PRNewswire-FirstCall WASHINGTON Nov. 13 :
Bresler & Reiner, Inc. (BULLETIN BOARD: BRER) reported net income of
$213,000 or $0.08 per share on revenues of $8,227,000 for the three months
ended September 30, 2003. For the comparable period in 2002, the Company
reported net income of $1,940,000 or $0.71 per share on revenues of
$15,137,000. For the nine months ended September 30, 2003, the Company
reported net income of $2,991,000 or $1.09 per share on revenues of
$23,602,000. In the prior year, the Company reported net income of
$6,500,000, or $2.37 per share, on revenues of $49,328,000 for the nine
months ended September 30, 2002.
Included in the Company`s results for the nine months ended September 30,
2003, are earnings from the sale of its Maplewood Manor nursing home in
the second quarter of 2003, which contributed $1,826,000 to net income.
Net income from continuing operations, which excludes the operations from,
and gain on the sale of the nursing home, as well as the operations of
assets the Company is currently holding for sale, was $108,000 and
$808,000 for the three and nine months ended September 30, 2003,
respectively. For the comparable three and nine month periods in 2002, the
Company`s net income from continuing operations was $1,790,000 and
Mr. Sidney M. Bresler, Chief Executive Officer, stated that the decrease
in revenues and net income relative to the prior year, for both the three
and nine months ended September 30, 2003, is primarily attributed to the
reduction in commercial rental revenue resulting from the September 2002
expiration of the GSA office lease at the Waterfront Complex as well as
decreased home and lot sales resulting from the completion of two of the
Company`s residential subdivisions in 2002.
Bresler & Reiner, Inc. owns, operates, and manages residential, commercial
and hospitality properties, principally in the Washington, DC and Orlando,
Florida metropolitan areas.