Rouse quarterly earnings fall Firm posts 9-month loss of $3.3 million

November 14, 1990

The Rouse Co., the Columbia-based developer, yesterday reported a third-quarter profit of $707,000, less than half the $1.5 million posted in the same period a year earlier. Earnings per share of common stock, reduced by dividends paid on preferred stock, were zero for the quarter, compared with 2 cents during the period last year.

Revenues of $130.6 million were nearly 7 percent higher than the $122.5 million a year earlier. Earnings before depreciation and deferred taxes from operating properties were $11.9 million, down about 6 percent from $12.7 million a year earlier.

For the nine months ending Sept. 30, the company posted a loss of $3.3 million, compared with a profit of $6.9 million last year. The 1989 figure included more than $5 million in a one-time gain from a management contract termination fee.

The company blamed several factors for the declines, including delays in the sale of land in Columbia and increased depreciation expenses. However, chairman Mathias J. DeVito said in a prepared statement that the company's financial position is strong and its retail centers are performing well.

"We believe that our full-year results for 1990 will be very satisfactory and generally in line with the expectations set forth in our previous reports to shareholders," DeVito said.

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