ST. CHARLES, Md., Aug. 14 /PRNewswire-FirstCall/ -- American Community
Properties Trust (ACPT) (AMEX: APO) today announced results for the six and
three months ended June 30, 2008.
For the six months ended June 30, 2008, the Company reported a net loss of
$1,371,000, or $0.26 per share, on revenue of $41,058,000. This compares to a
net loss of $161,000, or $0.03 per share, on revenue of $42,414,000 for the
six months ended June 30, 2007.
For the quarter ended June 30, 2008, the Company reported a net loss of
$178,000, or $0.03 per share, on revenues of $21,800,000. The net lost for
the quarter ended June 30, 2008 includes a $432,000 severance accrual, related
to the departure of the Chief Financial Officer. This compares to a net loss
of $185,000 or $0.03 per share, on revenues of $20,427,000 for the same period
in 2007.
'Results for the first six months demonstrate that the Company's breadth
of operations has helped stabilize its overall performance, in spite of the
weak market locally for the sale of new homes,' said J. Michael Wilson,
Chairman and Chief Executive Officer. 'The Company increased revenues from our
rental apartment properties, and increased the number of lots delivered to
Lennar Corp. in St. Charles' Fairway Village. However, these increases were
not enough to offset a decline in the sales of commercial parcels, an expected
decrease in homebuilding sales in Puerto Rico, and increased administrative
costs.'
'Moreover, in the local market, the current inventory of homes available
for sale, and the rate of absorption, suggests that the Company's pace of lot
sales as called for in its sales agreement with Lennar Corp. may be difficult
to sustain over the next six to twelve months,' said Mr. Wilson. 'The Company
expects to continue to rely on its investment property portfolio, the sale of
commercial parcels, and make continued investments in our remaining land
holdings, until the sales environment for new homes begins to improve.'
The Company reported that rental property revenues increased $1,105,000
for the six months ended June 30, 2008 and $116,000 for the quarter ended
June 30, 2008, compared to the same periods in 2007. Edwin L. Kelly,
President, Vice Chairman and Chief Operating Officer, noted that, 'the
increase in multifamily apartment rental revenues resulted from increased
revenues from Sheffield Greens Apartments in St. Charles as construction was
not completed until January 31, 2007 and not fully occupied during the first
quarter of 2007.
