INCOME OPPORTUNITY REALTY INVESTORS, INC. | ||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
(unaudited) | ||||||||
For the Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
(dollars in thousands, except per share amounts) | ||||||||
Revenues: | ||||||||
Rental and other property revenues | $ | - | $ | - | ||||
Expenses: | ||||||||
Property operating expenses (including $14 and $13 for the three months ended 2014 and 2013, respectively, from related parties) | 18 | 14 | ||||||
General and administrative (including $64 and $43 for the three months ended 2014 and 2013, respectively, from related parties) | 162 | 132 | ||||||
Net income fee to related party | 45 | 56 | ||||||
Advisory fee to related party | 165 | 204 | ||||||
Total operating expenses | 390 | 406 | ||||||
Net operating loss | (390 | ) | (406 | ) | ||||
Other income (expenses): | ||||||||
Interest income from related parties | 1,133 | 1,407 | ||||||
Mortgage and loan interest | (184 | ) | (288 | ) | ||||
Total other income | 949 | 1,119 | ||||||
Net income from continuing operations before tax | 559 | 713 | ||||||
Income tax expense | - | (6 | ) | |||||
Net income from continuing operations | 559 | 707 | ||||||
Discontinued operations: | ||||||||
Net loss from discontinued operations | - | (18 | ) | |||||
Gain (loss) on the sale of real estate from discontinued operations | - | - | ||||||
Income tax benefit from discontinued operations | - | 6 | ||||||
Net loss from discontinued operations | - | (12 | ) | |||||
Net income | $ | 559 | $ | 695 | ||||
Earnings per share - basic | ||||||||
Net income from continuing operations | $ | 0.13 | $ | 0.17 | ||||
Net income from discontinued operations | - | - | �� | |||||
Net income applicable to common shares | $ | 0.13 | $ | 0.17 | ||||
Earnings per share - diluted | ||||||||
Net income from continuing operations | $ | 0.13 | $ | 0.17 | ||||
Net income from discontinued operations | - | - | ||||||
Net income applicable to common shares | $ | 0.13 | $ | 0.17 | ||||
Weighted average common shares used in computing earnings per share | 4,168,214 | 4,168,214 | ||||||
Weighted average common shares 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, | |||||||
2014 | 2013 | |||||||
(dollars in thousands, except par value amount) | ||||||||
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 | 26,620 | 30,693 | ||||||
Less allowance for doubtful accounts | (1,826 | ) | (1,826 | ) | ||||
Total notes and interest receivable | 24,794 | 28,867 | ||||||
Cash and cash equivalents | 3 | 3 | ||||||
Receivable and accrued interest from related parties | 43,757 | 39,207 | ||||||
Other assets | 1,224 | 1,225 | ||||||
Total assets | $ | 94,289 | $ | 93,813 | ||||
Liabilities and Shareholders’ Equity | ||||||||
Liabilities: | ||||||||
Notes and interest payable - related parties | $ | 12,357 | $ | 12,357 | ||||
Accounts payable and other liabilities | 133 | 216 | ||||||
Total liabilities | 12,490 | 12,573 | ||||||
Shareholders’ equity: | ||||||||
Common stock, $0.01 par value, authorized 10,000,000. issued 4,173,675 and outstanding 4,168,214 shares in 2014 and 2013 | 42 | 42 | ||||||
Treasury stock at cost, 5,461 shares in 2014 and 2013 | (39 | ) | (39 | ) | ||||
Paid-in capital | 61,955 | 61,955 | ||||||
Retained earnings | 19,841 | 19,282 | ||||||
Total shareholders' equity | 81,799 | 81,240 | ||||||
Total liabilities and shareholders' equity | $ | 94,289 | $ | 93,813 |