American Realty Trust of Arlington a real estate investment trust, yesterday reported a significant reduction in losses for the quarter and six months ended March 30.
At the same time, ART said negotiations continue on a comprehensive plan of restructuring the trust's debts. ART also remains delinquent on a $246,000 payment and $57,820 of interest on convertible subordinated debentures. "We hope to pay up the interest owed before expiration of the 30-day grace periods at the end of this month," a spokesman said.
In the second quarter, ART posted a net loss of $412,321 on revenues of $950,942 compared with a year-earlier loss of $1.1 million and revenues of $987,178.
ART's six-month loss was trimmed to $204,760 on revenues of $3 million compared with a loss of $1.6 million on revenues of $2.4 million a year earlier.
A trust statement attributed the reduced loss figures to a sharp reduction in reserves for possible loan losses, reflecting "the increased stability of the trust's portfolio as well as a continuing improvement in the general real estate climate."
In the absence of a new financing agreement, ART said, "we continue to grapple with a very tight cash position." But prospects for coming months "appear good," since the second half of the fiscal year includes peak vacation months and are the strongest period for Washington area hotel-motel properties, ART added.
Rouse Co., a real estate development and mortgage banking firm based in Columbia, reported strong financial results for its first quarter ended March 31.
Earnings before noncash charges totaled $2.4 million vs. a loss of $77,000 while net income (after accounting for translating Canadian debts) were $2.7 million compared with a loss of $3.7 million in the 1976 period.
Rouse attributed the gains to a strong performance by its 26 retail shopping centers in the U.S. and Canada as well as mortgage banking operations.
LogEtronics, Inc., a Springfield technology firm that manufactures printing products, reported record first-quarter profits of $168,000 (17 cents a share) vs. $86,000 (9 cents) in the 1976 period. Sales rose to a record $3.6 million from $3.1 million.