Eaco corporation (OTC:EACO) has released the eight month earnings for the financial period ended August 31, 2009. The company reported a net loss for the period at $(38,300), or $(0.01) per share. The net loss for the eight months ended August 31, 2008 was $(1,800,800), or $(0.46) per share.
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The company also announced the entrance of an agreement and plan of merger with Bisco Industries, Inc. Pursuant to the agreement, Eaco will merge with and into it’s wholly owned subsidiary, Bisco Acquisition Corp. To read the full financial report or more about the agreement, visit, http://www.eacocorp.com/.
EACO Corporation is engaged in the management of rental properties that it owns in Florida and California, United States. As of December 31, 2008, EACO owned two restaurant properties: one located in Orange Park, Florida (the Orange Park property) and one in Brooksville, Florida (the Brooksville property). The Orange Park Property was vacant at December 31, 2008, while the Brooksville Property was leased out to a tenant under a lease, which commenced on January 9, 2008. The Company is obligated for leases of two restaurant locations, one located in Tampa, Florida (the Fowler Property) and another located in Deland, Florida (the Deland Property). The Deland Property was subleased to a restaurant operator while the Fowler Property was subleased to an entertainment company at December 31, 2008. In addition, the Company owns an income producing real estate property held for investment in Sylmar, California with two industrial tenants.
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