Most importantly, the company reported net income for the year ended December 31, 2006 of
$20.2 million, or $1.54 per diluted share, as compared to a net loss of $2.6 million, or $0.21 per share for the year ended December 31, 2005. Meanwhile, its fourth quarter FFO of $0.18 per share was in-line with the company's guidance of $0.18 to $0.20 per share and in-line with analysts' expectations. Full-year FFO was $0.80 per diluted share, up from $0.78 per diluted share in 2005.
Already, analysts from both RBC Capitaland Friedman Billings Ramsey issued reports judging the results sound and both expressed optimism about the progress the company is making in repositioning its portfolio.
The company also has said it will take steps to avoid future late filings, which reported on last month.Traffic
Specifically, the company's release states:
The Company lacked the sufficient number of personnel to ensure that thestatements were prepared on a timely basis. As a result, the Company was unable to adequately complete its necessary procedures on time. The lack of sufficient personnel caused delays in the review and approval of supporting documents and journal entries necessary to prepare our financial statements on a timely basis in accordance with regulatory guidelines. At the beginning of 2007 management commenced hiring and training additional personnel to correct this material weakness.
As for its results, Newsday provides a good summation:
Feldman Mall Properties of Great Neck, a real-estatetrust, said Tuesday it lost $1 million in the fourth quarter, compared with a loss of $2.1 million in the same period last year.
The company said that on a per-share basis, it lost 8 cents in the fourth quarter, compared with 17 cents in the year-ago quarter.
Feldman said funds from operations, a commonly used measure of financial results in the REIT industry, were $2.7 million in the last three months of 2006, compared with $2.1 million in the final three months of '05. The company's FFO was 18 cents a share in the fourth quarter, compared with 15 cents in the corresponding period a year ago.
For the full year, Feldman said its FFO totaled $11.7 million, or 80 cents a share, compared with $10.9 million, or 78 cents a share for the full 2005 year.
The company's net income for the full 2006 was $20.2 million, or $1.54 a share, against a net loss of $2.6 million, or 21 cents for all of 2005.
Feldman said that the results for 2006 include a $29.4 million gain on the partial sales of the Foothills Mall.