PRSI Portsmouth Square (PK)

FORM 10-QSB

[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934

For the quarterly period ended March 31, 2008

OR

[ ] Transition Report Pursuant to Section 13 or 15(d) of the Exchange Act

For the transition period from _______ to ________

Commission File Number 0-4057

 California 94-1674111
 ---------- ----------
 (State or Other Jurisdiction of (IRS Employer
 Incorporation or Organization) Identification No.)


 820 Moraga Drive
 Los Angeles, CA 90049
--------------------------------------- ----------
(Address of Principal Executive Offices) (Zip Code)

 (310) 889-2500
 --------------
 (Registrant's Telephone Number, Including Area Code)

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes (X) No ( )

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ( ) No (X)

State the number of shares outstanding of each of the issuer's classes of Common equity, as of the latest practicable date: 734,183 shares of issuer's No Par Value Common Stock were outstanding as of May 8, 2008.

Transitional Small Business Disclosure Format (check one): Yes ( ) No (X)

INDEX

 PORTSMOUTH SQUARE, INC.


PART I. FINANCIAL INFORMATION PAGE

Item 1. Condensed Consolidated Financial Statements

 Condensed Consolidated Balance Sheet (Unaudited)
 As of March 31, 2008 3

 Condensed Consolidated Statements of Operations (Unaudited)
 For the Three Months ended March 31, 2008 and 2007 4

 Condensed Consolidated Statements of Operations (Unaudited)
 For the Nine Months ended March 31, 2008 and 2007 5

 Condensed Consolidated Statements of Cash Flows (Unaudited)
 For the Nine Months ended March 31, 2008 and 2007 6

 Notes to Condensed Consolidated Financial Statements (Unaudited) 7

Item 2. Management's Discussion and Analysis of Financial
 Condition and Results of Operations 14

Item 3. Controls and Procedures 21


PART II. OTHER INFORMATION

Item 1. Legal Proceedings 22

Item 4. Submission of Matters to a Vote of security Holders 23

Item 6. Exhibits 23

SIGNATURES 24

PART 1 - FINANCIAL INFORMATION

Item 1 - Condensed Consolidated Financial Statements

PORTSMOUTH SQUARE, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(UNAUDITED)

As of March 31, 2008
 ----------
Assets
 Investment in hotel, net $ 40,141,000
 Investment in real estate 973,000
 Investment in marketable securities 3,222,000
 Other investments 2,425,000
 Cash and cash equivalents 200,000
 Accounts receivable, net 918,000
 Other assets 2,077,000
 Deferred tax asset 3,456,000
 Minority interest of Justice Investors 6,567,000
 ----------
Total assets $ 59,979,000
 ==========
Liabilities and Shareholders' Equity

Liabilities
 Accounts payable and other liabilities $ 8,802,000
 Due to securities broker 661,000
 Obligations for securities sold 17,000
 Line of Credit 650,000
 Mortgage notes payable 47,657,000
 ----------
Total liabilities 57,787,000
 ----------
Commitments and contingencies

Shareholders' equity:
 Common stock, no par value; 750,000 authorized shares;
 734,183 shares issued and outstanding 2,092,000
 Additional paid-in capital 916,000
 Accumulated deficit (816,000)
 ----------

Total shareholders' equity 2,192,000
 ----------

Total liabilities and shareholders' equity $ 59,979,000
 ==========

The accompanying notes are an integral part of these condensed consolidated financial statements.

PORTSMOUTH SQUARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

For the three months ended March 31, 2008 2007
 ---------- ----------
Hotel operations:
 Hotel and garage revenue $ 8,799,000 $ 7,654,000
 Operating expenses (7,302,000) (7,294,000)
 Real estate taxes (177,000) (176,000)
 Interest expense (745,000) (745,000)
 Depreciation and amortization (1,105,000) (1,042,000)
 ---------- ----------
Loss from hotel operations (530,000) (1,603,000)
 ---------- ----------
Investment transactions:
 Net (losses)gains on marketable securities (1,197,000) 591,000
 Impairment loss on other investments (350,000) -
 Dividend and interest income 13,000 29,000
 Margin interest and trading expense (63,000) (116,000)
 ---------- ----------
Income(loss) from investment transactions (1,597,000) 504,000
 ---------- ----------

General and administrative expense (144,000) (208,000)
 ---------- ----------

Loss before income taxes and minority interest (2,271,000) (1,307,000)

Minority interest 266,000 879,000
 ---------- ----------
Loss before income taxes (2,005,000) (428,000)

Provision for income tax benefit 801,000 177,000
 ---------- ----------
Net loss $(1,204,000) $ (251,000)
 ========== ==========

Basic and diluted net loss per share $ (1.64) $ (0.34)
 ========== ==========
Weighted average shares outstanding 734,183 734,183
 ========== ==========

The accompanying notes are an integral part of these condensed consolidated financial statements.

PORTSMOUTH SQUARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

For the nine months ended March 31, 2008 2007
 ---------- ----------
Hotel operations:
 Hotel and garage revenue $ 28,204,000 $23,362,000
 Operating expenses (23,810,000) (20,751,000)
 Real estate taxes (531,000) (558,000)
 Interest expense (2,150,000) (2,180,000)
 Depreciation and amortization (3,306,000) (3,116,000)
 ---------- ----------
Loss from hotel operations (1,593,000) (3,243,000)
 ---------- ----------
Investment transactions:
 Net (losses)gains on marketable securities (1,272,000) 906,000
 Impairment loss on other investments (415,000) -
 Dividend and interest income 64,000 95,000
 Margin interest and trading expense (222,000) (315,000)
 ---------- ----------
Income(loss) from investment transactions (1,845,000) 686,000
 ---------- ----------

General and administrative expense (441,000) (452,000)
 ---------- ----------

Loss before income taxes and minority interest (3,879,000) (3,009,000)

Minority interest 801,000 1,714,000
 ---------- ----------
Loss before income taxes (3,078,000) (1,295,000)

Provision for income tax benefit 1,238,000 534,000
 ---------- ----------

Net loss $(1,840,000) $ (761,000)
 ========== ==========

Basic and diluted net loss per share $ (2.51) $ (1.04)
 ========== ==========
Weighted average shares outstanding 734,183 734,183
 ========== ==========

The accompanying notes are an integral part of these condensed consolidated financial statements.

PORTSMOUTH SQUARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

For the nine months ended March 31, 2008 2007
 ---------- ----------
Cash flows from operating activities:
 Net loss $(1,840,000) $ (761,000)
 Adjustments to reconcile net loss
 to net cash provided by operating activities:
 Net unrealized losses(gains) on marketable
 securities 1,731,000 (132,000)
 Impairment loss on other investments 415,000 -
 Depreciation and amortization 3,306,000 3,116,000
 Minority interest (801,000) (1,714,000)
 Changes in assets and liabilities:
 Investment in marketable securities 4,761,000 2,976,000
 Other investments and other assets (1,001,000) (2,624,000)
 Accounts payable and other liabilities 403,000 796,000
 Due to securities broker (3,377,000) (554,000)
 Obligations for securities sold (764,000) (903,000)
 Deferred tax asset (1,238,000) (534,000)
 ---------- ----------
 Net cash provided by(used in) operating
 activities 1,595,000 (334,000)
 ---------- ----------

Cash flows from investing activities:
 Capital expenditures for furniture, equipment
 and building improvements (2,357,000) (1,379,000)
 Investment in real estate (973,000) -
 Restricted cash 1,500,000 -
 ---------- ----------
 Net cash used in investing activities (1,830,000) (1,379,000)
 ---------- ----------
Cash flows from financing activities:

 Proceeds from new mortgage note payable - 19,000,000
 Proceeds from(payment of) letter of credit 650,000 (16,403,000)
 Principal payments on mortgage note payable (511,000) -
 Distributions to minority partners (500,000) (500,000)
 ---------- ----------
 Net (cash used)provided by in financing
 activities (361,000) 2,097,000
 ---------- ----------
Net (decrease)increase in cash and cash
 equivalents (596,000) 384,000

Cash and cash equivalents at the beginning
 of the period 796,000 2,460,000
 ---------- ----------
Cash and cash equivalents at the end of the
 period $ 200,000 $ 2,844,000
 ========== ==========

Supplemental information:

Interest paid $ 2,228,000 $ 2,370,000

The accompanying notes are an integral part of these condensed consolidated financial statements.

PORTSMOUTH SQUARE, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 1 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

The consolidated financial statements included herein have been prepared by Portsmouth Square, Inc. ("Portsmouth" or the "Company"), without audit, according to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes the disclosures that are made are adequate to make the information presented not misleading. Further, the consolidated financial statements reflect, in the opinion of management, all adjustments (which included only normal recurring adjustments) necessary for a fair statement of the financial position, cash flows and results of operations as of and for the periods indicated.

The Company has a 50.0% interest in Justice Investors ("Justice" or the "Hotel"), a California limited partnership in which Portsmouth serves as both a general and limited partner. The other general partner, Evon Corporation ("Evon"), serves as the managing general partner of Justice. In accordance with guidance set forth in the Financial Accounting Standards Board ("FASB") directed Staff Position (FSP) SOP 78-9-1, the Company has applied the principles of accounting applicable for investments in subsidiaries due to its "kick out rights" and "substantive participating rights" arising from its limited partnership and general partnership interests and has consolidated the financial statements of Justice with those of the Company, effective with the first reporting period of its fiscal year beginning July 1, 2006.

Portsmouth is a 68.8%-owned subsidiary of Santa Fe Financial Corporation ("Santa Fe"), which is also a public company. Santa Fe is an approximately 75.4%-owned subsidiary of The InterGroup Corporation ("InterGroup"), a public company. InterGroup also directly owns approximately 11% of the common stock of Portsmouth.

Minority interest on the consolidated balance sheet represents the 50% interest in Justice Investors not owned by the Company. Minority interest on the statements of operations represents the minority owners share of income(loss). As of March 31, 2008, the Company had a minority interest asset balance on the balance sheet as the result of the accumulated deficit at Justice Investors. Management believes the accumulated deficit is considered temporary as the Hotel was temporarily closed to undergo major renovations from May 2005 to January 2006. The Company expects the Hotel to be profitable, thereby reversing the accumulated deficit in the future.

Certain prior period balances have been reclassified to conform with the current period presentation.

It is suggested that these financial statements be read in conjunction with the audited financial statements and the notes therein included in the Company's Form 10-KSB for the year ended June 30, 2007.

The results of operations for the three and nine months ended March 31, 2008 are not necessarily indicative of results to be expected for the full fiscal year ending June 30, 2008.

In July 2006, the FASB issued FASB Interpretation No. 48 ("FIN 48"), Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement No. 109, which clarifies the accounting for uncertainty in tax positions. FIN 48 requires that the Company recognize the impact of a tax position in the Company's financial statements if that position is more likely than not of being sustained on audit, based on the technical merits of the position. The provisions of FIN 48 are effective as of the beginning of the Company's 2008 fiscal year, with the cumulative effect of the change in accounting principle recorded as an adjustment to opening retained earnings. The adoption of FIN 48 did not have a material impact on the Company's consolidated financial statements. The Company recognizes interest and penalties related to uncertain income tax positions in income tax expense. There were no interest and penalties related to uncertain income tax positions that were accrued as of March 31, 2008 and during the period there were no changes in individual or aggregate unrecognized tax positions. The Company's income tax returns for the years ended June 30, 2004 up to present are subject to examination by taxing authorities.

In September 2006, the FASB issued Statement of Financial Accounting Standards("SFAS") No. 157, "Fair Value Measurements" ("SFAS 157"), which defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 is effective as of the beginning of the Company's 2009 fiscal year. In February 2007, the FASB issued Statement of Financial Accounting Standards No. 159, "The Fair Value Option for Financial Assets and Financial Liabilities - Including an amendment of FASB Statement No. 115" ("SFAS 159"), which permits entities to choose to measure many financial instruments and certain other items at fair value. SFAS 159 is effective as of the beginning of the Company's 2009 fiscal year. The Company is still evaluating the impact of SFAS 157 and 159 on the Company's consolidated financial statements.

In December 2007, the FASB issued SFAS No. 141 (revised 2007), "Business Combinations" ("SFAS 141R"), which replaces SFAS No. 141. SFAS 141R establishes principles and requirements for how an acquirer in a business combination recognizes and measures in its financial statements the identifiable assets acquired, the liabilities assumed, and any controlling interest; recognizes and measures the goodwill acquired in the business combination or a gain from a bargain purchase; and determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination. SFAS 141R is to be applied prospectively to business combinations for which the acquisition date is on or after an entity's fiscal year that begins after December 15, 2008 (the Company's fiscal year 2010). The Company is currently assessing the impact of SFAS 141R on its consolidated financial statements.

In December 2007, the FASB issued SFAS No. 160, "Noncontrolling Interests in Consolidated Financial Statements, and amendment to Accounting Research Bulletin (ARB) No. 51," ("SFAS 160"). This standard prescribes the accounting by a parent company for minority interests held by other parties in a subsidiary of the parent company. SFAS 160 is effective for fiscal years beginning after December 15, 2008 (the Company's fiscal year 2010). The Company is currently assessing the impact of SFAS 160 on its consolidated financial statements.

NOTE 2 - INVESTMENT IN HOTEL, NET

Justice owns a 544 room hotel property located at 750 Kearny Street, San Francisco, California 94108, known as the "Hilton San Francisco Financial District" (the "Hotel") and related facilities, including a five level underground parking garage. Justice serves as the owner/operator of the Hotel with the assistance of a third party management company. The Partnership also derives income from the lease of the garage portion of the property to Evon and from a lease with Tru Spa for a portion of the lobby level of the Hotel.

Land, property and equipment as of March 31, 2008 consisted of the following:

 Accumulated Net Book
 Cost Depreciation Value
 ------------ ------------ ------------
Land $ 1,124,000 $ - $ 1,124,000
Furniture and equipment 16,267,000 (7,178,000) 9,089,000
Building and improvements 44,766,000 (14,838,000) 29,928,000
 ------------ ------------ ------------
 $ 62,157,000 $(22,016,000) $ 40,141,000
 ============ ============ ============

NOTE 3 - INVESTMENT IN REAL ESTATE

In August 2007, the Company agreed to acquire a 50% interest in Intergroup Uluniu, Inc. ("Uluniu"), a Hawaiian corporation and a 100% owned subsidiary of InterGroup, for $973,000, which represents an amount equal to the costs paid by InterGroup for the acquisition and carrying costs of approximately 2 acres of unimproved land located in Maui, Hawaii. In September 2007, the Company paid Uluniu $758,000 of the $973,000. As of March 31, 2008, the Company has a payable to Uluniu for the remaining balance of $215,000. As a related party transaction, the fairness of the financial terms of the transaction were reviewed and approved by the independent director of the Company.

NOTE 4 - INVESTMENT IN MARKETABLE SECURITIES

The Company's investment in marketable securities consists primarily of corporate equities. The Company has also invested in corporate bonds and income producing securities, which may include interests in real estate based companies and REITs, where financial benefit could inure to its shareholders through income and/or capital gain.

At March 31, 2008, all of the Company's marketable securities are classified as trading securities. In accordance with SFAS No. 115, "Accounting for Certain Investments in Debt and Equity Securities," the change in the unrealized gains and losses on these investments are included in earnings.

Trading securities are summarized as follows:

As of March 31, 2008:
 Gross Gross Net Market
Investment Cost Unrealized Gain Unrealized Loss Unrealized Gain Value
---------- ----------- --------------- --------------- --------------- ------------
Corporate
Equities $ 2,371,000 $1,639,000 ($ 788,000) $ 851,000 $ 3,222,000

As of March 31, 2008, the Company did not have any unrealized losses related to securities held for over one year.

As part of the investment strategies, the Company may assume short positions against its long positions in marketable securities. Short sales are used by the Company to potentially offset normal market risks undertaken in the course of its investing activities or to provide additional return opportunities. The Company has no naked short positions. As of March 31, 2008, the Company had obligations for securities sold (equities short) of $17,000.

Net gains(losses) on marketable securities on the statement of operations are comprised of realized and unrealized gains(losses). Below is the composition of the net gains(losses) for the three and nine months ended March 31, 2008 and 2007, respectively.

For the three months ended March 31, 2008 2007
 ----------- -----------
Realized gains on marketable securities $ 444,000 $ 121,000
Unrealized (losses)gains on marketable securities (1,641,000) 470,000
 ----------- -----------
Net (losses)gains on marketable securities $(1,197,000) $ 591,000
 =========== ===========

For the nine months ended March 31, 2008 2007
 ----------- -----------
Realized gains on marketable securities $ 459,000 $ 774,000
Unrealized (losses)gains on marketable securities (1,731,000) 132,000
 ----------- -----------
Net (losses)gains on marketable securities $(1,272,000) $ 906,000
 =========== ===========

NOTE 5 - OTHER INVESTMENTS

As a part of its investment strategy, the Company may also invest, with the approval of the Securities Investment Committee, in unlisted securities, such as convertible notes, through private placements including private equity investment funds. Those investments in non-marketable securities are carried at cost on the Company's balance sheet as part of other investments and reviewed for impairment on a periodic basis. During the three and nine months ended March 31, 2008, the Company determined that one of its investments had an other than temporary impairment and recorded an impairment loss of $350,000 and $415,000, respectively, on other investments. As of March 31, 2008, the Company had other investments of $2,425,000.

NOTE 6 - LETTER OF CREDIT

During the quarter ended March 31, 2008, the Company utilized $650,000 from its $3,000,000 revolving line of credit to meet its cash flow needs. The annual interest rate is the LIBOR Rate plus 2% (4.75% as of March 31, 2008). The line of credit matures February 2, 2009. Borrowings under this line of credit contain certain financial covenants that require, among other things, maintenance of minimum amounts and ratios of working capital and debt-coverage. These financial covenants have not been met and Justice is in the process of obtaining a waiver of noncompliance from the bank. Justice believes that the bank will waive such noncompliance.

NOTE 7 - SEGMENT INFORMATION

The Company operates in two reportable segments, the operation of the hotel and the investment of its cash in marketable securities and other investments. These two operating segments, as presented in the consolidated financial statements, reflect how management internally reviews each segment's performance. Management also makes operational and strategic decisions based on this same information.

Information below represents reporting segments for the three and nine months ended March 31, 2008 and 2007, respectively. Operating income(loss) from Hotel operations consists of the operations of the hotel and garage. Operating income(loss) for investment transactions consist of net investment gains (losses) and dividend and interest income.

As of and for the
Three months ended Hotel Investment
March 31, 2008 Operations Transactions Other Total
 ----------- ------------ ----------- ------------
Operating income(loss) $ 8,799,000 $(1,534,000) $ - $ 7,265,000
Operating expenses (9,329,000) (63,000) - (9,392,000)
 ----------- ----------- ----------- ------------
Net operating loss (530,000) (1,597,000) - (2,127,000)

General and administrative
 expense (144,000) (144,000)
Income tax benefit - - 801,000 801,000
Minority interest 266,000 - - 266,000
 ----------- ----------- ----------- ------------
Net income(loss) $ (264,000) $(1,597,000) $ 657,000 $ (1,204,000)
 =========== =========== =========== ============
Total Assets $43,172,000 $ 5,647,000 $11,160,000 $ 59,979,000
 =========== =========== =========== ============

As of and for the
Three months ended Hotel Investment
March 31, 2007 Operations Transactions Other Total
 ----------- ------------ ----------- ------------
Operating income $ 7,654,000 $ 620,000 $ - $ 8,274,000
Operating expenses (9,257,000) (116,000) - (9,373,000)
 ----------- ----------- ----------- ------------
Net operating income(loss) (1,603,000) 504,000 - (1,099,000)

General and administrative
 expense - - (208,000) (208,000)
Income tax benefit - - 177,000 177,000
Minority interest 879,000 - - 879,000
 ----------- ----------- ----------- ------------
Net income(loss) $ (724,000) $ 504,000 $ (31,000) $ (251,000)
 =========== =========== =========== ============
Total Assets $46,679,000 $12,724,000 $ 6,822,000 $ 66,225,000
 =========== =========== =========== ============

As of and for the
Nine months ended Hotel Investment
March 31, 2008 Operations Transactions Other Total
 ----------- ------------ ----------- ------------
Operating income(loss) $ 28,204,000 $(1,623,000) $ - $ 26,581,000
Operating expenses (29,797,000) (222,000) - (30,019,000)
 ----------- ----------- ----------- ------------
Net operating loss (1,593,000) (1,845,000) - (3,438,000)

General and administrative
 expense (441,000) (441,000)
Income tax benefit - - 1,238,000 1,238,000
Minority interest 801,000 - - 801,000
 ----------- ----------- ----------- ------------
Net income(loss) $ (792,000) $(1,845,000) $ 797,000 $ (1,840,000)
 =========== =========== =========== ============
 Total Assets $ 43,172,000 $ 5,647,000 $11,160,000 $ 59,979,000
 =========== =========== =========== ============

As of and for the
Nine months ended Hotel Investment
March 31, 2007 Operations Transactions Other Total
 ----------- ------------ ----------- ------------
Operating income $23,362,000 $ 1,001,000 $ - $ 24,363,000
Operating expenses (26,605,000) (315,000) - (26,920,000)
 ----------- ----------- ----------- ------------
Net operating income(loss) (3,243,000) 686,000 - (2,557,000)

General and admin. expense (452,000) (452,000)
Income tax benefit - - 534,000 534,000
Minority interest 1,714,000 - - 1,714,000
 ----------- ----------- ----------- ------------
Net income (loss) $(1,529,000) $ 686,000 $ 82,000 $ (761,000)
 =========== =========== =========== ============
 Total Assets $46,679,000 $12,724,000 $ 6,822,000 $ 66,225,000
 =========== =========== =========== ============

NOTE 8 - RELATED PARTY TRANSACTIONS

Certain shared costs and expenses, primarily administrative expenses, rent and insurance are allocated among the Company, the Company's parent, Santa Fe and InterGroup, the parent of Santa Fe, based on management's estimate of the pro rata utilization of resources. For the three months ended March 31, 2008 and 2006, these expenses were approximately $18,000 for each respective period. For the nine months ended March 31, 2008 and 2007, these expenses were approximately $54,000 for each respective period.

Four of the Company's Directors serve as directors of InterGroup and three of the Company's Directors serve as directors of Santa Fe.

The garage lessee, Evon, is the Partnership's managing general partner. Under the terms of the lease agreement, Evon paid the Partnership $393,000 and $348,000 for the three months ended March 31, 2008 and 2007, respectively. For the nine months ended March 31, 2008 and 2007, Evon paid the Partnership $1,229,000 and $1,159,000, respectively.

During the nine months ended March 31, 2008, the Company received management fees from Justice Investors totaling $135,000. This amount was eliminated in consolidation.

John V. Winfield serves as Chief Executive Officer and Chairman of the Company, Santa Fe, and InterGroup. Depending on certain market conditions and various risk factors, the Chief Executive Officer, his family, Santa Fe and InterGroup may, at times, invest in the same companies in which the Company invests. The Company encourages such investments because it places personal resources of the Chief Executive Officer and his family members, and the resources of Santa Fe and InterGroup, at risk in connection with investment decisions made on behalf of the Company.

NOTE 9 - RESTATEMENTS

As disclosed in Item 4.02(a) of the Company's Form 8-K dated February 13, 2008, as filed with the Securities and Exchange Commission ("SEC") on February 19, 2008, the Company detected an error in the calculation and presentation of the tax effects on the minority interest related to Justice Investors in the comparative three and six month periods ended December 31, 2007 as presented in the Company's previously issued Quarterly Report on Form 10-QSB for the period ended December 31, 2006. Specifically, the minority interest line item in the Consolidated Statement of Operations was mistakenly recorded and presented as "net of tax" instead of pre-tax. The errors resulted in an overstatement of the tax benefit related to the minority interest for the reported periods ended September 30, 2007, December 31, 2007 and March 31, 2007. The Company subsequently filed amendments to its quarterly reports for the quarterly periods ended March 31, 2007 and September 30, 2007 on Form 10-QSB/A.

The errors did not affect the Company's reported revenues, expenses, income
(loss) before income taxes or cash flows, and did not impact the Company's operations. There were no such errors in the Company's audited financial statements included in its Annual Report on Form 10-KSB for the fiscal year ended June 30, 2007 and, as such, that Annual Report was not amended.

The Condensed Consolidated Statement of Operations for the three and nine months ended March 31, 2007 in this report reflects the restatements as reported in the Company's amended report on Form 10-QSB/A for the quarterly period ended March 31, 2007 as filed on February 27, 2008.

Item 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FORWARD-LOOKING STATEMENTS AND PROJECTIONS

The Company may from time to time make forward-looking statements and projections concerning future expectations. When used in this discussion, the words "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "may," "could," "might" and similar expressions, are intended to identify forward-looking statements. These statements are subject to certain risks and uncertainties, such as the impact of terrorism and war on the national and international economies, including tourism and securities markets, natural disasters, general economic conditions and competition in the hotel industry in the San Francisco area, seasonality, labor relations and labor disruptions, partnership distributions, the ability to obtain financing at favorable interest rates and terms, securities markets, regulatory factors, litigation and other factors discussed below in this Report and in the Company's Annual Report on Form 10-KSB for the fiscal year ended June 30, 2007, that could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. The Company undertakes no obligation to publicly release the results of any revisions to those forward- looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

RESULTS OF OPERATIONS

The Company's principal business is conducted through its general and limited partnership interest in the Justice Investors limited partnership ("Justice" or the "Partnership"). The Company has a 50.0% limited partnership interest in Justice and serves as one of the general partners. Justice owns the land, improvements and leaseholds at 750 Kearny Street, San Francisco, California, known as the Hilton San Francisco Financial District (the "Hotel"). The financial statements of Justice have been consolidated with those of the Company, effective as of July 1, 2006. See Note 1 to the Condensed Consolidated Financial Statements.

The Hotel is operated by the Partnership as a full service Hilton brand hotel pursuant to a Franchise License Agreement with Hilton Hotels Corporation. The term of the Agreement is for a period of 15 years commencing on January 12, 2006, with an option to extend the license term for another five years, subject to certain conditions. Justice also has a Management Agreement with Prism Hospitality L.P. ("Prism") to perform the day-to-day management functions of the Hotel.

The Partnership also derives income from the lease of the garage portion of the property to Evon Corporation ("Evon"), the managing general partner of Justice, and from a lease with Tru Spa for a portion of the lobby level of the Hotel. The Company also receives management fees as a general partner of Justice for its services in overseeing and managing the Partnership's assets. Those fees are eliminated in consolidation.

Three Months Ended March 31, 2008 Compared to Three Months Ended March 31, 2007

The Company had a net loss of $1,204,000 for the three months ended March 31, 2008 compared to a net loss $251,000 for the three months ended March 31, 2007. As discussed below, the increase in the net loss is primarily due to the significant net losses on marketable securities partially offset by the significant decrease in the loss from the hotel operations.

The loss from hotel operations was $530,000 for the three months ended March 31, 2008 on revenues of $8,779,000, compared to a loss of $1,603,000 for the three months ended March 31, 2007 on revenues of $7,654,000. Depreciation and amortization expenses were $1,105,000 and $1,042,000 for the respective periods. The decrease in the loss was primarily attributable to greater income generated from the operations of the Hotel during the third quarter and a reduction in operating expenses as a percentage of revenues.

For the three months ended March 31, 2008, the operations of the Hotel on a standalone basis generated operating income of approximately $816,000 on operating revenues of approximately $8,337,000, compared to operating income of approximately $500,000 on operating revenues of approximately $7,271,000 for the three months ended March 31, 2007. That increase in Hotel operating income is primarily due to a higher average daily room rate and an increase in occupancy percentage.

The following table sets forth the average daily room rate, average occupancy percentage and room revenue per available room ("RevPar") of the Hotel for the three months ended March 31, 2008 and 2007.

Three Months Ended Average Average
 March 31, Daily Rate Occupancy% RevPar
----------------- ---------- ---------- ---------
 2008 $175.80 77.4% $136.09
 2007 $164.42 70.6% $116.22

Average daily room rates and occupancy have continued to improve since the Hotel's reopening in January 2006 as the Hotel approaches full stabilization and gets further penetration into the Financial District hotel market. As a result, the Hotel was able to achieve an approximately $20 increase in RevPar for the three months ended March 31, 2008 compared the three months ended March 31, 2007. While we expect that operating revenues of the Hotel to continue to grow, that growth will probably be at a slower pace. The Hotel's food and beverage operations remain challenging, especially in the banquet and catering department. Management will continue to focus in this area in an effort to improve its operations.

With an uncertain economy and the possibility of a decline in business, group and leisure travel, management will continue to focus on ways to improve efficiencies and reduce operating costs and other expenses in its efforts to increase the operating income of the Hotel. For the current quarter, we have already seen an improvement in operating costs of the Hotel as a percentage Hotel revenues as well as a reduction general and administrative costs at the Partnership level for legal and consulting fees. If cash flows from the Hotel operations continue to improve, the Partnership could make additional distributions to its limited partners in fiscal 2008.

The Company had net losses on marketable securities of $1,197,000 for the three months ended March 31, 2008 compared to net gains on marketable securities of $591,000 for the three months ended March 31, 2007. For the three months ended March 31, 2008, the Company had net realized gains of $444,000 and net unrealized losses of $1,641,000. For the three months ended March 31, 2007, the Company had net realized gains of $121,000 and net unrealized gains of $470,000. Gains and losses on marketable securities may fluctuate significantly from period to period in the future and could have a significant impact on the Company's results of operations. However, the amount of gain or loss on marketable securities for any given period may have no predictive value and variations in amount from period to period may have no analytical value. For a more detailed description of the composition of the Company's marketable securities see the Marketable Securities section below.

During the three months ended March 31, 2008, the Company performed an impairment analysis of its other investments and determined that one of its investments had an other than temporary impairment and recorded an impairment loss on other investments of $350,000. There was no impairment loss recorded for the three months ended March 31, 2007.

Margin interest and trading expense decreased to $63,000 for the three months ended March 31, 2008 from $116,000 for the three months ended March 31, 2007 primarily as the result of the decrease in margin interest expense to $16,000 from $73,000. The decrease in the margin interest expense is due to the maintenance of lower margin balances.

For the three months ended March 31, 2008, general and administrative expenses decreased to $144,000 from $208,000 for the three months ended March 31, 2007. The increase was primarily as the result of the $90,000 in Board authorized meeting fees paid to the members of the Company's Special Hotel Committee during the three months ended March 31, 2007 for their respective oversight and involvement in the renovation and repositioning of the Hotel.

Minority interest related to Justice Investors decreased to $266,000 for the three months ended March 31, 2008 from $879,000 for the three months ended March 31, 2007. The decrease is due to the reduced loss from the hotel operations to $530,000 for the three months ended March 31, 2008 from $1,603,000 for the three months ended March 31, 2007.

The provision for income tax benefit increased to $801,000 for the three months ended March 31, 2008 from $177,000 for the three months end March 31, 2007 primarily as the result of the higher pre-tax loss incurred during the most recent third quarter.

Nine Months Ended March 31, 2008 Compared to Nine Months Ended March 31, 2007

The Company had a net loss of $1,840,000 for the nine months ended March 31, 2008 compared to a net loss $761,000 for the nine months ended March 31, 2007. As discussed below, the increase in the net loss is primarily due to the significant net losses on marketable securities partially offset by the significant decrease in loss from hotel operations.

The loss from hotel operations was $1,593,000 for the nine months ended March 31, 2008 compared to a loss of $3,243,000 for the nine months ended March 31, 2007. The decrease in the loss was primarily attributable to greater income generated from the operations of the Hotel during the current period.

For the nine months ended March 31, 2008, the operations of the Hotel on a standalone basis generated operating income of approximately $3,428,000 on operating revenues of approximately $26,811,000, compared to operating income of approximately $1,964,000 on operating revenues of approximately $22,013,000 for the nine months ended March 31, 2007. That increase in Hotel operating income is primarily due to a higher average daily room rate and an increase in occupancy percentage.

The following table sets forth the average daily room rate, average occupancy percentage and room revenue per available room ("RevPar") of the Hotel for the nine months ended March 31, 2008 and 2007.

Nine Months Ended Average Average
 March 31, Daily Rate Occupancy% RevPar
----------------- ---------- ---------- ---------
 2008 $174.49 83.8% $146.57
 2007 $158.41 74.5% $118.42

Average daily room rates and occupancy have continued to improve since the Hotel's reopening in January 2006 as the Hotel approaches full stabilization and gets further penetration into the Financial District hotel market. As a result, the Hotel was able to achieve an approximately $28 increase in RevPar for the nine months ended March 31, 2008 compared the nine months ended March 31, 2007. While we expect that operating revenues of the Hotel to continue to grow, that growth will probably be at a slower pace. The Hotel's food and beverage operations remain challenging, especially in the banquet and catering department. Management will continue to focus in this area in an effort to improve its operations.

With an uncertain economy and the possibility of a decline in business, group and leisure travel, management will continue to focus on ways to improve efficiencies and reduce operating costs and other expenses in its efforts to increase the operating income of the Hotel. We have already seen an improvement, primarily in the last three months, in operating costs of the Hotel as a percentage Hotel revenues as well as a reduction general and administrative costs at the Partnership level for legal and consulting fees. If cash flows from the Hotel operations continue to improve, the Partnership could make additional distributions to its limited partners in fiscal 2008.

The Company had net losses on marketable securities of $1,272,000 for the nine months ended March 31, 2008 compared to net gains on marketable securities of $906,000 for the nine months ended March 31, 2007. For the nine months ended March 31, 2008, the Company had net realized gains of $459,000 and net unrealized losses of $1,731,000. For the nine months ended March 31, 2007, the Company had net realized gains of $774,000 and net unrealized gains of $132,000. Gains and losses on marketable securities may fluctuate significantly from period to period in the future and could have a significant impact on the Company's results of operations. However, the amount of gain or loss on marketable securities for any given period may have no predictive value and variations in amount from period to period may have no analytical value. For a more detailed description of the composition of the Company's marketable securities see the Marketable Securities section below.

During the nine months ended March 31, 2008, the Company performed an impairment analysis of its other investments and determined that one of its investments had an other than temporary impairment and recorded an impairment loss on other investments of $415,000. There was no impairment loss recorded for the nine months ended March 31, 2007.

Margin interest and trading expense decreased to $222,000 for the nine months ended March 31, 2008 from $315,000 for the nine months ended March 31, 2007. The decrease was primarily due to the decrease in margin interest expense to $78,000 from $190,000. The decrease in the margin interest expense is due to the maintenance of lower margin balances.

Minority interest related to Justice Investors decreased to $801,000 for the nine months ended March 31, 2008 from $1,714,000 for the nine months ended March 31, 2007. The decrease is due to the reduced loss from the hotel operations to $1,593,000 for the nine months ended March 31, 2008 from $3,243,000 for the nine months ended March 31, 2007.

The provision for the income tax benefit increased to $1,238,000 for the nine months ended March 31, 2008 from $534,000 for the nine months ended March 31, 2007 primarily due to the increase in the pre-tax loss to $3,078,000 from $1,295,000, respectively.

MARKETABLE SECURITIES

As of March 31, 2008, the Company had investments in marketable equity securities of $3,222,000. The following table shows the composition of the Company's marketable securities portfolio by selected industry groups as of March 31, 2008.

 % of Total
 Investment
Industry Group Market Value Securities
-------------- ------------ ----------

Insurance, banks and brokers $ 917,000 28.5%
Dairy products 590,000 18.3%
Services 588,000 18.2%
Technology 283,000 8.8%
REITs and builders 188,000 5.8%
Other 656,000 20.4%
 ------------ ----------
 $ 3,222,000 100.0%
 ============ ==========

The Company's investment portfolio is diversified with 14 different equity positions. The portfolio contains six individual equity securities that are more than 5% of the equity value of the portfolio with the largest security being 18.3% of the value of the portfolio. The amount of the Company's investment in any particular issuer may increase or decrease, and additions or deletions to its securities portfolio may occur, at any time. While it is the internal policy of the Company to limit its initial investment in any single equity to less than 5% of its total portfolio value, that investment could eventually exceed 5% as a result of equity appreciation or reduction of other positions.

LIQUIDITY AND SOURCES OF CAPITAL

The Company's cash flows are primarily generated from the hotel operations. The Company also receives revenues generated from the investment of its cash and marketable securities. Since the operations of the Hotel were temporarily suspended on May 31, 2005, and significant amounts of money were expended to renovate and reposition the Hotel as a Hilton, Justice did not pay any partnership distributions until the end of March 2007. As a result, the Company had to depend more on the revenues generated from the investment of its cash and marketable securities during that transition period.

The Hotel started to generate cash flows from its operations in June 2006, which have continued to improve since that time. As a result, Justice was able to pay a special limited partnership distribution in a total amount of $1,000,000 on March 28, 2007, of which Portsmouth received $500,000. The general partners believed that operations of the Hotel had stabilized under the Hilton brand and new management, and that cash flows were sufficient to warrant that special distribution, especially with financings in place to meet any additional capital needs. On October 1, 2007, Justice paid a second special limited partnership distribution in the amount of $400,000 and an additional special limited partnership distribution in the amount of $600,000 on November 23, 2007, of which Portsmouth received $200,000 and $300,000 respectively. The general partners expect to conduct regular reviews to set the amount of any future distributions that may be appropriate based on the results of operations of the Hotel and other factors. If cash flows from the Hotel operations continue to improve, the Partnership could be in a position to make additional distributions to its limited partners in fiscal 2008.

To meet its substantial financial commitments for the renovation and transition of the Hotel to a Hilton, Justice had to rely on borrowings to meet its obligations. On July 27, 2005, Justice entered into a first mortgage loan with The Prudential Insurance Company of America in a principal amount of $30,000,000 (the "Prudential Loan"). The term of the Prudential Loan is for 120 months at a fixed interest rate of 5.22% per annum. The Prudential Loan calls for monthly installments of principal and interest in the amount of approximately $165,000, calculated on a 30 year amortization schedule. The Prudential Loan is collateralized by a first deed of trust on the Partnership's Hotel property, including all improvements and personal property thereon and an assignment of all present and future leases and rents. The Prudential Loan is without recourse to the limited and general partners of Justice. As of March 31, 2008, the Prudential Loan balance was approximately $28,854,000.

On March 27, 2007, Justice entered into a second mortgage loan with Prudential (the "Second Prudential Loan") in the principal amount of $19,000,000. The term of the Second Prudential Loan is for approximately 100 months and matures on August 5, 2015, the same date as the first Prudential Loan. The Second Prudential Loan is at a fixed interest rate of 6.42% per annum and calls for monthly installments of principal and interest in the amount of approximately $119,000, calculated on a 30-year amortization schedule. The Second Prudential Loan is collateralized by a second deed of trust on the Partnership's Hotel property, including all improvements and personal property thereon and an assignment of all present and future leases and rents. The Second Prudential Loan is without recourse to the limited and general partners of Justice. As of March 31, 2008, the Second Prudential Loan balance was approximately $18,803,000.

From the proceeds of the Second Prudential Loan, Justice retired its existing line of credit facility with United Commercial Bank ("UCB") paying off the outstanding balance of principal and interest of approximately $16,403,000 on March 27, 2007. The Partnership also obtained a new unsecured $3,000,000 revolving line of credit facility from UCB to be utilized by the Partnership to meet any emergency or extraordinary cash flow needs. The new line of credit facility matures on February 2, 2009 and the annual interest rate is based on an index selected by Justice at the time of advance, equal to the Wall Street Journal Prime Rate or the LIBOR Rate plus 2%. As of March 31, 2008, there was a balance of $650,000 drawn by Justice under the new line of credit, with an annual interest rate at LIBOR plus two percent (4.75% as of March 2008). Justice has also utilized $1,750,000 of the amount available under the line of credit in the form of a standby letter of credit related to the Allied Litigation. The annual fee for the letter of credit is one and one half percent of $1,750,000, which fee is to be paid in quarterly installments for the periods in which the letter of credit is in effect.

While the debt service requirements related to the two Prudential loans, as well as the utilization of the UCB line of credit, may create some additional risk for the Company and its ability to generate cash flows in the future since the Partnership's assets had been virtually debt free for an number of years, management believes that cash flows from the operations of the Hotel and the garage lease will continue to be sufficient to meet all of the Partnership's current and future obligations and financial requirements. Management also believes that there is sufficient equity in the Hotel assets to support future borrowings, if necessary, to fund any new capital improvements and other requirements.

The Company has invested in short-term, income-producing instruments and in equity and debt securities when deemed appropriate. The Company's marketable securities are classified as trading with unrealized gains and losses recorded through the consolidated statements of operations.

Management believes that its cash, marketable securities, and the cash flows generated from those assets and from partnership distributions and management fees, will be adequate to meet the Company's current and future obligations.

MATERIAL CONTRACTUAL OBLIGATIONS

The Company does not have any material contractual obligations or commercial commitments other than Justice's mortgage loans with Prudential and its revolving line of credit facility with UCB. .
OFF-BALANCE SHEET ARRANGEMENTS

The Company has no off balance sheet arrangements.

IMPACT OF INFLATION

Hotel room rates are typically impacted by supply and demand factors, not inflation, since rental of a hotel room is usually for a limited number of nights. Room rates can be, and usually are, adjusted to account for inflationary cost increases. Since Prism has the power and ability under the terms of its management agreement to adjust hotel room rates on an ongoing basis, there should be minimal impact on partnership revenues due to inflation. Partnership revenues are also subject to interest rate risks, which may be influenced by inflation. For the two most recent fiscal years, the impact of inflation on the Company's income is not viewed by management as material.

CRITICAL ACCOUNTING POLICIES

Critical accounting policies are those that are most significant to the portrayal of our financial position and results of operations and require judgments by management in order to make estimates about the effect of matters that are inherently uncertain. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts in our consolidated financial statements. We evaluate our estimates on an on-going basis, including those related to the consolidation of our subsidiaries, to our revenues, allowances for bad debts, accruals, asset impairments, other investments, income taxes and commitments and contingencies. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. The actual results may differ from these estimates or our estimates may be affected by different assumptions or conditions.

Item 3. Controls and Procedures

(a) Disclosure Controls and Procedures.

The Company's management, with the participation of the Company's Chief Executive Officer and the Principal Financial Officer, has evaluated the effectiveness of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the fiscal period covered by this Quarterly Report on Form 10-QSB.

As discussed in Note 9, the Company had detected certain errors in the calculation and presentation of the tax effects on the minority interest related to Justice Investors in previously issued unaudited financial statements for the periods ended December 31, 2006, March 31, 2007 and September 30, 2007. As disclosed in Part I. Item 3 "Controls and Procedures" of the Company's Quarterly Report on Form 10-QSB for the quarterly period ended December 31, 2007 and its amendments to its Quarterly Reports on Form 10-QSB/A for the quarterly periods ended March 31, 2007 and September 31, 2007, the Company's management determined that there were material weaknesses in its internal controls over financial reporting in the areas of accounting for minority interest and tax provisions related to the consolidation of a partnership entity. To address those material weaknesses, the Company has taken the following steps to improve its internal controls and procedures over financial reporting:

* The Company's tax consultants have reviewed and reconciled the Company's tax position and tax accounts;

* The Company has engaged a separate tax consultant to review the Company's tax provisions and tax consolidation processes on a quarterly and annual basis;

* The Company has also engaged a consultant to review staffing levels, job assignments, and processes to identify other process weaknesses, if any, in order to mitigate the risk of reporting errors.

Based upon such evaluation and the steps taken by the Company to address the previously reported material weaknesses, the Company's management has concluded that, as of the end of the period covered by this report, the Company's disclosure controls and procedures are effective in ensuring that information required to be disclosed in this filing is accumulated and communicated to management and is recorded, processed, summarized and reported in a timely manner and in accordance with Securities and Exchange Commission rules and regulations.

(b) Internal Control Over Financial Reporting.

Except for the affirmative changes discussed above, there have been no changes in the Company's internal controls over financial reporting during the last quarterly period covered by this Quarterly Report on Form 10-QSB that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

Management will continue to monitor internal control over financial reporting and will modify or implement if necessary, any additional controls or procedures that may be required to ensure the continued integrity of our financial statements.

PART II.

OTHER INFORMATION

Item 1. Legal Proceedings

Bacon Plumbing Co., Inc. and Golden Electric Company v. Allied Construction, et al., San Francisco County Superior Court, Case No. 06-455401 (the "Allied Litigation").

This is to update matters previously reported in the Company's Form 10-KSB for its fiscal year ended June 30, 2007 and its reports on Form 10-QSB for the quarter ended September 30, 2007, and December 30, 2007 regarding the litigation and lien claims filed by Allied Construction Management, Inc. ("Allied") and eight subcontractors arising out of the renovation work performed on the San Francisco hotel property.

As previously reported, Justice Investors entered into settlements with all of the subcontractors that filed liens against the hotel property. The settlement amounts were paid by Justice in November 2007 and the subcontractor liens were released, leaving only the Allied lien claims to be determined. As a result of the settlements with the subcontractors, the court also reduced the lien claim of Allied from $2,061,544 to $1,166,649. The balance of the dispute between Justice and Allied has been submitted to arbitration pursuant to the terms of the construction contract. A hearing in that arbitration proceeding has now been set to begin on June 16, 2008. Justice, Evon and Portsmouth dispute the amounts alleged to be owed to Allied and intend to vigorously defend the balance of this action.

Item 4. Submission of Matters to a Vote of Security Holders.

The Fiscal 2007 Annual Meeting of the Shareholders of the Company was held on February 21, 2008 at the Hilton San Francisco Financial District, 750 Kearny Street, San Francisco, California. At that meeting, all of management's nominees: John V. Winfield, Jerold R. Babin, Josef A. Grunwald, John C. Love and William J. Nance, were elected as Directors of the Company to serve until the next Annual Meeting. At the Annual Meeting, the shareholders also voted in favor of the ratification of the Audit Committee's selection of Burr, Pilger & Mayer LLP as the Company's independent registered public accounting firm for the fiscal year ending June 30, 2008. A tabulation of the vote follows:

Proposal (1) - Directors: Votes For Withheld
 --------- --------
 John V. Winfield 682,275 6,430
 Jerold R. Babin 676,340 12,365
 Josef A. Grunwald 682,275 6,430
 John C. Love 681,983 6,722
 William J. Nance 682,275 6,430

Proposal (2) - Accountants: Votes For Against Abstained
 --------- ------- ---------
 Burr, Pilger & Mayer LLP 685,159 829 2,717

Item 6. Exhibits.

31.1 Certification of Chief Executive Officer of Periodic Report Pursuant to Rule 13a-14(a) and Rule 15d-14(a).

31.2 Certification of Principal Financial Officer of Periodic Report Pursuant to Rule 13a-14(a) and Rule 15d-14(a).

32.1 Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350.

32.2 Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

PORTSMOUTH SQUARE, INC.
(Registrant)

Date: May 8, 2008 by /s/ John V. Winfield
 ---------------------------
 John V. Winfield, President,
 Chairman of the Board and
 Chief Executive Officer


Date: May 8, 2008 by /s/ Michael G. Zybala
 ---------------------------
 Michael G. Zybala,
 Vice President and Secretary


Date: May 8, 2008 by /s/ David Nguyen
 --------------------------
 David Nguyen, Treasurer
 (Principal Financial Officer)

Portsmouth Square (PK) (USOTC:PRSI)
Gráfica de Acción Histórica
De May 2024 a Jun 2024

Portsmouth Square (PK) (USOTC:PRSI)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024