Taubman Centers Inc. (TCO) reported fourth quarter net income attributable to the company of $4.0 million or $0.07 per share, compared to a loss of $100.8 million or $1.90 per share in the prior year quarter.
Funds from operations for the quarter was $46.4 million or $0.56 per share, compared to negative funds from operations of $45.4 million or $0.57 per share in the year-ago quarter. Funds from operations attributable to TCO was $31.1 million, compared to a negative funds from operations attributable to TCO of $30.3 million in the previous year quarter.
Adjusted funds from operations for the quarter was $76.6 million or $0.93 per share, compared to an adjusted negative funds from operations of $81.0 million or $1.00 per share in last year quarter.
On average, seven analysts polled by Thomson Reuters expected the company to report earnings of $0.78 per share. Analysts' estimates typically exclude special items.
Results for the fourth quarter of 2009 included $38.5 million of litigation charges related to Westfarms, of which the company's share was $30.4 million.
Total revenues for the period were $186.3 million, compared to $75.5 million in last year period. Three Wall Street analysts expected revenues of $169.94 million.
Looking forward, for the fiscal year 2010, the company expects funds from operations per share excluding the Pier Shops to be in the range of $2.55 to $2.75. Net income allocable to common shareholders excluding the Pier Shops is expected to be in the range of $0.64 to $0.89 per share.
Eleven Street analysts expect earnings of $2.63 per share for the year.
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