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March 29, 2006
Forest City Reports Fiscal 2005 Full-Year and Fourth-Quarter Results
Business Wire
2005 was a record-breaking year for Forest City Enterprises, Bruce Ratner's parent company:
Charles A. Ratner, president and chief executive officer of Forest City Enterprises, said, "Fiscal 2005 was an excellent year for Forest City. We reached a record-high $1.2 billion in consolidated revenues and reported our 26th consecutive year of EBDT growth. During the year, our balance sheet grew to record levels, with total assets of $8.0 billion and total real estate assets climbing 11.1 percent to $7.2 billion. Shareholders' equity reached $894.4 million, an increase of 11.2 percent compared with last year. We closed 2005 in a strong liquidity position with more than $540 million in cash and credit available."
Profits would have been higher if it weren't for the mounting losses by the NJ Nets:
The increase in EBDT for the year was partially offset by the increased loss for The Nets (basketball team), which the Company did not own in the first half of 2004; and 2004 EBDT from the Lumber Trading Group, which was sold in the fourth quarter of last year.
Posted by lumi at March 29, 2006 7:07 AM