27 April 2004 19:37
Harbor Global Company Ltd. Reports Earnings for the Quarter Ended March 31, 2004
HARBOR GLOBAL COMPANY LTD. All amounts except per share are in millions of U.S. -------------- dollars First Quarter
-------------- 2003 2002 -------------- Revenues $3.3 $2.5 (Loss) Earnings ($0.6) $1.8 Per Share (Loss) Earnings ($0.11)
$0.32 Segment Information Revenues Russian Real Estate Management and Investment Management $2.5 $2.0 Real Estate
Management 0.2 0.2 Other 0.6 0.3 Profit (Loss) Russian Real Estate Management and Investment Management ($0.1) $1.0 Real
Estate Management (0.3) (0.3) Other (0.2) 1.1
BOSTON--(BUSINESS WIRE)--April 27, 2004--Harbor Global Company Ltd. ("Harbor Global" or the
"Company") (OTC BB:HRBGF) reported a net loss of $0.6 million ($0.11 per share) on revenues of $3.3 million in
the first quarter of 2004 compared with net income of $1.8 million ($0.32 per share) on revenues of $2.5 million for the
first quarter of 2003. The $2.4 million decrease in income was attributable principally to a non-recurring 2003 gain of
$1.3 million from the early settlement of the Company's $5 million note payable to Pioneer Asset Management USA
Inc. for $3.75 million and a $0.9 million decrease in lower portfolio gains from the Russian real estate management and
investment management operations.
--30--SK/bo* CONTACT: Harbor Global Company Ltd. Donald H. Hunter, 617-878-1600
This press release, as well as future oral and written statements of Company management, contains forward-looking
statements within the meaning of the federal securities laws. All forward-looking statements are based on currently
available information and management expectations that involve substantial risks and uncertainties that could cause
actual results to differ materially from the results expressed herein. Important factors that could cause actual results
to differ materially from those indicated by such forward-looking statement include, but are not limited to, the
following: economic, political and regulatory stability in Russia and other emerging markets in which the Company
operates; the success of our Russian real estate management operations; the Company's limited history as an
independent company; and the Company's ability to retain key officers and managers. Additional information
concerning potential factors that could affect future financial results is detailed from time to time in the
Company's periodic reports filed with the U.S. Securities and Exchange Commission.
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