Forest City Enterprises reports third-quarter results; sale of Nets, smaller share of team losses help boost bottom line
Work continues at the Barclays Center arena at Atlantic Yards in Brooklyn, where vertical steel erection began in mid-November. Since the beginning of the third quarter, the Company, together with its partners, has continued to add to a growing list of premier corporate sponsors and further increase the level of contracted revenue for the arena.Earnings details
Thrd-quarter EBDT (earnings before depreciation, amortization and deferred taxes) was up 5.9 percent over 2009 and year-to-date EBDT up 19.8 percent.
However, are down (to $0.46 from $0.52 and $1.37 from $1.59, respectively ) when the dilutive effect of new stock the "if-converted" effect of convertible debt and convertible preferred stock issued in 2009 and 2010.
The third-quarter net loss attributable to Forest City Enterprises, Inc. was $46.8 million compared with a net loss of $4.4 million in the third quarter of 2009, while the net earnings over nine months was $60.5 million compared with a net loss of $36.9 million for the same period in 2009.
Such impairment charges involve the Simi Valley Town Center, a California mall which is worth less than the loan and Central Station in Chicago, an 80-acre mixed-use project where condo prices have dropped.
For the third quarter, the "Nets provided a pre-tax EBDT increase of $10.4 million, compared with the same period in 2009, due to the decrease in Forest City's allocated share of team losses."