LAACO, LTD. Annual Report: Year Ended December 31, 2011

April 1, 2012

LAACO, LTD. (OTCPink: LAACZ.PK) reported revenues for its year ended December 31, 2011 increased a modest 1.9% to $53.37 million compared to revenues of $52.6 million for the prior year.  Revenues benefited from a $1.1 million increase from the company’s club division.

Net income for 2011 slipped 1% to $11.6 million or $67.31 per unit versus net income of $11.72 million or $67.70 per unit.  Net income in 2011 was negatively impacted by higher expenses resulting in lower operating income and higher income tax expense.

As of December 31, 2011, the balance sheet reflected current assets of $10.71 million (included cash and cash equivalents of $7.4 million), total assets of $199.65 million, current liabilities of $7.25 million and total liabilities of $47.03 million.  During 2011, partners’ capital increased 1.9% to $152.62 million.

LAACO derives most of its revenue from 45 self-storage facilities located in the western United States. It also derives revenue from two legacy club properties and parking facilities.  The legacy club properties include The Los Angeles Athletic Club and the California Yacht Club.

Source: LAACO, LTD.


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