Arizona Land Income Corp. Reports Second Quarter Results

Business Wire, August 13, 1999

PHOENIX--(BUSINESS WIRE)--Aug. 12, 1999--

Arizona Land Income Corp. (AMEX: AZL), an independent real estate trust (REIT), Thursday announced earnings for the three and six month periods ending June 30, 1999.

For the operating period of April 1 through June 30, 1999, the company had gross revenues of $228,000 compared to $169,000 for the quarter ended June 30, 1998.

The company attributes the increase primarily to an increase of $87,000 in interest on mortgages. For the three month period ending June 30, 1999, the company reported income before gain on sale of properties of $179,000 and earnings per share of $0.08 as compared to $110,000 and $0.05 per share for the comparable period in 1998.

For the six month period ending June 30, 1999, the company had gross revenues of $433,000 and income before gain on sale of properties of $336,000, as compared to gross revenues of $415,000 and income before gain on sale of properties of $307,000 for the comparable period in 1998.

The company also reported net income including gains on the sale of properties of $348,000 or $0.15 per share for the six month period ending June 30, 1999, as compared to $377,000 or $0.16 per share for the comparable period in 1998.