Kennedy Wilson Reports First Quarter 2012 Earnings
Kennedy-Wilson Holdings, Inc. (NYSE: KW) (“Kennedy Wilson,” "we," "us," "our," or the “Company”), an international real estate investment and services company, today reported a first quarter 2012 net loss attributable to common shareholders of $3.4 million (or $0.07 per basic and diluted share) compared to a net loss of $1.0 million (or $0.02 per basic and diluted share) for the same period in 2011. Net loss attributable to common shareholders, adjusted for stock-based compensation expense, was $2.5 million (or $0.05 per basic share) compared to net income of $0.2 million for the same period in 2011.
The Company's earnings before interest, taxes, depreciation and stock-based compensation expense (“Adjusted EBITDA”) for the first quarter 2012 was $19.2 million compared to $15.1 million for the same period in 2011.
“As part of our original business plans, we have begun to realize gains on some assets acquired in 2010 and 2011,” said William McMorrow, chairman and CEO of Kennedy Wilson. “We continue to see many opportunities to grow the recurring cash flow of the company through reinvestment of the return of capital and gains achieved from sales.”
Kennedy Wilson Recent Highlights
United Kingdom and Ireland
Conference Call and Webcast Details
The Company will hold a live conference call and webcast to discuss results on Tuesday, May 8 at 7:00 a.m. PT/ 10:00 a.m. ET.
The direct dial-in number for the conference call is (866) 831-6272 for U.S. and Canadian callers and (617) 213-8859 for international callers. The access code for the live call is 32692166.
A replay of the call will be available for one week beginning two hours after the live call and can be accessed by calling (888) 286-8010 for U.S. and Canadian callers and (617) 801-6888 for international callers. The access code for the replay is 80304293.
The webcast will be available at: http://www.media-server.com/m/acs/d37f28463d2521aa7204ee0e69d219cd. A replay of the webcast will be available two hours after the original webcast on the Company's investor relations web site for one year.
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is an international real estate investment and services company headquartered in Beverly Hills, CA with 23 offices in the U.S., Europe and Japan. The company offers a comprehensive array of real estate services including auction, conventional sales, property services, research and investment management. Through its fund management and separate account businesses, Kennedy Wilson is a strategic investor of real estate investments in the U.S., Europe and Japan. For further information on Kennedy Wilson, please visit www.kennedywilson.com.
Statements made by us in this report and in other reports and statements released by us that are not historical facts constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements are necessarily estimates reflecting the judgment of our senior management based on our current estimates, expectations, forecasts and projections and include comments that express our current opinions about trends and factors that may impact future operating results. Disclosures that use words such as “believe,” “anticipate,” “estimate,” “intend,” “could,” “plan,” “expect,” “project” or the negative of these, as well as similar expressions, are intended to identify forward-looking statements. These statements are not guarantees of future performance, rely on a number of assumptions concerning future events, many of which are outside of our control, and involve known and unknown risks and uncertainties that could cause our actual results, performance or achievement, or industry results, to differ materially from any future results, performance or achievements, expressed or implied by such forward-looking statements. These risks and uncertainties may include these factors and the risks and uncertainties described elsewhere in this report and other filings with the Securities and Exchange Commission (the “SEC”), including the Item 1A. “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2011. Any such forward-looking statements, whether made in this report or elsewhere, should be considered in the context of the various disclosures made by us about our businesses including, without limitation, the risk factors discussed in our filings with the SEC. Except as required under the federal securities laws and the rules and regulations of the SEC, we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events, changes in assumptions, or otherwise.
Non-GAAP Financial Information
In addition to the results reported in accordance with U.S. generally accepted accounting principles (GAAP) included within this press release, Kennedy Wilson has provided certain information, which includes non-GAAP financial measures (pro forma Statements of Income, Adjusted Net (Loss) Income Attributable to Kennedy Wilson Common Shareholders, Basic Adjusted Net (Loss) Income Attributable to Kennedy Wilson Common Shareholders Per Share, EBITDA and Adjusted EBITDA). Such information is reconciled to its closest GAAP measure in accordance with the SEC rules and is included in the attached supplemental tables. Management believes that these non-GAAP financial measures are useful to both management and the Company's shareholders in their analysis of the business and operating performance of the Company. Management also uses this information for operational planning and decision-making purposes. Non-GAAP financial measures are not and should not be considered a substitute for any GAAP measures. Additionally, non-GAAP financial measures as presented by Kennedy Wilson may not be comparable to similarly titled measures reported by other companies.
Director of Corporate Communication
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