-----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, UAfwW4PxNk3vspfC4cv/rP/zavv3bDqZWFW8XftzJ3hXPFO/YqITZWZSuAPSNhx1 XyqqGSc0DhnDaAsW4v72Cw== 0000731245-09-000020.txt : 20091112 0000731245-09-000020.hdr.sgml : 20091111 20091112104822 ACCESSION NUMBER: 0000731245-09-000020 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20091110 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20091112 DATE AS OF CHANGE: 20091112 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: 091175082 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-111209.txt PRESIDENTIAL REALTY CORP FORM 8-K 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) November 10, 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 November 10, 2009, Presidential Realty Corporation issued the press release announcing financial results for the three months and nine months ended September 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: November 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 November 10, 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 November 10, 2009 Presidential Realty Corporation, a real estate investment trust whose shares are traded on the NYSE AMEX LLC (PDLB) and the over the counter market (PDNLA), 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 September 30, 2009: - -------------------------------------------------------------------------- The Company's net loss for the three months ended September, 2009 was $.35 per share (basic) compared to net income of $.91 per share (basic) for the three months ended September 30, 2008. Continuing Operations: Loss from continuing operations was $.35 per share for the three months ended September 30, 2009 compared to income of $.06 per share for the three months ended September 30, 2008. This decrease in income of $.41 per share was primarily attributable to the $.27 per share increase in general and administrative expenses and the $.10 per share increase in the Company's share of the loss from joint ventures. General and administrative expenses increased by $.27 per share as a result of the impact of a $.29 per share reversal during the three months ended September 30, 2008 of interest expense previously accrued in accordance with an income tax accounting standard the Company had previously adopted on January 1, 2007. Following the adoption of this standard, the Company had accrued interest related to tax positions for which the Company may have been required to pay a deficiency dividend to its shareholders and recorded this interest expense in general and administrative expenses. When the statute of limitations with respect to these tax positions lapsed in September, 2008, the Company reversed the $.29 per share interest accrual at that time and general and administrative expenses were reduced by such reversal. The $.10 per share increase in the Company's share of the loss from joint ventures included $.06 per share from the operations of a property in Puerto Rico in which the Company has a 50% interest. Discontinued Operations: The total income from discontinued operations was $.00 per share for the three months ended September 30, 2009 compared to $.85 per share for the three months ended September 30, 2008. The three months ended September 30, 2008 included a gain of $.81 per share from the sale of a package of 42 cooperative apartment units at Towne House in New Rochelle, New York and a gain of $.02 per share from the sale of a cooperative apartment unit 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 November 10, 2009 Results of operations for the nine months ended September 30, 2009: - ------------------------------------------------------------------ The Company's net income for the nine months ended September 30, 2009 was $1.20 per share (basic) compared to $.43 per share (basic) for the nine months ended September 30, 2008. Continuing Operations: Income from continuing operations was $.24 per share for the nine months ended September 30, 2009 compared to a loss of $.39 per share for the nine months ended September 30, 2008. This increase in income of $.63 per share was primarily attributable to a $1.18 per share gain recorded during the nine months ended September 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 September 30, 2009, the Company entered into a settlement agreement on February 27, 2009 with its joint venture partners with respect to defaults by the joint ventures on three of the Company's mezzanine loans. This increase in income was partially offset by a $.26 per share increase in general and administrative expenses, a $.14 per share decrease in interest income earned on notes receivable and a $.14 per share increase in the Company's share of the loss from joint ventures. General and administrative expenses increased by $.26 per share primarily as a result of the impact of the reversal in 2008 of interest expense previously accrued in accordance with the accounting standard discussed above. The impact of the reversal in the nine months ended September 30, 2008 was $.24 per share. Interest income earned on notes receivable decreased by $.14 per share primarily as a result of repayments of notes receivable during the nine months ended September 30, 2008. The $.14 per share increase in the Company's share of the loss from joint ventures included $.13 per share from the operations of a property in Puerto Rico in which the Company has a 50% interest. Discontinued Operations: The total income from discontinued operations was $.96 per share for the nine months ended September 30, 2009 compared to $.82 per share for the nine months ended September 30, 2008. - ------------------------------------------------------------------------------- Presidential Realty Corporation 180 South Broadway White Plains, N.Y. 10605 (914) 948-1300 NEWS - ------------------------------------------------------------------------------- FOR IMMEDIATE RELEASE White Plains, New York November 10, 2009 The nine months ended September 30, 2009 included a gain of $.95 per share from the sale of the Crown Court property in New Haven, Connecticut. The nine months ended September 30, 2008 included a gain of $.75 per share from the sale of a package of 42 cooperative apartment units at Towne House in New Rochelle, New York and a gain of $.02 per share from the sale of a cooperative apartment unit 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 November 10, 2009
RESULTS OF OPERATIONS (Unaudited) THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, 2009 2008 2009 2008 Gross revenues (excluding revenues from discontinued operations) $1,418,000 $1,689,000 $4,439,000 $5,002,000 ============== ============= ============= ============== Income (loss) from continuing operations ($1,270,000) $220,000 $627,000 ($1,452,000) -------------- ------------- ------------- -------------- Income (loss) from discontinued operations (3,000) 70,000 36,000 196,000 Net gain from sales of discontinued operations - 2,893,000 3,208,000 2,893,000 -------------- ------------- ------------- -------------- Total income (loss) from discontinued operations (3,000) 2,963,000 3,244,000 3,089,000 -------------- ------------- ------------- -------------- Net income (loss) (1,273,000) 3,183,000 3,871,000 1,637,000 Add: Net loss from noncontrolling interest 87,000 - 171,000 - -------------- ------------- ------------- -------------- Net Income (Loss) attributable to Presidential Realty Corporation ($1,186,000) $3,183,000 $4,042,000 $1,637,000 ============== ============= ============= ============== Per share of common stock attributable to Presidential Realty Corporation (basic and diluted): Income (loss) from continuing operations ($0.35) $0.06 $0.24 ($0.39) -------------- ------------- ------------- -------------- Income from discontinued operations - 0.02 0.01 0.05 Net gain from sales of discontinued operations - 0.83 0.95 0.77 -------------- ------------- ------------- -------------- Total income (loss) from discontinued operations - 0.85 0.96 0.82 -------------- ------------- ------------- -------------- Net Income (Loss) per Common Share - basic ($0.35) $0.91 $1.20 $0.43 ============== ============= ============= ============== - diluted ($0.35) $0.90 $1.19 $0.43 ============== ============= ============= ============== Average shares outstanding - basic 3,381,982 3,501,921 3,380,667 3,770,895 ============== ============= ============= ============== - diluted 3,381,982 3,533,118 3,399,592 3,770,895 ============== ============= ============= ============== Cash distributions per common share $ - $0.16 $ - $0.48 ============== ============= ============= ==============
- ------------------------------------------------------------------------------- Presidential Realty Corporation 180 South Broadway White Plains, N.Y. 10605 (914) 948-1300 NEWS - ------------------------------------------------------------------------------- FOR IMMEDIATE RELEASE White Plains, New York November 10, 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 continuing 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 venture in which the Company is a member, which adversely affects the operating results and valuations of such malls; o continuing 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-----