During the 3Q2009 MONOPOLY I, LLC (M1) continued to focus on reducing debt and strengthening our balance sheet. Revenue increased quarter over quarter by 8% and operating expenses decreased 16%. Also, during the third quarter M1 raised $27,648 in capital investments and their share price increased to $13.01, a $.06 increase.
JOPLIN, Mo., October 7, 2009
MONOPOLY I, LLC (M1), a real estate investment company, today announced financial results for its third quarter ended September 30, 2009.
-Revenue increased 8% over 2Q09 to $45,261.
-Net loss YTD for 2009 is $10,025 after property depreciation.
-Capital raised since inception of the company is $825,371 vs. goal of $780,000.
-Total assets are $2,555,901 ahead of the company’s “revised” goal of $1,650,000.
Third quarter 2009 financial results
Revenue: M1’s third quarter revenue was $45,261 compared to $41,856 in the second quarter 2009, an increase of 8% and inline with the company's prior guidance of $45,000. For 2009, M1’s revenue goal is $193,500.
Net Operating Income: M1’s net operating income was $26,290 inline with our goal. The increase in net operating income is due to an 8% increase in revenue and a decrease in repairs/maintenance and management fees.
Operating expenses: We are now seeing results from our management team’s action plan for reducing operating expenses as expenses decreased 16% or $8,812 during the 3Q. Our team will continue to focus on necessary repairs and renovations as well as keep an eye on our bottom line, ensuring our financial success both short-term and in the long-term.
Net income: Taxable net loss was $64,068; however, in backing out property depreciation the company experienced a net cash flow of ($10,025). During the 3rd quarter we improved our net cash from ($22,212) to $(10,025) a $12,187 improvement.
EBITA & Earnings per share: Earnings before interest, taxes and amortization were $29,525 or $0.43 per share.
Balance sheet: Cash, cash equivalents, and short-term investments as of September 30, 2009 were $114,099. M1 total assets are $2,555,901. The company’s total liabilities decreased $23,470 to $1,653,336. Share members equity increased $31,322 to $902,565. During the 3Q09, M1 issued 2,135 member shares. No shares were repurchased by the company in 2009.
Other developments during the 3rd quarter
Acquisition:
NONE
Guidance for fourth quarter 2009: For the fourth quarter, ending December 31, 2009, total revenue is expected to be $45,000. We expect our rental income to remain level as we work through the soft economy and higher than normal turnover. Operating expenses are expected to be $40,000 as we continue to execute our preventive maintenance plan. Net income and earnings per share for the fourth quarter are expected to be break even, assuming a weighted average share count of 72,000 shares.
About MONOPOLY I, LLC
MONOPOLY I, LLC (M1), a limited liability company, is engaged in the acquisition, ownership, management, and redevelopment of rental properties. The company rents and leases its rental units to a diverse base of residents. As of September 30, 2009, M1 owned a real estate portfolio of nine rental properties containing approximately 69 apartment units located in Joplin, Missouri. M1 was founded in 2006 and is headquartered in Joplin, Missouri.
For more information about M1, please visit our blog at:
www. monopoly1llc.blogspot.com
Editorial Contact:
William R. HolstinePresident/CEO
630.649.1837
wholstine@aol.com
© 2006 MONOPOLY I, LLC All rights reserved. MONOPOLY I, LLC is a registered trademark in the state of Missouri.
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