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His new movie 'Vicky Cristina Barcelona' deals with women, men and multiple lovers, but when it comes to real-life romance, director Woody Allen, 72, says more than a single partner is far too many these days. "It's hard enough to get one person," he told reporters atA the Cannes film festival. In trying to figure out solutions in life, two tends to make it more complicated than one."
"In film, you can do it because I'm dealing with larger than life characters ... but in real life, most of us could never handle anything like that," he added.
'Vicky Cristina Barcelona', which looks at several different love relationships including a menage-a-trois, debuted to a warm reception at Cannes as one of the few comedies showing this year. Many films, such as prison drama 'Hunger' and Lebanese war movie 'Waltz with Bashir' delve into dark human conditions.
Show business newspaper Daily Variety called 'Vicky Cristina' "a sexy, funny divertissement that passes as enjoyably as an idle sunny afternoon in the titular Spanish city" and added the film "is by several degrees more hot-blooded than his (Allen's) usual norm." Allen said he definitely wanted to make the movie funny, but he also saw it as a somewhat tragic tale of people who can't fall in love, others who fall perhaps too deeply for each other, and those who marry for all the wrong reasons.
[c] 2007 Al Sidra Media LLC
Provided by Syndigate.info an Albawaba.com company
Loss-making Birmingham software group Recognition Systems is ramping up its marketing programme in the US and Europe after receiving pounds 3 million from its December rights issue.
New chief executive Mr Brian Black, who took over from founder Prof David Bounds at the time of the rights issue, said the marketing effort would include attending trade shows around the world, extra advertising and direct marketing.
He said the new money - pounds 2 million in equity from 3i and pounds 1 million through a placing of new shares - would also be used to accelerate the expansion of its range of marketing campaign management software.
Mr Black unveiled losses for the year of pounds 2.26 million on turnover flat at pounds 788,000, in line with the company's forecast at the time of the rights issue.
The losses had arisen because potential customers had been put off by their perception that the group was financially weak, he said.
Only days after the issue was announced, US Internet software company Macromedia signed a pounds 300,000 licensing deal with Recognition.
However, finance director Mr Martin Andrews said: "We are not forecasting to make a profit this year."
He said the software - designed to allow businesses to tailor their marketing to individual customers - was unique because it combined marketing modelling software with campaign management software, two products which are normally sold separately.
Recognition's shares remained unchanged yesterday at 13p, but up from 10p at the time the rights issue was announced.
See Insider\Page 20
Brazil, Jan 18, 2002
Algar group the owner of 20 companies and R$1.1bil turnover in 2001, is to restructure its business in telecommunication sector in Brazil, that represents 54% of its business in the country. The plan is to join 5 controlled companies with operation in mobile and fixed communications, cable TV, broadband, and Internet. They are : CTBC Telecom, CTBC Celular, Engeredes, Net Site, and Image Telecom. Consulting company Booz-Allen was contract to develop the restructuring project. The group announced R$1bil investment in infrastructure from 2002 to 2006. Only in 2002 the prospect is to invest R$200mil. In 2001 Algar sold for R$950mil its interest on Tess to the consortium Telecom Americas, teamed by Bell Canada International (44,3%), Telmex (44,3%), and SBC (11,4%). The strategy allowed Algar to reduce its debts from R$940mil to R$651mil. Algar ended 2001 registering R$1.1bil net earning, 36% growth compared to 2000 when it was R$850mil.
Copyright (c) 2002, South American Business Information, All rights reserved.
INDUSTRY KEYWORD: Telecommunications Internet Services EVENT: Restructuring
News Provided by COMTEX (http://www.comtexnews.com)
--(BUSINESS WIRE)--
The following Corporate Profile is available for inclusion in your files. News releases for this client are distributed by Business Wire and also become part of the leading databases and online services, including all of the leading Internet-based services. -0-
Published Date: June 25, 1999 Company Name: Atlas Air, Inc. Address: 538 Commons Drive Golden, CO 80401 Main Telephone Number: 303/526-5050 Internet Home Page Address (URL) www.atlasair.com Chief Executive Officer: Michael A. Chowdry Chief Financial Officer: Steven C. Nevin Investor Relations Contact: Suzanne Pierce Business number: 303/526-5050 E-mail address: spierce@atlasair.com Public Relations Contact: Vicki L. Foster Business number: 303/526-5050 E-mail address: vfoster@atlasair.com Industry: Air Cargo Trading Symbol/ Exchange: NYSE:CGO
Company description: Atlas Air, Inc., based in Golden, Colo., is a worldwide cargo carrier that operates a fleet of Boeing 747 freighter airplanes under long-term contracts with the world's major international airlines. Michael Chowdry founded the company in April 1992, with one 747-200F serving China Airlines. The initial service was under the name of Atlas Air, Inc. In 1995, Atlas issued shares to the public and traded on NASDAQ under ATLS. On Nov. 11, 1997, the company transferred its listing to the New York Stock Exchange and trades under CGO.
The company's fleet includes 23 Boeing 747-200's and 5 Boeing 747-400's and lands in airports in 76 cities and 42 countries. Revenues for the fiscal year ending in Dec. 31, 1998, were $422.2 million.
The majority of the company's income is obtained under fixed-rate, long-term contracts with major airlines. Under these contracts, Atlas provides the aircraft, crew, maintenance, and insurance (ACMI) for clients such as Alitalia, China Airlines, British Airways, Fed Ex and Cargolux. The customers pay all other operating expenses including fuel, airport fees and services, and cargo insurance. One aircraft is dedicated to the customer under each contract and the customer guarantees a minimum level of usage. By offering its services exclusively to airlines, the company avoids competitive conflicts of interest and through its contracts creates stability of income for itself and guaranteed availability of space to its customers.
The company is the only pure air cargo outsourcer and the largest ACMI carrier in the freight service business. Its strategy is to be the low-cost carrier and to provide a high level of service to its customers. To do this, the company maintains a fleet of 747 freighter aircraft that are considered the most efficient and cost effective for the market segments served. Atlas is able to offer freight services at up to 30% less than its customer's internal costs.
Provided by 7DAYS.ae
Bad weather earlier this week could have been man-made as UAE scientists were trying out cloud seeding techniques. Cloud seeding, which sees cloud seeding salts sprayed to induce rainfall, was tried out on moist clouds heading towards Abu Dhabi, Dubai and Al Ain by the Meteorological Department at the National Centre of Meteorology on Tuesday morning. Rainfall was subsequently recorded in areas of Abu Dhabi and Dubai.
The scientists planned to repeat the tests yesterday, so dust off your umbrella as we could be in for a wet one.
[c] 2007 Al Sidra Media LLC
Provided by Syndigate.info an Albawaba.com company
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Damien McGrane last week became the seventh first-time winner on the European Tour in what is turning out to be an unbelievable 2008 season - even better because it's Ryder Cup year. Normally by this stage of the season most of the familiar faces have bagged a trophy, or sometimes two, but not this year. We've seen guys come from nowhere and put together four solid rounds of golf to win themselves a tournament, but I wasn't surprised by McGrane's win.
He's not just the best grinder on Tour, he's the best grinder I've seen. He just hangs in there, never gives up and it's finally paid off for him. The weather on the final day in Beijing last week was awful, but for McGrane, who is from Ireland, it was like a summer's day!
This latest first-time victory is another twist in Ryder Cup year, and I think it's great. The whole race to make the European team is wide open as none of the big guns have started to do anything yet. It might act as a wake-up call for some of them.
Players like Sergio Garcia, Luke Donald and Paul Casey are flying well under the radar. And when you see Ian Poulter shanking iron shots in the Masters and some of the lesser-known guys stepping into the winners' circle, it's going to be an interesting race to see who makes the European Ryder Cup team.
The fact that we have seen so many first-time winners is down to the belief of players now. They've seen one or two guys do it and that has convinced them that they can step up and compete with the big boys over four days. The standard of golf is improving and that can only be good for the game.
The bad weather from Beijing seems to have followed us to Shanghai for the BMW Asian Open this week.
A few of the big guns are here. Henrik Stenson's looking to get the Order of Merit lead back after losing it to Trevor Immelman after his Masters win. Thomas Bjorn, Darren Clarke and David Howell are all here as well, but the way the season is going, I just don't know who is going to win.
I think we could even be in for an eighth first-time winner. Stenson hits the ball a long way, but this course at the Tomson Shanghai Pudong GC is a thinking man's course, You have to play from A to B to get to C etc, so it gives a lot of the guys a chance. And who knows, it could be us! We've had an interesting week so far. Simon had his driver broken en-route from Beijing to here so we've got a new driver in the bag.
That can be a funny thing. We now go out not really knowing what to expect and that could lead to Simon just playing his game and seeing where that gets us. Hopefully the weather will improve over the weekend and we'll see lots of birdies and not the bogeys we saw in a soggy Beijing last week.
>> Ian MacGregor is a caddie for English golfer Simon Wakefield
[c] 2007 Al Sidra Media LLC
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Firm Announces New Vice Presidents With Deep Experience In Valuation and Solvency Matters
BOSTON -- Charles River Associates (NASDAQ: CRAI), a worldwide leader in providing management, economic, and financial consulting services, today announced that Craig Elson has joined the firm as a vice president in the Financial Accounting & Valuation Practice based in Chicago. Joining CRA along with Mr. Elson are Renee McMahon and David Wensel, also as vice presidents in the Financial Accounting & Valuation Practice based in Chicago.
"Craig Elson, Renee McMahon, and David Wensel have extensive valuation and damages quantification expertise in the context of commercial disputes, and Craig is particularly well known for his leadership in complex damages analyses and expert testimony, having testified on more than 80 prior matters," said CRA's President and Chief Executive Officer Paul Maleh. "Their arrival supports our strategic objective to recruit highly-experienced experts who can supplement our service offerings and the value we provide to our clients. It is a pleasure to welcome them to CRA."
Vice President Craig Elson has significant experience in connection with the economic, financial, accounting, and valuation aspects of commercial litigation. He has substantial expertise in performing valuation studies and damage assessments, including voidable transfer evaluations in bankruptcy matters, as well as lost profits, excessive cost, and unjust enrichment determinations in commercial disputes. He assists clients operating in diverse industries, such as retail, banking, manufacturing, health care, transportation, and financial services, throughout the world. His experience also includes expert testimony at deposition and trial in both state and federal courts domestically, in international courts, and in connection with international and domestic arbitration proceedings. Prior to joining CRA, Mr. Elson was a Senior Managing Director at LECG and prior to that, held a senior position at Navigant Consulting.He holds a MBA degree and a BA degree in Business Administration, both from Indiana University.
Information about Renee McMahon and David Wensel follows:
Vice President Renee McMahon advises clients on the financial and economic implications of business decision making, often in the context of performing valuation and damages analyses in litigation and bankruptcy matters. She consults clients involved in a range of disputes, including, among other things, breach of contract and/or warranty, merger and acquisition transactions, fraudulent transfer, claims of unjust enrichment, and claims of fraudulent and material misrepresentation. Her work spans many industries, including retail, telecommunications, banking and financial services, franchising, automotive, manufacturing, securities, technology, and other consumer goods and services. Prior to joining CRA, Ms. McMahon held consulting positions at LECG and prior to that, at Navigant Consulting.Ms. McMahon holds a MBA degree in Finance from the University of Chicago Booth School of Business and a BS degree in Finance from the University of Illinois at Urbana-Champaign.
Vice President David Wensel assists clients in connection with matters involving breach of contract, valuation, bankruptcy, regulated industry, cost-based claims, and securities fraud, among other areas. His responsibilities involve engagement management roles in a variety of practice area settings, including commercial disputes, bankruptcy, and regulatory matters. In the realm of commercial disputes, he has significant experience with lost profit analyses and lost asset value determinations involving damages determinations in the manufacturing, distribution, and retail segments of numerous industries, such as durable goods, airline, paper, commercial insurance, trucking and transportation, specialty steel, software, telephony, cable, and internet, among others. In connection with his bankruptcy experience, he has assisted clients in various industries with the development of plans of reorganization and analyses of pre-petition financial transactions of businesses, such as the examination of related party dealings, preferential transfer, and fraudulent conveyance and solvency determinations. Prior to joining CRA, Mr. Wensel held consulting positions at LECG and prior to that, at Navigant Consulting. He holds a MBA degree in Finance and Accounting from the University of Texas and a BA degree in Economics and Philosophy from Carthage College.
About Charles River Associates (CRA)
Charles River Associates([R]) is a global consulting firm specializing in litigation, regulatory, and financial consulting, and management consulting. CRA advises clients on economic and financial matters pertaining to litigation and regulatory proceedings, and guides corporations through critical business strategy and performance-related issues. Since 1965, clients have engaged CRA for its unique combination of functional expertise and industry knowledge, and for its objective solutions to complex problems. Headquartered in Boston, CRA has offices throughout North America, Europe, the Middle East, and Asia. Detailed information about Charles River Associates, a registered trade name of CRA International, Inc., is available at http://www.crai.com.
Statements in this press release concerning Craig Elson, Renee McMahon, David Wensel, the future business, operating results, estimated cost savings, and financial condition of the Company and statements using the terms "anticipates," "believes," "expects," "should," or similar expressions, are "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are based upon management's current expectations and are subject to a number of factors and uncertainties. Information contained in these forward-looking statements is inherently uncertain and actual performance and results may differ materially due to many important factors. Such factors that could cause actual results to differ materially from any forward-looking statements made by the Company include, among others, the Company's restructuring costs and attributable annual cost savings, changes in the Company's effective tax rate, share dilution from the Company's stock-based compensation, dependence on key personnel, attracting and retaining qualified consultants, dependence on outside experts, utilization rates, factors related to its acquisitions, including integration of personnel, clients, offices, and unanticipated expenses and liabilities, the risk of impairment write downs to the Company's intangible assets, including goodwill, if the Company's enterprise value declines below certain levels, risks associated with acquisitions it may make in the future, risks inherent in international operations, the performance of NeuCo, changes in accounting standards, rules and regulations, changes in the law that affect its practice areas, management of new offices, the potential loss of clients, the ability of customers to terminate the Company's engagements on short notice, dependence on the growth of the Company's business consulting practice, the unpredictable nature of litigation-related projects, the ability of the Company to integrate successfully new consultants into its practice, general economic conditions, intense competition, risks inherent in litigation, and professional liability. Further information on these and other potential factors that could affect the Company's financial results is included in the Company's periodic filings with the Securities and Exchange Commission. The Company cannot guarantee any future results, levels of activity, performance or achievement. The Company undertakes no obligation to update any of its forward-looking statements after the date of this press release.
Tampa, FL (PRWEB) June 09, 2011
Tampa's BlueGrace Logistics today announced its sponsorship of Ultimate Fighting Championship (UFC) contender Junior "Cigano" Dos Santos in his main event matchup with Shane Carwin and Vagner "Ceara" Rocha in his matchup with Donald Cerrone. Both events take place June 11 at the Rogers Arena in Vancouver, BC.
"The BlueGrace team and our customers are huge fans of UFC fighting, so we are very excited to be sponsoring a giant of the heavyweight division like Junior Dos Santos, and an underdog of the lightweight division like Vagner Rocha" said BlueGrace President and CEO Bobby Harris. "Though at different ends of the UFC spectrum both fighters exemplify the same qualities and values important to BlueGrace like strength of character, determination and dependability, and we look forward to continued sponsorships of other fighters who share these same values."
BlueGrace is one of the fastest-growing and most progressive providers of transportation, logistics and technology solutions to businesses and individuals nationwide, serving more than 2,500 customers. The company has previously sponsored Ben "Smooth" Henderson, and has an ongoing sponsorship with Thiago "Pitbull" Alves.
About The Ultimate Fighting Championship
The Ultimate Fighting Championship is the world's leading professional mixed martial arts organization and offers the premier series of MMA sports events. Owned and operated by Zuffa, LLC, and headquartered in Las Vegas, Nev., UFC produces over twelve live pay-per-view events annually that are distributed residentially through North American cable and satellite providers including iNDEMAND Networks, DIRECTV, DISH Network, TVN Entertainment, Bell ExpressVU, SaskTel Max[TM], Shaw Pay-Per-View, Viewers Choice, and WOWOW in Japan, and via the Internet worldwide on Yahoo! Sports, and commercially through Joe Hand Promotions in the U.S. and Canadastar in Canada. In addition to its North American distribution, UFC programming is distributed in over 100 countries and territories throughout the world. For more information, or current UFC fight news, visit http://www.ufc.com.
About BlueGrace Logistics
Founded in 2007, BlueGrace offers complete, customized transportation management solutions to customers throughout the United States. Based in Riverview, Fla., the company has grown to an $80 million business with satellite offices in Salt Lake City and Chicago. It also launched a franchise program in early 2011 as part of its strategic growth plan. The company offers best-in-class freight services and support, including:
* Less Than Truckload
* Truckload Services
* International and Domestic Air Freight
* Ocean Freight
* Parcel Shipment
* Logistics Management
* State-of-the-Art Technology
* Service Desk Support
* Auditing Services
Please visit http://www.mybluegrace.com for additional information.
###
Read the full story at http://www.prweb.com/releases/2011/6/prweb8543496.htm
If the name John Pestana sounds familiar, think Omniture. Pestana was a co-founder of the company and executive vice president until 2009, when Omniture was acquired by Adobe for $1.8 billion.
[ILLUSTRATION OMITTED]
Having "always been an entrepreneur," Pestana is wired for success in business. He has learned that adaptability is a valuable trait for any business leader. He explains, "Sometimes in business you realize that you've been focused, but focused on the wrong thing. Once you realize that, you change your course direction. You course correct and then focus on the right thing."
Pestana founded JP Graphics in 1996 with Josh James and quickly developed it into JP Interactive a few months later. In searching for the right focus, JP Interactive became MyComputer.com and then Omniture. SiteCatalyst, Omniture's main product, developed out of SuperStats, which developed out of the websites Pestana and James were building when they first started their business.
Since his huge success with Omniture, Pestana has changed his focus to something that combines his expertise with a passion: he is now CEO of ExactRail, a web-based model train company that he co-founded. "This is a cool opportunity to do something tangible and something fun, something that actually does really well on the internet, which is my expertise."
He also likes that customers are prone to love the products ExactRail makes. "Nobody gets super excited about online marketing software and business optimization analytics. With ExactRail, we get this really fun almost fanbase. Almost every single person I've ever talked to has somebody really into [trains], and everybody has some interest in it."
Pestana's advice to entrepreneurs is to simply jump in head first and leverage opportunities as they present themselves. "Just get out there. Do it. You'll learn and make mistakes," he says. "What's interesting is that once you do start something, it's like your eyes are opened. And all of a sudden you start seeing opportunities that you would never see if you hadn't started."
SAN DIEGO -- Excel Trust, Inc. (NYSE:EXL) announced today financial and operating results for the quarter ended March 31, 2011. A supplemental financial package with additional information can be found on Excel Trust's website under the Investor Relations tab.
"We had another solid quarter, both in terms of financial and operational results. We are pleased with the execution of our preferred offering and used some of the proceeds to acquire Gilroy Crossing in April," commented Gary Sabin, Excel Trust's CEO. "For 2011, we expect to continue to grow the company's net operating income by buying well and aggressively managing our properties."
Excel Trust reported Adjusted Funds From Operations (AFFO) for the quarter of $3.8 million, or $0.19 per diluted share. Excel Trust reported Funds From Operations (FFO) for the quarter of $3.4 million or $0.17 per diluted share. Net loss attributable to common shareholders was ($0.6 million), or ($0.04) per diluted share.
Excel Trust considers AFFO and FFO important supplemental measures of its operating performance and believes that they are frequently used by securities analysts, investors and other interested parties in the evaluation of real estate investment trusts (REITs), many of which present AFFO and FFO when reporting their results. A complete reconciliation containing adjustments from GAAP net income available to common shareholders to AFFO and FFO and a definition of both are included at the end of this release.
For the quarter ended March 31, 2011, Excel Trust's operating results were as follows:
* Percent occupied: 94%
* 21 new and renewal lease transactions for a total of 122,233 square feet
Summary of Significant Activities During First Quarter 2011
On January 28, 2011, Excel Trust closed a $50 million private offering of 2,000,000 shares of 7.00% Series A Cumulative Convertible Perpetual Preferred Stock with an initial conversion price of $15.00 per share.
Excel Trust acquired a 100,551 square foot property 100% leased by Edwards Theatres in San Diego (San Marcos), California for approximately $25.8 million on March 22, 2011.
Excel Trust also signed a contract to purchase The Promenade, an approximately 433,000 square foot retail shopping center located in Scottsdale, Arizona for approximately $110 million. Major tenants include Nordstrom Rack, OfficeMax, PetSmart, Old Navy, Michael's, Stein Mart, Trader Joe's, Cost Plus World Market and Pier One Imports.
Events Subsequent to First Quarter 2011
Excel Trust acquired Gilroy Crossing, a 473,640-square-foot retail shopping center (of which 325,431 is owned) located in Gilroy, California for $68.5 million on April 5, 2011. The property is anchored by Target (non-owned), Kohl's, Sports Authority, Ross Dress For Less, Bed Bath & Beyond, Michaels, and PetSmart.
Second Quarter 2011 Dividend Declared
The Board of Directors declared a second quarter cash dividend of $0.15 per common share, compared to a cash dividend of $0.14 per share for the previous quarter. The dividend, which equates to an annualized rate of $0.60 per share, is payable on July 15, 2011 to common shareholders of record as of June 30, 2011.
The Board of Directors has also approved payment of a dividend of $0.4375 per share on the Company's Series A Cumulative Convertible Perpetual Preferred Shares, payable on July 15, 2011 to preferred shareholders of record as of June 30, 2011.
Guidance
Excel Trust's AFFO guidance for fiscal year 2011 is $0.85-$0.95. Excel Trust believes that AFFO is a helpful indicator of the company's ability to pay recurring dividends since it adjusts for certain non-cash and non-recurring items.
The foregoing estimates are forward-looking and reflect management's view of current and future market conditions, including certain assumptions with respect to leasing activity, rental rates, occupancy levels, interest rates, and the amount and timing of acquisitions and development activities. Excel Trust's actual results may differ materially from these estimates.
Conference Call
In conjunction with Excel Trust's results, you are invited to listen to its conference call on Friday, May 6th, 2011 at 1:00 p.m. Eastern Time.
PHONE: Conference call access information is as follows: Dial in number: (866) 510-0708 International Dial in number: (617) 597-5377 Pass code: 71960036
INTERNET: A live webcast of the conference call will be available through Excel Trust's web site at www.exceltrust.com. The conference call will be recorded and available for replay for seven days beginning at 4:00 p.m. ET on May 6th, 2011. Replay access information is as follows: Dial in number: (888) 286-8010 International Dial in number: (617) 801-6888 Pass code: 59048832
About Excel Trust
Excel Trust, Inc. is a retail focused REIT that targets community and power centers, grocery anchored neighborhood centers and freestanding retail properties. The Company has elected to be treated as a REIT, for U.S. federal income tax purposes. Excel Trust trades publicly on the NYSE under the symbol "EXL". For more information on Excel Trust, Inc., please visit www.exceltrust.com.
Forward Looking Statements
This press release may contain statements that are forward-looking, as that term is defined by the Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission in its rules, regulations and releases. These statements include, but are not limited to, discussions related to the Company's expectations regarding the performance of its business, its liquidity and capital resources and other non-historical statements. These forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. When used in this release, the words "believe," "anticipate," "estimate," "expect," "intend" and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct.
Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO)
Excel Trust considers FFO and AFFO to be important supplemental measures of its operating performance and believes they are frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO and AFFO when reporting their results. FFO and AFFO are intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO and AFFO exclude depreciation and amortization unique to real estate, gains and losses from property dispositions and extraordinary items, they provide a performance measure that, when compared year-over-year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from net income. Excel Trust computes FFO in accordance with standards established by the Board of Governors of NAREIT in its March 1995 White Paper (as amended in November 1999 and April 2002). As defined by NAREIT, FFO represents net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus real estate related depreciation and amortization (excluding amortization of loan origination costs) and after adjustments for unconsolidated partnerships and joint ventures. Excel Trust computes AFFO by adding to FFO the non-cash compensation expense, amortization of prepaid financing costs and non-recurring transaction costs, and other one-time items, then subtracting or adding straight-line rents, amortization of above and below market leases and non-incremental capital expenditures. Excel Trust's computation of FFO and AFFO may differ from the methodology for calculating FFO and AFFO utilized by other equity REITs and, accordingly, may not be comparable to such other REITs. Further, FFO and AFFO do not represent amounts available for management's discretionary use because of needed capital replacement or expansion, debt service obligations, or other commitments and uncertainties. FFO and AFFO should not be considered alternatives to net income (loss) (computed in accordance with GAAP) as an indicator of Excel Trust's financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of Excel Trust's liquidity, nor are they indicative of funds available to fund Excel Trust's cash needs, including Excel Trust's ability to pay dividends or make distributions.
Summarized Financial Statements
Reported results are preliminary and not final until the filing of Excel Trust's Form 10-Q for the quarter ended March 31, 2011 with the Securities and Exchange Commission and, therefore, remain subject to adjustment. The accompanying notes to follow in the Form 10-Q are an integral part of these consolidated and combined financial statements.
| EXCEL TRUST, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands) | |||||||||||
| March 31, 2011 (unaudited) | December 31, 2010 | ||||||||||
| ASSETS: | |||||||||||
| Property: | |||||||||||
| Land | $164,712 | $153,601 | |||||||||
| Buildings | 191,931 | 178,374 | |||||||||
| Site improvements | 19,231 | 18,832 | |||||||||
| Tenant improvements | 19,720 | 18,242 | |||||||||
| Construction in progress | 10,801 | 4,423 | |||||||||
| Less accumulated depreciation | (10,529) | (8,360) | |||||||||
| Property, net | 395,866 | 365,112 | |||||||||
| Cash and cash equivalents | 3,955 | 6,525 | |||||||||
| Restricted cash | 4,393 | 5,870 | |||||||||
| Tenant receivables, net | 1,860 | 1,945 | |||||||||
| Lease intangibles, net | 53,791 | 53,024 | |||||||||
| Mortgage loan receivable | 2,000 | 2,000 | |||||||||
| Deferred rent receivable | 1,498 | 1,148 | |||||||||
| Other assets | 6,726 | 5,464 | |||||||||
| Total assets | $470,089 | $441,088 | |||||||||
| LIABILITIES AND EQUITY: | |||||||||||
| Liabilities: | |||||||||||
| Mortgages payable, net | $150,957 | $137,043 | |||||||||
| Notes payable | 37,835 | 85,384 | |||||||||
| Accounts payable and other liabilities | 20,190 | 12,944 | |||||||||
| Lease intangibles, net | 7,222 | 7,150 | |||||||||
| Dividends/distributions payable | 3,037 | 1,957 | |||||||||
| Total liabilities | 219,241 | 244,478 | |||||||||
| Equity: Stockholders' equity | |||||||||||
| Preferred stock, 50,000,000 shares authorized; 7.0% Series A cumulative convertible perpetual preferred stock, $50,000,000 liquidation preference ($25.00 per share), 2,000,000 and 0 shares issued and outstanding, at March 31, 2011 and December 31, 2010, respectively 156 156 | 47,628 | -- | |||||||||
| Common stock, $.01 par value, 200,000,000 shares authorized; 16,576,831 and 15,663,331 shares issued and outstanding at March 31, 2011 and December 31, 2010, respectively | 165 | 156 | |||||||||
| Additional paid-in capital | 188,972 | 191,453 | |||||||||
| Cumulative distributions in excess of net income | (3,754) | (3,725) | |||||||||
| 233,011 | 187,884 | ||||||||||
| Accumulated other comprehensive loss | (162) | (373) | |||||||||
| Total stockholders' equity | 232,849 | 187,511 | |||||||||
| Non-controlling interests | 17,999 | 9,099 | |||||||||
| Total equity | 250,848 | 196,610 | |||||||||
| Total liabilities and equity | $470,089 | $441,088 | |||||||||
| EXCEL TRUST, INC. AND EXCEL TRUST, INC. PREDECESSOR CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) | |||||||||||
| The Company | The Predecessor | ||||||||||
| Three Months Ended March 31, 2011 | Three Months Ended March 31, 2010 | ||||||||||
| Revenues: | |||||||||||
| Rental revenue | $9,210 | $1,138 | |||||||||
| Tenant recoveries | 1,899 | 82 | |||||||||
| Other income | 104 | -- | |||||||||
| Total revenues | 11,213 | 1,220 | |||||||||
| Expenses: | |||||||||||
| Maintenance and repairs | 639 | 77 | |||||||||
| Real estate taxes | 1,135 | 103 | |||||||||
| Management fees | 124 | 32 | |||||||||
| Other operating expenses | 768 | 75 | |||||||||
| General and administrative | 2,650 | 6 | |||||||||
| Depreciation and amortization | 4,369 | 460 | |||||||||
| Total expenses | 9,685 | 753 | |||||||||
| Net operating income | 1,528 | 467 | |||||||||
| Interest expense | (2,565) | (361) | |||||||||
| Interest income | 40 | -- | |||||||||
| Gain on acquisition of real estate | 937 | -- | |||||||||
| Net (loss) income | (60) | 106 | |||||||||
| Non-controlling interest | (31) | 94 | |||||||||
| Net (loss) income attributable to Excel Trust Inc. and Excel Trust, Inc. Predecessor | $(29) | $12 | |||||||||
| Preferred stock dividends | $(603) | $-- | |||||||||
| Net (loss) income available to the common stockholders and controlling interest of the Predecessor | $(632) | $12 | |||||||||
| Basic and diluted loss per share | $(0.04) | ||||||||||
| Weighted-average common shares outstanding - basic and diluted | 15,513 | ||||||||||
| Dividends declared per common share | $0.14 | ||||||||||
| EXCEL TRUST, INC. AND EXCEL TRUST, INC. PREDECESSOR RECONCILIATION OF CERTAIN NON-GAAP FINANCIAL MEASURES (In thousands, except per share data) (Unaudited) | |||||||||||
| Excel Trust, Inc.'s FFO and AFFO available to common stockholders and operating partnership unitholders and a reconciliation to net income for the three months ended March 31, 2011 and 2010 is as follows: | |||||||||||
| The Company | The Predecessor | ||||||||||
| Three Months Ended March 31, 2011 | Three Months Ended March 31, 2010 | ||||||||||
| Net (loss) income available to the common stockholders and controlling interest of the Predecessor | $(632) | $12 | |||||||||
| Add: | |||||||||||
| Non-controlling interests in operating partnership | 1 | - | |||||||||
| Preferred stock dividends | 603 | - | |||||||||
| Depreciation and amortization | 4,369 | 460 | |||||||||
| Deduct: | |||||||||||
| Gain on acquisition of real estate | (937) | - | |||||||||
| Funds from operations | $3,404 | $472 | |||||||||
| Adjustments: | |||||||||||
| Transaction costs | 106 | - | |||||||||
| Deferred financing costs | 234 | 17 | |||||||||
| Stock-based and other non-cash compensation expense | 451 | - | |||||||||
| Straight-line effects of lease revenue | (371) | (63) | |||||||||
| Amortization of above and below market leases | 43 | (22) | |||||||||
| Non-incremental capital expenditures | (42) | - | |||||||||
| Adjusted funds from operations | $3,825 | $404 | |||||||||
| Weighted average common shares outstanding - diluted (net loss) | 15,513 | ||||||||||
| Add: | |||||||||||
| OP units | 819 | ||||||||||
| Restricted common stock | 232 | ||||||||||
| Contingent consideration related to business combinations | 143 | ||||||||||
| Common stock issuable upon conversion of preferred stock | 3,333 | ||||||||||
| Weighted average common shares outstanding - diluted (FFO and AFFO) | 20,040 | ||||||||||
| Funds from operations per share (diluted) | $0.17 | ||||||||||
| Adjusted funds from operations per share (diluted) | $0.19 |
