WASHINGTON, May 12 /PRNewswire-FirstCall/ -- Bresler & Reiner, Inc. reported a net loss of $2,402,000 or $(0.44) per common share on revenues of $24,863,000 for the quarter ended March 31, 2006. For the comparable period in 2005, the Company reported net income of $881,000 or $0.16 per common share on revenues of $29,253,000.
Funds from operations for the quarter ended March 31, 2006 were $2,354,000 compared to $4,340,000 for the first quarter of 2005. Funds from operations is defined by the Company as net income computed in accordance with accounting principles generally accepted in the United States, excluding gains and losses, net of tax, on sales of depreciable property, plus depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.
About the Company:
Bresler & Reiner, Inc. owns and develops land and residential, commercial and hospitality properties, principally in the Washington, D.C.; Wilmington, Delaware; Philadelphia, Pennsylvania; Houston, Texas; Baltimore, Maryland and Orlando, Florida metropolitan areas, and the Maryland Eastern Shore.
Supplemental Information:
SEC Filings (including Forms 10-K, 10-Q, 8-K and proxy materials) are available at http://www.breslerandreiner.com/ or may be requested in e-mail or hard copy formats.
This press release may contain forward-looking statements that are based on current estimates, expectations, forecasts and projections about us, our future performance, the industry in which we operate, our beliefs, and management's assumptions. In addition, other written or oral statements that constitute forward-looking statements may be made by or on behalf of us. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," or "would be," and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. These risks and uncertainties include: our ability to compete effectively; our exposure to the credit risks of our tenants; our ability to recruit and retain key personnel; adverse changes in the local or general economy and market conditions; our ability to obtain necessary governmental permits and approvals; our ability to complete development projects in a timely manner and within budget; our ability to secure tenants for our projects and properties; our ability to sustain occupancy levels at our properties through keeping existing tenants and securing new ones; our ability to secure tenants for the residential and commercial properties that we develop; changes in the interest rate environment which will affect our ability to obtain mortgage financing on acceptable terms; future litigation; and changes in environmental health and safety laws.
