United Capital Corp. Reports Fourth Quarter and 2000 Results
GREAT NECK, N.Y.--Feb. 26, 2001--United Capital Corp. (ASE:AFP) today reported results for the fourth quarter and year ended December 31, 2000 (see Table attached). Total revenues for the year were $62,332,000 versus $59,702,000 during 1999. Operating income during this period was $14,255,000 versus $13,086,000 in 1999, an increase of $1,169,000 or 9%. Net income was $18,278,000 or $3.86 per basic share in 2000 versus $13,326,000 or $2.68 per basic share in 1999, representing a 44% increase in earnings per basic share over the prior year.Total revenues for the fourth quarter of 2000 were $15,575,000 resulting in operating income of $3,891,000, versus revenues of $16,475,000 and operating income of $4,964,000 during the comparable 1999 period. Net income for the three month period ended December 31, 2000 was $6,104,000 or $1.29 per basic share versus $4,248,000 or $.89 per basic share in the fourth quarter of 1999, an increase in earnings per basic share of 45%.
In commenting on these results, A.F. Petrocelli, Chairman of United Capital Corp., noted that "the strength of the Company's diverse businesses continues to provide financial growth which has resulted in 2000 being the most profitable year in United Capital Corp.'s history."
Real estate operations continue to contribute to the Company's outstanding financial performance. Operating income generated by this segment during 2000 exceeded $14 million on $28 million in revenues. During the fourth quarter of this year the Company's real estate operations produced in excess of $7 million in revenues and $3.8 million in operating profit. The long-term nature of the Company's property leases as well as continuing mortgage amortization continues to provide the solid financial base for these results.
Operating profit from the engineered products segment increased by 22% to $2,260,000, for the year ended December 31, 2000 as compared to 1999. Fourth quarter operating profit from this segment also increased over last year to $405,000. These increases are primarily the result of increased sales from this segment which rose 12% and 13%, respectively, during the fiscal year and three months ended December 31, 2000. These results reflect management's continued commitment to grow this segment and pursue new sales opportunities, including new geographical markets for its existing products and new applications for its core technologies.
UNITED CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED FINANCIAL HIGHLIGHTS
(000's omitted except per share data)
Three Months Ended Year Ended
(Unaudited)
12/31/00 12/31/99 12/31/00 12/31/99
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Revenues $15,575 $16,475 $62,332 $59,702
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Operating Income $3,891 $4,964 $14,255 $13,086
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Other Income $1,253 $1,972 $11,463 $9,538
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Provision (benefit)
for Income Taxes ($960) $2,688 $7,440 $9,298
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Net Income $6,104 $4,248 $18,278 $13,326
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Earnings Per Share:
Basic $1.29 $.89 $3.86 $2.68
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Diluted $1.27 $.87 $3.83 $2.66
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Weighted Average Shares:
Basic 4,728 4,757 4,731 4,968
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Diluted 4,813 4,866 4,773 5,013
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