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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 SECOND QUARTER FISCAL 2004 RESULTS
New York, NY, February 18, 2004- Ameritrans Capital Corporations (NASDAQ: AMTC,
AMTCP) reported financial results for the quarter ended December 31, 2003. For
the company's second fiscal quarter, total investment income was $1.39 million
compared to $1.59 million during the prior comparable period. Ameritrans
reported a net loss available to common shareholders for the second quarter of
fiscal 2004 of ($278,191) or ($0.14) per basic and diluted common share, versus
net income of $174,912 or $0.09 per basic and diluted common share for the same
period of fiscal 2003. The Company's net loan portfolio at December 31, 2003 was
$53.2 million versus $56.9 million at December 31, 2002. Not included in the net
loan portfolio for the period ended December 31, 2003 was $1.42 million of
medallions owned which are represented through inter-company receivables from
wholly-owned subsidiaries. The Company's net equity securities at December 31,
2003 was $1,043,379 versus $590,638 at December 31, 2002.
For the six months ended December 31, 2003, Ameritrans reported total investment
income of $2.83 million, compared to $3.19 during the prior comparable period.
Net loss available to common shareholders for the six months ended December 31,
2003 was ($480,964) or ($0.24) per basic and diluted common share, versus
$397,268, or $0.20 for the six months ended December 31, 2002.
Commenting on the results, Gary C. Granoff, Ameritrans' president said, "Our
second quarter was difficult due to the problems in our Chicago medallion loan
program and the decreasing interest rate environment. Our dedicated team has
made, and will continue to make significant headway in taking the steps
necessary to return our company to profitability."
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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AMERITRANS CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
<Table>
<Caption>
DECEMBER 31, 2003
(UNAUDITED) JUNE 30, 2003
----------------- -------------
ASSETS
Loans receivable............................................ $53,477,811 $55,306,678
Less: unrealized depreciation on loans receivable........... (288,500) (238,500)
=========== ===========
Loans receivable, net................................... 53,189,311 55,068,178
Cash and cash equivalents................................... 474,538 498,669
Accrued interest receivable, net of unrealized depreciation
of $394,500 and $691,000, respectively.................... 1,107,404 1,321,591
Assets acquired in satisfaction of loans.................... 854,189 1,142,189
Receivables from debtors on sales of assets acquired in
satisfaction of loans..................................... 427,470 431,258
Equity securities........................................... 1,043,379 929,405
Property and leasehold improvements, net.................... 446,298 173,100
Medallions -- See Note 2.................................... 1,418,901 --
Prepaid expenses and other assets........................... 591,114 527,511
----------- -----------
TOTAL ASSETS.............................................. $59,552,604 $60,091,901
=========== ===========
LIABILITIES AND TOTAL STOCKHOLDERS EQUITY
LIABILITIES
Debentures payable to SBA................................. $10,480,000 $ 9,200,000
Notes payable, banks...................................... 32,779,902 34,130,000
Accrued expenses and other liabilities.................... 541,251 485,710
Accrued interest payable.................................. 192,226 219,671
Accrued dividend payable.................................. 84,375 84,375
----------- -----------
TOTAL LIABILITIES......................................... 44,077,754 44,119,756
=========== ===========
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......................................... (1,678,689) (1,197,725)
Accumulated other comprehensive income...................... (246,211) (229,880)
----------- -----------
15,544,850 16,042,145
Less: Treasury stock, at cost, 10,000 shares of common
stock..................................................... (70,000) (70,000)
----------- -----------
TOTAL STOCKHOLDERS' EQUITY................................ 15,474,850 15,972,145
----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY................. $59,552,604 $60,091,901
=========== ===========
</Table>
The accompanying notes are an integral part of these financial statements.
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AMERITRANS CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
<Table>
<Caption>
THREE MONTHS ENDED THREE MONTHS ENDED SIX MONTHS ENDED SIX MONTHS ENDED
DECEMBER 31, 2003 DECEMBER 31, 2002 DECEMBER 31, 2003 DECEMBER 31, 2002
------------------ ------------------ ----------------- -----------------
INVESTMENT INCOME
Interest on loans
receivable............... $1,331,027 $1,543,557 $2,721,202 $3,094,557
Fees and other income...... 57,222 45,312 108,446 99,569
---------- ---------- ---------- ----------
TOTAL INVESTMENT
INCOME................. 1,388,249 1,588,869 2,829,648 3,194,126
---------- ---------- ---------- ----------
OPERATING EXPENSES
Interest................... 342,679 526,329 715,432 1,067,015
Salaries and employee
benefits................. 241,019 214,135 487,566 434,048
Occupancy costs............ 48,178 39,497 98,241 73,482
Professional fees.......... 241,999 147,786 354,882 262,371
Miscellaneous
administrative
expenses................. 315,423 235,784 606,509 455,496
Loss on assets acquired in
satisfaction of loans,
net...................... 6,168 4,940 36,069 14,664
Foreclosure expenses....... 53,902 41,985 263,532 120,171
Write off and depreciation
of interest and loans
receivable............... 355,662 119,126 611,554 192,354
---------- ---------- ---------- ----------
TOTAL OPERATING
EXPENSES............... 1,605,030 1,329,582 3,173,785 2,619,601
---------- ---------- ---------- ----------
OPERATING (LOSS)
INCOME................. (216,781) 259,287 (344,137) 574,525
---------- ---------- ---------- ----------
OTHER INCOME
Rental income.............. 23,712 -- 37,548 --
Gain on sale of
securities............... -- -- 5,665 2,976
---------- ---------- ---------- ----------
TOTAL OTHER INCOME....... 23,712 -- 43,213 2,976
---------- ---------- ---------- ----------
(LOSS) INCOME BEFORE
INCOME TAXES........... (193,069) 259,287 (300,924) 577,501
---------- ---------- ---------- ----------
INCOME TAXES................. 747 -- 11,290 11,483
NET (LOSS) INCOME........ (193,816) 259,287 (312,214) 566,018
DIVIDENDS ON PREFERRED
STOCK...................... (84,375) (84,375) (168,750) (168,750)
NET (LOSS) INCOME
AVAILABLE TO COMMON
SHAREHOLDERS........... $ (278,191) $ 174,912 $ (480,964) $ 397,268
---------- ---------- ---------- ----------
WEIGHTED AVERAGE SHARES
OUTSTANDING
- Basic.................... 2,035,600 2,035,600 2,035,600 2,035,600
========== ========== ========== ==========
- Diluted.................. 2,035,600 2,035,600 2,035,600 2,035,600
========== ========== ========== ==========
NET (LOSS) INCOME PER COMMON
SHARE
========== ========== ========== ==========
- Basic.................... $ (0.14) $ 0.09 $ (0.24) $ 0.20
========== ========== ========== ==========
- Diluted.................. $ (0.14) $ 0.09 $ (0.24) $ 0.20
========== ========== ========== ==========
</Table>
The accompanying notes are an integral part of these financial statements.