September 7, 2008
United Capital says sales up, profits down
United Capital Corp., a Great Neck-based investor and manager of real estate and hotels, reported Thursday that profits declined in the second quarter, and sales were up by 9 percent.
Net income totaled $2.5 million, down from $3.8 million in the corresponding period a year ago.
Sales in the second quarter were $19.2 million, up from $17.6 million the same quarter last year. Revenues for the first six months rose to $37.9 million, a 10 percent rise from the same time last year.
On a per share basis, United Capital Corp. earned 30 cents compared to 46 cents a year ago.
The company said that results reflect the addition last May of the Radisson Hotel-Utica Centre in Uitca to its hotel operation.
A.F. Petrocelli, chairman, said in a statement that, "Although we have experienced slowdowns at our engineered products and hotel operations segments, our real estate investment and management segment continues to remain strong and relatively unaffected by the weakness in the U.S. economy."
Last month Petrocelli offered to buy the company but withdrew the $270-million offer, saying improved market conditions had made the purchase unnecessary.
In mid-day trading, shares were down 33 cents, to $21. They are off 12.5 percent this year.
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