BEVERLY HILLS, Calif., Aug. 17 /PRNewswire-FirstCall/ -- Kennedy Wilson (OTC: KWIC), a real estate investment and services firm, reported financial results for the six-months ended June 30, 2007 . Pre-tax income for the six-month period was $3.7 million . Net income for the period was $2.2 million , or $0.39 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.
Contact: Freeman A. Lyle
Executive Vice President - Chief Financial Officer
Tel: (310) 887-6400 Fax: (310) 887-6459
Kennedy Wilson, Inc. and Subsidiaries
Consolidated Balance Sheet
June 30, 2007
Assets
Cash and cash equivalents $28,298,000
Accounts receivable 7,369,000
Notes receivable 2,733,000
Investment in real estate 41,997,000
Investments in joint ventures 55,812,000
Contracts and other assets, net 3,230,000
Goodwill, net 23,965,000
Total Assets $163,404,000
Liabilities and Stockholders' Equity
Liabilities
Accounts payable $211,000
Accrued expenses and other liabilities 12,704,000
Accrued salaries and benefits 1,705,000
Deferred and accrued income taxes 5,838,000
Notes payable 78,000
Borrowings under lines of credit 10,762,000
Mortgage loan payable 38,850,000
Total liabilities 70,148,000
Commitments and Contingencies
Trust preferred securities 40,000,000
Minority interest 1,774,000
Stockholders' Equity
Preferred stock, $0.01 par value:
5,000,000 shares authorized; none
issued as of June 30, 2007 -
Common stock, $0.01 par value:
50,000,000 shares authorized;
5,679,755 shares issued and
outstanding as of June 30, 2007 57,000
Additional paid-in capital 11,542,000
Retained earnings 39,927,000
Accumulated comprehensive income (44,000)
Total stockholders' equity 51,482,000
Total Liabilities and Stockholders' Equity $163,404,000
Kennedy Wilson, Inc. and Subsidiaries
Consolidated Statement of Income
For the six-months ended June 30, 2007
Revenue
Property management and leasing fees $10,652,000
Commissions 6,599,000
Equity in joint venture income 3,489,000
Interest and other income 1,218,000
Total revenue 21,958,000
Operating Expenses
Commissions and marketing expenses 683,000
Compensation and related expenses 10,816,000
General and administrative 3,026,000
Depreciation and amortization 547,000
Total operating expenses 15,072,000
Total operating income 6,886,000
Non-operating income (expense)
Interest expense (3,080,000)
Income before minority interest
and provision for income taxes 3,806,000
Minority interest (136,000)
Income before provision for income taxes 3,670,000
Provision for income taxes (1,468,000)
Net Income $2,202,000
Basic income per share $0.44
Basic weighted average shares 5,027,472
Diluted income per share $0.39
Diluted weighted average shares
5,593,465
SOURCE Kennedy Wilson
