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Overland announces first quarter 2010 results

^{Published on 2009-12-22 10:50:19 - Market Wire}
 

 - The Company achieved a 5% increase in cash flow from operating activities in the quarter compared to the same quarter in the previous fiscal year with $640,564 in cash flow generation versus $608,932. - Property Net Operating Income (NOI) was $1.613 million in the quarter, a 2.54% increase over the comparable quarter last year. - Occupancy levels remained strong at 96.2% with a very good tenant retention ratio of 100% along with a 5.0% weighted average rental increase from renewing tenants. - Completed a private placement of Common Stock in the quarter for gross proceeds of $4.487 million at $0.50/share. - With the proceeds from the private placement the Company repaid the outstanding Term Loan in full and subsequent to quarter end the Company repaid both the Note Payable and the short-term bank indebtedness. - With the repayment of the debt noted above Overland's remaining long-term debt is all secured first-mortgage debt held almost exclusively by conventional mortgage lenders with only one mortgage of $1.9 million maturing between now and the end of fiscal 2012. 

 FIRST QUARTER FINANCIAL HIGHLIGHTS ----------------------------------------------- ------------------------- ----------------------------------------------- ------------------------- Quarter Ended October 31 In $000's (except Per Share Amounts) 2009 2008 ----------------------------------------------- ------------------------- ----------------------------------------------- ------------------------- Total Revenue 2,622 2,669 Property Net Operating Income (NOI) 1,614 1,592 EBITDA 1,348 1,366 Recurring Funds from Operations (FFO) 379 509 Recurring Adjusted Funds from Operations (AFFO) 533 462 ----------------------------------------------- ------------------------- Per Share Amounts ($'s/share) Recurring FFO - basic 0.014 0.020 Recurring FFO - diluted 0.014 0.020 Recurring AFFO - basic 0.020 0.018 Recurring AFFO - diluted 0.019 0.018 ----------------------------------------------- ------------------------- ----------------------------------------------- ------------------------- ----------------------------------------------- ------------------------- October 31 July 31 OTHER DATA (In $000's) 2009 2009 ----------------------------------------------- ------------------------- Gross Book Value (GBV) of Assets 68,135 66,717 Cash & Restricted Cash 3,214 1,430 Total Assets 61,514 61,044 Total Liabilities 50,671 54,201 Shareholders Equity 10,843 6,843 ----------------------------------------------- ------------------------- ----------------------------------------------- ------------------------- Weighted Average Remaining Lease Term (Years) 5.34 5.59 Weighted Average Long Term Mortgage Rate 6.06% 6.06% Weighted Average Long Term Mortgage Expiry (Years) 4.55 4.80 ----------------------------------------------- ------------------------- ----------------------------------------------- -------------------------