United Capital Corp. (NYSE Amex: AFP) today reported results for the fourth quarter and year ended December 31, 2010 (see Table attached).
Net income increased 124% for the year ended December 31, 2010 to $12.7 million, or $1.41 per basic share, versus net income of $5.7 million, or $.63 per basic share, for the full year of 2009. Total revenues grew 35% to $80.7 million in the current year, while operating income increased 81% to $12.0 million and income from continuing operations doubled to $12.1 million in 2010, compared to the respective 2009 results.
In the fourth quarter of 2010 net income rose 44% to $2.5 million, from $1.7 million reported in the same quarter of 2009. On a per share basis, earnings were $.28 per basic share for the three months ended December 31, 2010, compared to $.19 in the comparable 2009 period. Total revenues for the current quarter were $20.6 million, an increase of 15% from that reported in the fourth quarter of last year, leading to a 25% improvement in operating income and a 51% increase in income from continuing operations.
The Company’s engineered products segment generated revenue growth of 29% and 39% in the fourth quarter and full year of 2010, respectively, versus the comparable intervals of 2009, resulting in the reversal of a full year loss in the prior year.Annual revenues from our hotel operations climbed 61% over the prior year as a result of the August 2009 acquisition of the DoubleTree Hotel & Miami Airport Convention Center, as well as from improvements in our other lodging properties, which resulted in operating profits in the quarter and year ended December 31, 2010 versus losses incurred in the corresponding prior year periods. In commenting on these results, A.F. Petrocelli, Chairman of United Capital Corp., noted: “The strength and resilience of our core businesses have once again led to another outstanding year.”