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June 6, 2011
FCE PRESS RELEASE: Forest City Reports Fiscal 2011 First-Quarter Results
via PR Newswire
Forest City Enterprises, Inc. (NYSE: FCEA and FCEB) today announced EBDT, net earnings and revenues for the first quarter ended April 30, 2011.
EBDT
First-quarter EBDT (earnings before depreciation, amortization and deferred taxes) was $127.4 million, an increase of $56.9 million compared with 2010 first-quarter EBDT of $70.5 million. On a fully diluted, per-share basis, first-quarter 2011 EBDT was $0.63, a 70.3 percent increase compared with 2010 first quarter EBDT of $0.37.
For an explanation of EBDT variances, see the section titled "Review of Results" in this news release. EBDT and EBDT per share are non-Generally Accepted Accounting Principle (GAAP) measures. A reconciliation of net earnings (the most directly comparable GAAP measure to EBDT) to EBDT is provided in the Financial Highlights table in this news release.
Net Earnings/Loss
First-quarter net earnings attributable to Forest City Enterprises, Inc. were $47.6 million, or $0.25 per share, compared with a net loss of $15.6 million, or $0.10 per share, in the first quarter of 2010. After preferred dividends, net earnings attributable to Forest City Enterprises, Inc. common shareholders was $43.7 million, or $0.24 per share, for the quarter ended April 30, 2011.
Revenues
First-quarter 2011 consolidated revenues were $316.9 million compared with $271.5 million last year. The year-over-year revenue variance was impacted primarily by the same factors impacting EBDT, as described below under "Review of Results."
Review of Results
An exhibit illustrating factors impacting first-quarter 2011 EBDT results, compared with results for the comparable period in 2010, is available on the Investor Relations page of the Company's web site: www.forestcity.net, and is included in the company's first-quarter 2011 Supplemental Package furnished to the Securities and Exchange Commission.
For the three months ended April 30, 2011, the Company's combined Commercial and Residential Segments (also referred to as the rental properties portfolio) provided a pre-tax EBDT increase of $55.7 million, compared with the first quarter of 2010. The year-over-year increase was primarily the result of initial proceeds of $42.6 million from the previously announced sale of land and air rights to Rock Ohio Caesars Cleveland LLC for construction of a casino in downtown Cleveland, increased income of $7.7 million from tax credits, the ramp-up of new properties of $2.6 million, and decreased interest expense on the mature portfolio of $2.2 million. These increases in the portfolio were partially offset by reduced EBDT from properties sold of $4.6 million.
Related...
PR Newswire, REMINDER: Forest City Enterprises Fiscal 2011 First-Quarter Earnings Conference Call
Forest City Enterprises, Inc., (NYSE:FCE-A) has released its first-quarter 2011 financial results and will hold a conference call today 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.
Posted by eric at June 6, 2011 10:21 AM