Radian to Provide Business Update
05 Septembre 2007 - 1:06PM
PR Newswire (US)
PHILADELPHIA, Sept. 5 /PRNewswire-FirstCall/ -- Radian Group Inc.
(NYSE:RDN) announced today that it will provide an update regarding
its business strategy and key financial information as an
independent company, following its mutual decision with MGIC
Investment Corporation (NYSE:MTG) to terminate their merger
agreement. Radian has scheduled a conference call with investors
for Wednesday, September 5, 2007 at 10:00 am Eastern Time to
discuss the Company's stand-alone plan. "We have thoroughly
reviewed our businesses and are confident that as a stand-alone
company we can deliver on our strategic plan to create long-term
value for Radian and our stockholders," said Radian Chief Executive
Officer S.A. Ibrahim. "While there are significant credit
challenges in today's mortgage market, we also believe that there
are tremendous opportunities for our company in the mortgage
insurance and financial guaranty markets, and our management team
is moving aggressively to position Radian for future success. We
look forward to discussing our plan on this morning's call." The
conference call with Radian senior management will be broadcast
live over the Internet and can be accessed through the Investor
Relations section of the Company's website at
http://www.radian.biz/. The call may also be accessed by calling
888-335-5539 inside the U.S. or 973-582-2857 for international
callers, using passcode 9207782 or by referencing Radian. A replay
of the webcast will be available at this site two hours after the
live broadcast ends for a period of one year. A replay of the
conference call will be available 2 hours after the call ends for
two weeks, using the following dial-in numbers and passcode:
877-519-4471 inside the U.S. or 973- 341-3080 for international
callers, passcode 9207782. Radian Group Inc. is a global credit
risk management company headquartered in Philadelphia with
significant operations in New York and London. Radian develops
innovative financial solutions by applying its core mortgage credit
risk expertise and structured finance capabilities to the credit
enhancement needs of the capital markets worldwide, primarily
through credit insurance products. The company also provides credit
enhancement for public finance and other corporate and consumer
assets on both a direct and reinsurance basis and holds strategic
interests in credit-based consumer asset businesses. Additional
information may be found at http://www.radian.biz/. All statements
made in this news release that address events or developments that
we expect or anticipate may occur in the future are
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, Section 21E of the Securities Exchange
Act of 1934 and the U.S. Private Securities Litigation Reform Act
of 1995. These statements, which include projections regarding
revenues and losses as well as other statements regarding our
future financial condition, are made on the basis of management's
current views and assumptions with respect to future events. These
forward-looking statements, as well as our prospects as a whole,
are subject to risks and uncertainties, including the following:
changes in general financial and political conditions such as
extended national or regional economic recessions (or expansions),
changes in housing demand or mortgage originations, changes in
housing values, population trends and changes in household
formation patterns, changes in unemployment rates, changes or
volatility in interest rates, consumer confidence, or changes in
credit spreads; changes in investor perception of the strength of
private mortgage insurers or financial guaranty providers; risks
faced by the businesses, municipalities or pools of assets covered
by our insurance; the loss of a customer with whom we have a
concentration of our insurance in force or the influence of large
customers; increased severity or frequency of losses associated
with certain of our products that are riskier than traditional
mortgage insurance and financial guaranty insurance policies;
material changes in the persistency rates of our mortgage insurance
policies; losses associated with the aging of our mortgage
insurance portfolio; ratings actions with respect to our credit
ratings or the insurance financial-strength ratings assigned by the
major ratings agencies to our operating subsidiaries; heightened
competition from other insurance providers and from alternative
products to private mortgage insurance and financial guaranty
insurance; changes in the charters or business practices of Fannie
Mae and Freddie Mac; the application of federal or state consumer,
lending, insurance and other applicable laws and regulations, or
changes in these laws and regulations or the way they are
interpreted; the possibility that we may fail to estimate
accurately the likelihood, magnitude and timing of losses in
connection with establishing loss reserves for our mortgage
insurance or financial guaranty businesses or to estimate
accurately the fair value amounts of derivative financial guaranty
contracts in determining gains and losses on these contracts;
changes in accounting guidance from the SEC or the Financial
Accounting Standards Board regarding income recognition and the
treatment of loss reserves in the mortgage insurance or financial
guaranty industries; vulnerability to the performance of our
strategic investments and the amount of the impairment charge
related to our interest in Credit Based Asset Servicing and
Securitization LLC ("C-BASS"), which has not yet been determined
and may be influenced by: (i) changes in the market for subprime
mortgages and the amount, timing and severity of market
dislocations occurring in the subprime market; (ii) the amount,
timing and severity of any future margin calls that C-BASS may
receive; (iii) C-BASS's ability to obtain sufficient and timely
financing to support its liquidity position; and (iv) our ability
to sell part or all of our interest in C-BASS and the amount that
may be received in connection with any such sale; legal and other
limitations on the amount of dividends that we may receive from our
insurance subsidiaries; international expansion of our mortgage
insurance and financial guaranty businesses into new markets and
risks associated with our international business activities; and
risks and uncertainties associated with the termination of our
merger with MGIC Investment Corporation, including, without
limitation: possible customer attrition and disruption from the
transaction making it more difficult to maintain relationships with
customers, employees or other business relationships, which may
have a materially adverse impact on our financial results and
prospects. For more information regarding these risks and
uncertainties, as well as certain additional risks that we face,
investors should refer to the risk factors detailed in Part I, Item
1A of our annual report on Form 10-K for the year ended December
31, 2006. We caution you not to place undue reliance on these
forward-looking statements, which are current only as of the date
of this news release. We do not intend to, and disclaim any duty or
obligation to, update or revise any forward-looking statements made
in this news release to reflect new information, future events or
for any other reason. DATASOURCE: Radian Group Inc. CONTACT:
Investors, Mona Zeehandelaar of Radian Group Inc., +1-215-231-1674,
or Media, Steve Frankel or Jeremy Jacobs, both of Joele Frank,
Wilkinson Brimmer Katcher, +1-212-355-4449, both for Radian Group
Inc. Web site: http://www.radian.biz/
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