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Resource America Inc (REXI) SEC Filing 10-K Annual report for the fiscal year ending Saturday, September 30, 2006

Resource America, Inc.

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CIK: 83402 Ticker: REXI
 
FOR IMMEDIATE RELEASE

CONTACT:           STEVEN KESSLER 
CHIEF FINANCIAL OFFICER
RESOURCE AMERICA, INC.
1845 WALNUT STREET, SUITE 1000
PHILADELPHIA, PA 19103
215/546-5005, 215/546-4785 (fax)


RESOURCE AMERICA, INC.
REPORTS OPERATING RESULTS
FOR FOURTH QUARTER AND FISCAL YEAR ENDED SEPTEMBER 30, 2006

Philadelphia, PA November 27, 2006 - Resource America, Inc. (Nasdaq: REXI) (the "Company") reported income from continuing operations of $3.9 million and $17.3 million for the fourth quarter and fiscal year ended September 30, 2006, respectively, as compared to $793,000 and $5.4 million for the fourth quarter and fiscal year ended September 30, 2005, respectively, an increase of $3.1 million (386%) and $11.9 million (220%), respectively. Income from continuing operations per common share-diluted was $0.21 and $0.90 per common share for the fourth quarter and fiscal year ended September 30, 2006, respectively, as compared to income from continuing operations per common share-diluted of $0.04 and $0.28 per common share for the fourth quarter and fiscal year ended September 30, 2005, respectively, an increase of $0.17 (425%) and $0.62 (221%), respectively.

Net income was $4.1 million, or $0.22 per common share-diluted, and $19.9 million, or $1.04 per common share-diluted, for the fourth quarter and fiscal year ended September 30, 2006, respectively, as compared to a net loss of $1.2 million, or $0.06 per common share-diluted, and net income of $16.5 million, or $0.86 per common share-diluted, for the fourth quarter and fiscal year ended September 30, 2005, respectively. Discontinued operations for fiscal 2005 include nine months of operations and spin-off costs related to Atlas America, Inc. (Nasdaq: ATLS), the Company’s former 80% owned energy subsidiary, prior to its tax-free distribution to shareholders on June 30, 2005. The fourth quarter ended September 30, 2005 included $144,000 of spin-off costs while the fiscal year ended September 30, 2005 reflected $16.5 million of Atlas America income from discontinued operations, net of tax, including $2.7 million of spin-off costs. Excluding the operations of Atlas America and related spin-off costs, net loss per common share-diluted would have been $0.05 and $0.00 per common share for the fourth quarter and fiscal year ended September 30, 2005, respectively.

The following information was filed by Resource America, Inc. (REXI) on Tuesday, November 28, 2006 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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Ticker: REXI
CIK: 83402
Form Type: 10-K Annual Report
Accession Number: 0000083402-06-000089
Submitted to the SEC: Thu Dec 14 2006 11:36:15 AM EST
Accepted by the SEC: Thu Dec 14 2006
Period: Saturday, September 30, 2006
Industry: Investors

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