XML 66 R27.htm IDEA: XBRL DOCUMENT v2.4.0.8
OPERATING RESULTS FOR THE PERIOD (TABLE)
 12 Months Ended
Dec. 31, 2013
OPERATING RESULTS FOR THE PERIOD (TABLE)  
Statements of Operations for year ended

The following is a table of quarterly results of operations for the years 2013, 2012 and 2011:

 

 

 

Three Months Ended 2013

 

 

 

March 31,

 

 

June 30,

 

 

September 30,

 

 

December 31,

 

 

 

(dollars in thousands, except per share amounts)

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

Rental and other property revenues

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

Total operating expenses

 

 

406

 

 

 

477

 

 

 

505

 

 

 

958

 

Operating loss

 

 

(406

)

 

 

(477

)

 

 

(505

)

 

 

(958

)

Other income, net of other expenses

 

 

1,119

 

 

 

1,123

 

 

 

1,130

 

 

 

7,571

 

Income before gain on land sales, non-contolling interest, and taxes

 

 

713

 

 

 

646

 

 

 

625

 

 

 

6,613

 

Gain on land sales

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Income tax expense

 

 

(6

)

 

 

-

 

 

 

-

 

 

 

(3,057

)

Net income from continuing operations

 

 

707

 

 

 

646

 

 

 

625

 

 

 

3,556

 

Net loss from discontinued operations

 

 

(12

)

 

 

-

 

 

 

-

 

 

 

(4

)

Net income

 

$

695

 

 

$

646

 

 

$

625

 

 

$

3,552

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share - basic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.17

 

 

$

0.15

 

 

$

0.15

 

 

$

0.85

 

Discontinued operations

 

 

(0.00

)

 

 

-

 

 

 

-

 

 

 

(0.00

)

Net income applicable to common shares

 

$

0.17

 

 

$

0.15

 

 

$

0.15

 

 

$

0.85

 

Weighted average common shares used in computing earnings per share

 

 

4,168,214

 

 

 

4,168,214

 

 

 

4,168,214

 

 

 

4,168,214

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share - diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.17

 

 

$

0.15

 

 

$

0.15

 

 

$

0.85

 

Discontinued operations

 

 

(0.00

)

 

 

-

 

 

 

-

 

 

 

(0.00

)

Net income applicable to common shares

 

$

0.17

 

 

$

0.15

 

 

$

0.15

 

 

$

0.85

 

Weighted average common shares used in computing diluted earnings per share

 

 

4,168,214

 

 

 

4,168,214

 

 

 

4,168,214

 

 

 

4,168,214

 

 

 

 

 

Three Months Ended 2012

 

 

 

March 31,

 

 

June 30,

 

 

September 30,

 

December 31,

 

 

 

(dollars in thousands, except share and per share amounts)

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

Rental and other property revenues

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

Total operating expenses

 

 

383

 

 

 

426

 

 

 

283

 

 

 

304

 

Operating loss

 

 

(383

)

 

 

(426

)

 

 

(283

)

 

 

(304

)

Other income, net of other expenses

 

 

897

 

 

 

1,424

 

 

 

680

 

 

 

862

 

Income before gain on land sales, non-controlling interest, and taxes

 

 

514

 

 

 

998

 

 

 

397

 

 

 

558

 

Gain on land sales

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Income tax expense

 

 

(2

)

 

 

-

 

 

 

(14

)

 

 

(860

)

Net income(loss) from continuing operations

 

 

512

 

 

 

998

 

 

 

383

 

 

 

(302

)

Net loss from discontinued operations

 

 

(5

)

 

 

-

 

 

 

(27

)

 

 

(38

)

Net income (loss)

 

$

507

 

 

$

998

 

 

$

356

 

 

$

(340

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share - basic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

0.12

 

 

$

0.24

 

 

$

0.09

 

 

$

(0.07

)

Discontinued operations

 

 

(0.00

)

 

 

-

 

 

 

(0.01

)

 

 

(0.01

)

Net income (loss) applicable to common shares

 

$

0.12

 

 

$

0.24

 

 

$

0.08

 

 

$

(0.08

)

Weighted average common shares used in computing earnings per share

 

 

4,168,214

 

 

 

4,168,214

 

 

 

4,168,214

 

 

 

4,168,214

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share - diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

0.12

 

 

$

0.24

 

 

$

0.09

 

 

$

(0.07

)

Discontinued operations

 

 

(0.00

)

 

 

-

 

 

 

(0.01

)

 

 

(0.01

)

Net income (loss) applicable to common shares

 

$

0.12

 

 

$

0.24

 

 

$

0.08

 

 

$

(0.08

)

Weighted average common shares used in computing diluted earnings per share

 

 

4,168,214

 

 

 

4,168,214

 

 

 

4,168,214

 

 

 

4,168,214

 

 

 

 

 

Three Months Ended 2011

 

 

 

March 31,

 

 

June 30,

 

 

September 30,

 

December 31,

 

 

 

(dollars in thousands, except share and per share amounts)

 

2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental and other property revenues

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

Total operating expenses

 

 

328

 

 

 

406

 

 

 

320

 

 

 

334

 

Operating loss

 

 

(328

)

 

 

(406

)

 

 

(320

)

 

 

(334

)

Other income, net of other expenses

 

 

14

 

 

 

307

 

 

 

288

 

 

 

2,575

 

Income (loss) before gain on land sales, non-controlling interest, and taxes

 

 

(314

)

 

 

(99

)

 

 

(32

)

 

 

2,241

 

Gain on land sales

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Income tax benefit (expense)

 

 

2

 

 

 

(499

)

 

 

(169

)

 

 

(149

)

Net income (loss) from continuing operations

 

 

(312

)

 

 

(598

)

 

 

(201

)

 

 

2,092

 

Net income (loss) from discontinued operations

 

 

5

 

 

 

(928

)

 

 

(314

)

 

 

925

 

Net income (loss)

 

$

(307

)

 

$

(1,526

)

 

$

(515

)

 

$

3,017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share - basic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

(0.07

)

 

$

(0.14

)

 

$

(0.05

)

 

$

0.50

 

Discontinued operations

 

 

0.00

 

 

 

(0.23

)

 

 

(0.08

)

 

 

0.23

 

Net income (loss) applicable to common shares

 

$

(0.07

)

 

$

(0.37

)

 

$

(0.13

)

 

$

0.73

 

Weighted average common shares used in computing earnings per share

 

 

4,168,214

 

 

 

4,168,214

 

 

 

4,168,214

 

 

 

4,168,214

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share - diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

(0.07

)

 

$

(0.14

)

 

$

(0.05

)

 

$

0.50

 

Discontinued operations

 

 

0.00

 

 

 

(0.23

)

 

 

(0.08

)

 

 

0.23

 

Net income (loss) applicable to common shares

 

$

(0.07

)

 

$

(0.37

)

 

$

(0.13

)

 

$

0.73

 

Weighted average common shares used in computing diluted earnings per share

 

 

4,168,214

 

 

 

4,168,214

 

 

 

4,168,214

 

 

 

4,168,214