Criimi Mae Inc., currently undergoing bankruptcy reorganization, has announced earnings for the first quarter 2000, ending March 31.
Under generally accepted accounting principles (GAAP), the Rockville, Md.-based commercial mortgage real estate investment trust reported a net income available to shareholders of approximately $4 million, or $.07 per basic share or $.06 per diluted share. For the first quarter of 1999, Criimi Mae's earnings were $13.4 million.
Taken into consideration were impairment losses of $3.4 million on a portion of the company's commercial mortgage-backed securities it intends to sell as part of Chapter 11 reorganization and a $157 million impairment on the CMBS sale portfolio. The impairments take into account the decline in value of assets in the portfolio.
It was previously reported that Criimi Mae was required to file briefs in response to objections in the disclosure statement raised by Salomon Smith Barney at an April 25 hearing. Briefs by both companies were filed, along with the equity committee and the unsecured creditors committee. Once the statement is approved by the bankruptcy court, the reorganization plan, the statement and ballots will be sent to all impaired creditors and equity security holders for approval.