DENVER, April 20, 2005 (PRIMEZONE) -- Across America Real Estate Development (Pink Sheets:AARD), a company that is a developer partner focusing on 100% financing of build-to-suit real estate projects and also providing financing for those transactions where a bank requires developer equity, announced its financial results, as filed its 10KSB, for the year ended December 31, 2004.
Revenues for the Company's fiscal year ending December 31, 2004 were $1,787,922 as compared to no revenues in 2003. Operating expenses for the twelve months ended December 31, 2004 were $1,640,080 yielding an income from operations of $147,842 as compared to a loss from operations of $22,176 in the previous year. Net income for the year 2004 was $25,686 compared to a loss of $22,048 in 2003. Our basic and diluted earnings per share were $.00 per share for both 2004 and 2003. The Company had a profitable fiscal year; however there were no closings in the fourth quarter of the fiscal year, which is reflected in a lack of revenues and loss for the quarter. The net income for the year was due to the closing of two announced projects of a Family Dollar Store and an Advance Auto Parts Store. The Company currently has four other announced projects in process which it would anticipate would close in 2005. As of December 31, 2004 the Company had approximately $527,000 in available cash and cash equivalents with no long-term debt other than that used for operations.
"A highlight for the Company is that it has filed its first 10KSB. Also, and more importantly is that AARD is pleased to announce that it was profitable for the year ending December 31, 2004," commented Alex Lagerborg, President and Chief Executive Officer of AARD. "As our pipeline becomes more robust, we believe we will deliver on our strategic plan that will bring solid and stable growth in the year to come. We are also pleased that we have made significant progress in 2004 in expanding our business. With a growing pipeline of transactions, we have reinforced our management depth to support our operations. We have expanded our line of sub debt financing with GDBA LLLP from $2,000,000 to $7,000,000. This revolving line supports AARD in obtaining up to an additional $15 million in senior debt funding for specific development projects. Our strategy still is to gain market share in what we think is an underserved market of the small box single pad development and developers. History has shown that this is a market where we believe that we can make a sustainable impact."
Other highlights of 2004 were that AARD applied for and was approved by Standard and Poor's for a complete corporate listing and description in S&P's corporation records. This was done in order to provide more corporate transparency for the shareholders of AARD. S&P also initiated financial coverage of AARD as part of the S&P Market Access Program, including coverage of AARD on S&P's Internet website, www.advisorinsight.com. AARD relocated its corporate headquarters in December of 2004 to 1440 Blake, Suite 330, Denver, Colorado 80202. This new space was selected to provide an economical intermediate step to accommodate the growing base of business that the Company has generated over the last 11 months. It is anticipated that over the next 12 months, a slightly larger space will be needed to accommodate the growing infrastructure of the Company. Finally, AARD developed a Vision, Values and Mission Statement to create guidelines for corporate growth and conduct.
About Across America Real Estate Development
Based in Denver, Colorado, Across America Real Estate Development (Pink Sheets:AARD) is a national, publicly traded company that is an investor partner to real estate developers focusing on 100% financing of build to suit projects and also providing financing for those transactions where a bank requires developer equity. For more information visit our website www.aard.us
This press release can also contain certain information about AARD's business prospects and financial projections. These are only prospects and projections based upon good faith current expectations of the management of AARD. This information is based on assumptions as to future events that are inherently uncertain and subjective. AARD makes no representation or warranty as to the attainability of such assumptions or as to whether future results will occur as projected. You are expected to conduct your own investigation with regard to AARD and its prospects.
Additional information can be found at the Company's web site at www.aard.us. Copies may also be obtained by contacting Across America's offices at 303-893-1003. The company assumes no obligation to update the information in this press release.