For the first three months of 2001, revenues fell from the same time a year ago by $5.78 million to $25.28 million. Net income, meanwhile, was $3.21 million for the first three months of the year, or 10 cents a share, compared to a loss of $80,000 for the first quarter of 2000.
The decrease in revenue was mostly attributable to a $4.22-million drop in rent revenues from sales of its assets. Also contributing was as a $1.2-million drop in management fee income from the termination of Burnham's joint venture with the California Public Employees' Retirement System.
The boost in profits was mostly due to Burnham's not recording depreciation expense in 2001 after changing its accounting methods following the board's decision to liquidate the company.
Looking ahead to next quarter, there will be even fewer properties on the books. On April 2, the company sold a portfolio of 19 shopping centers to Weingarten Realty for a total of $288.5 million.
At the close of markets Monday, shares of Burnham Pacific were trading for $4.85 apiece. The price is much closer to its 52-week low of $4 than its 52-week high of $7.50.
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