(Source: Business Wire)
Vornado Realty Trust (NYSE:VNO) announced today that it will record its 32.7% share of Toys "R" Us' first quarter financial results in its second quarter ending June 30, 2009. Vornado's results will include a net loss of $14,273,000 or $.07 per diluted share compared to a net loss of $15,811,000 or $.09 per diluted share recorded in the quarter ended June 30, 2008.
Vornado's share of negative Funds From Operations ("FFO") before income taxes for the quarter ending June 30, 2009 will be $10,164,000 or $.05 per share as compared to negative FFO before income taxes of $14,550,000 or $.08 per share in the prior year's quarter ended June 30, 2008. Vornado's share of negative FFO after income taxes for the quarter ending June 30, 2009 will be $4,155,000 or $.02 per share as compared to negative FFO after income taxes of $5,401,000, or $.03 per share in the quarter ended June 30, 2008.
The business of Toys is highly seasonal; historically, Toys' fourth quarter net income accounts for more than 80% of its fiscal year net income.
Attached is a summary of Toys' financial results and Vornado's 32.7% share of its equity in Toys' net income, as well as reconciliations of net income to earnings before interest, taxes, depreciation and amortization ("EBITDA") and FFO.
Vornado Realty Trust is a fully-integrated equity real estate investment trust.
Certain statements contained herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors.
Toys "R" Us, Inc.
