March 31, 2009
Forest City Financial News
Yahoo Finance, FCE-A
Continuing its slump, Forest City Enterprises traded down 8.9% to 3.41 just before yesterday's closing bell.
4Q and 2008 earnings conference call TODAY:
Forest City Enterprises, Inc., (NYSE: FCEA; FCEB) has released its fourth-quarter and full-year 2008 financial results and will hold a conference call on Tuesday, March 31, 2009 at 11:00 a.m. ET to discuss these results. Investors are invited to dial into the conference call hosted by Charles A. Ratner, president and chief executive officer, or to listen to a live webcast of the call through www.forestcity.net.
Norman Oder comes up with another crib sheet for investment analysts tracking Forest City Enterprises.
If the analysts don't ask some hard questions, they will sound ever more captive of the companies they cover, another example of the failure of the Wall Street ecosystem.
All signs indicate that Frank Gehry is no longer working on the Atlantic Yards project. Maybe they can just ask:
- Is Gehry still working on the project? How actively?
- Will he rehire staff to work on the project?
- Have other architects taken Gehry's designs and reworked them to save money?
In other words, is it still a Frank Gehry arena?
And maybe they can ask if Turner Construction, which produced the construction timetable and was called "a preeminent construction management company" in an affidavit by former FCR executive Jim Stuckey, is off the job, as a Curbed tipster suggested.
Tampa Bay Business Journal, Forest City reports full-year loss of $112 million
Revenues are down, losses are up:
Real estate developer Forest City Enterprises Inc., one of the two owners of Shops at Wiregrass in Wesley Chapel, reported a fourth-quarter net loss of $45.1 million, or 44 cents a share, compared to a year-earlier profit of $12.6 million, or 12 cents a share.
Revenue in the quarter fell 20 percent to $323 million from $404.4 million.
For the 12 months ended Jan. 31, Cleveland-based Forest City cited a loss of $112.2 million, or $1.09 a share, on revenue of $1.29 billion. The company reported net earnings of $52.4 million, or 51 cents a share, in the same period a year ago.
A small portion of the 2008 loss, about $8.6 million pre-tax, is attributed to severance costs associated with employee layoffs.
Posted by lumi at March 31, 2009 4:17 AM