"We're putting a bad year behind us," Kaline said. "We're moving forward and looking at creating a strategy of improving and strengthening the company's financial position."This includes the redeployment of capital, Kaline said, such as selling properties and stock buybacks.
The company bought 11,300 shares of its common stock during 2000 at an average price of $10.21 per share. The board authorized the purchase of up to 250,000 shares of common stock in August. Malan has 5.2 million in common shares outstanding, Kaline said.
Two examples of obstacle were given for what led to financial decline, Kaline said.One was the closing of Meridian Theater at Bricktown Square in Chicago. Kaline said the company lost a one-time fee of $380,000 due to the sudden closure, and lost the theater's annual income of $930,000.
Anthony Gramer, the former CEO and president who was fired in June, filed a lawsuit in Oakland County Circuit Court against Malan, claiming he's owed more than $1 million in salary and other costs. The board of directors of appointed Jeffrey D. Lewis as chief executive officer in October and former vice president Michael Kaline to president in August. The changes resulted after a proxy fight earlier in 2000 ousted its board. The battle and a change of control agreement cost the company $3.4 million.
The company owns, acquires, redevelops and manages properties that are leased primarily to national and regional retail companies. The company owns a portfolio of 64 properties located in nine states that contains an aggregate of approximately 5.9 million sf.
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