Jernigan Capital, Inc. (JCAP) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $4.49 million, or $ 0.53 a share in the quarter, against a net loss of $0.83 million, or $0.15 a share in the last year period. On an adjusted basis, net profit for the quarter stood at $4.57 million, or $0.69 a share compared with a net loss of $0.48 million, or $0.09 a share in the last year period. Revenue during the quarter surged 114.09 percent to $2.16 million from $1.01 million in the previous year period.
Total expenses were $1.94 million for the quarter, down 7.17 percent or $0.15 million from year-ago period. Operating margin for the quarter period stood at positive 10.01 percent as compared to a negative 107.54 percent for the previous year period.
Operating income for the quarter was $0.22 million, compared with an operating loss of $1.08 million in the previous year period.
Jernigan Capital projects net income to be in the range of $0.67 million to $1.44 million for the first-quarter. For financial year 2017, Jernigan Capital projects net income to be in the range of $17.58 million to $21.90 million. Jernigan Capital expects adjusted net income to be in the range of $0.77 million to $1.50 million for the first-quarter. For the financial year 2017, Jernigan Capital expects adjusted net income to be in the range of $16.25 million to $20.72 million. The company expects diluted earnings per share to be in the range of $0.01 to $0.10 for the first-quarter. For fiscal year 2017, the company expects diluted earnings per share to be in the range of $1.62 to $2.02. On an adjusted basis, the company expects diluted earnings per share to be in the range of $0.09 to $0.17 for the first-quarter. For fiscal year 2017, the company expects diluted earnings per share to be in the range of $1.80 to $2.30 on adjusted basis.
Other income during the quarter was $2.16 million, up 114.09 percent or $1.15 million from year-ago period.
"The fourth quarter was a transformational quarter for JCAP," commented Dean Jernigan, chairman and chief executive officer of Jernigan Capital. "We closed our first public follow-on capital raise since the Companys IPO, fulfilled our commitment to close on $123 million of development projects to the Companys Heitman joint venture ahead of schedule, and resumed on-balance sheet investing with the closing of two development property investments in the fourth quarter and eight additional development property investments since year-end. We also had two additional self-storage projects open for business. Moreover, we benefitted from significant fair value additions to our 2015 investments, further signaling the quality and success of our developers and the JCAP team in identifying and closing on high-return self-storage investments in key primary submarkets."
Net receivables were at $9.90 million as on Dec. 31, 2016, down 49.46 percent or $9.70 million from year-ago.
Real estate investments stood at $5.37 million as on Dec. 31, 2016.
Total assets jumped 82.86 percent or $87.35 million to $192.78 million on Dec. 31, 2016. On the other hand, total liabilities were at $24.42 million as on Dec. 31, 2016, up 566.58 percent or $20.75 million from year-ago.
Return on assets was at 2.52 percent in the quarter against a negative 0.79 percent in the last year period. Return on equity was at 2.67 percent in the quarter against a negative 0.82 percent in the last year period.
Total debt was at $18.58 million as on Dec. 31, 2016. Shareholders equity stood at $168.36 million as on Dec. 31, 2016, up 65.44 percent or $66.60 million from year-ago. Meanwhile, debt to equity ratio was at 0.11 percent in the quarter.
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