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<SEC-DOCUMENT>0001181431-05-047071.txt : 20050816
<SEC-HEADER>0001181431-05-047071.hdr.sgml : 20050816
<ACCEPTANCE-DATETIME>20050816120514
ACCESSION NUMBER:		0001181431-05-047071
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050816
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050816
DATE AS OF CHANGE:		20050816

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:		051029717

	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>rrd89613.htm
<DESCRIPTION>EARNINGS RELEASE FOR PERIOD ENDING 6-30-2005
<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>





<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: August 16, 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 August 16, 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 quarter ended June 30, 2005.  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 August 16, 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: August 16, 2005&#9;&#9;&#9;AMERICAN REALTY INVESTORS, INC.</P>


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


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


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


<P ALIGN="JUSTIFY">By: <U>  /s/    Ted P. Stokely_____________</P>


</U><P ALIGN="JUSTIFY">        Ted P. Stokely</P>


<P ALIGN="JUSTIFY">        Chairman of the Board</P>


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


</HTML>








</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.
<SEQUENCE>2
<FILENAME>rrd89613_7448.htm
<TEXT>



<HTML>


<HEAD>








<TITLE>EXHIBIT 99</TITLE>


</HEAD>


<BODY>





<B><P ALIGN="RIGHT">EXHIBIT 99.1</P>


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


</I></FONT><B><FONT FACE="Arial" SIZE=4><P ALIGN="CENTER">American Realty Investors, Inc. Reports Second Quarter 2005 Results</P>


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


</FONT><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">DALLAS  (August 16, 2005) -- American Realty Investors, Inc. (NYSE: ARL), a Dallas-based real estate investment company, announced today that the company reported a net loss of $(3.4) million and net income of $16.7 million, or $(0.33) and $1.64 per share, for the three and six months ended June 30, 2005, compared to net losses of $(10.1) million and $(9.4) million, or $(0.95) and $(0.88) per share, in the same periods in 2004.</P>


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


<P ALIGN="JUSTIFY">Income, sales and related expenses and costs for the three and six months of 2005 resulted in increased income from operations of $19.9 million and $57.8 million, compared to $10.0 million and $27.1 million in the 2004 comparable periods, and included:</P>


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





<UL>


<B><P ALIGN="JUSTIFY"><LI>Increases in income from rents to $42.2 million and $82.4 million in 2005, from $39.0 million and $77.3 million in 2004.  The increase was primarily attributable to completed apartment construction, offset by reduced commercial occupancy.</LI></P></UL>





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





<UL>


<B><P ALIGN="JUSTIFY"><LI>Decreases in property operations expenses to $29.5 million and $57.8 million in 2005, from $30.8 million and $57.9 million in 2004.  The decrease was primarily attributable to reduced commercial occupancy and management fees, offset by increases due to completed apartment construction.</LI></P></UL>





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





<UL>


<B><P ALIGN="JUSTIFY"><LI>Increases in restaurant sales to $9.4 million and $18.0 million in 2005, from $8.8 million and $17.0 million in 2004.  Cost of sales increased to $7.1 million and $13.9 million in 2005, from $6.9 million and $13.1 million in 2004.  Gross margins increased to $2.3 million and $4.1 million from $1.9 million and $3.9 million in 2004.  The increases were primarily attributable to increases of 2.1% in same-store sales in 2005.  Also, two new concepts were not open during the 2004 periods.</LI></P></UL>





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





<UL>


<B><P ALIGN="JUSTIFY"><LI>Land sales, cost of sales, and gain on land sales was $12.0 million, $7.1 million and $4.9 million in three months ended June 30, 2005.  No land was sold in the second quarter of 2004.  Land sales, cost of sales, and gain on land sales was $64.3 million, $35.2 million and $29.1 in the six months ended June 30, 2005, compared to $31.7 million, $22.2 million, and $3.8 million in 2004.  The gain on land sales for the six months ended June 30, 2004 included the deferral of $5.7 million of gains on current period sales.</LI></P></UL>





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


<P ALIGN="JUSTIFY">Other income increased to $2.5 million and $4.2 million in 2005, compared to $2.0 million and $3.5 million in 2004.  Other income included: </P>


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





<UL>


<B><P ALIGN="JUSTIFY"><LI>Interest income of $1.2 million and $2.8 million in 2005, which approximated the $1.6 million and $2.7 million in 2004. </LI></P></UL>





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





<UL>


<B><P ALIGN="JUSTIFY"><LI>An improvement in equity in the income (loss) of investees to $152,000 and $212,000 in 2005, compared to $(55,000) and $(201,000) in 2004.</LI></P></UL>





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





<UL>


<P ALIGN="JUSTIFY"><LI>Gain on foreign currency transaction was $228,000 in the three and six months ended June 30, 2005, compared to $1.2 million in 2004, related to ARI's Polish hotel operations.</LI></P></UL>





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


<P ALIGN="JUSTIFY">Other expenses <B>(excluding property operations expenses and costs of sales for restaurants and land) of $28.1 million and $57.8 million in the three and six months of 2005 approximated the $27.6 million and $58.1 million in 2004</B>, and included: </P>


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





<UL>


<B><P ALIGN="JUSTIFY"><LI>An increase in interest expense to $15.4 million and $31.2 million in 2005, from $14.7 million and $30.3 million in 2004.  Commercial interest decreased due to reduced mortgage interest rates and land interest decreased due to reduced mortgage balances, offsetting increased apartment interest due to completed construction.  </LI></P></UL>





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





<UL>


<P ALIGN="JUSTIFY"><LI>Depreciation and amortization expense of $5.9 million and $11.7 million in 2005 approximated the $5.9 million and $11.7 million in 2004.  An increase in apartment depreciation, due to completed construction, was offset by decreases in commercial and hotel depreciation.  </LI></P></UL>





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





<UL>


<P ALIGN="JUSTIFY"><LI>An increase in general and administrative expenses to $4.9 million and a decrease to $7.7 million in 2005, compared to $4.2 million and $8.9 million in 2004.  The changes were primarily due to increased legal fees in 2005 and the timing of state tax accruals in 2004.</LI></P></UL>





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





<UL>


<P ALIGN="JUSTIFY"><LI>A decrease in advisory, net income and incentive fees, in total, to $2.1 million and an increase to $6.5 million in 2005, compared to $2.3 million and $5.2 million in 2004.  Advisory fees of $2.7 million and $5.6 million in 2005 approximated the $2.4 million and $5.2 million in 2004.  Net income fees and incentive fees were $(658,000) and $819,000 in 2005, compared to $(79,000) for the three months ended June 30, 2004.  There were no net income fees or incentive fees for the six-month period in 2004.</LI></P></UL>





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


<P ALIGN="JUSTIFY">Net income from discontinued operations (non-land properties sold or held-for-sale) decreased to $3.0 million and $13.7 million in 2005, compared to $6.2 million and $19.5 million in 2004, representing 11 properties sold or held-for-sale in 2005 and 27 properties sold in 2004.  Included in the net income from discontinued operations were:</P>


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





<UL>


<P ALIGN="JUSTIFY"><LI>Gains on real estate sales of $4.1 million and $15.1 million in 2004, compared to $6.7 million and $20.6 million in 2004.</LI></P></UL>





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





<UL>


<P ALIGN="JUSTIFY"><LI>Equity in gains on real estate sales by investees of $113,000 and $896,000 in 2004. </LI></P></UL>





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


<B><I><P ALIGN="JUSTIFY">About American Realty Investors, Inc.</P>


</B></I><P ALIGN="JUSTIFY">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 at www.amrealtytrust.com.</P>


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


<P>&nbsp;</P>


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


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


</FONT><B><FONT SIZE=2><P ALIGN="CENTER">AMERICAN REALTY INVESTORS, INC.</P>


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


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


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


<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=645>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


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


<B><FONT SIZE=2><P ALIGN="CENTER">For the Three Months<BR>


<U>Ended June 30,</B></U></FONT></TD>


<TD WIDTH="22%" VALIGN="TOP" COLSPAN=4 BGCOLOR="#ffffff">


<B><FONT SIZE=2><P ALIGN="CENTER">For the Six Months<BR>


<U>Ended June 30,</B></U></FONT></TD>


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


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


<B><U><FONT SIZE=2><P ALIGN="CENTER">2005</B></U></FONT></TD>


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


<B><U><FONT SIZE=2><P ALIGN="CENTER">2004</B></U></FONT></TD>


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


<B><U><FONT SIZE=2><P ALIGN="CENTER">2005</B></U></FONT></TD>


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


<B><U><FONT SIZE=2><P ALIGN="CENTER">2004</B></U></FONT></TD>


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="44%" VALIGN="BOTTOM" COLSPAN=7 BGCOLOR="#ffffff">


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


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


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


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<FONT SIZE=2><P>$42,247</FONT></TD>


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


<FONT SIZE=2><P>$38,960</FONT></TD>


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


<FONT SIZE=2><P>&#9;&#9;</P>


<P>&#9;&#9;$82,371</FONT></TD>


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


<FONT SIZE=2><P>$77,339</FONT></TD>


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT SIZE=2><P>Operations expense&#9;</FONT></TD>


<TD WIDTH="12%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#ffffff">


<U><FONT SIZE=2><P>  29,516</U></FONT></TD>


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


<U><FONT SIZE=2><P>  30,823</U></FONT></TD>


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


<FONT SIZE=2><P>&#9;&#9;<U>  57,842</U></FONT></TD>


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


<U><FONT SIZE=2><P>  57,872</U></FONT></TD>


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff"><DIR>





<FONT SIZE=2><P>   Operating income</DIR>


</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<FONT SIZE=2><P>&#9;&#9;12,731</FONT></TD>


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


<FONT SIZE=2><P>8,137</FONT></TD>


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


<FONT SIZE=2><P>&#9;&#9;24,529</FONT></TD>


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


<FONT SIZE=2><P>19,467</FONT></TD>


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">&nbsp;</TD>


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


<TD WIDTH="11%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#ffffff">&nbsp;</TD>


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


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT SIZE=2><P>Land sales</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<FONT SIZE=2><P>&#9;&#9;11,965</FONT></TD>


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


<FONT SIZE=2><P>0</FONT></TD>


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


<FONT SIZE=2><P>&#9;&#9;64,270</FONT></TD>


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


<FONT SIZE=2><P>31,682</FONT></TD>


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff"><DIR>





<FONT SIZE=2><P>Cost of sales</DIR>


</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<FONT SIZE=2><P>&#9;&#9;7,052</FONT></TD>


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


<FONT SIZE=2><P>0</FONT></TD>


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


<FONT SIZE=2><P>&#9;&#9;35,179</FONT></TD>


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


<FONT SIZE=2><P>22,190</FONT></TD>


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff"><DIR>





<FONT SIZE=2><P>Deferral of gains on current period sales</DIR>


</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<U><FONT SIZE=2><P>          0</U></FONT></TD>


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


<U><FONT SIZE=2><P>         0</U></FONT></TD>


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


<FONT SIZE=2><P>&#9;&#9;<U>          0</U></FONT></TD>


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


<U><FONT SIZE=2><P>   5,740</U></FONT></TD>


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff"><DIR>





<FONT SIZE=2><P>   Gain on land sales</DIR>


</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<FONT SIZE=2><P>&#9;&#9;4,913</FONT></TD>


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


<FONT SIZE=2><P>0</FONT></TD>


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


<FONT SIZE=2><P>&#9;&#9;29,091</FONT></TD>


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


<FONT SIZE=2><P>3,752</FONT></TD>


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">&nbsp;</TD>


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


<TD WIDTH="11%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#ffffff">&nbsp;</TD>


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


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff"><DIR>





<FONT SIZE=2><P>Restaurant sales</DIR>


</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<FONT SIZE=2><P>&#9;&#9;9,413</FONT></TD>


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


<FONT SIZE=2><P>8,823</FONT></TD>


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


<FONT SIZE=2><P>&#9;&#9;18,033</FONT></TD>


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


<FONT SIZE=2><P>16,992</FONT></TD>


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff"><DIR>





<FONT SIZE=2><P>Cost of sales</DIR>


</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<U><FONT SIZE=2><P>   7,140</U></FONT></TD>


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


<U><FONT SIZE=2><P>   6,924</U></FONT></TD>


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


<FONT SIZE=2><P>&#9;&#9;<U>  13,894</U></FONT></TD>


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


<U><FONT SIZE=2><P>  13,137</U></FONT></TD>


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff"><DIR>





<FONT SIZE=2><P>   Gross margin</DIR>


</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<FONT SIZE=2><P>&#9;&#9;2,273</FONT></TD>


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


<FONT SIZE=2><P>1,899</FONT></TD>


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


<FONT SIZE=2><P>&#9;&#9;4,139</FONT></TD>


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


<FONT SIZE=2><P>3,855</FONT></TD>


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">&nbsp;</TD>


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


<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff">&nbsp;</TD>


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


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


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


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<FONT SIZE=2><P>&#9;&#9;19,917</FONT></TD>


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


<FONT SIZE=2><P>10,036</FONT></TD>


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


<FONT SIZE=2><P>57,759</FONT></TD>


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


<FONT SIZE=2><P>27,074</FONT></TD>


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">&nbsp;</TD>


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


<TD WIDTH="11%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#ffffff">&nbsp;</TD>


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


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff"><DIR>


<DIR>





<FONT SIZE=2><P>Interest and other income</DIR>


</DIR>


</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<FONT SIZE=2><P>&#9;&#9;2,112</FONT></TD>


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


<FONT SIZE=2><P>762</FONT></TD>


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


<FONT SIZE=2><P>&#9;&#9;3,809</FONT></TD>


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


<FONT SIZE=2><P>2,450</FONT></TD>


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff"><DIR>





<FONT SIZE=2><P>Equity in income (loss) of investees</DIR>


</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<FONT SIZE=2><P>&#9;&#9;152</FONT></TD>


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


<FONT SIZE=2><P>(55)</FONT></TD>


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


<FONT SIZE=2><P>&#9;&#9;212</FONT></TD>


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


<FONT SIZE=2><P>(201)</FONT></TD>


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff"><DIR>





<FONT SIZE=2><P>Gain on foreign currency transaction</DIR>


</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<FONT SIZE=2><P>228</FONT></TD>


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


<FONT SIZE=2><P>1,249</FONT></TD>


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


<FONT SIZE=2><P>&#9;&#9;228</FONT></TD>


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


<FONT SIZE=2><P>1,249</FONT></TD>


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff"><DIR>





<FONT SIZE=2><P>Other expenses</DIR>


</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<U><FONT SIZE=2><P>  28,129</U></FONT></TD>


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


<U><FONT SIZE=2><P>  27,634</U></FONT></TD>


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


<FONT SIZE=2><P>&#9;&#9;<U>  57,777</U></FONT></TD>


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


<U><FONT SIZE=2><P>  58,143</U></FONT></TD>


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">&nbsp;</TD>


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


<TD WIDTH="11%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#ffffff">&nbsp;</TD>


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


</TR>


<TR><TD WIDTH="56%" VALIGN="TOP" BGCOLOR="#ffffff">


<FONT SIZE=2><P>Net income (loss) from continuing operations</FONT></TD>


<TD WIDTH="12%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#ffffff">


<FONT SIZE=2><P>(5,720)</FONT></TD>


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


<FONT SIZE=2><P>(15,642)</FONT></TD>


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


<FONT SIZE=2><P>4,231</FONT></TD>


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


<FONT SIZE=2><P>(27,571)</FONT></TD>


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">&nbsp;</TD>


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


<TD WIDTH="11%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#ffffff">&nbsp;</TD>


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


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff"><DIR>





<FONT SIZE=2><P>Loss from discontinued operations</DIR>


</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<FONT SIZE=2><P>(1,123)</FONT></TD>


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


<FONT SIZE=2><P>(578)</FONT></TD>


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


<FONT SIZE=2><P>&#9;&#9;(1,381)</FONT></TD>


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


<FONT SIZE=2><P>(1,981)</FONT></TD>


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff"><DIR>





<FONT SIZE=2><P>Gain on sale of real estate</DIR>


</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<FONT SIZE=2><P>4,125</FONT></TD>


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


<FONT SIZE=2><P>6,655</FONT></TD>


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


<FONT SIZE=2><P>&#9;&#9;15,112</FONT></TD>


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


<FONT SIZE=2><P>20,589</FONT></TD>


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff"><DIR>





<FONT SIZE=2><P>Equity in investees' gain on sale of real estate</DIR>


</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<U><FONT SIZE=2><P>         0</U></FONT></TD>


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


<U><FONT SIZE=2><P>       113</U></FONT></TD>


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


<FONT SIZE=2><P>&#9;&#9;<U>           0</U></FONT></TD>


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


<U><FONT SIZE=2><P>       896</U></FONT></TD>


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff"><DIR>





<FONT SIZE=2><P>Net income from discontinued operations </DIR>


</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<FONT SIZE=2><P>&#9;3,002</FONT></TD>


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


<FONT SIZE=2><P>6,190</FONT></TD>


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


<FONT SIZE=2><P>&#9;&#9;13,731</FONT></TD>


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


<FONT SIZE=2><P>19,504</FONT></TD>


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">&nbsp;</TD>


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


<TD WIDTH="11%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#ffffff">&nbsp;</TD>


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


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


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


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<FONT SIZE=2><P>(2,718)</FONT></TD>


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


<FONT SIZE=2><P>(9,452)</FONT></TD>


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


<FONT SIZE=2><P>17,962</FONT></TD>


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


<FONT SIZE=2><P>(8,067)</FONT></TD>


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff"><DIR>





<FONT SIZE=2><P>Preferred dividend requirement</DIR>


</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<U><FONT SIZE=2><P>       (649</U>)</FONT></TD>


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


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


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


<FONT SIZE=2><P>&#9;&#9;<U>  (1,299</U>)</FONT></TD>


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


<U><FONT SIZE=2><P>    (1,300</U>)</FONT></TD>


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">&nbsp;</TD>


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


<TD WIDTH="11%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#ffffff">&nbsp;</TD>


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


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff"><DIR>





<FONT SIZE=2><P>Net income (loss) applicable to Common shares</DIR>


</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<U><FONT SIZE=2><P>$  (3,367</U>)</FONT></TD>


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


<U><FONT SIZE=2><P>$ (10,102</U>)</FONT></TD>


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


<FONT SIZE=2><P>&#9;&#9;<U>$ 16,663</U></FONT></TD>


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


<U><FONT SIZE=2><P>$  (9,367)</U></FONT></TD>


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">&nbsp;</TD>


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


<TD WIDTH="11%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#ffffff">&nbsp;</TD>


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


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff"><DIR>





<FONT SIZE=2><P>Basic earnings per share:</DIR>


</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">&nbsp;</TD>


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


<TD WIDTH="11%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#ffffff">&nbsp;</TD>


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


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff"><DIR>





<FONT SIZE=2><P>   Net income (loss) from continuing operations</DIR>


</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<FONT SIZE=2><P>$    (0.63)</FONT></TD>


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


<FONT SIZE=2><P>$    (1.53)</FONT></TD>


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


<FONT SIZE=2><P>$    0.29</FONT></TD>


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


<FONT SIZE=2><P>$    (2.72)</FONT></TD>


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff"><DIR>





<FONT SIZE=2><P>   Discontinued operations</DIR>


</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<U><FONT SIZE=2><P>       0.30</U></FONT></TD>


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


<U><FONT SIZE=2><P>         .58</U></FONT></TD>


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


<U><FONT SIZE=2><P>      1.35</U></FONT></TD>


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


<U><FONT SIZE=2><P>       1.84</U></FONT></TD>


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff"><DIR>





<FONT SIZE=2><P> Net income (loss) applicable to Common shares  </DIR>


</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<U><FONT SIZE=2><P>$    (0.33</U>)</FONT></TD>


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


<U><FONT SIZE=2><P>$    (0.95</U>)</FONT></TD>


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


<U><FONT SIZE=2><P>$    1.64</U></FONT></TD>


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


<U><FONT SIZE=2><P>$    (0.88)</U></FONT></TD>


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">&nbsp;</TD>


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


<TD WIDTH="11%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#ffffff">&nbsp;</TD>


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


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff"><DIR>





<FONT SIZE=2><P>Diluted earnings per share:</DIR>


</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">&nbsp;</TD>


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


<TD WIDTH="11%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#ffffff">&nbsp;</TD>


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


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff"><DIR>





<FONT SIZE=2><P>   Net income (loss) from continuing operations</DIR>


</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<FONT SIZE=2><P>$    (0.63)</FONT></TD>


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


<FONT SIZE=2><P>$    (1.53)</FONT></TD>


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


<FONT SIZE=2><P>$    0.32</FONT></TD>


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


<FONT SIZE=2><P>$    (2.72)</FONT></TD>


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff"><DIR>





<FONT SIZE=2><P>   Discontinued operations</DIR>


</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<U><FONT SIZE=2><P>       0.30</U></FONT></TD>


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


<U><FONT SIZE=2><P>         .58</U></FONT></TD>


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


<U><FONT SIZE=2><P>      1.04</U></FONT></TD>


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


<U><FONT SIZE=2><P>       1.84</U></FONT></TD>


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff"><DIR>





<FONT SIZE=2><P> Net income (loss) applicable to Common shares  </DIR>


</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<U><FONT SIZE=2><P>$    (0.33</U>)</FONT></TD>


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


<U><FONT SIZE=2><P>$    (0.95</U>)</FONT></TD>


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


<U><FONT SIZE=2><P>$    1.36</U></FONT></TD>


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


<U><FONT SIZE=2><P>$    (0.88)</U></FONT></TD>


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff">&nbsp;</TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">&nbsp;</TD>


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


<TD WIDTH="11%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#ffffff">&nbsp;</TD>


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


</TR>


<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff">


<FONT SIZE=2><P>Weighted average Common shares used to compute earnings per share:</FONT></TD>


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


<TD WIDTH="11%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#ffffff">&nbsp;</TD>


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


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT SIZE=2><P>   Basic</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<FONT SIZE=2><P>10,149,000</FONT></TD>


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


<FONT SIZE=2><P>10,608,932</FONT></TD>


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


<FONT SIZE=2><P>10,149,000</FONT></TD>


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


<FONT SIZE=2><P>10,626,799</FONT></TD>


</TR>


<TR><TD WIDTH="56%" VALIGN="BOTTOM" BGCOLOR="#ffffff">


<FONT SIZE=2><P>   Diluted</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff">


<FONT SIZE=2><P>10,149,000</FONT></TD>


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


<FONT SIZE=2><P>10,608,932</FONT></TD>


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


<FONT SIZE=2><P>13,161,501</FONT></TD>


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


<FONT SIZE=2><P>10,626,799</FONT></TD>


</TR>


</TABLE>


</CENTER></P>





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