United Capital Corp. (AMEX:AFP) today reported results for the three and six months ended June 30, 2008. Total revenues increased 9% for the quarter ended June 30, 2008 to $19.2 million from $17.6 million for the corresponding quarter of 2007. Net income for the current quarter was $2.5 million or $.30 per basic share.

For the six months ended June 30, 2008, total revenues were $37.9 million, an increase of 10% over those of the first half of 2007, resulting in net income of $5.2 million or $.62 per basic share.

The current quarter and first half results reflect the May 2007 addition of the Radisson Hotel–Utica Centre in Utica, New York, which is the latest addition to the Company’s expanding hotel operation.

The prior year results include a non-recurring gain of $5.7 million from the taking of one of the Company’s New York City properties. In addition, the 2007 results include $1.1 million in gains on the sale of real estate, on a net of tax basis.

“Although we have experienced slowdowns at our engineered products and hotel operations segments, our real estate investment and management segment continues to remain strong and relatively unaffected by the weakness in the U.S. economy,” stated A.F. Petrocelli, Chairman of United Capital Corp.

Certain statements in this press release and other statements made by the Company or its representatives that are not strictly historical facts are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 that should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. The forward-looking statements are based on current expectations and involve a number of known and unknown risks and uncertainties that could cause the actual results, performance and/or achievements of the Company to differ materially from any future results, performance or achievements, expressed or implied, by the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, and that in light of the significant uncertainties inherent in forward-looking statements, the inclusion of such statements should not be regarded as a representation by the Company or any other person that the objectives or plans of the Company will be achieved. The Company also assumes no obligation to publicly update or revise its forward-looking statements or to advise of changes in the assumptions and factors on which they are based. See our 2007 Annual Report on Form 10-K for a discussion of risk factors that could impact our future financial performance and/or cause actual results to differ significantly from those expressed or implied by such statements.

United Capital Corp. and its subsidiaries own and manage real estate and hotel properties and provide engineered products to industrial and automotive markets worldwide.

United Capital Corp.
Anthony J. Miceli, 516-466-6464
Chief Financial Officer