NEWARK, N.J., April 18 /PRNewswire-FirstCall/ -- Wilshire Enterprises, Inc. ("Wilshire" or the "Company") (AMEX:WOC) today announced that its Annual Report on Form 10-K for the year ended December 31, 2006 would not be filed on a timely basis. The Company indicated that it was taking longer than expected to finalize its 2006 financial statements. The Company expects to file the 10-K with the SEC by April 30, 2007.
The Company currently expects that its 2006 financial statements, when finalized, will reflect revenues of $8.8 million (as compared to revenues of $8.2 million for 2005), a loss from continuing operations of $1.0 million (as compared to a loss from continuing operations of $0.6 million for 2005), net income of $2.3 million (as compared to net income of $6.9 million for 2005) and diluted net income per share of $0.28 (as compared to diluted net income per share of $0.86 for 2005).
About Wilshire Enterprises Wilshire is engaged primarily in the ownership and management of real estate investments in the United States including Arizona, Florida, Texas and New Jersey.
FORWARD-LOOKING STATEMENT: The non-historical statements in this press release (including the anticipated 2006 financial information concerning the Company) are "forward- looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to several risks and uncertainties that could cause actual results to differ materially from such statements. Such risks and uncertainties include uncertainties inherent in any analysis of business transactions, including the impact of market, economic and competitive conditions on the Company and others, as well as other risks and uncertainties disclosed in the Company's 2005 Form 10-K filed with the Securities and Exchange Commission.
Company Contact: Sherry Wilzig Izak, Chairman, 201-420-2796 Agency Contact: Neil Berkman, Berkman Associates, 310-826-5051 DATASOURCE: Wilshire Enterprises, Inc.
CONTACT: Sherry Wilzig Izak, Chairman of Wilshire Enterprises, Inc., +1-201-420-2796; or Neil Berkman of Berkman Associates, +1-310-826-5051, for Wilshire Enterprises, Inc. |