Rouse Co. reports operating profits up 44% for quarter

EARNINGS

May 06, 1993|By Timothy J. Mullaney | Timothy J. Mullaney,Staff Writer

The Rouse Co. turned in a surprisingly strong first-quarter earnings report yesterday, saying operating profits from its existing retail centers and office buildings rose, thanks largely to a 29 percent boost in profits from shopping centers.

"It came because everything went in the right direction for them," said Catherine C. Creswell, who follows Rouse for Alex. Brown & Sons Inc.

She said Rouse benefited from lower interest rates, which let the company save money by refinancing debt; higher shopping center occupancy, and a nearly $1 million profit from its division that handles office buildings and mixed-use centers.

In all, Rouse made $15.8 million on operating properties before depreciation and deferred taxes during the three months that ended March 31, up from $10.9 million in the same three months last year.

That figure worked out to 37 cents a share, well above the 29 cents a share that Alex. Brown had predicted, Ms. Creswell said. After depreciation and deferred taxes, Rouse lost $2.5 million.

Rouse Co.

.. .. .. Ticker... .. .. .. ... ... .. .. Yesterday's ... .. ..Symbol .. .. .. .. .. .. .. .. .. Cls... .. .. Chg.

.. .. ROUS .. .. .. .. .. .. .. .. .. ..17 1/8 .. .. .. ..+ 3/8

Period ended

March 31 ... .. .. .. .. 1st qtr.. .. .. .. ..Year ago.. . .. Chg.

Revenue .. .. .. .. .. .$152,742 .. .. .. .. ..$139,554 .. ..+9.5%

Net Income .. .. .. .. .$(2,501).. .. .. .. .. $(2,530) .. .. ..--

Primary EPS .. .. .. .. $(0.09) .. .. .. .. ...$(0.05) .... .. .--

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