Hallwood Realty Partners, L.P. Announces First Quarter 2004 Financial Results
04 Mai 2004 - 11:00PM
PR Newswire (US)
Hallwood Realty Partners, L.P. Announces First Quarter 2004
Financial Results DALLAS, May 4 /PRNewswire-FirstCall/ -- Hallwood
Realty Partners, L.P. ("HRP") announced today its financial results
for the quarter ended March 31, 2004. HRP had net income of
$1,440,000 ($0.86 per unit) for the first quarter of 2004, as
compared to net income of $1,400,000 ($0.84 per unit) for the first
quarter of 2003. The net results included $3,756,000 and $3,733,000
of non-cash depreciation and amortization expense in the 2004 and
2003 first quarters, respectively. Total revenues increased
$1,101,000, or 6.2%, in the first quarter of 2004 as a result of a
$679,000 increase in revenue from property operations and a
$422,000 increase in revenue from construction services. Revenue
from property operations were enhanced by increased tenant expense
recoveries. Construction service revenues increased due to more
construction projects completed in the 2004 period compared to the
2003 period; by their nature, the demand for and size of
construction service projects can vary significantly from time to
time. Total expenses were $1,107,000, or 6.7%, more in 2004's first
quarter than in 2003 due to increases in construction tenant
service expense of $394,000, general and administrative expenses of
$277,000, interest expense of $183,000, property operating expenses
of $130,000, litigation costs of $100,000, and depreciation and
amortization expense of $23,000. Construction service expenses
increased due to more construction projects completed in the 2004
period compared to the 2003 period. General and administrative
expenses increased due to higher legal fees, personnel costs,
director fees and travel costs. Property operating expenses
increased 1.8% and none of the variances of the components were
individually significant. The information contained in this news
release has been derived from financial information to be included
in Form 10-Q filed with the Securities and Exchange Commission. The
following table sets forth selected unaudited financial information
(in thousands, except per unit amounts): Three Months Ended March
31, 2004 2003 Total revenues $ 18,907 $ 17,806 Total expenses
17,623 16,516 Income before interest income 1,284 1,290 Interest
income 156 110 Net income $ 1,440 $ 1,400 Net income per unit:
Basic $ 0.89 $ 0.87 Assuming dilution $ 0.86 $ 0.84 Weighted
average units outstanding: Basic 1,594 1,592 Assuming dilution
1,653 1,648 HRP, a publicly traded Delaware limited partnership, is
engaged in the acquisition, ownership and operation of commercial
real estate assets. Certain statements in this news release may
constitute "forward-looking statements" which are subject to known
and unknown risks and uncertainties including, among other things,
certain economic conditions, competition, development factors and
operating costs that may cause the actual results to differ
materially from results implied by such forward-looking statements.
These risks and uncertainties are described in greater detail in
HRP's periodic filings with the SEC. DATASOURCE: Hallwood Realty
Partners, L.P. CONTACT: Investor Relations of Hallwood Realty
Partners, L.P., +1-214-528-5588, or fax, +1-214-528-8855 Web site:
http://www.hallwood.com/hrp
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