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Bresler Reiner Inc (BRER) SEC Filing 10-K Annual report for the fiscal year ending Friday, December 31, 2004

Bresler Reiner Inc

CIK: 14073 Ticker: BRER

Exhibit 99.1

 

 

PRESS RELEASE

 

FOR IMMEDIATE RELEASE

 

BRESLER & REINER, INC. (OTC: BRER) REPORTS FULL YEAR 2004 RESULTS

 

ROCKVILLE, MD. — March 31, 2005:  Bresler & Reiner, Inc. reported net income of $4,419,000 or $0.81 per common share on operating revenues of $78,258,000 for the year ended December 31, 2004.  For the comparable period in 2003, the Company reported net income of $9,581,000 or $1.75 per common share on operating revenues of $31,298,000.

 

Net income per common share for both 2004 and 2003 reflect a 2-for-1 stock split which was effected in the form of a stock dividend in September 2004.

 

Funds from operations were $15,953,000 for the year ended December 31, 2004, versus $9,753,000 for 2003, an increase of 63.6%.  Funds from operations is defined by the Company as net income computed in accordance with GAAP, excluding gains and losses, net of tax, on sales of property, plus depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.

 

The following table reflects the reconciliation of net income to funds from operations (in thousands):

 

 

 

For the year
ended December 31,

 

 

 

2004

 

2003

 

Net income

 

$

4,419

 

$

9,581

 

Add: Depreciation and amortization including Company’s share of unconsolidated real estate joint ventures

 

12,659

 

7,301

 

Add: Income tax expense from property sales

 

749

 

4,753

 

Less: Gain on sale of properties

 

(1,874

)

(11,882

)

Funds from operations

 

$

15,953

 

$

9,753

 

 

Mr. Sidney M. Bresler, Chief Executive Officer, stated that the increase in operating revenues and funds from operations are primarily attributed to sales of residential lots and condominium units in 2004, along with the operating results of fourteen commercial office buildings acquired in 2004 and a full year of operating results of a commercial office building and two residential apartment complexes acquired in 2003.  Mr. Bresler further stated that the decrease in net income is primarily attributed to a $7,129,000 gain, net of taxes, recorded in 2003 relating to the sale of a commercial office building and of 95% of the Company’s interest in a residential apartment complex.

 

 


The following information was filed by Bresler Reiner Inc (BRER) on Thursday, March 31, 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.

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Bresler Reiner Inc provided additional information to their SEC Filing as exhibits

Ticker: BRER
CIK: 14073
Form Type: 10-K Annual Report
Accession Number: 0001047469-05-008634
Submitted to the SEC: Thu Mar 31 2005 5:24:43 PM EST
Accepted by the SEC: Thu Mar 31 2005
Period: Friday, December 31, 2004
Industry: Operators Of Apartment Buildings

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