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 |