MPQ MS Plus Phlx Oil Ser 03/20/07

Meredith Enterprises Reports Fourth Quarter Earnings MENLO PARK, Calif., Feb. 9 /PRNewswire-FirstCall/ -- Meredith Enterprises, Inc. , today reported operating results for the quarter and year ended December 31, 2003. Net income for the fourth quarter of 2003 totaled $2,044,568, or $2.04 per share assuming dilution, compared with a net loss of ($6,208), or $0.00 per share, for the fourth quarter of 2002. The increase in net income is due largely to gains from sales of properties in 2003. Net income for the year 2003 totaled $2,442,604, or $2.44 per share assuming dilution, as compared with a net income of $1,058,306, or $1.09 per share, for 2002. This increase is also due largely to gains from sales of properties and the results of the company's Northlake Festival property, which it acquired in October 2002. Meredith Enterprises, Inc. Income Statements (Unaudited) Three and Twelve Months ended December 31, 2003 and 2002 Three Three Twelve Twelve Months Months Months Months Ended Ended Ended Ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2003 2002 2003 2002 Revenues Rental $2,111,263 $1,765,968 $7,700,407 $3,927,908 Interest 838 38,168 10,244 40,973 Total revenues 2,112,101 1,804,136 7,710,651 3,968,881 Cost and expenses Interest 654,849 694,076 2,624,149 1,480,521 General and administrative286,971 431,025 1,458,872 1,261,057 Depreciation 257,129 227,677 1,028,510 513,446 Ground rent 236,170 235,924 922,698 235,924 Operating 253,070 200,447 984,393 387,813 Property taxes 128,699 121,380 500,399 191,134 Total expenses 1,816,888 1,910,529 7,519,021 4,069,895 Net income (loss) from operations 295,213 (106,393) 191,630 (101,014) Discontinued operations: Gain on sale of rental real estate held for sale 1,716,771 -- 2,123,499 733,424 Income from operations 32,584 100,185 127,475 425,896 Net income (loss) $2,044,568 ($6,208) $2,442,604 $1,058,306 Net income per share from operations assuming dilution: Net income (loss) from operations $0.29 ($0.10) $0.19 ($0.10) Net income per share from discontinued operations $1.75 $0.10 $2.25 $1.19 Net income per share $2.04 $0.00 $2.44 $1.09 Meredith Enterprises, Inc. advises the reader to review this unaudited financial information in conjunction with its SEC filings, including its reports on Form 10-Q and 8-K, and its Annual Report on Form 10-K for 2002 and Annual Report on Form 10-K for 2003 to be filed in March 2004. The reader should note certain reclassifications have been made to the 2002 results to conform to the 2003 presentation. DATASOURCE: Meredith Enterprises, Inc. CONTACT: Allen Meredith of Meredith Enterprises, Inc., +1-650-233-7140

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