-----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, QeW4r0pPAKISyHKvxFRTJJB4ZIn819hymNPxHVuzGNsBzVFviGUb2grASR9ot8XJ x4gUpuq241R/nEKK24uM5Q== 0000731245-09-000010.txt : 20090812 0000731245-09-000010.hdr.sgml : 20090812 20090812104415 ACCESSION NUMBER: 0000731245-09-000010 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090812 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20090812 DATE AS OF CHANGE: 20090812 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRESIDENTIAL REALTY CORP/DE/ CENTRAL INDEX KEY: 0000731245 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 131954619 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08594 FILM NUMBER: 091005597 BUSINESS ADDRESS: STREET 1: 180 S BROADWAY CITY: WHITE PLAINS STATE: NY ZIP: 10605 BUSINESS PHONE: 9149481300 MAIL ADDRESS: STREET 1: 180 SOUTH BROADWAY CITY: WHITE PLAINS STATE: NY ZIP: 10605 8-K 1 form8k-063009.txt PRESIDENTIAL REALTY CORP. FORM 8K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) August 12, 2009 --------------------- Presidential Realty Corporation - --------------------------------------------------------------------- (Exact name of registrant as specified in its charter) DELAWARE 1-8594 13-1954619 - ---------------------------- ------------ ------------ (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification Number) 180 South Broadway, White Plains, New York 10605 - ------------------------------------------- ------ (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (914) 948-1300 -------------- No change since last Report - ------------------------------------------------------------- (Former name or former address, if changed since last report) 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: [ ] Written communications pursuant to Rule 425 under the Securities Act (17CFR230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR240.13e-4(c)) ITEM 2.02. Results of Operations and Financial Condition. On August 12, 2009, Presidential Realty Corporation issued the press release announcing financial results for the three months and six months ended June 30, 2009. A copy of this press release is annexed hereto as Exhibit 99.1. 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 hereunto duly authorized. Date: August 12, 2009 PRESIDENTIAL REALTY CORPORATION By:/s/ Jeffrey F. Joseph ---------------------------- Jeffrey F. Joseph President INDEX TO EXHIBITS Exhibit No. Description 99.1 Press Release dated August 12, 2009 EX-99 2 exhibit99-1.txt EXHIBIT 99.1 PRESS RELEASE Exhibit 99.1 - ------------------------------------------------------------------------------- Presidential Realty Corporation 180 South Broadway White Plains, N.Y. 10605 (914) 948-1300 NEWS - ------------------------------------------------------------------------------- FOR IMMEDIATE RELEASE White Plains, New York August 12, 2009 Presidential Realty Corporation, a real estate investment trust whose shares are traded on the NYSE AMEX LLC (PDLA and PDLB), is engaged principally in the ownership of income-producing real estate and in the holding of notes and mortgages secured by real estate or interests in real estate. Results of operations for the three months ended June 30, 2009: - -------------------------------------------------------------- The Company's net income for the three months ended June 30, 2009 was $1.31 per share (basic) compared to a net loss of $.16 per share (basic) for the three months ended June 30, 2008. Continuing Operations: Income from continuing operations was $.36 per share for the three months ended June 30, 2009 compared to a loss of $.18 per share for the three months ended June 30, 2008. This increase in income of $.54 per share is primarily attributable to a $.67 per share additional gain recorded during the three months ended June 30, 2009 in connection with the settlement of several joint venture loans. As more fully described in the Company's Form 10-Q for the quarterly period ended June 30, 2009, the Company entered into a settlement agreement on February 27, 2009 with its joint venture partners with respect to defaults on three of the Company's mezzanine loans. This increase in income is partially offset by the $.08 per share increase in the Company's share of the loss from joint ventures, of which $.05 per share is for the Company's share of the loss from the operations of a property in Puerto Rico in which the Company received a 50% interest as part of the settlement agreement referred to above. Discontinued Operations: The total income from discontinued operations was $.95 per share for the three months ended June 30, 2009 compared to $.02 per share for the three months ended June 30, 2008. The three months ended June 30, 2009 included a gain of $.95 per share from the sale of the Crown Court property in New Haven, Connecticut. Results of operations for the six months ended June 30, 2009: - ------------------------------------------------------------ The Company's net income for the six months ended June 30, 2009 was $1.55 per share (basic) compared to a net loss of $.40 per share (basic) for the six months ended June 30, 2008. - ------------------------------------------------------------------------------- Presidential Realty Corporation 180 South Broadway White Plains, N.Y. 10605 (914) 948-1300 NEWS - ------------------------------------------------------------------------------- FOR IMMEDIATE RELEASE White Plains, New York August 12, 2009 Continuing Operations: Income from continuing operations was $.59 per share for the six months ended June 30, 2009 compared to a loss of $.43 per share for the six months ended June 30, 2008. This increase in income of $1.02 per share is primarily attributable to a $1.18 per share gain recorded during the six months ended June 30, 2009 in connection with the settlement of several joint venture loans. This increase in income is partially offset by a $.08 per share decrease in interest income earned on notes receivable primarily as a result of repayments of notes receivable during the six months ended June 30, 2008. Discontinued Operations: The total income from discontinued operations was $.96 per share for the six months ended June 30, 2009 compared to $.03 per share for the six months ended June 30, 2008. The six months ended June 30, 2009 included a gain of $.95 per share from the sale of the Crown Court property in New Haven, Connecticut. - ------------------------------------------------------------------------------- Presidential Realty Corporation 180 South Broadway White Plains, N.Y. 10605 (914) 948-1300 NEWS - ------------------------------------------------------------------------------- FOR IMMEDIATE RELEASE White Plains, New York August 12, 2009
RESULTS OF OPERATIONS (Unaudited) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, 2009 2008 2009 2008 Gross revenues (excluding revenues from discontinued operations) $1,549,000 $1,636,000 $3,021,000 $3,313,000 ============== ============= ============= ============== Income (loss) from continuing operations $1,189,000 ($695,000) $1,897,000 ($1,672,000) -------------- ------------- ------------- -------------- Income (loss) from discontinued operations (4,000) 68,000 39,000 126,000 Net gain from sales of discontinued operations 3,208,000 - 3,208,000 - -------------- ------------- ------------- -------------- Total income from discontinued operations 3,204,000 68,000 3,247,000 126,000 -------------- ------------- ------------- -------------- Net income (loss) 4,393,000 (627,000) 5,144,000 (1,546,000) Add: Net loss from noncontrolling interest 46,000 - 84,000 - -------------- ------------- ------------- -------------- Net Income (Loss) attributable to Presidential Realty Corporation $4,439,000 ($627,000) $5,228,000 ($1,546,000) ============== ============= ============= ============== Per share of common stock attributable to Presidential Realty Corporation (basic and diluted): Income (loss) from continuing operations $0.36 ($0.18) $0.59 ($0.43) -------------- ------------- ------------- -------------- Income from discontinued operations - 0.02 0.01 0.03 Net gain from sales of discontinued operations 0.95 - 0.95 - -------------- ------------- ------------- -------------- Total income from discontinued operations 0.95 0.02 0.96 0.03 -------------- ------------- ------------- -------------- Net Income (Loss) per Common Share - basic $1.31 ($0.16) $1.55 ($0.40) ============== ============= ============= ============== - diluted $1.31 ($0.16) $1.54 ($0.40) ============== ============= ============= ============== Average shares outstanding - basic 3,380,380 3,878,734 3,379,999 3,906,860 ============== ============= ============= ============== - diluted 3,399,680 3,878,734 3,399,547 3,906,860 ============== ============= ============= ============== Cash distributions per common share $ - $0.16 $ - $0.32 ============== ============= ============= ==============
- ------------------------------------------------------------------------------- Presidential Realty Corporation 180 South Broadway White Plains, N.Y. 10605 (914) 948-1300 NEWS - ------------------------------------------------------------------------------- FOR IMMEDIATE RELEASE White Plains, New York August 12, 2009 Certain statements in this release that are not historical fact may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: o generally adverse economic and business conditions, which, among other things, (a) affect the demand for residential, retail, industrial and office space at properties owned by the Company or which are security for loans made by the Company, (b) affect the availability and creditworthiness of prospective tenants and the rental rates obtainable at the properties, and (c) affect consumer demand for the products offered by the tenants at the malls owned by the joint ventures in which the Company is a member, which adversely affects the operating results and valuations of such malls; o adverse changes in the real estate markets, including a severe tightening of the availability of credit, which adversely affect the ability of the Company or the joint ventures in which the Company is a member to sell, or refinance the mortgages on, their properties and which may also affect the ability of prospective tenants to rent space at these properties; o general risks of real estate development, ownership and operation; o governmental actions and initiatives; and o environmental and safety requirements. Additional factors that could cause Presidential's results to differ materially from those described in the forward-looking statements can be found in the Company's 2008 Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q. Except as required by law, the Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any changes in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any such statement is based. For further information contact: Jeffrey F. Joseph, President Presidential Realty Corporation at the above address and telephone number -----END PRIVACY-ENHANCED MESSAGE-----