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Galleria, Showcase operator reports improved results

Wednesday, June 12, 2002 | 11:22 a.m.

Cleveland-based Forest City Enterprises Inc., operator of malls in Henderson and Las Vegas, said Tuesday its cash flow for the quarter ending April 30 rose to $39.9 million, or 79 cents a share.

That's an 8 percent increase from the same quarter a year ago, when cash flow was $33.4 million, or 73 cents a share.

Company officials credit improved operations and the opening of 10 properties and two acquisitions nationwide for the boost in cash flow.

Forest City also said net earnings for the quarter ending April 30 totaled $10.1 million, or 20 cents a share, compared to $9.1 million, or 20 cents a share, in the same quarter a year ago.

Forest City has eight major retail projects under construction or in expansion, including a 121,000-square-foot addition to its Galleria at Sunset in Henderson, where Forest City is adding sporting-goods retailer Galyan's Outdoors as an anchor tenant.

The company has also said it is considering expanding the Showcase mall on the Strip, which it co-owns, though no immediate plans are pending.

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