United Capital Corp. Reports Second Quarter And Six Month Results
United Capital Corp. (NYSE Amex: AFP) today reported results for the three and six months ended June 30, 2010. Net income increased 186% in the three months ended June 30, 2010 versus the same period last year. For the current quarter, net income was $3.5 million or $.39 per basic share versus $1.2 million or $.14 per basic share for the same period in 2009. Year-over-year revenue growth for the quarter was significant, rising 46% to $20 million in the three months ended June 30, 2010, resulting in a 57% increase in operating income and a 110% increase in income from continuing operations.
On a year-to date basis, net income rose 183% to $6.7 million from $2.4 million realized in the first half of 2009. Earnings per basic share were $.73 in the six months ended June 30, 2010, an increase of 170% from $.27 per basic share in the comparable 2009 period. Operating income and income from continuing operations rose an impressive 119% and 131%, respectively, from a year earlier. Total revenues grew 46% to $40.1 million in the first six months of 2010, fostering the growth in earnings.
The Company’s engineered products segment reported revenue growth of 47% and 39% in the three and six month periods of 2010, respectively, versus similar intervals in 2009, while the Company’s hotel operations reported an increase in revenues of 104% and 123%, respectively, in the comparable timeframe, resulting from the August 2009 acquisition of a hotel located in Miami, Florida. Each of these segments were profitable in the 2010 periods, reversing losses or break-even results in 2009.
In commenting on these results, A.F. Petrocelli, Chairman of United Capital Corp., noted “we have not fully recovered from the effects of the economic downturn, but have made significant progress in expanding our business and extending our profitability. The timing of our investments and strength of our balance sheet will continue to be the key to our success.”
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