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September 14, 2010

Forest City Enterprises conference call: earnings from Nets sale, concern about the cost of capital, and 80 DeKalb satisfaction

Atlantic Yards Report

In a conference call yesterday with investment analysts, Forest City Enterprises executives said relatively little about Atlantic Yards, but emphasized moderately positive results, careful attention to the cost of financing, and the challenge of refinancing.

Sale of Nets key

They reiterated that the sale of 80 percent of the Nets to Russian billionaire Mikhail Prokhorov was key to improved second quarter results.

Not only did Prokhorov mean a $31.4 million gain and increased earnings "as we recovered a portion of our losses," said Executive VP Bob O'Brien, so did earnings for the Nets improve by $7.7 million, "primarily due to reduced amortization of player contracts compared to 2009."

I think that means that the departure of some high-priced players meant for a smaller payroll.

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Posted by eric at September 14, 2010 9:30 AM