FRP (US:FRPH)2024-05-13 22:05Revenue Performance - For the three months ended March 31, 2024, total revenues were $10,133,000, a slight increase of 0.2% compared to $10,114,000 for the same period in 2023[34] - The Industrial and Commercial segment reported revenues of $1,453,000, up 35.7% from $1,070,000 in the prior year[34] - The Mining Royalty Lands segment generated revenues of $2,963,000, down 9.7% from $3,282,000 in the same quarter of 2023[34] - The Multifamily segment's revenues increased to $5,414,000, a rise of 2.6% compared to $5,276,000 in the previous year[34] - Total revenues for the Bryant Street Partnerships increased to $3,837,000 in Q1 2024, up from $3,590,000 in Q1 2023, representing a growth of 6.9%[67] - Rental revenue for the Greenville Partnerships rose to $2,256,000 in Q1 2024, compared to $1,167,000 in Q1 2023, marking an increase of 93.2%[68] - The Verge Partnership reported total revenues of $1,988,000 in Q1 2024, significantly up from $280,000 in Q1 2023, reflecting a growth of 608.6%[68] Profitability and Expenses - Operating profit before general and administrative expenses was $4,924,000, an increase of 6% from $4,647,000 in Q1 2023[34] - General and administrative expenses totaled $2,042,000, up from $1,793,000 in the same quarter last year[34] - Net income attributable to the Company for Q1 2024 was $1,301,000, compared to $565,000 in Q1 2023, resulting in basic and diluted earnings per share of $0.07[44] - Stock compensation expense for the three months ended March 31, 2024, totaled $320,000, a decrease of 1.2% from $324,000 in the same period of 2023[49] - Interest expense for the Bryant Street Partnerships was $2,645,000 in Q1 2024, compared to $2,754,000 in Q1 2023, indicating a decrease of 4.0%[67] Assets and Liabilities - As of March 31, 2024, the Company had total identifiable net assets of $705,673,000, a slight decrease from $709,166,000 at the end of 2023[35] - The carrying amount and fair value of other long-term debt as of March 31, 2024, were $180,070,000 and $141,394,000, respectively[60] - The Company was invested in U.S. Treasury notes valued at $141,603,000, with an unrealized loss of $150 recorded as part of comprehensive income[59] - The total liabilities and capital for the company were reported at $474,334,000 as of December 31, 2023[66] - The company’s secured notes payable stood at $263,717,000 as of December 31, 2023[66] Stock and Equity - The Company executed a 2-for-1 stock split on April 12, 2024, retroactively adjusting share and per share information[27] - The number of outstanding stock options increased from 126,880 shares at January 1, 2024, to 159,410 shares at March 31, 2024, with a weighted average exercise price of $22.33[49] - The aggregate intrinsic value of exercisable in-the-money options was $1,358,000 based on a market closing price of $61.40 on March 28, 2024[50] - Total unrecognized compensation cost of restricted stock granted but not yet vested as of March 31, 2024, was $2,970,000, expected to be recognized over a weighted-average period of 3.1 years[51] Compliance and Guarantees - The Company maintained compliance with all debt covenants as of March 31, 2024[43] - The Company provided a guaranty for the interest carry cost of a $110 million loan, with a calculated guarantee value of $1.5 million[55] Joint Ventures and Partnerships - The Company’s investments in joint ventures totaled $164,271,000 as of March 31, 2024, with a total loss of $4,733,000 from these partnerships[62] - The consolidated retained earnings (accumulated deficit) for joint ventures were $(24,133,000) as of March 31, 2024[66] - The company reported a net loss before tax of $2,311,000 for the Bryant Street Partnerships in Q1 2024, slightly higher than the loss of $2,295,000 in Q1 2023[67]