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<SEC-DOCUMENT>0001181431-05-019839.txt : 20050404
<SEC-HEADER>0001181431-05-019839.hdr.sgml : 20050404
<ACCEPTANCE-DATETIME>20050401174827
ACCESSION NUMBER:		0001181431-05-019839
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050401
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050404
DATE AS OF CHANGE:		20050401

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN REALTY INVESTORS INC
		CENTRAL INDEX KEY:			0001102238
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE OPERATORS (NO DEVELOPERS) & LESSORS [6510]
		IRS NUMBER:				752847135
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15663
		FILM NUMBER:		05726894

	BUSINESS ADDRESS:	
		STREET 1:		1800 VALLEY VIEW LANE
		STREET 2:		SUITE 300
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
		BUSINESS PHONE:		4695224200

	MAIL ADDRESS:	
		STREET 1:		1800 VALLEY VIEW LANE
		STREET 2:		SUITE 300
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>rrd74381.htm
<DESCRIPTION>RESULTS OF OPERATIONS AND FINANCIAL CONDITION
<TEXT>



<HTML>


<HEAD>








<META NAME="_AdHocReviewCycleID" CONTENT="1296667568">


<META NAME="_EmailSubject" CONTENT="American Realty Investors, Inc. - Form 8-K concerning earnings release">


<META NAME="_AuthorEmail" CONTENT="aglendinning@pmklaw.com">


<META NAME="_AuthorEmailDisplayName" CONTENT="Glendinning, Ashley">


</HEAD>


<BODY LINK="#0000ff">





<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&#9;<B><FONT SIZE=4>SECURITIES AND EXCHANGE COMMISSION</P>


<P ALIGN="JUSTIFY">&#9;Washington, D.C. 20549</P>


</B></FONT><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&#9;<B><FONT SIZE=5>FORM 8-K</P>


</B></FONT><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&#9;<B><FONT SIZE=4>CURRENT REPORT</P>


</B></FONT><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&#9;<B>Pursuant to Section 13 or 15(d) of the Securities Exchange Act</P>


</B><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&#9;Date of Report: April 1, 2005</P>


<P ALIGN="JUSTIFY">&#9;<FONT SIZE=2>(Date of Earliest Event Reported)</P>


</FONT><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<P ALIGN="JUSTIFY">&#9;<B><FONT SIZE=5>AMERICAN REALTY INVESTORS, INC.</P>


</B></FONT><P ALIGN="JUSTIFY">&#9;<FONT SIZE=2>(Exact Name of Registrant as Specified in its Charter)</P>


</FONT><P ALIGN="JUSTIFY"></P>


<TABLE BORDER CELLSPACING=1 BORDERCOLOR="#ffffff" CELLPADDING=8 WIDTH=624>


<TR><TD WIDTH="35%" VALIGN="TOP">


<P>&nbsp;</P>


<P>&#9;<B>Nevada</B></TD>


<TD WIDTH="32%" VALIGN="TOP">





<P>&#9;<B>001-15663</B></TD>


<TD WIDTH="33%" VALIGN="TOP">





<P>&#9;<B>75-2847135</B></TD>


</TR>


<TR><TD WIDTH="35%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">(State or other </P>


<P ALIGN="CENTER">jurisdiction of incorporation)</FONT></TD>


<TD WIDTH="32%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">(Commission</P>


<P ALIGN="CENTER">File No.)</FONT></TD>


<TD WIDTH="33%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">(I.R.S. Employer</P>


<P ALIGN="CENTER">Identification No.)</FONT></TD>


</TR>


</TABLE>





<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<P ALIGN="JUSTIFY">&#9;<B>1800 Valley View Lane, Suite 300</P>


<P ALIGN="JUSTIFY">&#9;Dallas, Texas 75234</P>


</B><P ALIGN="JUSTIFY">&#9;<FONT SIZE=2>(Address of principal executive offices)</P>


</FONT><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<P ALIGN="JUSTIFY">&#9;<B>469-522-4200</P>


</B><P ALIGN="JUSTIFY">&#9;<FONT SIZE=2>(Registrant<FONT FACE="WP TypographicSymbols">&#61;</FONT>


s telephone number, including area code)</P>


</FONT><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<FONT SIZE=2><P ALIGN="JUSTIFY">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:</P>


<P ALIGN="JUSTIFY"></P><DIR>


<DIR>


<DIR>





</FONT><P ALIGN="JUSTIFY"><FONT FACE="WP TypographicSymbols">&#71;</FONT>


<FONT SIZE=2>&#9;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>


</FONT><P ALIGN="JUSTIFY"><FONT FACE="WP TypographicSymbols">&#71;</FONT>


<FONT SIZE=2>&#9;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>


</FONT><P ALIGN="JUSTIFY"><FONT FACE="WP TypographicSymbols">&#71;</FONT>


<FONT SIZE=2>&#9;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>


</FONT><P ALIGN="JUSTIFY"><FONT FACE="WP TypographicSymbols">&#71;</FONT>


<FONT SIZE=2>&#9;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>


</FONT><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<P ALIGN="JUSTIFY">&nbsp;</P></DIR>


</DIR>


</DIR>





<P ALIGN="JUSTIFY"></P>


<B><P ALIGN="JUSTIFY">Section 2 <FONT FACE="WP TypographicSymbols">&#66;</FONT>


 Financial Information</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">Item 2.02.  Results of Operations and Financial Condition</P>


</B><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">On April 1, 2005, American Realty Investors, Inc. (<FONT FACE="WP TypographicSymbols">&#65;</FONT>


ARL<FONT FACE="WP TypographicSymbols">&#64;</FONT>


 or the <FONT FACE="WP TypographicSymbols">&#65;</FONT>


Company<FONT FACE="WP TypographicSymbols">&#64;</FONT>


) announced its operational results for the year ended December 31, 2004.  A copy of the announcement is attached as Exhibit <FONT FACE="WP TypographicSymbols">&#65;</FONT>


99.1.<FONT FACE="WP TypographicSymbols">&#64;</FONT>


</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">The information furnished pursuant to Item 2.02 in this Form 8-K, including Exhibit <FONT FACE="WP TypographicSymbols">&#65;</FONT>


99.1<FONT FACE="WP TypographicSymbols">&#64;</FONT>


 attached hereto, shall not be deemed to be <FONT FACE="WP TypographicSymbols">&#65;</FONT>


filed<FONT FACE="WP TypographicSymbols">&#64;</FONT>


 for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, unless we specifically incorporate it by reference in a document filed under the Securities Act of 1933 or the Securities Exchange Act of 1934.  We undertake no duty or obligation to publicly-update or revise the information furnished pursuant to Item 2.02 of this Current Report on Form 8-K.</P>


<P ALIGN="JUSTIFY"></P>


<B><P ALIGN="JUSTIFY">Section 9 <FONT FACE="WP TypographicSymbols">&#66;</FONT>


 Financial Statements and Exhibits</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">Item 9.01.  Financial Statements and Exhibits</P>


</B><P ALIGN="JUSTIFY"></P><DIR>


<DIR>


<DIR>


<DIR>





<P ALIGN="JUSTIFY">(c)&#9;Exhibits.</P>


<P ALIGN="JUSTIFY"></P></DIR>


</DIR>


</DIR>


</DIR>





<P ALIGN="JUSTIFY">The following exhibit is furnished with this Report:</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=1 BORDERCOLOR="#ffffff" CELLPADDING=8 WIDTH=623>


<TR><TD WIDTH="20%" VALIGN="MIDDLE">


<P>&nbsp;</P>


<B><P ALIGN="CENTER">Exhibit Designation</B></TD>


<TD WIDTH="80%" VALIGN="TOP">





<P>&nbsp;</P>


<P>&#9;<B>Description of Exhibit</B></TD>


</TR>


<TR><TD WIDTH="20%" VALIGN="TOP">





<P>&#9;99.1*</TD>


<TD WIDTH="80%" VALIGN="TOP">





<P ALIGN="JUSTIFY">Press Release dated April 1, 2005</TD>


</TR>


<TR><TD VALIGN="TOP" COLSPAN=2>





<P>_____________________</P>


<P>*Furnished herewith.</TD>


</TR>


</TABLE>


</CENTER></P>





<P ALIGN="JUSTIFY">&#9;<B>SIGNATURES</P>


</B><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly-caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly-authorized.</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">Dated: April 1, 2005&#9;&#9;&#9;AMERICAN REALTY INVESTORS, INC.</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<P ALIGN="JUSTIFY">/s/ Scott T. Lewis</P>


<P ALIGN="JUSTIFY">By: <U>&#9;</P><DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>





</U><P ALIGN="JUSTIFY">Scott T. Lewis, Executive Vice</P></DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>





<P ALIGN="JUSTIFY">President, Executive Vice President,</P>


<P ALIGN="JUSTIFY">Chief Financial Officer and </P>


<P ALIGN="JUSTIFY">Acting Principal Executive Officer</P>


<P ALIGN="JUSTIFY">&#9;<B>EXHIBIT 99.1</P>


</B><P ALIGN="JUSTIFY"></P></BODY>


</HTML>








</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.
<SEQUENCE>2
<FILENAME>rrd74381_4757.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>



<HTML>


<HEAD>








<TITLE>PRESS RELEASE</TITLE>


<META NAME="_AdHocReviewCycleID" CONTENT="1548699616">


<META NAME="_EmailSubject" CONTENT="Schedule">


<META NAME="_AuthorEmail" CONTENT="SteveHill@michaelpartners.com">


<META NAME="_AuthorEmailDisplayName" CONTENT="Steve Hill">


</HEAD>


<BODY LINK="#0000ff">





<B><FONT FACE="Arial" SIZE=4></B></FONT>


<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=715>


<TR><TD WIDTH="50%" VALIGN="TOP">


<B><FONT FACE="Arial" SIZE=4><P>NEWS RELEASE</P>





</B></FONT><I><FONT FACE="Arial" SIZE=3><P>FOR IMMEDIATE RELEASE</P>


</I></FONT><B><FONT FACE="Arial" SIZE=4></B></FONT></TD>


<TD WIDTH="50%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=3><P>&nbsp;</P>


<P>&nbsp;</P>


<P>Contact: </P>


<P>American Realty Investors Investor Relations</P>


<P>(800) 400-6407</P>


<P>investor.relations@primeasset.com</P>


</FONT><B><FONT FACE="Arial" SIZE=4></B></FONT></TD>


</TR>


</TABLE>





<I><FONT FACE="Arial" SIZE=3><P>&nbsp;</P>


</I></FONT><B><FONT FACE="Arial" SIZE=4><P ALIGN="CENTER">American Realty Investors, Inc. Reports 2004 Results</P>


</B></FONT><FONT FACE="Arial" SIZE=3>


</FONT><FONT FACE="Arial" SIZE=2><P>DALLAS  (April 1, 2005) -- American Realty Investors, Inc. (NYSE: ARL), a Dallas-based real estate investment company, announced today that the company reported net income of $30.6 million, or $2.90 per share, for the year ending December 31, 2004, compared to net income of $9.5 million, or $0.88 per share, in 2003. ARL reported fourth quarter 2004 net income of $47.6 million, or $4.56 per share, compared to a fourth quarter 2003 net loss of $1.8 million, or $(0.17) per share.</P>





<P>Income, sales and related expenses and costs for the fourth quarter and twelve months of 2004 resulted in decreased income from operations of $18.3 million and $62.3 million, compared to $18.9 million and $85.6 million in the 2003 comparable periods, and included:</P>








<UL>


<B><LI>Income from rents decreased to $40.9 million and increased to $165.4 million in 2004, from $41.3 million and $135.8 million in the 2003 comparable periods.  The increase in the twelve months is primarily attributable to the consolidation of Transcontinental Realty Investors, Inc. (&quot;TCI&quot;), effective March 31, 2003.  Without the effect of the consolidation, rents increased to $143.6 million in 2004, primarily due to increased hotel occupancy and completed apartment construction.</LI></UL>





</B>





<UL>


<B><LI>Property operations expenses decreased to $31.8 million and increased to $122.6 million in 2004, from $31.9 million and $101.1 million in the 2003 comparable periods.  The increase in the twelve months is also attributable to the consolidation of TCI.  Without the effect of the consolidation, property operations expense increased to $108.5 million in 2004, primarily due to increased management fees for commercial properties and completed apartment construction.</LI></UL>





</B>





<UL>


<B><LI>Pizza parlor sales increased to $8.9 million and $34.5 million in 2004, from $8.8 million and $33.1 million in the 2003 comparable periods.  Cost of sales increased to $6.8 million and $26.7 million in 2004, from $6.7 million and $26.1 million in the 2003 comparable periods.  Gross margin for the three months was $2.1 million in both 2004 and 2003, while the gross margin for the twelve months increased to $7.8 million in 2004 from $7.0 million in 2003.  The increases were primarily attributable to increases of 6.4% in same-store sales in 2004.</LI></UL>





</B>





<UL>


<B><LI>Gain on land sales decreased to $7.2 million and $11.8 million in 2004, from $7.4 million and $43.8 million in 2003.  The gain on land sales for the twelve months ended December 31, 2003 included recognition of $19.92 million of previously deferred gains.</LI></UL>





</B>


<P>Other income decreased to $15.2 million and increased to $22.5 million in 2004, from $16.7 million and $20.2 million in 2003. Other income included: </P>








<UL>


<B><LI>Equity in the income (loss) of investees improved to $104,000 and $(41,000) in 2004, compared to $(162,000) and $(4.4) million in 2003, due to the consolidation of TCI by ARI. </LI></UL>





</B>





<UL>


<B><LI>Interest and other income decreased to $15.1 million and increased to $22.5 million in 2004, compared to $16.9 million and $7.7 million in 2003.  The increase for the twelve months was primarily attributable to a gain on foreign currency transactions of $3.8 million.</LI></UL>





</B>


<P>Other expenses <B>(excluding property operations expenses and costs of sales for pizza and land) increased to $56.7 million and $143.1 million in the fourth quarter and twelve months of 2004, compared to $41.1 million and $123.4 million in 2003</B>, and included: </P>








<UL>


<B><LI>Interest expense increased to $22.8 million and $67.6 million in 2004, compared to $22.0 million and $58.6 million in 2003, due to the consolidation of TCI by ARI.  Without the effect of the consolidation, interest expense increased to $60.0 million in 2004, primarily due to completed apartment construction.  </LI>


<LI></LI>


<LI>Depreciation and amortization expense decreased to $7.9 million and increased to $25.3 million in 2004, compared to $9.5 million and $19.1 million in 2003. The decrease in the forth quarter was primarily due to the recognition in 2003 of depreciation at one hotel for improvements that had been placed in service in 1997. The increase for the twelve months was due to the consolidation of TCI by ARI.  Without the effect of the consolidation, depreciation and amortization expense increased to $20.9 million in 2004, primarily due to completed apartment construction.  </LI></UL>











<UL>


<LI>General and administrative expenses increased to $7.3 million and decreased to $18.7 million in 2004, compared to $6.2 million and $22.1 million in 2003.  The 2004 periods included $1.5 million of estimated lawsuit settlement expenses, and the 2003 periods included $3.1 million of one-time reimbursements to ARI's advisor for legal fees.</LI></UL>











<UL>


<LI>Advisory and net income fees increased to a total of $4.5 million and $12.7 million in 2004, compared to $201,000 and $9.3 million in 2003, due to the consolidation of TCI by ARI.  Net income fees were $1.9 million in the three months ended December 31, 2004.  There were no net income fees or incentive fees in 2003.</LI></UL>











<UL>


<LI>Provision for asset impairment of $8.0 million in 2004, approximated the $7.7 million in 2003.  In 2004 and 2003, the carrying value of an office building was reduced to its net realizable value.</LI></UL>





</B>


<B><P>Net income from discontinued operations increased to $71.7 million and $91.5 million in 2004, compared to $4.3 million and $29.4 million in 2003.  Included in the 2004 net income from discontinued operations were:</P>








<UL>


<LI>Gains on real estate sales of $97.0 million in 2004, compared to $48.8 million in 2003.</LI></UL>











<UL>


<LI>Equity in gains on real estate sales by investees of $2.2 million in 2004, compared to $716,000 in 2003. </LI></UL>





</B><P> </P>


<B><I><P>About American Realty Investors, Inc.</P>


</B></I><P>American Realty Investors, Inc., a Dallas-based real estate investment company, holds a diverse portfolio of equity real estate located across the U.S., including office buildings, apartments, hotels, shopping centers and developed and undeveloped land.  For more information, go to ARI's web site.</P>


</FONT><B><FONT SIZE=2><P ALIGN="CENTER">A</FONT><FONT FACE="Arial" SIZE=2>MERICAN REALTY INVESTORS, INC.</P>


<P ALIGN="CENTER"></P>


<P ALIGN="CENTER">FINANCIAL HIGHLIGHTS</P>


<P ALIGN="CENTER"></P>


<P ALIGN="CENTER">&nbsp;</P></B></FONT>


<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=690>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="22%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff">


<B><FONT FACE="Arial" SIZE=2><P>For the Three Months<BR>


<U>Ended December 31,</B></U></FONT></TD>


<TD WIDTH="23%" VALIGN="TOP" COLSPAN=4 BGCOLOR="#ffffff">


<B><FONT FACE="Arial" SIZE=2><P>For the Twelve Months<BR>


<U>Ended December 31,</B></U></FONT></TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<B><FONT FACE="Arial" SIZE=2><P>        <U>2004</B></U></FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff">


<B><FONT FACE="Arial" SIZE=2><P>         <U>2003</U> </B></FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<B><FONT FACE="Arial" SIZE=2><P>   <U>2004</B></U></FONT></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<B><FONT FACE="Arial" SIZE=2><P>         <U>2003</U>  </B></FONT></TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="45%" VALIGN="BOTTOM" COLSPAN=7 BGCOLOR="#ffffff">


<B><FONT FACE="Arial" SIZE=2><P>   (dollars in thousands, except per share)</B></FONT></TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>Income from rents</FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>$40,871</FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>$41,304</FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2>


<P>&#9;&#9;$165,372</FONT></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>$135,842</FONT></TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>Property operations expense&#9;</FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>  <U>31,848</U></FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>  <U>31,937</U></FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>&#9;&#9;<U>122,626</U></FONT></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P> <U>101,070</U></FONT></TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>   Operating income</FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>&#9;&#9;9,023</FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>9,367</FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2>


<P>&#9;&#9;42,746</FONT></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>34,772</FONT></TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>Gain on land sales</FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>&#9;&#9;  7,202</FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>7,403</FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2>


<P>&#9;&#9;11,781</FONT></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>43,831</FONT></TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>Pizza Sales</FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>&#9;&#9;8,866</FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>8,790</FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>&#9;&#9;34,525</FONT></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>33,057</FONT></TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>Cost of sales</FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>    <U>6,788</U></FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>    <U>6,697</U></FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>&#9;&#9;  <U>26,713</U></FONT></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>   <U>26,051</U></FONT></TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>   Gross margin</FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>&#9;&#9;2,078</FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>2,096</FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2>


<P>&#9;&#9;7,812</FONT></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>7,006</FONT></TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>Income from operations</FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>&#9;&#9;18,303</FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>18,866</FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>62,339</FONT></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>85,609</FONT></TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>Equity in income (loss) of investees</FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>&#9;&#9;104</FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>(162)</FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>&#9;&#9;(41)</FONT></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>(4,441)</FONT></TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>Interest and other income</FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>&#9;&#9;<U>15,100</U></FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<U><FONT FACE="Arial" SIZE=2><P>16,901</U></FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2>


<P>&#9;&#9;<U>22,526</U></FONT></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<U><FONT FACE="Arial" SIZE=2><P>7,738</U></FONT></TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>   Total other income</FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>15,204</FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>16,739</FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2>


<P>&#9;&#9;22,485</FONT></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>20,199</FONT></TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>Total other expenses</FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>  <U>56,998</U></FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>  <U>41,148</U></FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2>


<P>&#9;&#9;    <U>143,115</U></FONT></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>  <U>123,354</U></FONT></TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>Net loss from continuing operations</FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>(23,491)</FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>(5,543)</FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>(58,291)</FONT></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>(17,546)</FONT></TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>Discontinued operations</FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>71,741</FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>4,311</FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2>


<P>&#9;&#9;91,485</FONT></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>29,409</FONT></TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>Net income (loss)</FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>48,250</FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>(1,232)</FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>33,194</FONT></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>11,863</FONT></TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>Preferred dividend requirement</FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>       <U>(650</U>)</FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>      <U>(543</U>)</FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2>


<P>&#9;&#9;   <U>(2,601</U>)</FONT></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<U><FONT FACE="Arial" SIZE=2><P>(2,351</U>)</FONT></TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>Net income (loss) applicable to Common shares</FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<U><FONT FACE="Arial" SIZE=2><P>$ 47,600</U></FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<U><FONT FACE="Arial" SIZE=2><P>$ (1,775)</U></FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2>


<P>&#9;&#9;<U>$ 30,593</U></FONT></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<U><FONT FACE="Arial" SIZE=2><P>$  9,512</U></FONT></TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>Basic and Diluted Earnings Per Share</FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>   Net loss from continuing operations</FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>$    (2.31)</FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>$    (0.57)</FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2>


<P>$    (5.76)</FONT></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>$    (1.85)</FONT></TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>   Discontinued operations</FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<U><FONT FACE="Arial" SIZE=2><P>       6.87</U></FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<U><FONT FACE="Arial" SIZE=2><P>         .40</U></FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff">


<U><FONT FACE="Arial" SIZE=2>


<P>       8.66</U></FONT></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<U><FONT FACE="Arial" SIZE=2><P>       2.73</U></FONT></TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P> Net income (loss) applicable to Common shares</FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<U><FONT FACE="Arial" SIZE=2><P>$     4.56</U></FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<U><FONT FACE="Arial" SIZE=2><P>$    (0.17)</U></FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff">


<U><FONT FACE="Arial" SIZE=2>


<P>$     2.90</U></FONT></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<U><FONT FACE="Arial" SIZE=2><P>$       .88</U></FONT></TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT FACE="Arial" SIZE=2><P>Weighted average Common shares used to compute </P>


<P>   earnings per share</FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<U><FONT FACE="Arial" SIZE=2><P>10,448,389</U></FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<U><FONT FACE="Arial" SIZE=2><P>10,642,505</U></FONT></TD>


<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff">


<U><FONT FACE="Arial" SIZE=2>


<P>10,559,571</U></FONT></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<U><FONT FACE="Arial" SIZE=2><P>10,789,352</U></FONT></TD>


</TR>


</TABLE>


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