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OPERATING RESULTS FOR THE PERIOD (TABLE)
 12 Months Ended
Dec. 31, 2012
OPERATING RESULTS FOR THE PERIOD (TABLE)  
OPERATING RESULTS FOR THEYEAR 2010 (TABLE)

 

 

Three Months Ended 2010

 

 

March 31,

 

 

June 30,

 

 

September 30,

 

December 31,

 

 

 

(dollars in thousands, except share and per share amounts)

 

2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating revenues

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

Total operating expenses

 

 

309

 

 

 

339

 

 

 

295

 

 

 

353

 

Operating loss

 

 

(309

)

 

 

(339

)

 

 

(295

)

 

 

(353

)

Other income

 

 

430

 

 

 

340

 

 

 

225

 

 

 

2,079

 

Income (loss) before gain on land sales, non-controlling interest, and taxes

 

 

121

 

 

 

1

 

 

 

(70

)

 

 

1,726

 

Gain on land sales

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Income tax benefit (expense)

 

 

46

 

 

 

(7

)

 

 

13

 

 

 

-

 

Net income (loss) from continuing operations

 

 

167

 

 

 

(6

)

 

 

(57

)

 

 

1,726

 

Net income (loss) from discontinued operations, net of non-controlling interest

 

 

(4

)

 

 

(13

)

 

 

25

 

 

 

-

 

Net income (loss)

 

 

163

 

 

 

(19

)

 

 

(32

)

 

 

1,726

 

Less: net income (loss) attributable to non-controlling interest

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net income (loss) applicable to common shares

 

$

163

 

 

$

(19

)

 

$

(32

)

 

$

1,726

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share - basic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

0.04

 

 

$

-

 

 

$

(0.01

)

 

$

0.41

 

Discontinued operations

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net income (loss) applicable to common shares

 

$

0.04

 

 

$

-

 

 

$

(0.01

)

 

$

0.41

 

Weighted average common shares used in computing earnings per share

 

 

4,168,214

 

 

 

4,168,214

 

 

 

4,168,214

 

 

 

4,168,214

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share - diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

0.04

 

 

$

-

 

 

$

(0.01

)

 

$

0.41

 

Discontinued operations

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net income (loss) applicable to common shares

 

$

0.04

 

 

$

-

 

 

$

(0.01

)

 

$

0.41

 

Weighted average common shares used in computing diluted earnings per share

 

 

4,168,214

 

 

 

4,168,214

 

 

 

4,168,214

 

 

 

4,168,214

 
OPERATING RESULTS FOR THE YEAR 2011 (TABLE)

 

 

 

Three Months Ended 2011

 

 

 

March 31,

 

 

June 30,

 

 

September 30,

 

December 31,

 

 

 

(dollars in thousands, except share and per share amounts)

 

2011

 

 

 

 

 

 

 

 

 

 

 

 

Total operating revenues

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

Total operating expenses

 

 

328

 

 

 

406

 

 

 

320

 

 

 

280

 

Operating loss

 

 

(328

)

 

 

(406

)

 

 

(320

)

 

 

(280

)

Other income

 

 

14

 

 

 

307

 

 

 

288

 

 

 

2,521

 

Loss before gain on land sales, non-controlling interest, and taxes

 

 

(314

)

 

 

(99

)

 

 

(32

)

 

 

2,241

 

Gain on land sales

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Income tax benefit (expense)

 

 

2

 

 

 

(499

)

 

 

(169

)

 

 

(149

)

Net loss from continuing operations

 

 

(312

)

 

 

(598

)

 

 

(201

)

 

 

2,092

 

Net income (loss) from discontinued operations, net of non-controlling interest

 

 

5

 

 

 

(928

)

 

 

(314

)

 

 

925

 

Net income (loss)

 

 

(307

)

 

 

(1,526

)

 

 

(515

)

 

 

3,017

 

Less: net income attributable to non-controlling interest

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net income (loss) applicable to common shares

 

$

(307

)

 

$

(1,526

)

 

$

(515

)

 

$

3,017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share - basic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

(0.07

)

 

$

(0.14

)

 

$

(0.05

)

 

$

0.50

 

Discontinued operations

 

 

-

 

 

 

(0.23

)

 

 

(0.08

)

 

 

0.23

 

Net income (loss) applicable to common shares

 

$

(0.07

)

 

$

(0.37

)

 

$

(0.13

)

 

$

0.73

 

Weighted average common shares used in computing earnings per share

 

 

4,168,214

 

 

 

4,168,214

 

 

 

4,168,214

 

 

 

4,168,214

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share - diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

(0.07

)

 

$

(0.14

)

 

$

(0.05

)

 

$

0.50

 

Discontinued operations

 

 

-

 

 

 

(0.23

)

 

 

(0.08

)

 

 

0.23

 

Net income (loss) applicable to common shares

 

$

(0.07

)

 

$

(0.37

)

 

$

(0.13

)

 

$

0.73

 

Weighted average common shares used in computing diluted earnings per share

 

 

4,168,214

 

 

 

4,168,214

 

 

 

4,168,214

 

 

 

4,168,214

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 
OPERATING RESULTS FOR THE YEAR 2012 (TABLE)
The following is a table of quarterly results of operations for the years 2012, 2011, and 2010 (dollars in thousands except per share data):
 
   
Three Months Ended 2012
  
   
March 31,
    
June 30,
    
September 30,
    
December 31,
  
   
(dollars in thousands, except share and per share amounts)
  
2012
                        
Total operating revenues
   $ -     $ -     $ -     $ -  
Total operating expenses
     342       348       262       263  
Operating loss
     (342 )     (348 )     (262 )     (263 )
Other income
     856       1,346       659       821  
Income before gain on land sales, non-contolling interest, and taxes
     514       998       397       558  
Gain on land sales
     -       -       -       -  
Income tax benefit expense
     (2 )     -       (14 )     (860 )
Net income from continuing operations
     512       998       383       (302 )
Net loss from discontinued operations, net of non-controlling interest
     (5 )     -       (27 )     (38 )
Net income
     507       998       356       (340 )
Less: net income (loss) attributable to non-controlling interest
     -       -       -       -  
Net income applicable to common shares
   $ 507     $ 998     $ 356     $ (340 )
                                 
PER SHARE DATA
                                
Earnings per share - basic
                                
Income from continuing operations
   $ 0.12     $ 0.24     $ 0.09     $ (0.07 )
Discontinued operations
     -       -       (0.01 )     (0.01 )
Net income applicable to common shares
   $ 0.12     $ 0.24     $ 0.08     $ (0.08 )
Weighted average common shares used in computing earnings per share
     4,168,214       4,168,214       4,168,214       4,168,214  
                                 
Earnings per share - diluted
                                
Income from continuing operations
   $ 0.12     $ 0.24     $ 0.09     $ (0.07 )
Discontinued operations
     -       -       (0.01 )     (0.01 )
Net income applicable to common shares
   $ 0.12     $ 0.24     $ 0.08     $ (0.08 )
Weighted average common shares used in computing diluted earnings per share
     4,168,214       4,168,214       4,168,214       4,168,214