Post generated fourth-quarter net income of $5.8 million or 15 cents per share and year-end net income of $2.7 million or seven cents per share. That performance compares with 2002 fourth-quarter net income of $9.6 million or 26 cents per share and year-end net income of $49.3 million or $1.33 per share.
Funds from operations in the quarter totaled $19.8 million or 47 cents per diluted share, compared to $23.7 million or 56 cents per diluted share in fourth quarter 2002. For the year, FFO of $40 million or 95 cents per share compared with $98.9 million or $2.35 per share in 2002.
Total revenue from continuing operations was $72.9 million for the quarter versus $72.2 million in the comparable 2002 period. For the year, revenue totaled $290.4 million compared to $287.3 million in 2002.
"Operating results for the fourth quarter met our expectations, with ongoing signs of stabilizing market conditions," says Post CEO and president David P. Stockert. "We are positioning our business to take advantage of the recovery as we continue to shape the portfolio, strengthen the balance sheet and build the management team and the independent board.
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