INCOME OPPORTUNITY REALTY INVESTORS, INC. | ||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
(unaudited) | ||||||||
For the Three Months Ended | ||||||||
March 31, | ||||||||
2013 | 2012 | |||||||
(dollars in thousands, except share and per share amounts) | ||||||||
Revenues: | ||||||||
Rental and other property revenues | $ | - | $ | - | ||||
Expenses: | ||||||||
Property operating expenses (including $13 and $29 for the three months ended 2013 and 2012 respectively from related parties) | 14 | 31 | ||||||
General and administrative (including $99 and $83 for the three months ended 2013 and 2012 respectively from related parties) | 188 | 154 | ||||||
Advisory fee to related party | 204 | 198 | ||||||
Total operating expenses | 406 | 383 | ||||||
Operating loss | (406 | ) | (383 | ) | ||||
Other income (expense): | ||||||||
Interest income from related parties | 1,407 | 1,183 | ||||||
Mortgage and loan interest | (288 | ) | (276 | ) | ||||
Earnings from unconsolidated subsidiaries and investees | - | (10 | ) | |||||
Total other income | 1,119 | 897 | ||||||
Income from continuing operations before tax | 713 | 514 | ||||||
Income tax expense | (6 | ) | (2 | ) | ||||
Net income from continuing operations | 707 | 512 | ||||||
Discontinued operations: | ||||||||
Loss from discontinued operations | (18 | ) | (7 | ) | ||||
Loss on the sale of real estate from discontinued operations | - | - | ||||||
Income tax benefit from discontinued operations | 6 | 2 | ||||||
Net loss from discontinued operations | (12 | ) | (5 | ) | ||||
Net income | 695 | 507 | ||||||
Earnings per share - basic | ||||||||
Income from continuing operations | $ | 0.17 | $ | 0.12 | ||||
Loss from discontinued operations | - | - | ||||||
Net income applicable to common shares | $ | 0.17 | $ | 0.12 | ||||
Earnings per share - diluted | ||||||||
Income from continuing operations | $ | 0.17 | $ | 0.12 | ||||
Loss from discontinued operations | - | - | ||||||
Net income applicable to common shares | $ | 0.17 | $ | 0.12 | ||||
Weighted average common share used in computing earnings per share | 4,168,214 | 4,168,214 | ||||||
Weighted average common share used in computing diluted earnings per share | 4,168,214 | 4,168,214 |
INCOME OPPORTUNITY REALTY INVESTORS, INC. | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(unaudited) | ||||||||
March 31, | December 31, | |||||||
2013 | 2012 | |||||||
(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 | 26,739 | 27,002 | ||||||
Less allowance for doubtful accounts | (1,826 | ) | (1,826 | ) | ||||
Total notes and interest receivable | 24,913 | 25,176 | ||||||
Cash and cash equivalents | 2 | 2 | ||||||
Investments in unconsolidated subsidiaries and investees, subject to sales contract | - | - | ||||||
Receivable and accrued interest from related parties | 59,405 | 58,534 | ||||||
Other assets | 1,282 | 1,283 | ||||||
Total assets | $ | 110,113 | $ | 109,506 | ||||
Liabilities and Shareholders’ Equity | ||||||||
Liabilities: | ||||||||
Notes and interest payable | $ | 28,452 | $ | 28,508 | ||||
Deferred gain (from sales to related parties) | 5,127 | 5,127 | ||||||
Accounts payable and other liabilities | 117 | 149 | ||||||
33,696 | 33,784 | |||||||
Commitments and contingencies: | ||||||||
Shareholders’ equity: | ||||||||
Common stock, $.01 par value, authorized 10,000,000 shares; issued 4,173,675 shares in 2013 and 2012 | 42 | 42 | ||||||
Treasury stock at cost, 5,461 in 2013 and 2012 | (39 | ) | (39 | ) | ||||
Paid-in capital | 61,955 | 61,955 | ||||||
Retained earnings | 14,459 | 13,764 | ||||||
Total shareholders' equity | 76,417 | 75,722 | ||||||
Total liabilities and shareholders' equity | $ | 110,113 | $ | 109,506 |