BF Enterprises Q2 Profit Drops 88%

BF Enterprises Inc. on Monday reported second quarter net income of $100,000, or three cents a share, on revenue of $593,000. For the same 1999 period, net income was $889,000, or 23 cents share, on revenue of $1.64 million.

The San Francisco-based real estate holding and development company reported six-month net income for 2000 as $730,000, or 19 cents a share, on revenue of $1.91 million. In 1999, six-month net income was $2.12 million, or 54 cents a share, on revenue of $2.91 million.

Net income in the three months and six months ended June 30, 2000 included, respectively, a loss of $7,000 and a gain of $597,000 from sales of property within the Company’s Meadow Pointe project near Tampa, Florida.

In the same periods of 1999, net income included gains of $865,000 and $1,419,000 from sales of Meadow Pointe property and, in the six month period, included a $656,000 recovery of state income taxes from the California Franchise Tax Board.

BF said its reported gains and losses from property sales at Meadow Pointe are based in part upon estimates of the total revenues and costs to be derived by the company over the life of the project. The company says it reviews these estimates quarterly and makes cumulative adjustments to reflect any revised estimates.

These adjustments, the company says, reflecting changes occurring during this period, resulted in aggregate reductions in revenue and costs that reduced net income by $589,000 and $935,000 in the three months and six months ended June 30, 2000.

At close of markets Monday, BF(Nasdaq:BFEN) stock was off three cents to $7.78 on volume of 2,700 shares. The stock’s 52-week range is $6.50-$10.