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Forest City Sees Decline in Revenue

CLEVELAND-Year-to-date EBDT was $137.1 million, a 31.4% increase compared to $104.3 million for the first half of 2008.

By Katie Hinderer | Updated on September 11, 2009

CLEVELAND-Forest City Enterprises Inc. reported its second quarter fiscal earnings today, showing a net loss of $1.8 million, $0.01 per share. The locally-based company also experienced a slight decline in revenue from $327.6 million during Q2 2008 to $316.7 million.

The net loss of $1.8 million is significantly lower than the net loss experienced in Q2 2008. Forest City saw a net loss that quarter of $8.4 million, or $0.08 per share. Net loss for the first half totaled $32.5 million, or $0.26 per share, compared with $48.8 million, or $0.47 per share during the first half of 2008.

Q2 earnings before depreciation, amortization and deferred taxes totaled $95.5 million, an 8.1% increase when compared to Q2 2008′s EBDT of $88.3 million. Year-to-date EBDT was $137.1 million, a 31.4% increase compared to $104.3 million for the first half of 2008.

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