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Exhibit 99.1
For Immediate Release
FOR: FROM:
Ameritrans Capital Corporation Gregory FCA Communications Inc.
For More Information Contact: For More Information Contact:
Gary Granoff Kathy Keyser
(212) 355-2449 (610) 642-8253
AMERITRANS REPORTS FIRST QUARTER FISCAL 2004 RESULTS
New York, NY, November 14, 2003 - Ameritrans Capital Corporation (NASDAQ: AMTC,
AMTCP) today reported financial results for the quarter ended September 30,
2003. For the quarter ended September 30, 2003, total investment income was
$1.44 million compared to $1.61 million during the prior comparable period.
Ameritrans reported a net loss available to common shareholders for the first
quarter of fiscal 2004 of ($202,773), or ($0.10) per basic and diluted common
share, versus net income of $222,356, or $0.11 per basic and diluted common
share for the same period of fiscal 2002. The decrease in total investment
income was primarily due to the impact of lower interest rates charged on new
and modified loans. Although lower interest rates favorably affected interest
expense for the quarter through debt refinancing, it was more than offset by the
writedown of the Chicago loan portfolio and related foreclosure expenses, which
resulted in the decrease in net income for the period.
The Company's net loan portfolio at September 30, 2003 was $53.8 million versus
$56.0 million at September 30, 2002.
Commenting on the results, Gary C. Granoff, Ameritrans' president said, "As
expected, it was another difficult quarter for Ameritrans as we continue to deal
with problems in our Chicago medallion loan program and the decreasing interest
rate environment. However, we are making considerable progress toward the
eventual resolution of these issues. We remain committed to our business and we
believe that Ameritrans will return to profitability in the third or fourth
quarter of this fiscal year ending June 30, 2004."
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Ameritrans Capital Corporation is a specialty finance company engaged in making
loans to and investments in small businesses. Ameritrans' wholly owned
subsidiary Elk Associates Funding Corporation, was licensed by the United States
Small Business Administration as a Small Business Investment Company (SBIC) in
1980. The company maintains its offices at 747 Third Avenue; 4th Floor; New
York, NY 10017.
# # #
THIS ANNOUNCEMENT CONTAINS FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF THE
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. SUCH STATEMENTS ARE SUBJECT TO
CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER
MATERIALLY FROM THOSE PRESENTLY ANTICIPATED OR PROJECTED. AMERITRANS CAPITAL
CORPORATION CAUTIONS INVESTORS NOT TO PLACE UNDUE RELIANCE ON FORWARD-LOOKING
STATEMENTS, WHICH SPEAK ONLY AS TO MANAGEMENT'S EXPECTATIONS ON THIS DATE.
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CONSOLIDATED STATEMENTS OF INCOME
<Table>
<Caption>
Three Months Ended Three Months Ended
September 30, 2003 September 30, 2002
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INVESTMENT INCOME
Interest on loans receivable $ 1,390,175 $ 1,551,000
Fees and other income 51,224 57,233
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TOTAL INVESTMENT INCOME 1,441,399 1,608,233
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OPERATING EXPENSES
Interest 372,753 540,686
Salaries and employee benefits 246,547 219,913
Legal fees 62,421 61,927
Miscellaneous administrative expenses 378,361 293,104
Loss on assets acquired in satisfaction of
loans, net 29,901 9,724
Directors' fee 13,250 13,250
Foreclosure expense 209,630 78,186
Write off and depreciation on interest
and loans receivable 255,892 73,229
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TOTAL OPERATING EXPENSES 1,568,755 1,290,019
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OPERATING (LOSS) INCOME (127,356) 318,214
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OTHER INCOME
Rental income 13,836 -
Gain on sale of securities 5,665 -
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TOTAL OTHER INCOME 19,501 -
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(LOSS) INCOME BEFORE INCOME TAXES
(107,855) 318,214
INCOME TAXES 10,543 11,483
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NET (LOSS) INCOME $ (118,398) $ 306,731
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DIVIDENDS ON PREFERRED STOCK $ (84,375) $ (84,375)
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NET (LOSS) INCOME AVAILABLE TO
COMMON SHAREHOLDERS $ (202,773) $ 222,356
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WEIGHTED AVERAGE SHARES OUTSTANDING
- - Basic 2,035,600 2,035,600
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- - Diluted 2,035,600 2,035,600
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NET (LOSS) INCOME PER COMMON SHARE
- - Basic $ (0.10) $ 0.11
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- - Diluted $ (0.10) $ 0.11
================= ==================
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CONSOLIDATED BALANCE SHEETS
<Table>
<Caption>
SEPTEMBER 30, 2003 JUNE 30, 2003
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ASSETS
Loans receivable $ 54,083,564 $ 55,306,678
Less: unrealized depreciation on loans receivable (238,500) (238,500)
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Loans receivable, net 53,845,064 55,068,178
Cash and cash equivalents 302,205 498,669
Accrued interest receivable, net of unrealized
depreciation of $775,800 and $691,000, respectively 1,241,868 1,321,591
Assets acquired in satisfaction of loans 1,142,189 1,142,189
Receivables from debtors on sales of assets acquired
in satisfaction of loans 431,258 431,258
Equity securities 1,054,046 929,405
Property, auto and leasehold improvements, net 475,427 173,100
Medallions owned 300,300 -
Prepaid expenses and other assets 644,827 527,511
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TOTAL ASSETS $ 59,437,184 $ 60,091,901
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LIABILITIES
Debentures payable to SBA $ 10,480,000 $ 9,200,000
Notes payable, banks 32,379,902 34,130,000
Accrued expenses and other liabilities 631,983 485,710
Accrued interest payable 97,217 219,671
Dividends payable 84,375 84,375
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TOTAL LIABILITIES 43,673,477 44,119,756
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COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock 500,000 shares authorized,
none issued or outstanding - -
9 3/8% cumulative participating redeemable preferred
stock $.01 par value, $12.00 face value, 500,000
shares authorized; 300,000 shares issued and
outstanding 3,600,000 3,600,000
Common stock, $.0001 par value: 5,000,000 shares
authorized; 2,045,600 shares issued, 2,035,600
outstanding 205 205
Additional paid-in-capital 13,869,545 13,869,545
Accumulated deficit (1,400,498) (1,197,725)
Accumulated other comprehensive income (235,545) (229,880)
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15,833,707 16,042,145
Less: Treasury stock, at cost, 10,000 shares
of common stock (70,000) (70,000)
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TOTAL STOCKHOLDERS' EQUITY 15,763,707 15,972,145
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TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 59,437,184 $ 60,091,901
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