x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
CALIFORNIA | 94-1674111 |
(State or other jurisdiction of | (I.R.S. Employer |
Incorporation or organization) | Identification No.) |
Large accelerated filer ¨ | Accelerated filer ¨ | |
Non-accelerated filer ¨ | Smaller reporting company x |
Page | ||||
PART I FINANCIAL INFORMATION | ||||
Item 1. | Financial Statements. | |||
Condensed Consolidated Balance Sheets as of March 31, 2013 (Unaudited) and June 30, 2012. | 3 | |||
Condensed Consolidated Statements of Operations (Unaudited) for the Three Months ended March 31, 2013 and 2012. | 4 | |||
Condensed Consolidated Statements of Operations (Unaudited) for the Nine Months ended March 31, 2013 and 2012. | 5 | |||
Condensed Consolidated Statements of Cash Flows (Unaudited) for the Nine Months ended March 31, 2013 and 2012. | 6 | |||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations. | 13 | ||
Item 4. | Controls and Procedures. | 20 | ||
PART II OTHER INFORMATION | ||||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 21 | ||
Item 5. | Other Information | 21 | ||
Item 6. | Exhibits. | 22 | ||
Signatures | 22 |
PORTSMOUTH SQUARE, INC. |
CONDENSED CONSOLIDATED BALANCE SHEETS |
As of | | March 31, 2013 | | June 30, 2012 | | ||
| | (Unaudited) | | | | ||
ASSETS | | | | | | | |
Investment in hotel, net | | $ | 33,729,000 | | $ | 32,822,000 | |
Investment in real estate | | | 973,000 | | | 973,000 | |
Investment in marketable securities | | | 3,307,000 | | | 2,683,000 | |
Other investments, net | | | 5,199,000 | | | 5,311,000 | |
Cash and cash equivalents | | | 255,000 | | | 1,032,000 | |
Accounts receivable, net | | | 1,943,000 | | | 1,641,000 | |
Other assets, net | | | 2,405,000 | | | 2,371,000 | |
Deferred tax asset | | | 3,218,000 | | | 3,236,000 | |
| | | | | | | |
Total assets | | $ | 51,029,000 | | $ | 50,069,000 | |
| | | | | | | |
LIABILITIES AND SHAREHOLDERS' DEFICIT | | | | | | | |
Liabilities: | | | | | | | |
Accounts payable and other liabilities | | $ | 9,618,000 | | $ | 8,438,000 | |
Due to securities broker | | | 905,000 | | | 53,000 | |
Obligations for securities sold | | | 91,000 | | | 188,000 | |
Other notes payable | | | 1,646,000 | | | 2,072,000 | |
Mortgage notes payable | | | 43,645,000 | | | 44,321,000 | |
| | | | | | | |
Total liabilities | | | 55,905,000 | | | 55,072,000 | |
| | | | | | | |
Commitments and contingencies | | | | | | | |
Shareholders' deficit: | | | | | | | |
Common stock, no par value: Authorized shares - 750,000; | | | | | | | |
734,183 shares issued and outstanding | | | 2,092,000 | | | 2,092,000 | |
Additional paid-in-capital | | | 916,000 | | | 916,000 | |
Retained earnings | | | 240,000 | | | 263,000 | |
Total Portsmouth shareholders' equity | | | 3,248,000 | | | 3,271,000 | |
Noncontrolling interest | | | (8,124,000) | | | (8,274,000) | |
Total shareholders' deficit | | | (4,876,000) | | | (5,003,000) | |
| | | | | | | |
Total liabilities and shareholders' deficit | | $ | 51,029,000 | | $ | 50,069,000 | |
The accompanying notes are an integral part of these condensed consolidated financial statements. |
PORTSMOUTH SQUARE, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
(UNAUDITED) |
For the three months ended March 31, | | 2013 | | 2012 | | ||
| | | | | | | |
Revenue - Hotel | | $ | 10,475,000 | | $ | 10,154,000 | |
| | | | | | | |
Costs and operating expenses | | | | | | | |
Hotel operating expenses | | | (9,563,000) | | | (8,572,000) | |
Hotel depreciation and amortization expense | | | (560,000) | | | (546,000) | |
General and administrative expense | | | (169,000) | | | (164,000) | |
| | | | | | | |
Total costs and operating expenses | | | (10,292,000) | | | (9,282,000) | |
| | | | | | | |
Income from operations | | | 183,000 | | | 872,000 | |
| | | | | | | |
Other income (expense) | | | | | | | |
Interest expense | | | (648,000) | | | (676,000) | |
Net (loss) income on marketable securities | | | (17,000) | | | 344,000 | |
Net unrealized loss on other investments | | | - | | | (5,000) | |
Impairment loss on other investments | | | - | | | (12,000) | |
Dividend and interest income | | | 3,000 | | | 11,000 | |
Trading and margin interest expense | | | (60,000) | | | (66,000) | |
| | | | | | | |
Other expense, net | | | (722,000) | | | (404,000) | |
| | | | | | | |
Income (loss) before income taxes | | | (539,000) | | | 468,000 | |
Income tax benefit (expense) | | | 141,000 | | | (126,000) | |
| | | | | | | |
Net (loss) income | | | (398,000) | | | 342,000 | |
Less: Net loss (income) attributable to the noncontrolling interest | | | 194,000 | | | (136,000) | |
| | | | | | | |
Net (loss) income attributable to Portsmouth | | $ | (204,000) | | $ | 206,000 | |
| | | | | | | |
Basic and diluted net (loss) income per share attributable to Portsmouth | | $ | (0.28) | | $ | 0.28 | |
| | | | | | | |
Weighted average number of common shares outstanding - basic and diluted | | | 734,183 | | | 734,183 | |
The accompanying notes are an integral part of these condensed consolidated financial statements. |
PORTSMOUTH SQUARE, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
(UNAUDITED) |
For the nine months ended March 31, | | 2013 | | 2012 | | ||
| | | | | | | |
Revenue - Hotel | | $ | 33,581,000 | | $ | 31,675,000 | |
| | | | | | | |
Costs and operating expenses | | | | | | | |
Hotel operating expenses | | | (28,125,000) | | | (24,513,000) | |
Hotel depreciation and amortization expense | | | (1,686,000) | | | (1,591,000) | |
General and administrative expense | | | (509,000) | | | (453,000) | |
| | | | | | | |
Total costs and operating expenses | | | (30,320,000) | | | (26,557,000) | |
| | | | | | | |
Income from operations | | | 3,261,000 | | | 5,118,000 | |
| | | | | | | |
Other income (expense) | | | | | | | |
Interest expense | | | (1,972,000) | | | (2,059,000) | |
Net loss on marketable securities | | | (260,000) | | | (1,027,000) | |
Net unrealized loss on other investments | | | (112,000) | | | (175,000) | |
Impairment loss on other investments | | | - | | | (247,000) | |
Dividend and interest income | | | 181,000 | | | 204,000 | |
Trading and margin interest expense | | | (169,000) | | | (177,000) | |
| | | | | | | |
Other expense, net | | | (2,332,000) | | | (3,481,000) | |
| | | | | | | |
Income before income taxes | | | 929,000 | | | 1,637,000 | |
Income tax (expense) benefit | | | (18,000) | | | 49,000 | |
| | | | | | | |
Net income | | | 911,000 | | | 1,686,000 | |
Less: Net income attributable to the noncontrolling interest | | | (750,000) | | | (1,615,000) | |
| | | | | | | |
Net income attributable to Portsmouth | | $ | 161,000 | | $ | 71,000 | |
| | | | | | | |
Basic and diluted net income per share attributable to Portsmouth | | $ | 0.22 | | $ | 0.10 | |
| | | | | | | |
Weighted average number of common shares outstanding - basic and diluted | | | 734,183 | | | 734,183 | |
PORTSMOUTH SQUARE, INC. |
CONDENDSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
(UNAUDITED) |
For the nine months ended March 31, | | 2013 | | 2012 | | ||
Cash flows from operating activities: | | | | | | | |
Net income | | $ | 911,000 | | $ | 1,686,000 | |
Adjustments to reconcile net income to net cash | | | | | | | |
provided by operating activities: | | | | | | | |
Net unrealized loss on marketable securities | | | 340,000 | | | 1,009,000 | |
Unrealized loss on other investments | | | 112,000 | | | 175,000 | |
Impairment loss on other investments | | | - | | | 247,000 | |
Depreciation and amortization | | | 1,686,000 | | | 1,591,000 | |
Changes in assets and liabilities: | | | | | | | |
Investment in marketable securities | | | (964,000) | | | 168,000 | |
Accounts receivable | | | (302,000) | | | 356,000 | |
Other assets | | | (115,000) | | | (757,000) | |
Accounts payable and other liabilities | | | 1,179,000 | | | (239,000) | |
Due to securities broker | | | 852,000 | | | (650,000) | |
Obligations for securities sold | | | (97,000) | | | 62,000 | |
Deferred tax asset | | | 18,000 | | | (49,000) | |
Net cash provided by operating activities | | | 3,620,000 | | | 3,599,000 | |
| | | | | | | |
Cash flows from investing activities: | | | | | | | |
Payments for hotel furniture, equipment and building improvements | | | (2,512,000) | | | (2,132,000) | |
Other investments | | | - | | | 80,000 | |
Net cash used in investing activities | | | (2,512,000) | | | (2,052,000) | |
| | | | | | | |
Cash flows from financing activities: | | | | | | | |
Distributions and dividends to noncontrolling interest | | | (783,000) | | | (500,000) | |
Payments on mortgage notes payable | | | (676,000) | | | (639,000) | |
Payments on other notes payable | | | (426,000) | | | (349,000) | |
Net cash used in financing activities | | | (1,885,000) | | | (1,488,000) | |
| | | | | | | |
Net (decrease) increase in cash and cash equivalents | | | (777,000) | | | 59,000 | |
Cash and cash equivalents at the beginning of the period | | | 1,032,000 | | | 610,000 | |
Cash and cash equivalents at the end of the period | | $ | 255,000 | | $ | 669,000 | |
| | | | | | | |
Supplemental information: | | | | | | | |
Interest paid | | $ | 2,003,000 | | $ | 2,096,000 | |
| | | | | Accumulated | | Net Book | | ||
March 31, 2013 | | Cost | | Depreciation | | Value | | |||
| | | | | | | | | | |
Land | | $ | 1,124,000 | | $ | - | | $ | 1,124,000 | |
Furniture and equipment | | | 21,954,000 | | | (19,038,000) | | | 2,916,000 | |
Building and improvements | | | 49,941,000 | | | (20,252,000) | | | 29,689,000 | |
| | $ | 73,019,000 | | $ | (39,290,000) | | $ | 33,729,000 | |
| | | | | Accumulated | | Net Book | | ||
June 30, 2012 | | Cost | | Depreciation | | Value | | |||
| | | | | | | | | | |
Land | | $ | 1,124,000 | | $ | - | | $ | 1,124,000 | |
Furniture and equipment | | | 20,855,000 | | | (18,187,000) | | | 2,668,000 | |
Building and improvements | | | 48,529,000 | | | (19,499,000) | | | 29,030,000 | |
| | $ | 70,508,000 | | $ | (37,686,000) | | $ | 32,822,000 | |
| | | | | Gross | | Gross | | Net | | | | | |||
Investment | | Cost | | Unrealized Gain | | Unrealized Loss | | Unrealized Gain | | Fair Value | | |||||
| | | | | | | | | | | | | | | | |
As of March 31, 2013 | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Corporate | | | | | | | | | | | | | | | | |
Equities | | $ | 3,057,000 | | $ | 1,055,000 | | $ | (805,000) | | $ | 250,000 | | $ | 3,307,000 | |
| | | | | | | | | | | | | | | | |
As of June 30, 2012 | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Corporate | | | | | | | | | | | | | | | | |
Equities | | $ | 2,118,000 | | $ | 1,292,000 | | $ | (727,000) | | $ | 565,000 | | $ | 2,683,000 | |
For the three months ended March 31, | | 2013 | | 2012 | | ||
Realized gain on marketable securities | | $ | 56,000 | | $ | 159,000 | |
Unrealized (loss) income on marketable securities | | | (73,000) | | | 185,000 | |
| | | | | | | |
Net (loss) income on marketable securities | | $ | (17,000) | | $ | 344,000 | |
For the nine months ended March 31, | | 2013 | | 2012 | | ||
Realized gain (loss) on marketable securities | | $ | 80,000 | | $ | (18,000) | |
Unrealized loss on marketable securities | | | (340,000) | | | (1,009,000) | |
| | | | | | | |
Net loss on marketable securities | | $ | (260,000) | | $ | (1,027,000) | |
Type | | March 31, 2013 | | June 30, 2012 | | ||
Preferred stock - Comstock, at cost | | $ | 4,410,000 | | $ | 4,410,000 | |
Private equity hedge fund, at cost | | | 681,000 | | | 681,000 | |
Corporate debt and equity instruments, at cost | | | 101,000 | | | 101,000 | |
Warrants - at fair value | | | 7,000 | | | 119,000 | |
| | $ | 5,199,000 | | $ | 5,311,000 | |
As of March 31, 2013 | | | | | | | | | | | | | |
Assets: | | Level 1 | | Level 2 | | Level 3 | | Total | | ||||
Cash equivalents - money market | | $ | 3,000 | | $ | - | | $ | - | | $ | 3,000 | |
Other investments - warrants | | | - | | | - | | | 7,000 | | | 7,000 | |
Investment in marketable securities: | | | | | | | | | | | | | |
Basic materials | | | 1,627,000 | | | - | | | - | | | 1,627,000 | |
Technology | | | 497,000 | | | - | | | - | | | 497,000 | |
Financial services | | | 377,000 | | | - | | | - | | | 377,000 | |
REITs and real estate companies | | | 146,000 | | | - | | | - | | | 146,000 | |
Other | | | 660,000 | | | - | | | - | | | 660,000 | |
| | | 3,307,000 | | | - | | | - | | | 3,307,000 | |
| | $ | 3,310,000 | | $ | - | | $ | 7,000 | | $ | 3,317,000 | |
As of June 30, 2012 | | | | | | | | | | | | | |
Assets: | | Level 1 | | Level 2 | | Level 3 | | Total | | ||||
Cash equivalents - money market | | $ | 3,000 | | $ | - | | $ | - | | $ | 3,000 | |
Other investments - warrants | | | - | | | - | | | 119,000 | | | 119,000 | |
Investment in marketable securities: | | | | | | | | | | | | | |
Basic materials | | | 1,660,000 | | | - | | | - | | | 1,660,000 | |
Technology | | | 266,000 | | | - | | | - | | | 266,000 | |
Financial services | | | 228,000 | | | - | | | - | | | 228,000 | |
REITs and real estate companies | | | 177,000 | | | - | | | - | | | 177,000 | |
Other | | | 352,000 | | | - | | | - | | | 352,000 | |
| | | 2,683,000 | | | - | | | - | | | 2,683,000 | |
| | $ | 2,686,000 | | $ | - | | $ | 119,000 | | $ | 2,805,000 | |
| | | | | | | | | | | | | | Net loss for the nine months | | |
Assets | | Level 1 | | Level 2 | | Level 3 | | March 31, 2013 | | ended March 31, 2013 | | |||||
| | | | | | | | | | | | | | | | |
Other non-marketable investments | | $ | - | | $ | - | | $ | 5,192,000 | | $ | 5,192,000 | | $ | - | |
| | | | | | | | | | | | | | Net loss for the nine months | | |
Assets | | Level 1 | | Level 2 | | Level 3 | | June 30, 2012 | | ended March 31, 2012 | | |||||
| | | | | | | | | | | | | | | | |
Other non-marketable investments | | $ | - | | $ | - | | $ | 5,192,000 | | $ | 5,192,000 | | $ | (274,000) | |
As of and for the three months | | Hotel | | Investment | | | | | | | | ||
ended March 31, 2013 | | Operations | | Transactions | | Other | | Total | | ||||
Revenues | | $ | 10,475,000 | | $ | - | | $ | - | | $ | 10,475,000 | |
Segment operating expenses | | | (9,563,000) | | | - | | | (169,000) | | | (9,732,000) | |
Segment income (loss) | | | 912,000 | | | - | | | (169,000) | | | 743,000 | |
Interest expense | | | (648,000) | | | - | | | - | | | (648,000) | |
Depreciation and amortization expense | | | (560,000) | | | - | | | - | | | (560,000) | |
Loss from investments | | | - | | | (74,000) | | | - | | | (74,000) | |
Income tax benefit | | | - | | | - | | | 141,000 | | | 141,000 | |
Net income (loss) | | $ | (296,000) | | $ | (74,000) | | $ | (28,000) | | $ | (398,000) | |
Total assets | | $ | 33,729,000 | | $ | 8,506,000 | | $ | 8,794,000 | | $ | 51,029,000 | |
As of and for the three months | | Hotel | | Investment | | | | | | | | ||
ended March 31, 2012 | | Operations | | Transactions | | Other | | Total | | ||||
Revenues | | $ | 10,154,000 | | $ | - | | $ | - | | $ | 10,154,000 | |
Segment operating expenses | | | (8,572,000) | | | - | | | (164,000) | | | (8,736,000) | |
Segment income (loss) | | | 1,582,000 | | | - | | | (164,000) | | | 1,418,000 | |
Interest expense | | | (676,000) | | | - | | | - | | | (676,000) | |
Depreciation and amortization expense | | | (546,000) | | | - | | | - | | | (546,000) | |
Income from investments | | | - | | | 272,000 | | | - | | | 272,000 | |
Income tax expense | | | - | | | - | | | (126,000) | | | (126,000) | |
Net income (loss) | | $ | 360,000 | | $ | 272,000 | | $ | (290,000) | | $ | 342,000 | |
Total assets | | $ | 32,684,000 | | $ | 9,100,000 | | $ | 8,896,000 | | $ | 50,680,000 | |
As of and for the nine months | | Hotel | | Investment | | | | | | | | ||
ended March 31, 2013 | | Operations | | Transactions | | Other | | Total | | ||||
Revenues | | $ | 33,581,000 | | $ | - | | $ | - | | $ | 33,581,000 | |
Segment operating expenses | | | (28,125,000) | | | - | | | (509,000) | | | (28,634,000) | |
Segment income (loss) | | | 5,456,000 | | | - | | | (509,000) | | | 4,947,000 | |
Interest expense | | | (1,972,000) | | | - | | | - | | | (1,972,000) | |
Depreciation and amortization expense | | | (1,686,000) | | | - | | | - | | | (1,686,000) | |
Loss from investments | | | - | | | (360,000) | | | - | | | (360,000) | |
Income tax expense | | | - | | | - | | | (18,000) | | | (18,000) | |
Net income (loss) | | $ | 1,798,000 | | $ | (360,000) | | $ | (527,000) | | $ | 911,000 | |
Total assets | | $ | 33,729,000 | | $ | 8,506,000 | | $ | 8,794,000 | | $ | 51,029,000 | |
As of and for the nine months | | Hotel | | Investment | | | | | | | | ||
ended March 31, 2012 | | Operations | | Transactions | | Other | | Total | | ||||
Revenues | | $ | 31,675,000 | | $ | - | | $ | - | | $ | 31,675,000 | |
Segment operating expenses | | | (24,513,000) | | | - | | | (453,000) | | | (24,966,000) | |
Segment income (loss) | | | 7,162,000 | | | - | | | (453,000) | | | 6,709,000 | |
Interest expense | | | (2,059,000) | | | - | | | - | | | (2,059,000) | |
Depreciation and amortization expense | | | (1,591,000) | | | - | | | - | | | (1,591,000) | |
Loss from investments | | | - | | | (1,422,000) | | | - | | | (1,422,000) | |
Income tax benefit | | | - | | | - | | | 49,000 | | | 49,000 | |
Net income (loss) | | $ | 3,512,000 | | $ | (1,422,000) | | $ | (404,000) | | $ | 1,686,000 | |
Total assets | | $ | 32,684,000 | | $ | 9,100,000 | | $ | 8,896,000 | | $ | 50,680,000 | |
For the three months ended March 31, | | 2013 | | 2012 | | ||
Hotel revenues: | | | | | | | |
Hotel rooms | | $ | 8,139,000 | | $ | 7,767,000 | |
Food and beverage | | | 1,483,000 | | | 1,524,000 | |
Garage | | | 688,000 | | | 671,000 | |
Other operating departments | | | 165,000 | | | 192,000 | |
Total hotel revenues | | | 10,475,000 | | | 10,154,000 | |
Operating expenses excluding interest, depreciation and amortization | | | (9,563,000) | | | (8,572,000) | |
Operating income before interest, depreciation and amortization | | | 912,000 | | | 1,582,000 | |
Interest | | | (648,000) | | | (676,000) | |
Depreciation and amortization | | | (560,000) | | | (546,000) | |
| | | | | | | |
Net (loss) income from hotel operations | | $ | (296,000) | | $ | 360,000 | |
Three Months Ended March 31, | | Average Daily Rate | | Average Occupancy % | | | RevPar | | ||
| | | | | | | | | | |
2013 | | $ | 198 | | 84 | % | | $ | 167 | |
2012 | | $ | 188 | | 84 | % | | $ | 157 | |
For the nine months ended March 31, | | 2013 | | 2012 | | ||
Hotel revenues: | | | | | | | |
Hotel rooms | | $ | 26,352,000 | | $ | 24,562,000 | |
Food and beverage | | | 4,502,000 | | | 4,329,000 | |
Garage | | | 2,107,000 | | | 2,053,000 | |
Other operating departments | | | 620,000 | | | 731,000 | |
Total hotel revenues | | | 33,581,000 | | | 31,675,000 | |
Operating expenses excluding interest, depreciation and amortization | | | (28,125,000) | | | (24,513,000) | |
Operating income before interest, depreciation and amortization | | | 5,456,000 | | | 7,162,000 | |
Interest | | | (1,972,000) | | | (2,059,000) | |
Depreciation and amortization | | | (1,686,000) | | | (1,591,000) | |
| | | | | | | |
Net income from hotel operations | | $ | 1,798,000 | | $ | 3,512,000 | |
Nine Months Ended March 31, | | Average Daily Rate | | Average Occupancy % | | | RevPar | | ||
| | | | | | | | | | |
2013 | | $ | 201 | | 88 | % | | $ | 177 | |
2012 | | $ | 189 | | 87 | % | | $ | 164 | |
As of March 31, 2013 | | | | | % of Total | |
| | | | | Investment | |
Industry Group | | Fair Value | | Securities | | |
| | | | | | |
Basic materials | | $ | 1,627,000 | | 49.2 | % |
Technology | | | 497,000 | | 15.0 | % |
Financial services | | | 377,000 | | 11.4 | % |
REITs and real estate companies | | | 146,000 | | 4.4 | % |
Other | | | 660,000 | | 20.0 | % |
| | $ | 3,307,000 | | 100.0 | % |
As of June 30, 2012 | | | | | % of Total | |
| | | | | Investment | |
Industry Group | | Fair Value | | Securities | | |
Basic materials | | $ | 1,660,000 | | 61.9 | % |
Technology | | | 266,000 | | 9.9 | % |
Financial services | | | 228,000 | | 8.5 | % |
REITs and real estate companies | | | 177,000 | | 6.6 | % |
Other | | | 352,000 | | 13.1 | % |
| | $ | 2,683,000 | | 100.0 | % |
| | | | | Three months | | Year | | Year | | Year | | Year | | | | | |||||
| | Total | | 2013 | | 2014 | | 2015 | | 2016 | | 2017 | | Thereafter | | |||||||
Mortgage notes payable | | $ | 43,645,000 | | $ | 231,000 | | $ | 960,000 | | $ | 1,015,000 | | $ | 41,439,000 | | $ | - | | $ | - | |
Other notes payable | | | 1,646,000 | | | 254,000 | | | 1,388,000 | | | 4,000 | | | - | | | - | | | - | |
Interest | | | 5,983,000 | | | 667,000 | | | 2,526,000 | | | 2,396,000 | | | 394,000 | | | - | | | - | |
Total | | $ | 51,274,000 | | $ | 1,152,000 | | $ | 4,874,000 | | $ | 3,415,000 | | $ | 41,833,000 | | $ | - | | $ | - | |
| | | | | | | (c) Total Number | | (d) Maximum Number | |
| | (a) Total | | (b) | | of Shares Purchased | | of Shares that May | | |
Fiscal | | Number of | | Average | | as Part of Publicly | | Yet be Purchased | | |
2013 | | Shares | | Price Paid | | Announced Plans | | Under the Plans | | |
Period | | Purchased | | Per Share | | or Programs | | or Programs | | |
| | | | | | | | | | |
Month #1 | | | | | | | | | | |
(January1- | | | | | | | | | | |
January) | | - | | | - | | - | | N/A | |
| | | | | | | | | | |
Month #2 | | | | | | | | | | |
(February 1- | | | | | | | | | | |
February 28) | | - | | | - | | - | | N/A | |
| | | | | | | | | | |
Month #3 | | | | | | | | | | |
(March 1- | | | | | | | | | | |
March 31) | | 3,000 | | $ | 25.00 | | - | | N/A | |
| | | | | | | | | | |
TOTAL: | | 3,000 | | $ | 25.00 | | - | | N/A | |
PORTSMOUTH SQUARE, INC. | ||
(Registrant) | ||
Date: May 10, 2013 | by | /s/ John V. Winfield |
John V. Winfield, President, | ||
Chairman of the Board and | ||
Chief Executive Officer | ||
Date: May 10, 2013 | by | /s/ Michael G. Zybala |
Michael G. Zybala, | ||
Vice President and Secretary | ||
Date: May 10, 2013 | by | /s/ David T. Nguyen |
David T. Nguyen, Treasurer | ||
and Controller |
/s/ John V. Winfield | |
John V. Winfield | |
President and Chief Executive Officer | |
(Principal Executive Officer) |
/s/ David T. Nguyen | |
David T. Nguyen | |
Treasurer and Controller | |
(Principal Financial Officer) |
| ⋅ | The Report fully complies with the requirements of Section 13(a) or 5(d) of the Securities Exchange Act of 1934; and |
| | |
| ⋅ | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ John V. Winfield | |
John V. Winfield | |
President and Chief Executive Officer | |
(Principal Executive Officer) |
| ⋅ | The Report fully complies with the requirements of Section 13(a) or 5(d) of the Securities Exchange Act of 1934; and |
| | |
| ⋅ | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ David T. Nguyen | |
David T. Nguyen | |
Treasurer and Controller | |
(Principal Financial Officer) |
FAIR VALUE MEASUREMENTS (Details 1) (USD $)
|
9 Months Ended | ||
---|---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
Jun. 30, 2012
|
|
Other non-marketable investments | $ 5,192,000 | $ 5,192,000 | |
Net loss for the year | 0 | (274,000) | |
Fair Value, Inputs, Level 1 [Member]
|
|||
Other non-marketable investments | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member]
|
|||
Other non-marketable investments | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member]
|
|||
Other non-marketable investments | $ 5,192,000 | $ 5,192,000 |
OTHER INVESTMENTS, NET
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
|
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Other Investment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Other Investments Disclosure [Text Block] | NOTE 4 OTHER INVESTMENTS, NET The Company may also invest, with the approval of the Securities Investment Committee and other Company guidelines, in private investment equity funds and other unlisted securities, such as convertible notes through private placements. Those investments in non-marketable securities are carried at cost on the Company’s balance sheet as part of other investments, net of other than temporary impairment losses. Other investments, net consist of the following:
|