UMH Properties, Inc. (UMH) has reported an 1,835.46 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $3.38 million, or $0.01 a share in the quarter, compared with $0.17 million, or $0.10 a share for the same period last year. Revenue during the quarter grew 14.68 percent to $25.14 million from $21.92 million in the previous year period.
Cost of revenue surged 39.88 percent or $0.34 million during the quarter to $1.19 million. Gross margin for the quarter contracted 85 basis points over the previous year period to 95.28 percent.
Total expenses were $20.63 million for the quarter, up 7.16 percent or $1.38 million from year-ago period. Operating margin for the quarter expanded 576 basis points over the previous year period to 17.93 percent.
Operating income for the quarter was $4.51 million, compared with $2.67 million in the previous year period.
Revenue from real estate activities during the quarter increased 14.68 percent or $3.22 million to $25.14 million.
Income from operating leases during the quarter rose 13.21 percent or $2.73 million to $23.37 million.
Revenue from other real estate activities during the quarter was $1.78 million, up 38.31 percent or $0.49 million from year-ago period.
Samuel A. Landy, President and CEO, commented on the 2016 results. "We are pleased to announce another excellent year of increasing financial operating results and strong overall performance."
Operating cash flow improves
UMH Properties, Inc. has generated cash of $29.35 million from operating activities during the year, up 14.18 percent or $3.65 million, when compared with the last year. The company has spent $77.57 million cash to meet investing activities during the year as against cash outgo of $148.67 million in the last year.
Cash flow from financing activities was $45.89 million for the year, down 62.20 percent or $75.52 million, when compared with the last year.
Cash and cash equivalents stood at $4.22 million as on Dec. 31, 2016, down 35.49 percent or $2.32 million from $6.54 million on Dec. 31, 2015.
Real estate inventory rose 21.75 percent or $3.11 million to $17.42 million on Dec. 31, 2016. Net receivables were at $20.32 million as on Dec. 31, 2016, up 1.47 percent or $0.29 million from year-ago. Accounts payable increased 5.18 percent or $0.15 million to $2.96 million on Dec. 31, 2016.
Investments stood at $108.76 million as on Dec. 31, 2016, up 44.99 percent or $33.74 million from year-ago.
Total assets grew 13.34 percent or $80.13 million to $680.44 million on Dec. 31, 2016. On the other hand, total liabilities were at $363.41 million as on Dec. 31, 2016.
Debt moves up marginally
Total debt was at $351.31 million as on Dec. 31, 2016, up 3.05 percent or $10.40 million from year-ago. Shareholders equity stood at $317.03 million as on Dec. 31, 2016, up 28.75 percent or $70.79 million from year-ago. As a result, debt to equity ratio went down 28 basis points to 1.11 percent in the quarter.
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