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April 1, 2008
Forest City 4Q profit falls; revenue up 16.6%
CNN Money
Forest City Enterprises (NYSE:FCE A) (NYSE:FCY) Monday reported fourth-quarter net earnings of $12.6 million, or 12 cents a share, down from $70.6 million, or 66 cents a share, in the year-ago period.
The decrease in net earnings was mainly attributable to larger gains on the disposition of properties in 2006 compared with 2007, the Cleveland-based real estate developer said.
Revenue in the three months ended Jan. 31 rose 16.6% to $406 million versus the $398 million consensus estimate of three analysts polled by Thomson Financial.
Forest City said it expects 2008 to be 'an even more challenging year' than 2007.
The company's shares rose 35 cents to $35.95.
Additional:
BusinessWire.com, Forest City Enterprises Reminder of Year-End Earnings Conference Call
StreetInsider.com, Forest City Reports Fiscal 2007 Full-Year and Fourth-Quarter Results
In addition to continuing to prevail in court decisions related to Atlantic Yards in Brooklyn, as previously mentioned, the Company is also moving ahead with site work, including demolition, infrastructure upgrades and construction of the temporary rail yard. Forest City now controls more than 85 percent of the land necessary for the project, which includes up to 6.5 million square feet of developable land on a 22-acre site.
Posted by lumi at April 1, 2008 6:18 AM