Business
FRP Holdings, Inc. (NASDAQ: FRPH) Announces Results for the Fourth Quarter and Year Ended December 31, 2019
JACKSONVILLE, Fla., March 04, 2020 (GLOBE NEWSWIRE) -- FRP Holdings, Inc. (NASDAQ-FRPH) Fourth Quarter Consolidated Results of Operations Net income for the
About this update from Frp Holdings, Inc.
[{"type":"text","content":"JACKSONVILLE, Fla., March 04, 2020 (GLOBE NEWSWIRE) -- FRP Holdings, Inc. (NASDAQ-FRPH)\n Fourth Quarter Consolidated Results of Operations Net income for the fourth quarter of 2019 was $2,453,000 or $.25 per share versus $706,000 or $.07 per share in the same period last year. The fourth quarter of 2019 was impacted by the following items: Federal and state tax refunds of $26 million were received including $302,000 of interest income. This refund impacted the balance sheet and cash flow statement but, apart from the interest income, had no impact on the income statement because the credit to current tax expense and charge to deferred tax expense net out.Income tax expense was reduced $341,000 due to favorable state apportionment.Operating expenses includes $463,000 professional fees for Anacostia legal fees for environmental recovery efforts.We incurred $63,000 professional legal fees related to three new opportunity zone joint ventures.Interest income includes $691,000 for Bryant Street and The Maren preferred interest.Interest income includes $358,000 realized gain on bonds.Loss on joint ventures includes $473,000 for our share of Bryant Street and The Maren preferred interest and $118,000 amortization of guarantee liability related to the Bryant Street loan. The fourth quarter of 2018 included a $905,000 realized loss on the sale of bonds, $372,000 for the annual director stock grant and $100,000 for stock options granted to employees, $218,000 in professional fees related to the organization of the Bryant St. joint venture, $276,000 in due diligence costs on a potential purchase of raw land in Baltimore, $81,000 preferred interest on The Maren. Fourth Quarter Segment Operating Results Asset Management Segment: Most of the Asset Management Segment was reclassified to discontinued operations leaving two commercial properties as well as Cranberry Run, which we purchased in the first quarter of this year, and 1801 62nd Street which joined this segment on April 1. Cranberry Run is a five-building industrial park in Harford County, MD totaling 268,010 square feet of industrial/ flex space and at quarter end was 26.1% leased and occupied. 1801 62nd Street is our most recent spec building in Hollander Business Park and is our first warehouse with a 32-foot clear-height ceiling. We completed construction on this building earlier th...