INCOME OPPORTUNITY REALTY INVESTORS, INC. | ||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
(unaudited) | ||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
(dollars in thousands, except share and per share amounts) | ||||||||||||||||
Revenues: | ||||||||||||||||
Rental and other property revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
Expenses: | ||||||||||||||||
Property operating expenses (including $14 and $0 for the three months and $43 and $2 for the six months ended 2012 and 2011 respectively from affiliates and related parties) | 14 | 3 | 45 | 11 | ||||||||||||
General and administrative (including $117 and $61 for the three months and $200 and $116 for the six months ended 2012 and 2011 respectively from affiliates and related parties) | 207 | 182 | 360 | 276 | ||||||||||||
Advisory fee to affiliates | 205 | 211 | 402 | 431 | ||||||||||||
Total operating expenses | 426 | 396 | 807 | 718 | ||||||||||||
Operating loss | (426 | ) | (396 | ) | (807 | ) | (718 | ) | ||||||||
Other income (expense): | ||||||||||||||||
Interest income (including $1,713 and $723 for the three months and $2,896 and $1,017 for the six months ended 2012 and 2011 respectively from affiliates and related parties) | 1,713 | 723 | 2,896 | 1,017 | ||||||||||||
Mortgage and loan interest | (277 | ) | (365 | ) | (552 | ) | (646 | ) | ||||||||
Earnings from unconsolidated subsidiaries and investees | (12 | ) | (50 | ) | (23 | ) | (50 | ) | ||||||||
Total other income | 1,424 | 308 | 2,321 | 321 | ||||||||||||
Income (loss) from continuing operations before tax | 998 | (88 | ) | 1,514 | (397 | ) | ||||||||||
Income tax expense | - | (503 | ) | (3 | ) | (502 | ) | |||||||||
Net income (loss) from continuing operations | 998 | (591 | ) | 1,511 | (899 | ) | ||||||||||
Discontinued operations: | ||||||||||||||||
Loss from discontinued operations | - | (1,437 | ) | (9 | ) | (1,435 | ) | |||||||||
Income tax benefit from discontinued operations | - | 503 | 3 | 502 | ||||||||||||
Net loss from discontinued operations | - | (934 | ) | (6 | ) | (933 | ) | |||||||||
Net income (loss) | 998 | (1,525 | ) | 1,505 | (1,832 | ) | ||||||||||
Earnings per share - basic | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.24 | $ | (0.14 | ) | $ | 0.36 | $ | (0.22 | ) | ||||||
Loss from discontinued operations | - | (0.22 | ) | - | (0.22 | ) | ||||||||||
Net income (loss) applicable to common shares | $ | 0.24 | $ | (0.36 | ) | $ | 0.36 | $ | (0.44 | ) | ||||||
Earnings per share - diluted | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.24 | $ | (0.14 | ) | $ | 0.36 | $ | (0.22 | ) | ||||||
Loss from discontinued operations | - | (0.22 | ) | - | (0.22 | ) | ||||||||||
Net income (loss) applicable to common shares | $ | 0.24 | $ | (0.36 | ) | $ | 0.36 | $ | (0.44 | ) | ||||||
Weighted average common share used in computing earnings per share | 4,168,214 | 4,168,214 | 4,168,214 | 4,168,214 | ||||||||||||
Weighted average common share used in computing diluted earnings per share | 4,168,214 | 4,168,214 | 4,168,214 | 4,168,214 |
INCOME OPPORTUNITY REALTY INVESTORS, INC. | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(unaudited) | ||||||||
June 30, | December 31, | |||||||
2012 | 2011 | |||||||
(dollars in thousands, except share and par value amounts) | ||||||||
Assets | ||||||||
Real estate land holdings, at cost | $ | 24,511 | $ | 24,511 | ||||
Total real estate | 24,511 | 24,511 | ||||||
Notes and interest receivable from related parties | 27,073 | 31,612 | ||||||
Less allowance for doubtful accounts | (1,826 | ) | (1,826 | ) | ||||
Total notes and interest receivable | 25,247 | 29,786 | ||||||
Cash and cash equivalents | 11 | 1 | ||||||
Investments in unconsolidated subsidiaries and investees, subject to sales contract | 14 | 37 | ||||||
Receivable and accrued interest from related parties | 58,206 | 52,160 | ||||||
Other assets | 1,507 | 1,546 | ||||||
Total assets | $ | 109,496 | $ | 108,041 | ||||
Liabilities and Shareholders’ Equity | ||||||||
Liabilities: | ||||||||
Notes and interest payable | $ | 28,470 | $ | 28,588 | ||||
Deferred gain (from sales to related parties) | 5,127 | 5,127 | ||||||
Accounts payable and other liabilities | 193 | 125 | ||||||
33,790 | 33,840 | |||||||
Commitments and contingencies: | ||||||||
Shareholders’ equity: | ||||||||
Common stock, $.01 par value, authorized 10,000,000 shares; issued 4,173,675 shares in 2012 and 2011 | 42 | 42 | ||||||
Treasury stock at cost, 5,461 in 2012 and 2011 | (39 | ) | (39 | ) | ||||
Paid-in capital | 61,955 | 61,955 | ||||||
Retained earnings | 13,748 | 12,243 | ||||||
Total shareholders' equity | 75,706 | 74,201 | ||||||
Total liabilities and shareholders' equity | $ | 109,496 | $ | 108,041 | ||||
The accompanying notes are an integral part of these financial statements. |