Craig Corporation Reports Financial Results for Third Quarter and Nine Months of 1999

Strategic Insights -

Craig Corporation today announced its financial results for the three and nine months ended September 30, 1999. The Company reported a net loss of $1,347,000 and a net loss applicable to common shareholders of $1,460,000 for the third quarter, compared to a net loss of $342,000 and a net loss applicable to common shareholders of $455,000 in the comparable period last year. For the nine months ended September 30, 1999, the net loss totaled $1,011,000 and the net loss applicable to common shareholders totaled $1,352,000, compared to a net loss of $428,000 and a net loss applicable to common shareholders of $769,000 in the comparable nine month period last year. The Company also announced the appointment of Andrzej Matyczynski as Chief Financial Officer, Chief Administrative Officer of subsidiary Reading Entertainment, Inc., and Chief Financial Officer of affiliated company Citadel Holding Corporation.

Key Takeaways:

  • The Company's revenue for the third quarter totaled $11,404,000, a 29% increase from $8,820,000 in the corresponding quarter last year.
  • The net loss per common share for the third quarter was $0.14, compared to $0.04 in the comparable period last year.
  • The Company's revenue for the nine months ended September 30, 1999 totaled $28,196,000, a 7.5% increase from $26,124,000 in last year's nine months.
  • The net loss applicable to common shareholders for the nine months ended September 30, 1999 totaled $1,352,000, compared to $769,000 in the comparable nine month period last year.
  • The Company's loss in the current nine month period includes $4,015,000 in earnings from equity investments, compared to earnings from equity investments of $21,000 in the corresponding period last year.
  • Equity earnings in the nine months ended September 30, 1999 included income of $4,211,000 from the Company's 48% interest in Citadel Holding Corporation.
  • Andrzej Matyczynski has been retained to serve as Chief Financial Officer, Chief Administrative Officer of subsidiary Reading Entertainment, Inc., and Chief Financial Officer of affiliated company Citadel Holding Corporation.

Statistics:

  • Revenues for the third quarter ended September 30, 1999: $11,404,000
  • Net loss for the third quarter ended September 30, 1999: $1,347,000
  • Net loss applicable to common shareholders for the third quarter ended September 30, 1999: $1,460,000
  • Revenues for the nine months ended September 30, 1999: $28,196,000
  • Net loss for the nine months ended September 30, 1999: $1,011,000
  • Net loss applicable to common shareholders for the nine months ended September 30, 1999: $1,352,000
  • Earnings from equity investments for the nine months ended September 30, 1999: $4,015,000
  • Equity earnings from Citadel Holding Corporation for the nine months ended September 30, 1999: $4,211,000
  • Net loss per common share for the third quarter ended September 30, 1999: $0.14
  • Net loss per common share for the nine months ended September 30, 1999: $0.13
  • Preferred stock dividends paid to Citadel Holding Corporation for the nine months ended September 30, 1999: $113,000

Sources:

  • PR Newswire, "Craig Corporation Reports Financial Results for Third Quarter and Nine Months of 1999" (November 15, 1999)
  • Craig Corporation press release, "Appointment of Andrzej Matyczynski as Chief Financial Officer" (November 15, 1999)