ATLANTA, Dec. 17 /PRNewswire-FirstCall/ -- SERVIDYNE, INC. , a building performance expert services and real estate company, reported today that its SEC Form 10-Q quarterly report reflects net earnings of $.34 per share for the first six months ended October 31, 2007, compared to a net loss $.05 per share for the same period last year. Building performance expert services revenues for the first six months ended October 31, 2007, increased by approximately 50% over the prior year amount.
For the 2nd quarter ended October 31, 2007, the Company reported a net loss of $.10 per share, compared to net income of $.10 per share in the prior year. Last year's 2nd quarter earnings from continuing operations included a real estate gain on sale of $.44 per share, whereas there were no real estate sales in the current year period. Building performance expert services revenues for the 2nd quarter ended October 31, 2007, increased by approximately 23% over last year.
Additionally, the Company announced the sale on December 13, 2007, of Johnson Square Office Park located in Marietta, Georgia, for a price of $10.3 million, generating a $2.085 million pre-tax gain on sale, which will be included in the results of the 3rd quarter, ending January 31, 2008. The Company intends to re-deploy the net cash proceeds from the sale of approximately $3.4 million by acquiring one or more income producing properties, and thereby defer the income taxes otherwise payable on the gain.
"I am pleased with our consistent results in real estate," stated Alan R. Abrams, Chairman, President and CEO, "as well as the revenue growth and higher backlog at our building performance expert segment."
Established in 1925 and operating nationwide, Servidyne provides comprehensive energy, infrastructure and productivity management solutions to building owners and operators, and engages in commercial real estate investment and development. The Company's strategic building performance programs and services enable customers to optimize the short-term and long- term financial performance of their building portfolios, while reducing greenhouse gas emissions and improving building occupant satisfaction. These offerings include energy engineering and energy management analytical consulting services, turnkey implementation of energy savings infrastructure upgrade and retrofit projects, and proprietary Web/wireless preventive maintenance and service request systems with integrated utility and maintenance reporting. The Company also owns or controls shopping centers in the Midwest and Southeast and office properties in metropolitan Atlanta, Georgia. For more information about Servidyne, please visit http://www.servidyne.com/ or call 770-953-0304.
Certain statements contained in this news release are forward-looking statements within the meaning of federal securities laws. Such forward- looking statements involve known and unknown risks, uncertainties and other matters, including the risks and uncertainties set forth under the heading "Risk Factors" in the Company's Annual Report on Form 10-K, which may cause the actual results, performance or achievement of Servidyne, Inc. to be materially different from any past or future results, performance, or uncertainties expressed or implied by such forward-looking statements. Servidyne, Inc. does not undertake to update these forward-looking statements.
CONDENSED CONSOLIDATED RESULTS OF OPERATIONS (UNAUDITED) Second Quarter Ended Six Months Ended October 31, October 31, 2007 2006 2007 2006 Revenues from Continuing Operations $5,376,258 $4,776,634 $13,132,538 $8,849,769 (Loss) Earnings from Continuing Operations $(344,872) $275,947 $(65,152) $(361,028) Earnings from Discontinued Operations - 80,004 1,278,684 166,084 Net (Loss) Earnings $(344,872) $355,951 $1,213,532 $(194,944) Net (Loss) Earnings per share from: Continuing Operations - Basic and Diluted $(0.10) $0.08 $(0.02) $(0.10) Discontinued Operations - Basic and Diluted - 0.02 0.36 0.05 Net (Loss) Earnings per share - Basic and Diluted $(0.10) $0.10 $0.34 $(0.05)
