NEWARK, N.J., May 15 /PRNewswire-FirstCall/ -- Wilshire Enterprises, Inc. ("Wilshire" or the "Company") today announced financial results for the first quarter ended March 31, 2006.
Net income for the first quarter 2006 increased to $3,424,000, or $0.43 per diluted share, reflecting a loss from continuing operations of $27,000 and income from discontinued operations of $3,451,000. Discontinued operations in the 2006 period included after-tax gains of $3.6 million from the sale of the Company's triple net lease on a bank branch building in Rutherford, New Jersey and the sale of the Company's condominiums at Galsworthy Arms in Long Branch, New Jersey.
For the 2005 quarter, net income was $255,000, or $0.03 per diluted share, reflecting income from continuing operations of $315,000 and a loss from discontinued operations of $60,000. As previously reported in the Company's Annual Report on Form 10-K, results for the 2005 quarter have been restated to reflect a change in the accounting for foreign currency translation gains arising from the Company's former Canadian oil and gas operations, which decreased previously reported net income by $63,000.
Wilshire received $8.8 million in gross proceeds from asset sales in the first quarter of 2006. Since 2002, and inclusive of the first quarter of 2006, the Company received $80.4 million in gross proceeds from assets sales, and had a pending sale of $12.8 million, which closed on May 4, 2006.
The Company recently announced a $3.00 per share cash dividend payable on June 29, 2006 to stockholders of record on May 25, 2006.
About Wilshire Enterprises
Wilshire is engaged primarily in the ownership and management of real estate investments in the United States including the sunbelt states of Arizona, Florida, and Texas.
FORWARD-LOOKING STATEMENT:
The non-historical statements (including the statements regarding future purchases and sales) in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to several risks and uncertainties that could cause actual results to differ materially from such statements. Such risks and uncertainties include uncertainties inherent in any analysis of business transactions, including the impact of market, economic and competitive conditions on the Company and others, as well as other risks and uncertainties disclosed in the Company's 2005 Form 10-K filed with the Securities and Exchange Commission.
Company Contact: Sherry Wilzig Izak, Chairman, 201-420-2796
Agency Contact: Neil Berkman, Berkman Associates, 310-826-5051
