Get Started for Free Contexxia identifies hard-to-find pieces of information in SEC filings. No more highlighters, no more redlining, no more poring over huge documents. UNITED CAPITAL CORP /DE/ (65358) 10-Q published on May 11, 2011 at 4:29 pm
Reporting Period: Mar 30, 2011
In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented have been recorded. These financial statements have been prepared in conformity with the accounting principles, and methods of applying those accounting principles, as reflected in the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010 and should be read in conjunction therewith. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year.
The Company’s net income increased $6,690 or 215% for the quarter ended March 31, 2011 to $9,807 from $3,117 earned during the first quarter of 2010. On a per share basis, net income was $1.10 per basic share in the current quarter, compared to $.34 per basic share in the same 2010 period. Total revenues increased $2,534 or 13% for the first quarter of 2011 to $22,588, compared to $20,054 in the first quarter of 2010. The results of 2011 include $8,956 in pre-tax gains on the sale of available-for-sale securities. The Company did not have any sales of available-for-sale securities during the first quarter of 2010.
Hotel revenues increased $843 or 11% to $8,412 for the quarter ended March 31, 2011, compared to the corresponding quarter of 2010, primarily related to increased revenues ($611) at the Company’s Miami, Florida hotel. This was attributable to the recent renovations at both the hotel and adjoining convention center. Hotel revenues at the Company’s other hotels also improved modestly as the economy and business travel has improved. Due to the significant renovations and improvements made at the Miami hotel and the general improvements in the economy, although there can be no assurance, the Company anticipates reporting increased hotel revenues in each of the quarters and full year of 2011.
Net cash used in financing activities was $306 and $1,867 for the three months ended March 31, 2011 and 2010, respectively. The decrease in cash used in financing activities primarily results from a one-time reduction in principal related to the refinancing of the Company’s mortgage on its Atlanta, Georgia hotel in 2010. In addition, the Company purchased and retired $542 of the Company’s common stock in 2010. No Company stock was repurchased in the current quarter.
The Company’s internal control over financial reporting is a process designed by, or under the supervision of, the Chief Executive Officer and Chief Financial Officer and effected by the Company’s Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of the Company’s financial reporting and the preparation of the Company’s financial statements for external purposes in accordance with generally accepted accounting principles (United States). Internal control over financial reporting includes policies and procedures that pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the Company’s assets, provide reasonable assurance that transactions are recorded as necessary to permit preparation of the Company’s financial statements in accordance with generally accepted accounting principles (United States), and that the Company’s receipts and expenditures are being made only in accordance with the authorization of the Company’s Board of Directors and management, and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the Company’s financial statements.