Arizona Land Income Corp. (AMEX: AZL), an independent real estate investment trust (REIT), today announced earnings for the three and six month periods ending June 30, 2005. For the operating period of April 1 through June 30, 2005, the company had total income before sale of properties of approximately $95,000 compared to $41,000 for the quarter ended June 30, 2004. The company attributes this increase to an increase of approximately $47,000 in interest on mortgages. The company reported net income of approximately $32,000 or $.02 per share for the quarter ended June 30, 2005, compared to a net income of approximately $1,056,000 or $.57 per share for the quarter ended June 30, 2004. The income for the period ending June 30, 2004 included a non-recurring gain on sale of property of $1,081,000. The net income for the quarter ending June 30, 2004 was a loss of $25,000 or $.01 per share excluding the non-recurring gain. The increase in net income is attributable to an increase in mortgage interest of $47,000. For the six-month period ending June 30, 2005, the company reported total income before sale of properties of approximately $186,000 compared to approximately $49,000 for the same period during fiscal 2004. This increase is due primarily to an increase of approximately $118,000 in interest on mortgages and an increase in interest on temporary investments of approximately $15,000. The company reported net income of approximately $75,000 or $.04 per share for the period from Jan. 1, 2005 through June 30, 2005. The net income for the comparable prior period in 2004 was approximately $1,019,000 or $.55 per share. The income for the six-month period ended June 30, 2004 included a non-recurring gain on sale of properties of $1,081,000. The company's net income for the period ending June 30, 2004 was a loss of $62,000 or $.03 per share excluding the non-recurring gain. The increase in net income is attributable to an increase in mortgage interest of approximately $118,000 in interest on mortgages and an increase in interest on temporary investments of approximately $15,000. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 Statements contained in this release except for historical information are forward-looking statements that are based on current expectations and involve risks and uncertainties. Without limiting the generality of the foregoing, words such as "may," "will," "expect," "believe," "anticipate," "intend," "could," "estimate," or "continue" or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. The risks and uncertainties inherent in such statements may cause actual future events or results to differ materially and adversely from those described in the forward-looking statements. Specifically, there can be no assurance that the company will complete a merger or acquisition transaction, or any other strategic transaction on favorable terms or at all. Additional important factors that may cause a difference between projected and actual results for the company are discussed in the company's filings from time to time with the U.S. Securities and Exchange Commission, including but not limited to the company's annual reports on Form 10-K, subsequent quarterly filings on Form 10-Q and current reports on Form 8-K. The company disclaims any obligation to revise or update any forward-looking statements that may be made from time to time by it or on its behalf.
Arizona Land (AMEX:AZL)
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