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<SEC-DOCUMENT>0001181431-05-061273.txt : 20051115
<SEC-HEADER>0001181431-05-061273.hdr.sgml : 20051115
<ACCEPTANCE-DATETIME>20051114182552
ACCESSION NUMBER:		0001181431-05-061273
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20051114
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20051115
DATE AS OF CHANGE:		20051114

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:		051203859

	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>rrd97232.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>



<HTML>


<HEAD>








<TITLE>SECURITIES AND EXCHANGE COMMISSION</TITLE>


<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="CENTER"><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: November 14, 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><FONT SIZE=2><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 November 14, 2005, American Realty Investors, Inc. (&quot;ARL&quot;<FONT FACE="WP TypographicSymbols">&#64;</FONT>


 or the &quot;Company&quot;) announced its operational results for the quarter ended September 30, 2005.  A copy of the announcement is attached as Exhibit &quot;99.1.&quot;</P>


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


<P ALIGN="JUSTIFY">The information furnished pursuant to Item 2.02 in this Form 8-K, including Exhibit &quot;99.1&quot; attached hereto, shall not be deemed to be &quot;filed&quot; 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></FONT>


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


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


<FONT SIZE=2><P>&nbsp;</P>


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


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


<FONT SIZE=2>


<P>&nbsp;</P>


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


</TR>


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


<FONT SIZE=2>


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


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


<FONT SIZE=2>


<P ALIGN="JUSTIFY">Press Release dated November 14, 2005</FONT></TD>


</TR>


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


<FONT SIZE=2>


<P>_____________________</P>


<P>*Furnished herewith.</FONT></TD>


</TR>


</TABLE>


</CENTER></P>





<P ALIGN="JUSTIFY">&#9;<B><FONT SIZE=2>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>


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


<FONT SIZE=2><P ALIGN="JUSTIFY">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</P>


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


<TABLE CELLSPACING=0 BORDER=0 WIDTH=624>


<TR><TD WIDTH="49%" VALIGN="TOP" COLSPAN=2>


<FONT SIZE=2><P>&nbsp;</FONT></TD>


<TD WIDTH="51%" VALIGN="BOTTOM" COLSPAN=2>


<FONT SIZE=2>


<P>AMERICAN REALTY INVESTORS, INC.</FONT></TD>


</TR>


<TR><TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="43%" VALIGN="BOTTOM">&nbsp;</TD>


<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>


<TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>


</TR>


<TR><TD WIDTH="6%" VALIGN="TOP">


<FONT SIZE=2><P>Date:</FONT></TD>


<TD WIDTH="43%" VALIGN="BOTTOM">


<FONT SIZE=2><P>November 14, 2005</FONT></TD>


<TD WIDTH="4%" VALIGN="BOTTOM">


<FONT SIZE=2><P>By:</FONT></TD>


<TD WIDTH="47%" VALIGN="TOP">


<U><FONT SIZE=2><P ALIGN="JUSTIFY">/s/ Steven A. Abney&#9;&#9;&#9;&#9;</U></FONT></TD>


</TR>


<TR><TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="43%" VALIGN="BOTTOM">&nbsp;</TD>


<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>


<TD WIDTH="47%" VALIGN="BOTTOM">


<FONT SIZE=2><P ALIGN="JUSTIFY">Steven A. Abney</FONT></TD>


</TR>


<TR><TD WIDTH="6%" VALIGN="TOP" HEIGHT=5><P></P></TD>


<TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


<TD WIDTH="47%" VALIGN="BOTTOM" HEIGHT=5>


<FONT SIZE=2><P ALIGN="JUSTIFY">Executive Vice President and Chief Financial Officer</FONT></TD>


</TR>


<TR><TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="43%" VALIGN="BOTTOM">&nbsp;</TD>


<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>


<TD WIDTH="47%" VALIGN="BOTTOM">


<FONT SIZE=2><P ALIGN="JUSTIFY">(Principal Financial and Accounting Officer and </FONT></TD>


</TR>


<TR><TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="43%" VALIGN="BOTTOM">&nbsp;</TD>


<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>


<TD WIDTH="47%" VALIGN="BOTTOM">


<FONT SIZE=2><P ALIGN="JUSTIFY">Acting Principal Executive Officer)</FONT></TD>


</TR>


<TR><TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="43%" VALIGN="BOTTOM">&nbsp;</TD>


<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>


<TD WIDTH="47%" VALIGN="BOTTOM">&nbsp;</TD>


</TR>


</TABLE>





<FONT SIZE=2><P ALIGN="JUSTIFY"></P>


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


</HTML>








</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.
<SEQUENCE>2
<FILENAME>rrd97232_9741.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>


<P ALIGN="RIGHT">Exhibit 99.1</P></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, Inc.</P>


<P>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 Third Quarter 2005 Results</P>


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


</FONT><FONT FACE="Arial" SIZE=2><P>DALLAS  (November 14, 2005) -- American Realty Investors, Inc. (NYSE: ARL), a Dallas-based real estate investment company, announced today that the company reported net income of $15.4 million and $32.1 million, or $1.52 and $3.16 per share, for the three and nine months ended September 30, 2005, compared to net losses of $(7.6) million and $(17.0) million, or $(0.73) and $(1.60) per share, in the same periods in 2004.</P>





<P>Income, sales, and related expenses and costs for the three and nine months of 2005 resulted in increased operating income of $5.4 million and $8.7 million, compared to operating income of $2.3 million and an operating loss of $(950,000) in the 2004 comparable periods, and included:</P>








<UL>


<LI>Increases in income from rents to $44.7 million and $124.1 million in 2005, from $39.4 million and $113.3 million in 2004.  The increase was primarily attributable to completed apartment construction.</LI></UL>











<UL>


<LI>Increases in property operations expenses to $30.0 million and $85.5 million in 2005, from $27.5 million and $83.1 million in 2004.  The increase was primarily attributable to completed apartment construction, offset by decreases due to reduced commercial occupancy and management fees.</LI></UL>











<UL>


<LI>Increases in restaurant sales to $9.3 million and $27.3 million in 2005, from $8.7 million and $25.7 million in 2004.  Cost of sales increased to $7.0 million and $20.9 million in 2005, from $6.8 million and $19.9 million in 2004.  The increases were primarily attributable to increases of 9.3% and 4.9% in same-store sales in 2005.  Also, two new concepts were not open during the 2004 periods.</LI></UL>











<UL>


<LI>Other operating expenses - consisting of depreciation and amortization, general and administrative expenses, and advisory fees to affiliate - were $11.6 million and $36.3 million in 2005, approximating the $11.4 million and $36.9 million in 2004. Decreases in depreciation in 2005 were offset by increases in general and administrative expenses in the three months ended September 30, 2005, and increases in advisory fees in the three and nine months then ended.</LI></UL>








<P>Other income items - consisting of interest from notes receivable, gain on foreign currency transaction, gain on settlement of debt, and other income - decreased to $2.4 million and $6.5 million in the three and nine months of 2005, compared to $3.7 million and $7.4 million in 2004.  The decrease was primarily attributable to decreases in gain on foreign currency transaction and gain on settlement of debt.</P>





<P>Other expense items - consisting of mortgage and loan interest expense, discount on sale of notes receivable, net income fee to affiliate, incentive fee to affiliate, and litigation settlement -- increased to $19.5 million and $50.7 million in the three and nine months of 2005 from $15.2 million and $45.2 million in 2004.  The increase was primarily attributable to increases in interest expense, net income fees, and incentive fees.</P>





<P>Gain on land sales increased to $5.4 million and $34.5 million in the three and nine months of 2005, from $827,000 and $4.6 million in 2004. </P>





<P>Income from discontinued operations increased to $21.9 million and $35.2 million in 2005, compared to a loss of $(269,000) and income of $19.3 million in 2004, representing 19 properties sold or held-for-sale in 2005 and 27 properties sold in 2004. </P>





<P>&nbsp;</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 at www.amrealtytrust.com</P>


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


<P>&nbsp;</P>


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


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


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


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


<P ALIGN="CENTER">AMERICAN REALTY INVESTORS, INC.</P>


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


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


</FONT><FONT SIZE=1><P ALIGN="CENTER"></P>


</FONT><FONT SIZE=1><P ALIGN="CENTER">&nbsp;</P></B></FONT>


<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=663>


<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 September 30,</B></U></FONT></TD>


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


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


<U>Ended September 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)</B></FONT></TD>


</TR>


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


<TD WIDTH="44%" VALIGN="BOTTOM" COLSPAN=7 BGCOLOR="#ffffff">&nbsp;</TD>


</TR>


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


<FONT SIZE=2><P>Rental and other property revenues</FONT></TD>


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


<FONT SIZE=2><P>$44,704</FONT></TD>


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


<FONT SIZE=2><P>$39,389</FONT></TD>


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


<FONT SIZE=2><P>$124,050</FONT></TD>


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


<FONT SIZE=2><P>$113,250</FONT></TD>


</TR>


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


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


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


<U><FONT SIZE=2><P>9,298</U></FONT></TD>


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


<U><FONT SIZE=2><P>8,667</U></FONT></TD>


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


<U><FONT SIZE=2><P>27,331</U></FONT></TD>


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


<U><FONT SIZE=2><P>25,659</U></FONT></TD>


</TR>


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


<FONT SIZE=2><P>   Total operating revenues</FONT></TD>


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


<FONT SIZE=2><P>54,002</FONT></TD>


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


<FONT SIZE=2><P>48,056</FONT></TD>


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


<FONT SIZE=2><P>151,381</FONT></TD>


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


<FONT SIZE=2><P>138,909</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>Property operating expenses</FONT></TD>


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


<FONT SIZE=2><P>29,950</FONT></TD>


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


<FONT SIZE=2><P>27,529</FONT></TD>


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


<FONT SIZE=2><P>85,451</FONT></TD>


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


<FONT SIZE=2><P>83,061</FONT></TD>


</TR>


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


<FONT SIZE=2><P>Restaurant cost of sales</FONT></TD>


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


<FONT SIZE=2><P>7,014</FONT></TD>


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


<FONT SIZE=2><P>6,788</FONT></TD>


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


<FONT SIZE=2><P>20,908</FONT></TD>


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


<FONT SIZE=2><P>19,925</FONT></TD>


</TR>


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


<FONT SIZE=2><P>Other operating expenses</FONT></TD>


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


<U><FONT SIZE=2><P>11,597</U></FONT></TD>


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


<U><FONT SIZE=2><P>11,390</U></FONT></TD>


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


<U><FONT SIZE=2><P>36,314</U></FONT></TD>


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


<U><FONT SIZE=2><P>36,873</U></FONT></TD>


</TR>


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


<FONT SIZE=2><P>   Total operating expenses</FONT></TD>


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


<FONT SIZE=2><P>48,561</FONT></TD>


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


<FONT SIZE=2><P>45,707</FONT></TD>


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


<FONT SIZE=2><P>142,673</FONT></TD>


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


<FONT SIZE=2><P>139,859</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>Operating income (loss)</FONT></TD>


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


<FONT SIZE=2><P>5,441</FONT></TD>


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


<FONT SIZE=2><P>2,349</FONT></TD>


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


<FONT SIZE=2><P>8,708</FONT></TD>


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


<FONT SIZE=2><P>(950)</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>Other income</FONT></TD>


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


<FONT SIZE=2><P>2,440</FONT></TD>


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


<FONT SIZE=2><P>3,738</FONT></TD>


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


<FONT SIZE=2><P>6,476</FONT></TD>


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


<FONT SIZE=2><P>7,437</FONT></TD>


</TR>


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


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


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


<U><FONT SIZE=2><P>19,521</U></FONT></TD>


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


<U><FONT SIZE=2><P>15,162</U></FONT></TD>


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


<U><FONT SIZE=2><P> 50,716</U></FONT></TD>


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


<U><FONT SIZE=2><P>45,163</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">


<FONT SIZE=2><P>Loss before gain on land sales, minority interest, and equity in earnings of investees</FONT></TD>


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


<FONT SIZE=2><P>(11,640)</FONT></TD>


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


<FONT SIZE=2><P>(9,075)</FONT></TD>


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


<FONT SIZE=2><P>(35,532)</FONT></TD>


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


<FONT SIZE=2><P>(37,726)</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>Gain on land sales</FONT></TD>


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


<FONT SIZE=2><P>5,435</FONT></TD>


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


<FONT SIZE=2><P>827</FONT></TD>


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


<FONT SIZE=2><P>34,525</FONT></TD>


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


<FONT SIZE=2><P>4,579</FONT></TD>


</TR>


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


<FONT SIZE=2><P>Minority interest</FONT></TD>


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


<FONT SIZE=2><P>336</FONT></TD>


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


<FONT SIZE=2><P>1,474</FONT></TD>


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


<FONT SIZE=2><P>(408)</FONT></TD>


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


<FONT SIZE=2><P>(155)</FONT></TD>


</TR>


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


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


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


<U><FONT SIZE=2><P>71</U></FONT></TD>


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


<U><FONT SIZE=2><P>56</U></FONT></TD>


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


<U><FONT SIZE=2><P>283</U></FONT></TD>


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


<U><FONT SIZE=2><P>(144)</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">


<FONT SIZE=2><P>Loss from continuing operations</FONT></TD>


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


<FONT SIZE=2><P>(5,798)</FONT></TD>


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


<FONT SIZE=2><P>(6,718)</FONT></TD>


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


<FONT SIZE=2><P>(1,132)</FONT></TD>


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


<FONT SIZE=2><P>(34,396)</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>Income (loss) from discontinued operations</FONT></TD>


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


<U><FONT SIZE=2><P>21,872</U></FONT></TD>


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


<U><FONT SIZE=2><P>(269)</U></FONT></TD>


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


<U><FONT SIZE=2><P>35,168</U></FONT></TD>


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


<U><FONT SIZE=2><P>19,341</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="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>Net income (loss)</FONT></TD>


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


<FONT SIZE=2><P>16,074</FONT></TD>


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


<FONT SIZE=2><P>(6,987)</FONT></TD>


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


<FONT SIZE=2><P>34,036</FONT></TD>


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


<FONT SIZE=2><P>(15,055)</FONT></TD>


</TR>


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


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


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


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


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


<U><FONT SIZE=2><P>(651</U>)</FONT></TD>


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


<U><FONT SIZE=2><P>(1,949</U>)</FONT></TD>


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


<U><FONT SIZE=2><P>(1,951</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">


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


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


<U><FONT SIZE=2><P>$15,424</U></FONT></TD>


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


<U><FONT SIZE=2><P>$(7,638</U>)</FONT></TD>


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


<U><FONT SIZE=2><P>$32,087</U></FONT></TD>


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


<U><FONT SIZE=2><P>$ (17,006)</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">


<FONT SIZE=2><P>Basic and diluted earnings per share:</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">


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


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


<FONT SIZE=2><P>$(0.64)</FONT></TD>


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


<FONT SIZE=2><P>$(0.70)</FONT></TD>


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


<FONT SIZE=2><P>$(0.30)</FONT></TD>


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


<FONT SIZE=2><P>$(3.43)</FONT></TD>


</TR>


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


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


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


<U><FONT SIZE=2><P>2.16</U></FONT></TD>


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


<U><FONT SIZE=2><P>(0.03)</U></FONT></TD>


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


<U><FONT SIZE=2><P>3.46</U></FONT></TD>


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


<U><FONT SIZE=2><P>1.83</U></FONT></TD>


</TR>


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


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


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


<U><FONT SIZE=2><P>$1.52</U></FONT></TD>


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


<U><FONT SIZE=2><P>$(0.73</U>)</FONT></TD>


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


<U><FONT SIZE=2><P>$3.16</U></FONT></TD>


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


<U><FONT SIZE=2><P>$(1.60)</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 and 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>10,532,796</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>10,596,902</FONT></TD>


</TR>


</TABLE>


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