Meruelo Maddux Properties posts $10.98 million third-quarter net loss

By Caroline Salls

Pittsburgh, Nov. 9 - Meruelo Maddux Properties, Inc. posted a $10.98 million net loss for the quarter ended Sept. 30 on $5.92 million in total revenues, according to a 10-Q filed Monday with the Securities and Exchange Commission.

In comparison, the company reported $178,000 of net income for the third quarter of 2008 on $6.11 million in total revenues.

In addition, the company reported a $149.54 million net loss for the first nine months of 2009 on $18.27 million in total revenues, compared with an $8.94 million net loss for the first nine months of 2008 on $18.21 million in total revenues.

Meruelo Maddux had $12.47 million of cash and cash equivalents at Sept. 30, up from $4.46 million at Dec. 31, 2008.

According to the 10-Q, the company will continue to take aggressive actions to maximize cash receipts and minimize cash expenditures.

In addition, Meruelo Maddux said it continues to take steps to reduce its general and administrative expenses by streamlining activities and increasing efficiencies, which have led and will continue to lead to reductions in the workforce.

Meruelo Maddux, a self-managed, full-service real estate company that develops, redevelops and owns commercial and multi-family residential properties, filed for bankruptcy on March 26, 2009 in the U.S. Bankruptcy Court for the Central District of California. Its Chapter 11 case number is 09-13356.

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