First Hartford Corporation Quarterly Report: Third Quarter Ended January 31, 2012

April 20, 2012

First Hartford Corporation (OTCQX: FHRT.PK) reported operating revenues for its third quarter ended January 31, 2012 increased 33.6% to $6.78 million, compared to operating revenues of $5.08 million for the third quarter of the prior fiscal year.  For the first nine months of fiscal 2012, operating revenues were up 36.3% to $20.59 million, versus operating revenues of $15.11 million for the same period in fiscal 2011.  Revenue for both periods of fiscal 2012 benefited from increased service income from CVS Pharmacy fees, leasing fees, construction fees and incentive fees from non-affiliated entities.   The company also received a development fee of $1.53 million from a 75% owned subsidiary.

For the third quarter of fiscal 2012, the company reported a net loss of $1.8 million or $(0.74) per share, compared to a net loss of $924 thousand or $(0.35) per share for the third quarter of the previous fiscal year.  For the first nine months of fiscal 2012, the company reported a net loss of $1.07 million or $(0.44) per share, versus a net loss of $2.88 million or $(1.00) per share for the first nine months of fiscal 2011.  Net income for third quarter of 2012 was negatively impacted by higher service expenses, increased selling, general and administrative expenses and significantly higher income taxes.

As of January 31, 2012, the balance sheet reflected real estate and equipment of $130.69 million, total assets of $153.1 million, mortgages and notes payable of $142.77 million and total liabilities of $160.34 million.  During the first nine months of fiscal 2012, stockholders’ deficiency increased 42.3% to $7.24 million.

First Hartford Corporation is engaged in the purchase, development, ownership, management and sale of real estate.

Source: First Hartford Corporation


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