Operating income for the fiscal year 2012 second quarter was $1.1 million, compared to operating loss of $1.5 million in the second quarter of the previous fiscal year.

Adjusted EBITDA (defined as net income excluding interest, income taxes, depreciation and amortization, and non-cash impairment charges on real estate development) in the second quarter of fiscal years 2012 and 2011 was $1.5 million. A reconciliation of Adjusted EBITDA to the GAAP measure net income is provided at the end of this release.

As a result of a larger amount of capitalized interest and lower average debt levels during the second quarter of fiscal year 2012, interest expense was $71,000 compared to $268,000 in the same period of fiscal year 2011. Additionally, non-cash fair value adjustments on the Company’s interest rate swap resulted in income of $196,000 in the second quarter of fiscal year 2012 compared to income of $38,000 in the same period of the prior year.

Net income applicable to common stock, after preferred dividends, for the second quarter of fiscal year 2012 was $672,000, or $0.06 per share. This compares to net loss applicable to common stock, after preferred dividends, in the second quarter of fiscal year 2011 of $329,000, or ($0.03) per share.

Fiscal Year 2012 First Six Months Results

For the six months ended April 30, 2012, revenue was $26.3 million, compared to $18.4 million in the same period last year. Operating loss for the first six months of fiscal year 2012 was $3.6 million, compared to an operating loss of $7.1 million in the same period last year. Net loss applicable to common stock, after preferred dividends, for the first six months of fiscal year 2012 was $2.2 million, or ($0.20) per share, compared to a loss of $3.7 million, or ($0.33) per share, in the same period last year.

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