First quarter net income of $14.2 million or 38 cents per diluted share compared with $19.9 million or 51 cents in the comparable 2001 quarter.
Total revenue from continuing operations of $86.1 million was off from $98.6 million a year ago. Funds from operations logged in at $30.2 million or 72 cents per diluted share versus $39.7 million or 90 cents for the same 2001 period.
Even average occupancy at the company's 68 apartment communities containing 24,063 units was down--90.3% compared with 95.4% earlier.
In a prepared statement, retiring founder/CEO John A. Williams says the company's projected FFO for the second quarter will be 63 cents to 67 cents per share.
However, "based on the first quarter actual and second quarter estimated results, management believes the company's FFO for the full year will not meet the current consensus analyst estimated, as reported by First Call, of $2.98 per share," Williams says.
Post estimates second-quarter earnings per share will be 54 cents to 58 cents per share.
Still, the company has cash on hand for future downturns. In April, Post renewed its 364-day line of credit facility with an undisclosed lender for $125 million.
Counting the firm's existing $320 million, three-year facility, Post has a total $445 million of borrowing capacity under its lines of credit. The three-year facility expires in 2004.
Inheriting the sluggish balance sheet performance July 1 is Post president David P. Stockert who takes over from Williams, as previously reported in March. Williams will continue as chairman of the company's board of directors. Stockert is expected to be name a director and will retain his title as company president.
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