Exhibit 99.1

 

News Release

FOR IMMEDIATE RELEASE

CONTACT

April 15, 2005

Craig Renner

 

301-843-8600

 

 

ACPT REPORTS NET INCOME OF $3.5 MILLION FOR 2004

ST. CHARLES, MD.-

American Community Properties Trust, a diversified real estate organization, today announced results for the year ended December 31, 2004. The results reflect the impact of the Company's previously announced restatement of its financial statements for the fiscal year ended December 31, 2003 and for the quarters ended March 31, 2004, June 30, 2004 and September 30, 2004. The information is presented on a restated and consistent basis for all periods.

For the year ended December 31, 2004, ACPT reported net income of $3,454,000 or $.67 basic and diluted earnings per share on revenues of $49,011,000. This compares to net income of $2,862,000 or $.55 basic and diluted earnings per share on revenues of $55,506,000 for the year ended December 31, 2003. For the year ended December 31, 2004, operating income was $8,079,000, compared to $7,786,000 in 2003.

ACPT reported net income of $ 1,361,000 or $.26 basic and diluted earnings per share, on revenues of $11,685,000 for the quarter ended December 31, 2004. This compares to net income of $534,000 or $.10 basic and diluted earnings per share on revenues of $15,386,000 for the same quarter in 2003. For the quarter ended December 31, 2004, operating income was $ 2,584,000, compared to $1,378,000 in the fourth quarter of 2003.

J. Michael Wilson, Chairman and Chief Executive Officer of ACPT, noted that net income increased by $592,000 and cash flows from operating activities produced an additional $1.7 million for the twelve months ended December 31, 2004, compared to the same period in the previous year. Revenues decreased by $ 6.5 million, which Mr. Wilson attributed to the completion of homebuilding operations in the Brisas section of Parque Escorial in Puerto Rico. In 2004, the Company sold the remaining 55 units in Brisas, compared to 124 units in 2003. Mr. Wilson said this decrease in revenues was partially offset by an increase of $2.8 million in revenue from community development land sales, and a $1.9 million increase in revenues generated from our consolidated rental properties. Mr. Wilson also noted that the Company maintained strong cash flows throughout the year and paid $.35 per share in cash dividends to shareholders in 2004.

"Our financial basis is solid, and the Company is well-positioned to meet the strong demand for residential and commercial lots and rental housing in St. Charles and Parque Escorial," said Mr. Wilson. "We will continue to seek innovative and cost-effective opportunities to meet the demand in the markets we serve."

Edwin L. Kelly, President and Chief Operating Officer, referred to several accomplishments in 2004 that indicate the continuing strength of the Company's lines of business in the United States and Puerto Rico. "In St. Charles, our flagship planned community, prices for standard size single-family residential lots increased in 2004 to an average of $98,000 per lot, compared to $62,000 in 2003," said Mr. Kelly. In 2004 the Company began delivery of lots to Lennar Corp., under an agreement to sell the homebuilder 1,950 residential lots in Fairway Village.

In Parque Escorial, the Company initiated construction of mid-rise condominiums in the newest section of the planned community, Torres del Escorial, with delivery of units expected to begin in the third quarter of 2005. The Company has also nearly completed the construction of a 57,000 square foot office building in the Parque Escorial Office Park, for a total cost of $11.1 million. It is projected that the building will be ready for occupancy in the second quarter of 2005. Presently, the Company is negotiating lease agreements with prospective tenants for approximately 70% of the building space, including 12,000 square feet for our new main offices in Puerto Rico.

Mr. Kelly noted that the Company has broken ground on a 352-unit active adult community in St. Charles, with delivery of lots projected to begin in the third quarter of 2005. In addition, the Company purchased two fair market rental properties in Pikesville, Maryland that added 307 units to its property management portfolio. ACPT will also soon begin construction of Sheffield Greens, a 252-unit fair market apartment property in St. Charles' Fairway Village. The Company has also initiated infrastructure improvements that will enable development of future villages of St. Charles.

Mr. Kelly said that at the beginning of 2005 the Company had over $2.7 million of commercial land sales under contract in St. Charles, and $10 million in Parque Escorial.

Mr. Kelly added that the Company's operating results should be evaluated over an extended period of time due to the cyclical nature of its business.

ACPT (AMEX, PSE:APO) is a diversified real estate organization with operations in Maryland and Puerto Rico that specializes in community development, investment apartment properties, and asset management services. ACPT is currently listed on the American and Pacific stock exchanges under the symbol AmCmntyProp (APO).

When filed, ACPT's form 10-K will be available via the Internet at www.acptrust.com.

This press release contains forward-looking statements. Investors are cautioned that all forward-looking statements involve risks, uncertainties, and other factors that could cause actual results to differ materially from those in the forward-looking statement. Forward-looking statements may be related to anticipated revenues, gross margins, earnings, development pace and demand for our products. Numerous factors could cause results to differ, including but not limited to national, regional and local economic and business conditions that will, among other things, affect demand for residential lots, commercial parcels and multifamily housing; the ability of the general economy to recover timely from the current economic downturn, and the availability and credit worthiness of tenants; adverse changes in the real estate markets, including, among other things, competition with other companies, and risks of real estate acquisition and development (including our ability to obtain governmental approval for development projects and to complete our current development projects on time and within budget); ability to obtain insurance at a reasonable cost; ability to renew the HUD subsidy contracts and availability of federal funds on a timely basis to service these contracts; governmental actions and initiatives; and environmental and safety requirements. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it gives no assurances that its expectations will be attained. For more information, please refer to the Company's 10-K form.

 

 

 

AMERICAN COMMUNITY PROPERTIES TRUST
Audited

Financial Highlights
 

For the Year Ended

 

For the Three Months Ended

 

12/31/04

12/31/03

 

12/31/04

12/31/03

   

(Restated)

 

(Unaudited)

(Unaudited & Restated)

           

Revenues

$ 49,011,000

$55,506,000

 

$11,685,000

$15,386,000

           

Expenses

40,932,000

47,720,000

 

$9,101,000

14,008,000

           

Operating Income

8,079,000

7,786,000

 

2,584,000

1,378,000

           

Other Income/(Expenses)

(3,564,000)

(3,711,000)

 

(703,000)

(615,000)

           

Income before provision for income taxes

4,515,000

4,075,000

 

1,881,000

763,000

           

Provision for income taxes

(1,061,000)

(1,213,000)

 

(520,000)

(229,000)

Net income

$3,454,000

$2,862,000

 

$1,361,000

$534,000

Earnings per share

         

Basic

$0. 67

$0.55

 

$0.26

$0.10

Diluted

$0. 67

$0.55

 

$0.26

$0.10

Weighted average shares outstanding

         

Basic

5,192,000

5,192,000

 

5,192,000

5,192,000

Diluted

5,192,000

5,199,000

 

5,192,000

5,192,000

           

###


The following information was filed by American Community Properties Trust on Friday, April 15, 2005 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate American Community Properties Trust's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by American Community Properties Trust.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account