Income Opportunity Realty Investors Inc (IOT, Financial) filed Quarterly Report for the period ended 2010-06-30.
Income Opportunity Realty Investors Inc has a market cap of $24.38 million; its shares were traded at around $5.85 with a P/E ratio of 15.39 and P/S ratio of 99.12.
Property operating expenses were $35,000 for the three months ended June 30, 2010. This represents a decrease of $19,000, as compared to the prior period operating expenses of $54,000. There was an increase in the expenses relating to the storage warehouse of $2,000, a decrease in the Mercer Crossing land portfolio of $15,000 and a decrease in insurance expense from properties sold in 2009. The land portfolio had a decrease in expenses related to advertising and Property Owners Association (POA) fees.
General and administrative expenses were $123,000 for the three months ended June 30, 2010. This represents a decrease of $63,000, as compared to the prior period expenses of $186,000. This decrease was due to the over accrual of 2008 franchise taxes, adjusted in 2009, in the amount of $72,000 offset by $16,500 in accounting fees accrued for the second quarter of 2010, without a similar accrual in the prior period. The remaining decrease was due to decreases in various corporate related expenses.
We had a net income applicable to common shares of $144,000 or $0.03 per diluted earnings per share for the period ended June 30, 2010, as compared to a net loss applicable to common shares of ($754,000) or ($0.18) per diluted earnings per share for the same period ended 2009.
Property operating expenses were $87,000 for the six months ended June 30, 2010. This represents a decrease of $9,000, as compared to the prior period operating expenses of $96,000. There was a decrease in the expenses relating to the storage warehouse of $15,000 but an increase in the Mercer Crossing land portfolio of $14,000. The land portfolio had an increase in expenses related to professional services and POA fees. Corporate had a decrease of $8,000 due to miscellaneous expenses.
General and administrative expenses were $179,000 for the six months ended June 30, 2010. This represents an increase of $31,000, as compared to the prior period expenses of $148,000. This increase was due to an accrual of $33,000 for accounting fees without a similar accrual in the prior period, an increase in legal and professional fees of $9,000, offset by $11,000 decreases in various corporate related expenses.
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Income Opportunity Realty Investors Inc has a market cap of $24.38 million; its shares were traded at around $5.85 with a P/E ratio of 15.39 and P/S ratio of 99.12.
Highlight of Business Operations:
We had a net loss applicable to common shares of ($18,000) or $0.00 per diluted earnings per share for the period ended June 30, 2010, as compared to a net loss applicable to common shares of ($386,000) or ($0.09) per diluted earnings per share for the same period ended 2009.Property operating expenses were $35,000 for the three months ended June 30, 2010. This represents a decrease of $19,000, as compared to the prior period operating expenses of $54,000. There was an increase in the expenses relating to the storage warehouse of $2,000, a decrease in the Mercer Crossing land portfolio of $15,000 and a decrease in insurance expense from properties sold in 2009. The land portfolio had a decrease in expenses related to advertising and Property Owners Association (POA) fees.
General and administrative expenses were $123,000 for the three months ended June 30, 2010. This represents a decrease of $63,000, as compared to the prior period expenses of $186,000. This decrease was due to the over accrual of 2008 franchise taxes, adjusted in 2009, in the amount of $72,000 offset by $16,500 in accounting fees accrued for the second quarter of 2010, without a similar accrual in the prior period. The remaining decrease was due to decreases in various corporate related expenses.
We had a net income applicable to common shares of $144,000 or $0.03 per diluted earnings per share for the period ended June 30, 2010, as compared to a net loss applicable to common shares of ($754,000) or ($0.18) per diluted earnings per share for the same period ended 2009.
Property operating expenses were $87,000 for the six months ended June 30, 2010. This represents a decrease of $9,000, as compared to the prior period operating expenses of $96,000. There was a decrease in the expenses relating to the storage warehouse of $15,000 but an increase in the Mercer Crossing land portfolio of $14,000. The land portfolio had an increase in expenses related to professional services and POA fees. Corporate had a decrease of $8,000 due to miscellaneous expenses.
General and administrative expenses were $179,000 for the six months ended June 30, 2010. This represents an increase of $31,000, as compared to the prior period expenses of $148,000. This increase was due to an accrual of $33,000 for accounting fees without a similar accrual in the prior period, an increase in legal and professional fees of $9,000, offset by $11,000 decreases in various corporate related expenses.
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