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Getty Realty Corp. (NYSE-GTY) (“Getty” or the “Company”) announced its preliminary financial results for the quarter ended June 30, 2013.
David B. Driscoll, the Company’s President and CEO stated, “This quarter marked some notable milestones as we move towards executing the final pieces of the Marketing transition. In particular, there has been notable progress on asset sales especially with respect to our terminals and, after the end of the second quarter, the sale of one of our Manhattan locations for more than $20 million. We also have invested significant time and resources in the Lukoil litigation which, as previously disclosed, settled in early July producing a favorable result for the Company. In addition to the proceeds we expect to receive and the elimination of significant litigation expenses related to this matter, the settlement will enable management to refocus its efforts on operations and accretive opportunities as we move forward. We also completed an accretive $72.5 million acquisition in the quarter. While we still have work to do, more of our attention is being directed towards growing the Company and our long-term sustainable cash flow.”
Financial Results:Net Earnings:
Net Income of $12.7 million, or $0.38 per share, including the benefit from the Lukoil Settlement (as defined below) of $0.19 per share as a result of the partial reduction of the Company’s bad debt reserve
The Company reported net earnings for the quarter and six months ended June 30, 2013 of $12.7 million and $23.1 million, or $0.38 and $0.69 per share, which increased by $9.1 million and $13.0 million, respectively, as compared to net earnings of $3.6 million and $10.1 million, or $0.11 and $0.30 per share, for the quarter and six months ended June 30, 2012, respectively.