended
June 30,
1996
------------------
Operating revenues $ 144,388
Operating expenses (110,292)
Interest charges (25,440)
Net income (1) 9,500
Preferred stock dividend requirements 2,897
Net income applicable to common stock $ 6,603
Net income per weighted average share
of common stock $ 0.11
Weighted average number of common shares
outstanding 59,999,981
Period From Feb. 12
to June 30, 1996
---------------------
Operating revenues $ 214,295
Operating expenses (165,452)
Interest charges (38,961)
Net income (1) 11,189
Preferred stock dividend requirements 4,449
Net income applicable to common stock $ 6,740
Net income per weighted average share
of common stock $ 0.11
Weighted average number of common shares
outstanding 59,999,981
(1) Three months ended net income includes $22,407 of depreciation
and amortization expense, and $6,564 of income taxes. For the
period from Feb. 12 to June 30, 1996 net income includes
$34,369 of depreciation and amortization expenses, and $7,634
of income taxes.
BALTIMORE, MD -- Aug. 9, 1996 -- Prime Retail, Inc. (Nasdaq:
PRME, PRMEP) today announced the closing of $253.0 million in
mortgage loans with Nomura Asset Capital Corporation ("Nomura") on
August 1, 1996, and its operating results for the second quarter
ended June 30, 1996.
As previously announced, Prime Retail obtained a binding loan
commitment from Nomura dated June 5, 1996, to refinance certain
credit facilities and a securitized mortgage loan by providing first
and second mortgage loans to the Company in the aggregate principal
amount of $260.0 million (the "Mortgage Loans"). On August 1, 1996,
the Company closed on the refinancing of the existing credit
facilities with Nomura which provided an aggregate of $253.0 million
of financing to the Company on the same economic terms as the
Mortgage Loans. Such financing was utilized (i) to refinance $151.3
million which was outstanding under such credit facilities, (ii) to
refinance $97.4 million which was outstanding under a securitized
mortgage loan, (iii) to pay loan fees and transaction costs of $3.6
million, and (iv) for working capital purposes. Under the terms of
the refinancing, the amended credit facilities consist of two notes,
one in the amount of $218.0 million and the other in the amount of
$35.0 million. Each note requires monthly payments of interest only
at a rate equal to 30-day LIBOR plus 1.513%. The Mortgage Loans are
expected to be advanced by Nomura to refinance such credit
facilities in a securitized REMIC transaction to close on or before
September 30, 1996. If the Mortgage Loans are not advanced by
September 30, 1996, the interest rate on the credit facilities will
increase to a rate equal to 30-day LIBOR plus 1.717%.
As previously announced, on June 27, 1996, the Company completed
its exchange offer to exchange shares of its common stock for up to
4,209,000 shares, or 60%, of its 8.5% Series B Cumulative
Participating Convertible Preferred Stock (the "Series B Preferred
Stock"). The Company issued 6,734,323 shares of its common stock in
exchange for 4,209,000 shares of the Series B Preferred Stock. In
connection with the exchange offer, on July 15, 1996, the Company
paid a special cash dividend of $0.145 per share to the common
shareholders of record on June 27, 1996. In addition, on July 3,
1996, the Company completed a secondary offering of 3,795,328 shares
of its common stock at $11.375 per share. Of the total offering,
3,705,000 shares were sold by the Company and 90,328 shares were
sold by a selling stockholder. The Company's net proceeds from the
secondary offering amount of $38.9 million were used primarily to
repay indebtedness.
In accordance with the new definition of funds from operations
("FFO") established by the National Association of Real Estate
Investment Trusts in 1995, FFO before allocations to preferred
shareholders and minority interests was $1.0 million for the three
months ended June 30, 1996, compared to $6.6 million for the three
months ended June 30, 1995. On a primary basis, FFO per common share
equivalent was $(0.17) for the three months ended June 30, 1996,
compared to $0.11 for the three months ended June 30, 1995. On a
fully diluted basis, FFO per common share equivalent was $(0.03) for
the three months ended June 30, 1996, compared to $0.25 for the
three months ended June 30, 1995.
The results for the three months ended June 30, 1996, included a
one-time nonrecurring charge and extraordinary loss of $6.1 million
and $4.3 million, respectively, related to the binding loan
commitment obtained from Nomura dated June 5, 1996. The nonrecurring
loss results from (i) the termination of previously obtained
financing commitments from Nomura for which the Company paid $3.3
million in nonrefundable financing fees, (ii) the unamortized cost
of certain interest rate protection contracts of $3.7 million, and
(iii) other nonrefundable deferred financing costs of $1.3 million,
less the estimated fair market value of the interest rate protection
contracts of $2.2 million based on their fair market value at May
31, 1996. The extraordinary loss results from (i) the write-off of
unamortized deferred financing costs of $3.5 million relating to the
early extinguishment of debt and (ii) debt prepayment penalties of
$0.8 million.
FFO before allocations to preferred shareholders and minority
interests was $8.6 million for the six months ended June 30, 1996,
compared to $13.5 million for the six months ended June 30, 1995. On
a primary basis, FFO per common share equivalent was $0.02 for the
six months ended June 30, 1996, compared to $0.24 for the six months
ended June 30, 1995. On a fully diluted basis, FFO per common share
equivalent was $0.26 for the six months ended June 30, 1996,
compared to $0.50 for the six months ended June 30, 1995.
Income (loss) (GAAP basis) before allocations to preferred
shareholders, minority interests and the extraordinary loss was
$(0.9) million and $6.2 million for the six months ended June 30,
1996 and 1995, respectively, and $(3.9) million and $3.1 million for
the three months ended June 30, 1996 and 1995, respectively.
Abraham Rosenthal, chief executive officer of the Company,
stated, "The events of the past three months have been milestones
for Prime Retail. First, the Company obtained and closed a
commitment from Nomura to refinance $253.0 million of debt at a
lower "all-in" cost. Second, we successfully completed the exchange
offer by converting 60% of the Series B Preferred Stock to common
stock. Finally, we raised over $42.0 million as a result of our
secondary common stock offering. These transactions significantly
enhance our capital structure and will provide a solid platform for
the continued expansion of our business."
For the six months ended June 30, 1996, same-space sales by
tenants in centers owned by the Company increased 3% compared to the
same period in 1995. Same-space sales is defined as weighted average
sales per square foot reported for space opened since January 1,
1995. Prime Retail's same-space sales for the year ended December
31, 1995, were $244.00 per square foot.
The Company expects to open approximately 829,000 square feet of
GLA during 1996. As of June 30, 1996, the Company had two new
centers and eight expansions of existing centers under construction
that in the aggregate accounted for 440,000 and 389,000 square feet
of GLA, respectively.
On July 17, 1996, the board of directors approved a dividend of
$0.295 per common share payable on August 15, 1996, to common
shareholders of record on August 1, 1996. The dividend covers the
period from April 1, 1996, through June 30, 1996. The dividend is
the pro rata equivalent of an annual dividend of $1.18 per share.
In addition, the board approved a dividend of $0.53125 per share on
the 8.5% Series B Preferred Stock. This dividend is payable on
August 15, 1996, to Series B Preferred shareholders of record on
August 1, 1996. The dividend covers the period from May 16, 1996,
through August 15, 1996. The dividend is the pro rata equivalent of
an annual dividend of $2.125 per share. The board further approved
a dividend of $0.65625 per share on the 10.5% Series A Senior
Cumulative Preferred Stock. This dividend is payable on August 15,
1996, to Series A Preferred shareholders of record on August 1,
1996. The dividend covers the period from May 16, 1996 through
August 15, 1996. The dividend is the pro rata equivalent of an
annual dividend of $2.625 per share. Finally, on August 7, 1996, the
board approved a distribution of
$1.9 million, or $0.219 per common unit, to the limited partners of
the Operating Partnership of record on August 8, 1996. The
distribution is payable on August 15, 1996.
Prime Retail is a self-administered, self-managed real estate
investment trust engaged in the ownership, development,
construction, acquisition, leasing, marketing and management of
factory outlet centers. Prime Retail's outlet center portfolio
consists of 17 outlet centers in 14 states, which total
approximately 4.3 million square feet of GLA as of June 30, 1996.
As of June 30, 1996, Prime Retail's factory outlet center portfolio
was approximately 96% leased and 94% occupied. Prime Retail has been
a developer of factory outlet centers since 1988.
Notes:
PRIME RETAIL, INC.
Selected Financial Data (Unaudited)
Amounts in thousands except per share and unit information
GAAP BASIS
Three Months Ended Six Months Ended
June 30 June 30
1996 1995 1996 1995
STATEMENTS OF OPERATIONS
Revenues
Base rents $12,786$10,956 $25,530 $21,628
Percentage rents 368 327 811 728
Tenant reimbursements 5,895 5,548 12,034 10,421
Income from investment partnerships 168 657 609 787
Interest and other 933 1,302 2,297 2,500
20,150 18,790 41,281 36,064
Expenses
Property operating 4,796 4,044 9,415 7,814
Real estate taxes 1,012 1,545 2,485 2,779
Depreciation and amortization 4,612 3,739 8,999 7,344
Corporate general and administrative 966 692 1,859 1,536
Interest 6,148 5,022 12,204 9,478
Other charges 6,566 685 7,212 908
Total expenses 24,100 15,727 42,174 29,859
Income (loss) before minority interests and
extraordinary item -3,950 3,063 -893 6,205
Loss allocated to minority interests 1,731 1,395 3,208 2,861
Income (loss) before extraordinary item-2,219 4,458 2,315 9,066
Extraordinary item - loss on early
extinguishment of debt, net of minority
interests in the amount of $3,263 -1,017 - -1,017 -
Net income (loss) -3,236 4,458 1,298 9,066
Income allocated to preferred shareholders3,0005,236 8,236 10,472
Loss allocated to common shareholders -$6,236 -$778 -$6,938 -$1,406
Per common share (1):
Loss before extraordinary item -$1.65 -$0.27 -$1.96 -$0.49
Extraordinary item -0.32 - -0.34 -
Net loss -$1.97 -$0.27 -$2.30 -$0.49
Weighted average common shares outstanding3,1712,875 3,023 2,875
SELECTED BALANCE SHEET DATA
June 30
1996 1995
Rental properties before accumulated depreciation$482,612 $416,755
Cash and cash equivalents 4,040 3,007
Total assets 460,792 420,397
Mortgage and other debt 318,777 250,452
Total liabilities 349,676 276,030
Shareholders' equity 110,686 124,549
FUNDS FROM OPERATIONS (FFO) and DIVIDEND DISTRIBUTION SUMMARY
3 Months Ended 6
Months Ended
June 30 June 30
1996 1995
1996 1995
RECONCILIATION OF GAAP INCOME
TO FFO (NEW and OLD DEFINITION)
Income (loss) before minority interests
and extraordinary item (GAAP basis) -$3,950 $3,063 -$893 $6,205
Adjustments:
Depreciation and amortization 4,612 3,739 8,999 7,344
Amortization of deferred financing costs and
interest rate protection contracts 1,138 1,138 2,250 2,206
Non-cash charges 6,131 - 6,131 -
Unconsolidated joint venture adjustments 482 -53 841 165
Distributable net cash flow(8) 8,413 7,887 17,328 15,920
Non-cash charges -6,131 - -6,131 -
FFO - Old Definition(7) 2,282 7,887 11,197 15,920
Non-real estate depreciation
and amortization -1,331 -1,266 -2,631 -2,452
FFO - New Definition(7) $951 $6,621 $8,566 $13,468
DIVIDEND DISTRIBUTION SUMMARY
Distributable net cash flow $8,413 $7,887$17,328 $15,920
Preferred stock dividend - Series A -1,509 -1,509 -3,019 -3,019
6,904 6,378 14,309 12,901
Reserves at 10%(2) -691 -638 -1,431 -1,290
6,213 5,740 12,878 11,611
Preferred stock dividend - Series B -1,491 -3,727 -5,217 -7,453
4,722 2,013 7,661 4,158
Common stock dividend -3,954 -848 -4,802 -1,696
768 1,165 2,859 2,462
Distribution adjustment(9) 1,093 - 1,093 -
Total distribution to limited partners $1,861 $1,165 $3,952 $2,462
Per share/unit amounts:
Preferred stock
Series A $0.656 $0.656 $1.313 $1.313
Series B $0.531 $0.531 $1.062 $1.062
Common stock(3) $0.295 $0.295 $0.590 $0.590
Limited partner units(3) $0.219 $0.126 $0.446 $0.267
FUNDS FROM OPERATIONS SUMMARY - NEW DEFINITION
3 Months Ended 6
Months Ended
June 30 June 30
1996 1995 1996 1995
FFO - New Definition $951 $6,621 $8,566 $13,468
Minority interests -67 -59 -119 -142
884 6,562 8,447 13,326
Preferred stock dividends
Series A -1,509 -1,509 -3,019 -3,019
Series B -1,491 -3,727 -5,217 -7,453
-2,116 1,326 211 2,854
Distribution to limited partners -768 -1,165 -2,859 -2,462
Allocation to common shares outstanding -$2,884 $161-$2,648 $392
FFO per common share outstanding(3)(4) -$0.91 $0.06 -$0.88 $0.14
FFO per common share equivalent -
primary(3)(5) -$0.17 $0.11 $0.02 $0.24
FFO per common share equivalent -
fully diluted(3)(6)-$0.03 $0.25 $0.26 $0.50
Weighted Average Shares and Units Outstanding
Common Shares 3,171 2,875 3,023 2,875
Limited partner common units 9,193 9,221 9,207 9,221
Total primary shares 12,364 12,096 12,230 12,096
Series B convertible preferred shares 8,170 8,391 8,281 8,391
Total fully diluted shares 20,534 20,487 20,511 20,487
FUNDS FROM OPERATIONS SUMMARY - OLD DEFINITION
3 Months Ended 6
Months Ended
June 30 June 30
1996 1995 1996 1995
FFO - Old Definition $2,281 $7,887$11,196 $15,920
Minority interests -67 -84 -120 -146
2,214 7,803 11,076 15,774
Preferred stock dividends
Series A -1,509 -1,509 -3,019 -3,019
Series B -1,491 -3,727 -5,217 -7,453
-786 2,567 2,840 5,302
Distribution to limited partners -768 -1,165 -2,859 -2,462
Allocation to common shares outstanding -$1,554 $1,402 -$19 $2,840
FFO per common share outstanding(3)(4) -$0.49 $0.49 -$0.01 $0.99
FFO per common share equivalent - primary(3)(5)-$0.06$0.21$0.23 $0.44
FFO per common share equivalent -
fully diluted(3)(6)$0.03 $0.31 $0.39 $0.62
Weighted Average Shares and Units Outstanding
Common Shares 3,171 2,875 3,023 2,875
Limited partner common units 9,193 9,221 9,207 9,221
Total primary shares 12,364 12,096 12,230 12,096
Series B convertible preferred shares 8,170 8,391 8,281 8,391
Total fully diluted shares 20,534 20,487 20,511 20,487