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| Vornado Announces its share of Toys “R” Us 1Q financial results New York-based Vornado Realty, one of the largest real estate investment trust (REIT) in the U.S., announced that it will record its 32.7% share of Toys "R" Us' first quarter financial results in its second quarter ending June 30, 2010. Vornado's results will include a net loss of $21,004,000, or $0.10 per diluted share, compared to a net loss of $14,273,000, or $0.08 per diluted share recorded in the quarter ended June 30, 2009. Vornado's share of negative Funds From Operations ("FFO") before income taxes for the quarter ending June 30, 2010 will be $27,464,000, or $0.13 per diluted share, compared to negative FFO before income taxes of $10,164,000, or $0.05 per diluted share in the prior year's quarter. Vornado's share of negative FFO after income taxes for the quarter ending June 30, 2010 will be $9,523,000, or $0.05 per diluted share, compared to FFO after income taxes of $4,155,000, or $0.02 per diluted share in the quarter ended June 30, 2009. The business of Toys is highly seasonal; historically, Toys' fourth quarter net income accounts for more than 80% of its fiscal year net income. Attached is a summary of Toys' financial results and Vornado's 32.7% share of its equity in Toys' net income, as well as reconciliations of net income to earnings before interest, taxes, depreciation and amortization ("EBITDA") and FFO. write your comments about the article :: © 2010 Construction News :: home page |