PS Business Parks beat Wall Street expectations for fourth-quarter funds from operations. The Glendale real estate investment trust, which specializes in commercial properties, reported funds from operations $41.6 million ($1.21 a share) for the quarter ending Dec. 31, compared to $41.9 million ($1.26) for the same period a year ago. Revenue dropped 2.2 percent to $91.5 million. Funds from operation, which takes net income and adds back items such as depreciation and amortization, is a key metric in the REIT industry. The company reported net income of $120 million ($3.04). Analysts on average expected funds from operations of $1.14 on revenue of $90.6 million. The company announced results after market close on Tuesday. Shares closed Wednesday up 78 cents or nearly 1 percent to $82.48 on the New York Stock Exchange. Growth in the e-commerce and mobile commerce businesses led United Online Inc.to meet revenue estimates in the fourth quarter while beating earnings per share forecasts. The Woodland Hills Internet service provider and social media site operator reported on Wednesday net income of $6.6 million (46 cents a share) for the quarter ended Dec. 31, compared with a net loss of $55.5 million ($4.11) in the same period a year earlier. Revenue fell 13 percent to $54.4 million. Analysts on average expected net income of 32 cents on revenue of $54.4 million, according to Thomson Financial Network. Chief Executive Francis Lobo attributed the quarterly results to growth in e-commerce, mobile commerce and the mobile broadband business that expanded in the quarter across the Sprint 4G network. “With our new management team and strategic plans in place, we are well positioned for a strong 2015 in which we are forecasting growth in both revenue and adjusted operating income,” Lobo said in a prepared statement. Shares closed down 18 cents, or just more than 1 percent, to $13.78 on the Nasdaq exchange. North Hollywood commercial printing company Harman Press announced Wednesday its acquisition of A&I Photographic and Digital, a photo lab and printing company in Burbank. Terms of the deal between Harman and A&I Photographic were not disclosed. A&I will move its operations from its location at 257 S. Lake St. to the Harman building on Vineland Avenue. The photo firm was founded more than 30 years ago and was bought from its original owners in 2004 by brothers Baret and Vic Lepejian. The company provides museum and gallery printing, imaging services for professional photographers and print-on-demand photo books. Harman President Phillip Goldner said the acquisition adds talented staff and new resources to the company’s portfolio. “We look forward to expanding our range of digital media production while continuing to deliver the quality products and services that A&I’s loyal clients have always enjoyed,” Goldner said in a prepared statement.
