-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, M2Hvwd0vBDnyU0zLQpzQhvGr2ip1RiodP7FCKJXMkDS1h2K48vO79GEIhyFsVSgd 5Ns4SSGMtJATXy4xnf8MPA== /in/edgar/work/0000086759-00-000024/0000086759-00-000024.txt : 20001114 0000086759-00-000024.hdr.sgml : 20001114 ACCESSION NUMBER: 0000086759-00-000024 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000930 FILED AS OF DATE: 20001113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTERGROUP CORP CENTRAL INDEX KEY: 0000069422 STANDARD INDUSTRIAL CLASSIFICATION: [6513 ] IRS NUMBER: 133293645 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 001-10324 FILM NUMBER: 759558 BUSINESS ADDRESS: STREET 1: 820 MORAGA DRIVE STREET 2: STE 2020 CITY: LOS ANGELES, STATE: CA ZIP: 90049-1632 BUSINESS PHONE: (310) 889-2500 MAIL ADDRESS: STREET 1: 820 MORAGA DRIVE CITY: LOS ANGELES STATE: CA ZIP: 90049-1632 FORMER COMPANY: FORMER CONFORMED NAME: MUTUAL REAL ESTATE INVESTMENT TRUST DATE OF NAME CHANGE: 19860408 10QSB 1 0001.txt THE INTERGROUP CORPORATION FORM 10-QSB 9/30/00 U.S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-QSB [X] Quarterly Report Under Section 13 Or 15 (d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2000 [ ] Transition Report Under Section 13 Or 15 (d) of the Securities Exchange Act of 1934 For the transition period from ______ to _____ Commission file number 1-10324 THE INTERGROUP CORPORATION - ------------------------------------------------------------------------------ (Exact Name of Small Business Issuer as Specified in Its Charter) DELAWARE 13-3293645 - ------------------------------- ------------------ (State or Other Jurisdiction of (IRS Employer Incorporation or Organization) Identification No.) 820 Moraga Drive Los Angeles, CA 90049 - ------------------------------------------------------------------------------ (Address of Principal Executive Offices) (310) 889-2500 - ------------------------------------------------------------------------------ (Issuer's Telephone Number) Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES [X] NO [ ] The number of shares outstanding of the issuer's Common Stock, $.01 par value, as of October 31, 2000 was 1,905,587 shares. Transitional Small Business Disclosure Format: YES [ ] NO [X] -1- THE INTERGROUP CORPORATION INDEX TO FORM 10-QSB PART I. FINANCIAL INFORMATION Item 1. Consolidated Financial Statements: Consolidated Balance Sheet (unaudited) As of September 30, 2000 3 Consolidated Statements of Operations and Comprehensive Income (unaudited) For the Three Months Ended September 30, 2000 and 1999 4 Consolidated Statements of Cash Flows (unaudited) For the Three Months Ended September 30, 2000 and 1999 5 Notes to Consolidated Financial Statements 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 9 Part II. Other Information 11 Item 1. Legal Proceedings 11 Item 6. Exhibits and Reports on Form 8-K 11 Signatures 12 -2-
THE INTERGROUP CORPORATION CONSOLIDATED BALANCE SHEET (UNAUDITED) As of September 30, 2000 --------- Assets Investment in real estate, at cost: Land $ 21,225,000 Buildings, improvements and equipment 44,855,000 Property held for sale or development 319,000 ----------- 66,399,000 Less: accumulated depreciation (13,940,000) ----------- 52,459,000 Cash and cash equivalents 974,000 Restricted cash 1,219,000 Investment in marketable securities 79,380,000 Investment in Justice Investors 11,246,000 Other investments 1,202,000 Prepaid expenses and other assets 2,061,000 ----------- Total assets $148,541,000 =========== Liabilities and Shareholders' Equity Liabilities Mortgage notes payable $ 52,690,000 Obligation for securities sold 32,426,000 Due to securities broker 17,779,000 Accounts payable and accrued expenses 2,655,000 Deferred income taxes 10,165,000 ----------- Total liabilities 115,715,000 ----------- Minority interest 11,594,000 ----------- Commitments and contingencies Shareholders' equity: Preferred stock, $.01 par value, 2,500,000 shares authorized; none issued - Common stock, $.01 par value, 4,000,000 shares authorized; 2,129,288 issued, 1,932,987 outstanding 21,000 Common stock, class A $.01 par value, 2,500,000 authorized; none issued - Additional paid-in capital 8,686,000 Retained earnings 16,674,000 Note receivable - stock options ( 1,438,000) Treasury stock, at cost, 196,301 shares ( 2,711,000) ----------- Total shareholders' equity 21,232,000 ----------- Total liabilities and shareholders' equity $148,541,000 ===========
The accompanying notes are an integral part of the consolidated financial statements. -3-
THE INTERGROUP CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) For the Three Months ended September 30, 2000 1999 ---------- --------- Real estate operations: Rental income $ 3,141,000 $ 2,842,000 Rental expenses: Mortgage interest expense (863,000) (632,000) Property operating expenses (1,264,000) (1,219,000) Real estate taxes (235,000) (185,000) Depreciation (552,000) (458,000) ---------- --------- 227,000 348,000 Gain on sale of real estate - 7,628,000 ---------- --------- Income from real estate operations 227,000 7,976,000 Investment transactions: Net investment gains 1,663,000 13,227,000 Dividend and interest income 551,000 348,000 Margin interest, trading & management expenses ( 951,000) ( 626,000) Equity in net income of Justice Investors 1,206,000 1,063,000 ---------- ---------- Income from investment transactions 2,469,000 14,012,000 ---------- ---------- Other income(expense): General and administrative expenses ( 422,000) ( 406,000) Miscellaneous income(expense) 147,000 ( 22,000) ---------- ---------- Other expense ( 275,000) ( 428,000) ---------- ---------- Income before provision for income taxes and minority interest 2,421,000 21,560,000 Provision for income tax expense ( 618,000) (9,062,000) ---------- ---------- Income before minority interest 1,803,000 12,498,000 Minority interest (939,000) (1,191,000) ---------- ---------- Net income $ 864,000 $11,307,000 ========== ========== Basic earnings per share $ .45 $ 5.62 ========== ========== Weighted average number of shares outstanding 1,929,237 2,011,587 ========== ========== Diluted earnings per share $ .42 $ 5.42 ========== ========== Diluted weighted average number of shares outstanding 2,078,937 2,086,162 ========== ========== Comprehensive Income: Net income $ 864,000 $11,307,000 Adjustment for reclassification of the accumulated unrealized holding gains prior to July 1, 1999 to earnings - (13,467,000) Income tax benefit related to other comprehensive income - 5,387,000 ---------- ---------- Total comprehensive income $ 864,000 $ 3,227,000 ========== ==========
The accompanying notes are an integral part of the consolidated financial statements. -4-
THE INTEGROUP CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) For the Three Months Ended September 30, 2000 1999 ------------- ------------ Cash flows from operating activities: Net income $ 864,000 $ 11,307,000 Adjustments to reconcile net income to cash provided by(used in) operating activities: Depreciation of real estate 552,000 458,000 Gain on sale of real estate - ( 7,628,000) Net unrealized gain on investments (2,879,000) (21,547,000) Equity in net income from Justice Investors ( 1,206,000) ( 1,063,000) Minority interest 939,000 1,191,000 Changes in assets and liabilities: Restricted cash (238,000) (30,000) Investment in marketable securities 10,555,000 11,691,000 Other investments (385,000) 294,000 Prepaid expenses and other assets 3,000 1,747,000 Accounts payable and other liabilities 529,000 ( 1,854,000) Due to broker (12,197,000) 2,221,000 Obligations for securities sold 3,060,000 511,000 Deferred income taxes 215,000 3,336,000 ------------ ------------ Net cash (used in)provided by operating activities (188,000) 634,000 ------------ ------------ Cash flows from investing activities: Additions to buildings, improvements and equipment (538,000) ( 226,000) Investment in real estate (10,557,000) ( 5,387,000) Proceeds from sale of real estate - 11,524,000 Distributions from Justice Investors 627,000 488,000 Investment in Portsmouth Stock (1,000) (130,000) -------- ---------- Net cash (used in)provided by investing activities (10,469,000) 6,269,000 ---------- ---------- Cash flows from financing activities: Principal payments on mortgage notes payable ( 3,915,000) ( 3,771,000) Borrowings from mortgage notes payable 10,949,000 2,733,000 Increase(decrease) in line of credit 4,000,000 (2,000,000) Purchase of treasury stock - ( 236,000) Dividends paid to minority shareholders (63,000) (61,000) ---------- ---------- Net cash provided by(used in) financing activities 10,971,000 ( 3,335,000) ---------- ---------- Net increase in cash and cash equivalents 314,000 3,568,000 Cash and cash equivalents at beginning of period 660,000 514,000 ---------- ----------- Cash and cash equivalents at end of period $ 974,000 $ 4,082,000 ========== ===========
The accompanying notes are an integral part of the consolidated financial statements. -5- NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. General: The consolidated financial statements included herein are unaudited; however, in the opinion of The InterGroup Corporation (the "Company"), the interim financial information contains all adjustments, including normal recurring adjustments, necessary to present fairly the results for the interim period. These consolidated financial statements include the accounts of the Company and its subsidiaries and should be read in conjunction with the Company's June 30, 2000 audited consolidated financial statements and notes thereto. As of September 30, 2000, the Company had the power to vote 54.3% of the voting shares of Santa Fe Financial Corporation ("Santa Fe"), a public company (Nasdaq SmallCap: SFEF). Santa Fe's revenue is primarily generated through its 68.8% interest in Portsmouth Square, Inc. ("PSI"), which derives its revenue primarily through its 49.8% interest in Justice Investors ("Justice"), a California limited partnership. Justice owns the land, improvements and leaseholds known as the Holiday Inn Financial District/Chinatown, a 566-room hotel in San Francisco, California. Certain reclassifications have been made to the financial statements as of September 30, 1999 and for the three months then ended to conform with the current quarter presentation. 2. Investment in Real Estate In July 2000, the Company purchased three apartment complexes located in Los Angeles, California for a total of $6,493,000. To finance the purchases, the Company obtained three mortgage notes aggregating $3,824,000. In August 2000, the Company purchased two apartment complexes located in Los Angeles, California for a total of $2,306,000. To finance the purchases, the Company obtained two mortgage notes aggregating $1,180,000. In September 2000, the Company purchased a commercial real estate property located in Los Angeles, California for $1,758,000. As part of the purchase, the Company assumed an $875,000 mortgage note. In August 2000, the Company obtained a second mortgage on one of its properties in the amount of $1,270,000. In the same period, the Company refinanced one of its mortgage notes in the amount of $3,787,000 and obtained a new mortgage note payable in the amount of $3,800,000 and entered into a line of credit agreement with an available balance of $4,000,000. Both the $3,800,000 mortgage note and the $4,000,000 line of credit are collateralized by the same property. As of September 30, 2000, the outstanding balance on the line of credit was $4,000,000. 3. Marketable Securities: Marketable securities are stated at market value as determined by the most recently traded price of each security at the balance sheet date. Marketable securities are classified as trading with net unrealized gains or losses included in earnings. Included in net gains on marketable securities of $1,663,000 are net realized losses of $1,216,000 and net unrealized gains of $2,879,000. -6- 4. Investment in Justice Investors: The consolidated accounts include a 49.8% interest in Justice Investors ("Justice"), a limited partnership. Justice owns the land, improvements and leasehold known as the Financial District Holiday Inn, a 566-room hotel in San Francisco, California. Portsmouth is both a limited and general partner in Justice and records its investment in Justice on the equity basis. Condensed financial statements for Justice Investors are as follows: JUSTICE INVESTORS CONDENSED BALANCE SHEET September 30, 2000 ------------------ Assets Total current assets $3,599,276 Property, plant and equipment, net of accumulated depreciation of $11,653,103 4,922,579 Loan fees and deferred lease costs, net of accumulated amortization of $171,107 139,306 --------- Total assets $8,661,161 ========= Liabilities and partners' capital Total current liabilities $ 270,487 Partners' capital 8,390,674 --------- Total liabilities and partners' capital $8,661,161 ========= JUSTICE INVESTORS CONDENSED STATEMENTS OF OPERATIONS For the three months ended September 30, 2000 1999 ---------- ---------- Revenues $2,627,850 $2,344,385 Costs and expenses (206,903) (209,301) --------- --------- Net income $2,420,947 $2,135,084 ========= ========= 5. Commitments and Contingencies: Guinness Peat Group plc, et al. v. Robert N. Gould, et al., Case No. 685760, filed on February 22, 1995 in the Superior Court of the State of California for the County of San Diego. As previously reported, the Company was awarded its attorneys' fees and costs as the prevailing party in that litigation and on appeal. Including interest, the total amount of the attorney fee awards was in excess of $465,000 as of May 25, 2000. On June 30, 2000, the Company received $250,000 on a security bond posted by plaintiffs. On January 21, 2000, the Court of Appeal also affirmed an award of attorneys' fees and costs in favor of the Company's subsidiary, Santa Fe, and the director defendants in the amount of $936,000, plus interest at the statutory rate of 10%. On March 1, 2000, the plaintiffs filed a Petition for Review of that decision with the California Supreme Court. On September 20, 2000, the California Supreme Court entered an order dismissing the Petition for Review. As of September 30, -7- 2000, the total amount due on Santa Fe's judgment was $1,179,404. Santa Fe will also make application to recover its attorneys' fees and costs incurred in successfully defending its judgment on appeal. The Company will not record the awards of attorneys' fees until received. On March 27, 1998, a wrongful termination action was filed in the Los Angeles County Superior Court by an ex-employee, officer and director against the Company and its President and Chairman. The Complaint seeks an award of back and future pay, employee benefits, restitution, unspecified punitive and special damages and attorneys' fees. As an officer and director, the Company's President and Chairman has requested indemnification from the Company as permitted by law and under the Bylaws and Articles of the Company. Due to a delay caused by plaintiff filing an unsuccessful appeal of an order denying his motion to disqualify the law firm representing the defendants, the case is still in its early stages and discovery has just recently recommenced. It is not possible to predict the outcome at this time. The case will be vigorously defended and there may be insurance coverage for all or part of the costs of the defense of this action and for all or part of any liability that may be imposed on the Company. The Company is a defendant or co-defendant in various other legal actions involving various claims incident to the conduct of its business. Most of these claims are covered by insurance. Management does not anticipate the Company to suffer any material liability by reason of such actions. 6. Related Parties The Company's President and Chief Executive Officer, John V. Winfield, directs the investment activity of the Company in public and private markets pursuant to authority granted by the Board of Directors. Mr. Winfield also serves as Chief Executive Officer of Portsmouth and Santa Fe and directs the investment activity of those companies. Depending on certain market conditions and various risk factors, the Chief Executive Officer, his family, Portsmouth and Santa Fe may, at times, invest in the same companies in which the Company invests. The Company encourages such investments because it places personal resources of the Chief Executive Officer and his family members, and the resources of Portsmouth and Santa Fe, at risk in connection with investment decisions made on behalf of the Company. 7. Earnings Per Share Basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding. The computation of diluted earnings per share is similar to the computation of basic earnings per share except that the weighted-average number of common shares is increased to include the number of additional common shares that would have been outstanding if potential dilutive common shares had been issued. The Company's only potentially dilutive common shares are stock options. Stock options are included in diluted earnings per share by application of the treasury stock method. Included in the diluted weighted average number of common shares outstanding as of September 30, 2000 are 149,700 stock options. 8. Subsequent Events In October 2000, the Company received $222,754 in recovery of the balance of its judgment for attorneys' fees and interest thereon. The amount will be recorded as other income in the next quarter. -8- In November 2000, the Company's subsidiary, Santa Fe, received $1,188,618 in recovery of its judgment for attorneys' fees and interest thereon. The amount will be recorded as other income in the next quarter. Item 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FORWARD-LOOKING STATEMENTS AND PROJECTIONS The discussion below and elsewhere in this report includes forward-looking statements about the future business results and activities of the Company, which, by their very nature, involve a number of risks and uncertainties. When used in this discussion, the words "estimate", "project", "anticipate" and similar expressions, are subject to certain risks and uncertainties, such as changes in general economic conditions, local real estate markets, and competition, as well as uncertainties relating to uninsured losses, securities markets, and litigation, including those discussed below and in the Company's Form 10-KSB for the fiscal year ended June 30, 2000, that could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. RESULTS OF OPERATIONS For the Three Months Ended September 30, 2000 Compared to the Three Months Ended September 30, 1999 Income from real estate operations was $227,000 for the three months ended September 30, 2000 as compared to $7,976,000 for the three months ended September 30, 1999. The decrease in income from real estate operations is primarily due to the decrease in gains on sale of real estate. During the three months ended September 30, 1999, the Company sold three properties for a cumulative gain on sale of real estate of $7,628,000. During the quarter ended September 30, 2000, the Company did not sell any properties. Rental income increased to $3,141,000 from $2,842,000 and total rental expenses increased to $2,914,000 from $2,494,000, respectively, as result of the purchase of six additional properties. Mortgage notes payable increased to $52,690,000 at September 30, 2000 from $35,837,000 at September 30, 1999 as result of the Company's purchases of additional properties from September 30, 1999 to September 30, 2000. This resulted in the increase in mortgage interest expense to $863,000 from $632,000. Income from investment transactions was $2,469,000 for the three months ended September 30, 2000 as compared $14,012,000 for the three months ended September 30, 1999. The decrease in income from investment transactions is primarily due to the decrease in net investments gains to $1,663,000 from $13,227,000 as a result of the reclassification of holding gains on marketable securities during the quarter ended September 30, 1999. During the three months ended September 30, 1999, the Company reclassified its accumulated unrealized holding gains on marketable securities of $13,467,000 from the balance sheet to earnings. The unrealized holding gains were accumulated over the years up to June 30, 1999 and recognized in the earnings for the quarter ended September 30, 1999. Investment gains and losses on marketable securities may fluctuate significantly from period to period in the future and could have a significant impact on the Company's net earnings. However, the amount of -9- investment gains or losses on marketable securities for any given period may have no predictive value and variations in amount from period to period may have no analytical value. Dividend and interest income increased to $551,000 from $348,000 as a result of management investing in more income yielding investments. The increase in margin interest, trading and management expenses to $951,000 from $626,000 is due to the maintenance of higher margin balances in the current quarter and the increased size of the Company's portfolio. The increase equity in net income of Justice Investors to $1,206,000 from $1,063,000 was primarily attributable to the increase in the average daily room rate and an increase in occupancy of the hotel during the current quarter. Miscellaneous income/(loss) changed to income of $147,000 from a loss of $22,000 is primarily due to the receipt of approximately $121,000 in legal reimbursements from our insurance carriers and a reduction in legal costs. The provision for income taxes decreased to $618,000 from $9,062,000 due to the decrease in income. Minority interest decreased to $939,000 from $1,191,000 as result of the reduced income generated by Santa Fe. FINANCIAL CONDITION AND LIQUIDITY The Company's cash flows are generated primarily from its real estate activities, sales of investment securities and borrowings related to both. The Company used net cash flow of $188,000 from operating activities, used net cash flow of $10,469,000 from investing activities and generated net cash flow of $10,971,000 from financing activities during the three months ended September 30, 2000. During the three months ended September 30, 2000, the Company purchased six real estate properties in Los Angeles, California for a total of $10,557,000. To complete the purchases, the Company borrowed $5,879,000 in the form of mortgage notes. During the quarter, the Company also refinanced one of its mortgages and obtained a new line of credit of $4,000,000 on the same property. The line of credit was fully drawn on as of September 30, 2000. In addition, the Company obtained a second mortgage on one of its properties in the amount of $1,270,000. Management will continue to refinance its mortgage notes as considered necessary or when deemed economically favorable to the Company. During the three months ended September 30, 2000, the Company made property improvements on existing and new properties in the aggregate amount of $538,000. Management believes the improvements to the properties will enhance market values, maintain the competitiveness of the Company's properties and potentially enable the Company to obtain a higher yield through higher rents. The Company's Board of Directors has given the Company the authority to repurchase, from time to time, up to a total of 333,000 shares (adjusted for two stock splits) of its Common Stock. Such repurchases may be made at the discretion of management and depending upon market conditions. There were no purchases of treasury stock during the quarter. As of September 30, 2000, the Company had current assets of $83,634,000 and current liabilities of $52,860,000. Current assets consist of cash, marketable securities, prepaid expenses and other assets. Current liabilities consist of due to securities broker, obligations for securities sold, and accounts payable and accrued expenses. The Company remains liquid and management believes that its capital resources are currently adequate to meet its short and long-term obligations. -10- PART II. OTHER INFORMATION Item 1. Legal Proceedings The following is furnished to update information previously reported in the Company's Annual Report on Form 10-KSB for the fiscal year ended June 30, 2000. Guinness Peat Group plc, et al. v. Robert N. Gould, et al., Case No. 685760, filed on February 22, 1995 in the Superior Court of the State of California for the County of San Diego. As previously reported, the Company was awarded its attorneys' fees and costs as the prevailing party in that litigation and on appeal. Including interest, the total amount of the attorney fee awards was in excess of $465,000 as of May 25, 2000. On June 30, 2000, the Company received $250,000 on a security bond posted by plaintiffs and on October 13, 2000 received an additional $222,754 as a result of levying on certain accounts of plaintiffs. On January 21, 2000, the Court of Appeal also affirmed an award of attorneys' fees and costs in favor of the Company's subsidiary, Santa Fe, and the director defendants in the amount of $936,000, plus interest at the statutory rate of 10%. On March 1, 2000, the plaintiffs filed a Petition for Review of that decision with the California Supreme Court. On September 20, 2000, the California Supreme Court entered an order dismissing the Petition for Review. On November 2, 2000, Santa Fe received $1,188,618 from plaintiffs, which represented the total amount of attorneys' fees and accrued interest due on its original judgment. Santa Fe has also made application to recover its attorneys' fees and costs incurred in successfully defending its judgment on appeal. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits - Exhibit No. 27, Financial Data Schedule (b) Form 8-K - There were no Form 8-K filings during the quarter ended September 30, 2000. -11- SIGNATURES 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. THE INTERGROUP CORPORATION (Registrant) Date: November 8, 2000 by /s/ John V. Winfield ---------------------------- John V. Winfield, President, Chairman of the Board and Chief Executive Officer Date: November 8, 2000 by /s/ Gregory C. McPherson ----------------------------- Gregory C. McPherson,Executive Vice President and Assistant Treasurer Date: November 8, 2000 by /s/ Michael G. Zybala ----------------------------- Michael G. Zybala Vice President Operations and Assistant Secretary Date: November 8, 2000 by /s/ David Nguyen ----------------------------- David Nguyen, Controller (Principal Accounting Officer) -12- EX-27 2 0002.txt
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED BALANCE SHEET AND CONSOLIDATED STATEMENT OF INCOME AND COMPREHENSIVE INCOME OF THE INTERGROUP CORPORATION AND SUBSIDIARIES SET FORTH IN ITS FORM 10-QSB REPORT FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2000 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH 10-QSB REPORT. 0000069422 THE INTERGROUP CORPORATION 1 3-MOS JUN-30-2001 JUL-01-2000 SEP-30-2000 974000 79380000 0 0 0 83634000 52459000 13940000 148541000 52860000 0 0 0 21000 21211000 148541000 0 2696000 0 4287000 0 0 0 2421000 618000 864000 0 0 0 864000 .45 .42
-----END PRIVACY-ENHANCED MESSAGE-----