Tuesday, June 08, 2010

Forest City Enterprises reports better first-quarter results, AY milestones

Forest City Enterprises reports its first-quarter results, which are better than last year. Notably, the developer states--as it has in the past--that the arena would open in 2012 (not for the 2012-13 season):
First-quarter EBDT (earnings before depreciation, amortization and deferred taxes) was $70.5 million, an increase of $28.9 million compared with 2009 first-quarter EBDT of $41.6 million. On a fully diluted, per share basis, first-quarter 2010 EBDT was $0.37, a 5.1 percent decrease compared with 2009 first quarter EBDT of $0.39. Per-share data for the first quarter reflects the dilutive effect of new Class A common shares issued by the Company during the second quarter of 2009, and the "if-converted" effect of convertible debt issued during the third quarter of 2009 and convertible preferred stock issued during the first quarter of 2010.

...The first-quarter net loss attributable to Forest City Enterprises, Inc. was $15.6 million, or $0.10 per share, compared with a net loss of $30.7 million, or $0.30 per share, in the first quarter of 2009.

Finally, results from the Nets segment increased $6.5 million, compared with the prior year's first quarter, primarily due to reduced amortization of intangible assets related to the purchase of the team.
AY mentions

The comments in quotes come from CEO Chuck Ratner:
"Another major highlight for the Company occurred early in the second quarter when we achieved vacant possession of the land at our Atlantic Yards project in Brooklyn on May 7. This was the culmination of a six-year journey for Forest City. It allowed us not only to continue to move forward on the overall project, including ongoing construction of the Barclays Center arena, but also to complete the transaction, on May 12, with Mikhail Prokhorov for his investment in the Nets and the arena. With Mr. Prokhorov's $200 million investment completed, he now owns 80 percent of the Nets and 45 percent of the arena project. Once again, our New York team, led by Bruce Ratner and Joanne Minieri, deserves credit for their hard work, creativity and perseverance in achieving these important milestones.

...Finally, construction activity continues for the Barclays Center arena project at Atlantic Yards. All projected debt and equity needed to complete the construction has been fully funded and the Company expects the arena to open in 2012.

1 comment:

  1. I was not enthusiastic about blogfest this year and had no plans on going but when i was told that an "actor" was going to read an ancient blogpost I had written and since i live close to the Lyceum I went. The blogfest was worse than i imagined with corporate logos and thank yous to the corporations up the wazzoo..if i heard the word absolute one more time i was going to hurl..the icing on the cake was the Marty Markowitz lovefest photo-op...PUH_LEAZE!!! Steps from the Atlantic Yards and only about 3 people (myself included) hissed or booed. How easy we forget..in the original spirit of the blogfest i did meet some cool new people..angrybronx.blogspot.com....but i did not receive a flipphone for writing a blogpost about my stoop. All and all the evening was a painfully transparent venue for cheap means to advertise their current booze.

    The best part was the free drinks and food which was more palitable to me because I completely divorced myself from the reason I went. which was for the blog community which I if I didn't really feel a part of in the first place, I completely don't feel a part of now.

    ReplyDelete