Atlantis Land Corporation Dragged Down by Zurich Sims

Atlantis Land Corporation (ALC : ISE) took a loss of L$176,594 due to improfitability at their Zurich City and Zurich Hillside sims, which they hope to return to profitability soon.

ALC(ISE) earned a profit of L$593,650 in 2008 after paying a dividend of L$0.03 per share in November to make up for the months the company spent as a hostage of the WSE debacle. The 30 day rolling share price average is L$0.46 and an average daily volume of 4,700 shares exchanging hands per day.

Over the last two months ALC(ISE) has taken out a total of L$200,000 in loans to shore up operational shortfalls, and it is possible that these loans will need to be paid in full before another dividend payment is distributed to shareholders. ALC(ISE) books still reflect a cash balance of L$24,352 held in reserve.

ALC(ISE), as a WSE migrant, has a significantly large market capitalization, with over 20,570,152 issued shares, and only 544,653 shares owned by the public. A suggestion by investor Nanette Vella for CEO Hannibal Kennedy to terminate a signficant portion of the CEO held shares, and thus free up a much smaller amount of funds necessary to pay regular-if not increased in size-dividends has not been publicly reacted to by Kennedy, although investor Jeb Gibb has pointed out that from the point of view of the CEO it may appear to be the same either way.