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Stonehaven Revenues Down After Tech Sale

MINNEAPOLIS-The REIT says it is flush with cash and looking for commercial real estate opportunities after selling off 80% of the Stellent shares it received in the sale of its SmartCabinet Software Code.

By Jim McCartney | Updated on May 16, 2002

MINNEAPOLIS-Stonehaven Realty Trust says revenues for the three months ending March 31 were about $308,000, down from $1.6 million for the same period last year. The decrease was the result of the REIT’s decreased technology operations related to the July 2001 sale of its SmartCabinet Software Code to Stellent, Inc.

Meanwhile, the company lost about $173,000, or $0.04 per share compared to a net loss of approximately $1.0 million, or 22 cents per share for the previous year.

During the quarter, the company sold 40,000 Stellent shares at an average price of $31.34 per share, and has to date sold 80% of the Stellent shares it received at an average price of $26.22 per share.

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