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Forest City Sows Q1 Success

CLEVELAND-With 15 projects in the pipeline during Q1, Forest City Enterprises continues on its track of success.

By Dana Dubriwny | Updated on June 10, 2005

CLEVELAND-Master developer Forest City Enterprises Inc., a $7.4 billion company engaged in the ownership, development, acquisition and management of several property types, posted a vigorous first quarter ended April 30, 2005.

The company reports that first-quarter consolidated revenues increased 29% to $309.3 million compared with $239.9 million a year earlier. Fiscal first-quarter net earnings were $22.2 million, or $0.43 per share, compared with $7.2 million, or $0.14 per share, in 2004.

Earnings before depreciation, amortization and deferred taxes (EBDT) was $67.7 million, or $1.32 per share, a 22% increase on a per share basis over last year’s fiscal first-quarter EBDT of $55.1 million, or $1.08 per share. The increase was driven by an 8% increase in the company’s operating portfolio as well as large increases in land sales. Executives note that Forest City uses EBDT as a long-term measure in considering capital requirements and allocation of resources by segment.

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