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United Capital Corp. (Amex:AFP) announce earlier today their results for the fourth quarter and year ended December 31, 2009.
Total revenues for the fourth quarter of 2009 increased 9.3% to $17.9 million, compared to $16.4 million for the quarter of 2008. This boost is primarily related to the Company’s recent purchase of the Doubletree Miami Mart Hotel and Convention Center located in
For the full year total revenues for 2009 were $60.1 million, down $12.3 million from $72.4 million in 2008, reflecting the impact the weakened economy has had on our engineered products and hotel operation segments. This resulted in operating income of $6.9 million for the year, a $3.1 million decline from that reported in 2008. Net income for the current year was $5.7 million or $.63 per basic share, compared to $1.6 million or $.19 per basic share for 2008.
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This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act") including 2009 growth, revenue for the second quarter and year of 2009 and gross margin for the second quarter and year of 2009. Additionally, words such as "seek," "intend," "believe," "plan," "estimate," "expect," "anticipate" and other similar expressions are forward-looking statements within the meaning of the Act. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include the impact of intense competition, the continuation or worsening of current economic conditions and the condition of the domestic and global credit and capital markets.
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