In addition, revenue for the most recent quarter was $57.62 million, up from $47.59 million for the same quarter last year and net income was $720,000 for the 2002 quarter ended June 30.
Revenue for the six-month period this year was $108.23 million, compared with $83.51 million for the same period in 2002. The company experienced a $985,000 net loss for the six months ended June 30 last year.
Financial results so far in 2003 include expenses of $2.77 million and $1.63 million relating to start-up costs for the Avatar developments of Bellalago in Central Florida, Cory Lake Isles in Tampa and Ocean Palms, a 38-story oceanfront condominium project scheduled to break ground late in the third quarter in Hollywood, FL.
In addition, on July 31, Avatar called for partial redemption of $60 million of the $94.43 million aggregate principal amount outstanding of its 7% convertible subordinated notes due April 1, 2005. The call resulted in the redemption of $49.91 million principal amount of the notes. Holders of $10.1 million principal amount of the notes chose to convert, which resulted in issuing 317,199 shares of Avatar's common stock. Also, holders of $343,000 principal amount of notes that were not called for redemption also chose to convert, which resulted in issuing 10,786 shares of the company's common stock.
Avatar Holdings, of which Avatar Properties is a subsidiary, has diversified real estate operations, mainly in Florida and Arizona. The company's operations include development, commercial and industrial properties, property management, home building, cable television and other operations, including the development of Harbor Islands in Hollywood.
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