WASHINGTON, Aug. 14 /PRNewswire-FirstCall/ -- Bresler & Reiner, Inc. reported net income of $41,000 or $0.01 per common share on revenues of $43,962,000 for the six months ended June 30, 2007. For the comparable period in 2006, the Company reported net income of $9,041,000 or $1.65 per common share on revenues of $44,045,000. Funds from operations for the six months ended June 30, 2007 were $6,929,000 or $1.27 per common share compared to $8,932,000 or $1.63 per common share for the same period in 2006. For the three months ended June 30, 2007, the Company reported a net loss of $3,742,000 or $(0.68) per common share on revenues of $22,196,000. For the comparable period in 2006, the Company reported net income of $11,443,000 or $2.09 per common share on revenues of $23,252,000. Funds from operations for the three months ended June 30, 2007 were $2,509,000 or $0.46 per common share compared to $6,578,000 or $1.20 per common share for the same period in 2006. Sidney M. Bresler, Chief Executive Officer, stated that the net loss for the three months ended June 30, 2007 was primarily due to depreciation and amortization expense on the Company's operating properties, which totaled $7,084,000 during the period, together with impairment charges related to development projects totaling $1,845,000. Funds from operations is defined by the Company as net income computed in accordance with accounting principles generally accepted in the United States, excluding gains and losses, net of tax, on sales of depreciable property, plus depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures. The following table reflects the reconciliation of FFO to net income for the three and six months ended June 30, 2007 and 2006 (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2007 2006 2007 2006 Net (loss) income $(3,742) $11,443 $41 $9,041 Add: Depreciation and amortization including share of unconsolidated real estate joint ventures 7,084 6,819 14,534 12,385 Add: Income tax expense from sale of properties and investments in joint ventures (net of minority interest share of taxes) 555 7,788 5,098 8,329 Less: Gain on sale of properties and investments in joint ventures (net of minority interest) (1,388) (19,472) (12,744) (20,823) Funds from operations $2,509 $6,578 $6,929 $8,932 Net (loss) income per common share $(0.68) $2.09 $0.01 $1.65 Funds from operations per common share $0.46 $1.20 $1.27 $1.63 About the Company: Bresler & Reiner, Inc. owns and develops land and residential, commercial and hospitality properties, principally in the Washington, D.C.; Wilmington, Delaware; Philadelphia, Pennsylvania; Houston, Texas; Baltimore, Maryland, Maryland and Delaware Eastern Shore, and the Tampa and Orlando, Florida metropolitan areas. Supplemental Information: SEC Filings (including Forms 10-K/A, 10-Q, 8-K and proxy materials) are available at http://www.breslerandreiner.com/ or may be requested in e-mail or hard copy formats. For additional information, contact: Darryl M. Edelstein, Executive VP-Finance and CFO Bresler & Reiner, Inc. 11200 Rockville Pike, Suite 502 Rockville, Maryland 20852 (301) 945-4300 This press release may contain forward-looking statements that are based on current estimates, expectations, forecasts and projections about us, our future performance, the industry in which we operate, our beliefs, and management's assumptions. In addition, other written or oral statements that constitute forward-looking statements may be made by or on behalf of us. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," or "would be," and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. These risks and uncertainties include: our ability to compete effectively; our exposure to the credit risks of our tenants; our ability to recruit and retain key personnel; adverse changes in the local or general economy and market conditions; our ability to obtain necessary governmental permits and approvals; our ability to complete development projects in a timely manner and within budget; our ability to secure tenants for our projects and properties; our ability to sustain occupancy levels at our properties through keeping existing tenants and securing new ones; our ability to secure tenants for the residential and commercial properties that we develop; changes in the interest rate environment which will affect our ability to obtain mortgage financing on acceptable terms; future litigation; and changes in environmental health and safety laws. DATASOURCE: Bresler & Reiner, Inc. CONTACT: Darryl M. Edelstein, Executive VP-Finance and CFO of Bresler & Reiner, Inc., +1-301-945-4300 Web site: http://www.breslerandreiner.com/

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