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September 7, 2006
Forest City Reports Second-Quarter and Year-to-Date Financial Results
Business Wire
CLEVELAND--(BUSINESS WIRE)--Sept. 7, 2006--Forest City Enterprises, Inc. (NYSE:FCEA)(NYSE:FCEB) today announced revenues, net earnings and EBDT for the second quarter and six months ended July 31, 2006.
EBDT (Earnings Before Depreciation, Amortization and Deferred Taxes) for the second quarter was $56.7 million, or $0.55 per share, a 12.7 percent decrease on a per share basis compared with last year's second-quarter EBDT of $64.9 million, or $0.63 per share. EBDT for the six months ended July 31, 2006 was $120.0 million, or $1.16 per share, compared with last year's $132.6 million, or $1.29 per share.
Fiscal second-quarter net earnings were $7.5 million, or $0.07 per share, compared with $20.2 million, or $0.20 per share, in the prior year. Net earnings for the six months were $60.8 million, or $0.59 per share, compared with $42.4 million, or $0.41 per share, in 2005. The increase was primarily due to the gain on disposition of the Company's Hilton Times Square hotel property in the first quarter of fiscal 2006.
NoLandGrab: Could Atlantic Yards mounting costs and delays be causing some of the decrease in earnings?
Posted by lumi at September 7, 2006 10:28 PM