UNAUDITED QUARTERLY FINANCIAL DATA

12 Months Ended

Sep. 30, 2011

UNAUDITED QUARTERLY FINANCIAL DATA [Abstract]

UNAUDITED QUARTERLY FINANCIAL DATA

NOTE 26 – UNAUDITED QUARTERLY FINANCIAL DATA

The following sets forth the Company's operating results by quarter (in thousands, except share data):

	December 31			March 31			June 30			September 30
Quarterly Results for Fiscal 2011(1)
Revenues	$	16,680		$	20,347		$	27,589		$	21,400
Operating (loss) income	$	(5,610	)	$	(3,679	)	$	3,764		$	(956	)
(Loss) income from continuing operations	$	(1,192	)	$	(1,830	)	$	115		$	(2,320	)
Loss from discontinued operations	$	−		$	(2,153	)	$	(23	)	$	(26	)
Net (loss) income	$	(1,192	)	$	(3,983	)	$	92		$	(2,346	)
Less:  Net loss (income) attributable to noncontrolling interests	$	625		$	(283	)	$	(503	)	$	(638	)
Net loss attributable to common shareholders	$	(567	)	$	(4,266	)	$	(411	)	$	(2,984	)
Basic and Diluted loss per common share:
Continuing operations	$	(0.03	)	$	(0.11	)	$	(0.02	)	$	(0.15	)
Discontinued operations	$	0.00		$	(0.11	)	$	0.00		$	0.00
Net loss	$	(0.03	)	$	(0.22	)	$	(0.02	)	$	(0.15	)
Quarterly Results for Fiscal 2010(2)	December 31			March 31			June 30			September 30
Revenues	$	25,422		$	19,400		$	25,238		$	18,668
Operating income (loss)	$	4,420		$	(1,876	)	$	(5,134	)	$	(5,602	)
Income (loss)from continuing operations	$	588		$	(1,845	)	$	(6,589	)	$	(9,451	)
(Loss) income from discontinued operations	$	−		$	(2	)	$	(1	)	$	625
Net income (loss)	$	588		$	(1,847	)	$	(6,590	)	$	(8,826	)
Less:  Net loss attributable to noncontrolling interests	$	383		$	615		$	1,275		$	951
Net income (loss) attributable to common shareholders	$	971		$	(1,232	)	$	(5,315	)	$	(7,875	)
Basic and Diluted earnings (loss) per common share:
Continuing operations	$	0.05		$	(0.06	)	$	(0.28	)	$	(0.44	)
Net income (loss)	$	0.05		$	(0.06	)	$	(0.28	)	$	(0.41	)

(1) Fiscal 2011 – significant events by quarter:

● December 31 – includes a net gain of $5.1 million ($3.2 million net of tax) on the sale of the Company's management contract and equity investment in REM I ($0.17 per share-diluted).

● March 31 – included a $3.4 million ($2.2 million net of tax) loss from discontinued operations in connection with the March 2006 sale of a real estate loan in which the Company agreed to make payments under certain circumstances to the current owner.  In March 2011, a triggering event occurred ($0.11 per share-diluted).

● June 30 – included a $7.6 million ($3.3 million net of tax) equity gain based on the Company's interest in an office building that was sold in Washington, DC ($0.17 per share-diluted).

● September 30 – the gain related to the third quarter sale of the Washington, DC building sale increased by $800,000 ($361,000 net of tax, or $0.02 per share-diluted) based on the release of funds from escrow in October 2011.

(2) Fiscal 2010 – significant events by quarter:

● June 30 – included a $7.2 million ($5.9 million net of tax) loss on the sale of leases and loans to RCC ($0.31 per share-diluted).

● September 30 – reflected a $2.8 million charge for the impairment of intangible assets ($0.16 per share-diluted) as well as a $445,000 impairment charge for other investment securities ($0.03 per share-diluted) and $2.9 million ($0.15 per share diluted) income tax expense for the write-off of an unrealizable deferred tax asset and receivable.  In addition, the Company waived $1.8 million ($0.10 per share-diluted) of commercial finance management fees from four of its investment entities.