Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATLANTA-Abrams Industries Inc., a 78-year-old, locally based commercial construction, real estate investment and development firm, is reporting a net loss from continuing operations of $948,406 for its first fiscal quarter ended July 31, compared to a net loss of $464,948 last year.

“We certainly are disappointed with the current operating results,” company co-chairman, president and CEO Alan R. Abrams says in a statement. He says the first-quarter performance was “significantly impacted by legal and professional fees of approximately $367,000.”

However, Abrams says he “remains confident that our ongoing strategies to diversify our revenue base by entering new business markets and broadening our product and service offerings will enable us to re-create a profitable business in the near future that benefits our shareholders and stakeholders.”

He says last year’s net loss from continuing operations was “net of a $450,000 pre-tax expense reduction, which resulted from a decrease in an allowance for doubtful accounts reserve.” The previous year’s net earnings of $163,818 included $628,766 in net earnings from discontinued operations.

Abrams says the company is continuing efforts to buy the operating business and assets of Atlanta-based Wheatstone Energy Group Inc. which provides energy-saving lighting programs for commercial, industrial, educational and government buildings throughout the US.

However, he adds, “The terms of the proposed transaction are being restructured from those originally contemplated, and there can be no assurance that any transaction will ultimately occur.”

Abrams Industries will be paying shareholders its 97th consecutive quarterly dividend on Oct. 8. The four-cents-per-share dividend goes to holders of record on Sept. 24.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.