BEVERLY HILLS, Calif., April 18 /PRNewswire-FirstCall/ -- Kennedy Wilson (OTC: KWIC), a real estate investment and services firm, reported financial results for the year ended December 31, 2006 . Pre-tax income for 2006 was $10.5 million . Net income for 2006 was $6.0 million , or $1.07 per share diluted.
Kennedy Wilson is a real estate investment and services firm. The Company
was founded in 1977 and is headquartered in
This release contains forward-looking statements as well as historical information. Statements of goals and strategies and words such as 'plan', 'believe', 'anticipate', 'expect', 'objectives', 'forecast', and 'predict' and other similar words are intended to identify forward-looking statements. These forward looking statements are included in accordance with the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995, and involve risks, uncertainties and other factors that may cause the company's actual results, performance, or financial condition to be materially different from any results, performance, or financial condition suggested by the statements in this release.
Kennedy Wilson, Inc. and Subsidiaries
Consolidated Balance Sheets
December 31
2006 2005
Assets
Cash and cash equivalents $15,332,000 $19,424,000
Accounts receivable 4,480,000 3,562,000
Notes receivable 4,489,000 6,705,000
Investment in real estate 7,637,000 --
Investments in joint ventures 50,107,000 36,847,000
Contracts and other assets, net 1,736,000 2,958,000
Goodwill, net 23,965,000 23,965,000
Total Assets $107,746,000 $93,461,000
Liabilities and Stockholders' Equity
Liabilities
Accounts payable $396,000 $332,000
Accrued expenses and other liabilities 3,310,000 1,089,000
Accrued salaries and benefits 4,395,000 4,269,000
Deferred and accrued income taxes 9,681,000 11,905,000
Notes payable 12,810,000 13,132,000
Borrowings under lines of credit 21,707,000 18,947,000
Mortgage loans payable 6,000,000 --
Senior unsecured notes -- 1,667,000
Total liabilities 58,299,000 51,341,000
Commitments and Contingencies
Stockholders' Equity
Preferred stock, $0.01 par value: 5,000,000
shares authorized; none issued as of
December 31, 2006 and 2005 -- --
Common stock, $0.01 par value: 50,000,000
shares authorized; 5,685,105 and 5,477,706
shares issued and outstanding as of
December 31, 2006 and 2005, respectively 57,000 55,000
Additional paid-in capital 11,665,000 10,295,000
Retained earnings 37,725,000 31,770,000
Total stockholders' equity 49,447,000 42,120,000
Total Liabilities and Stockholders'
Equity $107,746,000 $93,461,000
Kennedy Wilson, Inc. and Subsidiaries
Consolidated Statements of Income
Twelve months ended
December 31,
2006 2005
Revenue
Property management and leasing fees $16,578,000 $15,217,000
Commissions 9,920,000 8,190,000
Sales of residential real estate -- 18,346,000
Equity in joint venture income 14,689,000 35,855,000
Interest and other income 646,000 1,057,000
Total revenue 41,833,000 78,665,000
Operating Expenses
Commissions and marketing expenses 1,824,000 2,614,000
Cost of residential real estate sold -- 14,410,000
Compensation and related expenses 24,892,000 32,035,000
General and administrative 7,202,000 6,727,000
Depreciation and amortization 688,000 1,570,000
Total operating expenses 34,606,000 57,356,000
Total operating income 7,227,000 21,309,000
Non-operating income (expense)
Gain on sale of asset 7,060,000 --
Interest expense (3,183,000) (2,844,000)
Income before minority interest and
provision for income taxes 11,104,000 18,465,000
Minority interest (586,000) --
Income before provision for income taxes 10,518,000 18,465,000
Provision for income taxes (4,563,000) (7,475,000)
Net Income $5,955,000 $10,990,000
Basic income per share $1.23 $2.32
Basic weighted average shares 4,840,963 4,730,560
Diluted income per share $1.07 $1.97
Diluted weighted average shares 5,558,087 5,589,351
Contact: Freeman A. Lyle
Executive Vice President - Chief Financial Officer
Tel: (310) 887-6400 Fax: (310) 887-6459
SOURCE Kennedy Wilson
