NEWARK, N.J., Aug. 14 /PRNewswire-FirstCall/ -- Wilshire Enterprises, Inc. ("Wilshire" or the "Company") (AMEX:WOC) has announced financial results for the second quarter and first half of 2006.
Three Month Results: The net loss for the three months ended June 30, 2006 was $929,000 or $0.12 per diluted share, reflecting a loss from continuing operations of $608,000 and a loss from discontinued operations of $321,000. This compares to a net loss for the second quarter of 2005 of $1,336,000, or $0.17 per diluted share, reflecting a loss from continuing operations of $735,000 and a net loss from discontinued operations of $601,000.
Depreciation expense amounted to $922,000 in this year's second quarter, including an adjustment of $687,000 related to the reclassification of real estate properties from discontinued operations to continuing operations. Depreciation expense for the second quarter of 2005 was $324,000. General and administrative expenses were $840,000 for this year's second quarter, which included a charge of $387,000 related to the cancelled purchase of The Village at Gateway Pavilions, Avondale, Arizona. General and administrative expenses for the second quarter of 2005 were $1,594,000, which included a charge of $1,029,000 related to the termination of the consulting contract between the former President of Wilshire and the repurchase of his outstanding stock options at $7.00 per share.
The results of discontinued operations reflected gains from the sale of real estate properties and the operating results of discontinued real estate and oil and gas operations. Discontinued oil and gas operations in the second quarter of 2006 and 2005 included $351,000 and $694,000, respectively, of foreign currency translation losses.
Six Month Results: Net income for the first six months of 2006 was $2,495,000, or $0.32 per diluted share, including a loss from continuing operations of $575,000 and income from discontinued operations of $3,070,000. This compares to a net loss for the first six months of 2005 of $1,081,000, or $0.14 per diluted share, including a loss from continuing operations of $405,000 and a loss from discontinued operations of $676,000.
Wilshire received $21.6 million in gross proceeds from asset sales in the first six months of 2006. Since 2002, and inclusive of the first half of 2006, the Company has received $93.2 million in gross proceeds from asset sales.
About Wilshire Enterprises Wilshire is engaged primarily in the ownership and management of real estate investments in the United States including the sunbelt states of Arizona, Florida, and Texas.
FORWARD-LOOKING STATEMENT: The non-historical statements in this press release 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. |