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| Vornado announces its share of Toys "R" Us 3Q financial results Vornado Realty Trust (VNO) announced that it will record its 32.7% share of Toys "R" Us' third quarter financial results in its fourth quarter ending December 31, 2010. Vornado's results will include a net loss of $30,685,000, or $0.15 per diluted share, compared to a net loss of $26,597,000, or $0.13 per diluted share recorded in the quarter ended December 31, 2009. Vornado's share of negative Funds From Operations ("FFO") before income taxes for the quarter ending December 31, 2010 will be $57,311,000, or $0.28 per diluted share, compared to negative FFO before income taxes of $31,590,000, or $0.16 per diluted share in the prior year's quarter. Vornado's share of negative FFO after income taxes for the quarter ending December 31, 2010 will be $19,714,000, or $0.10 per diluted share, compared to negative FFO after income taxes of $16,504,000 or $0.08 per diluted share in the prior year's quarter. Vornado's share of net loss and negative FFO before income taxes for the quarter ending December 31, 2010 include a write-off of deferred financing charges of $8,500,000. Net loss and negative FFO after income taxes include this item in the net amount of $5,525,000. 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 loss, as well as reconciliations of net loss to earnings before interest, taxes, depreciation and amortization ("EBITDA") and FFO. write your comments about the article :: © 2010 Construction News :: home page |