Altisource Residential Corporation Reports Fourth Quarter and Period End Results
07 Février 2013 - 2:00PM
Altisource Residential Corporation (Residential or the Company)
(NYSE:RESI) announced today financial and operating results for the
fourth quarter and period from inception (June 7, 2012) to December
31, 2012. Net loss attributable to common stockholders for the
fourth quarter and for the period from inception to December 31,
2012 totaled $89,000, or $(0.01) per share based on 7.8 million
shares outstanding. The results of the fourth quarter and period
ended December 31, 2012 include 10 days of operations commencing on
the close of business on December 21, 2012.
Fourth quarter and period ending December 31, 2012
highlights:
- As of the close of business on December 21, 2012, we became a
stand-alone public company through the separation of our business
from Altisource Portfolio Solutions S.A. (Altisource) and the
distribution of our shares to the shareholders of Altisource.
- In connection with the separation, we were capitalized with
$100 million of cash and entered into an asset management agreement
with Altisource Asset Management Corporation (AAMC), a mortgage
servicing agreement with Ocwen Mortgage Servicing Inc. (Ocwen) and
a master services agreement with a subsidiary of Altisource as well
as other support services and trademark licensing agreements.
- We incurred $89,000 of net loss attributable to common
stockholders consisting of general and administrative expenses
incurred directly by Residential or incurred by AAMC and
attributable and reimbursable by Residential.
- In December 2012, we committed to invest $18 million for 100%
of the preferred stock of NewSource, a title insurance and
reinsurance company.
Chairman William Erbey stated, "As expected, we successfully
completed our separation from Altisource in December 2012. We were
capitalized with cash available for investment and are actively
performing due diligence on select non-performing loan portfolios.
I am pleased with the progress Residential has made in its brief
history and believe we have a solid foundation to deliver long-term
value to our shareholders."
"Results for Residential for the quarter and period ending
December 31, 2012 predictably reflect costs to operate as a new
public company," said Chief Executive Officer Ashish Pandey.
"Residential, supported by AAMC, Ocwen and Altisource has a highly
differentiated business model and is positioned to create value
from a proven platform in the coming year."
Webcast
Residential will not hold an earnings call concerning 2012
fourth quarter results because the results only include 10 days of
operations in 2012 after the separation from Altisource was
completed. Residential expects that it regularly will hold earnings
calls in future periods.
About Residential
Residential is engaged in the acquisition and ownership of
single-family rental assets. Its primary sourcing strategy is to
acquire these assets by purchasing sub-performing and
non-performing mortgages as well as single-family homes at or
following the foreclosure sale. Additional information is available
at www.altisourceresi.com
Forward-Looking Statements
This press release contains forward-looking statements that
involve a number of risks and uncertainties. Those forward-looking
statements include all statements that are not historical fact,
including statements about management's beliefs and expectations.
Forward-looking statements are based on management's beliefs as
well as assumptions made by and information currently available to
management. Because such statements are based on expectations as to
future economic performance and are not statements of historical
fact, actual results may differ materially from those projected.
Residential undertakes no obligation to update any forward-looking
statements whether as a result of new information, future events or
otherwise. The risks and uncertainties to which forward-looking
statements are subject include, but are not limited to:
Residential's ability to achieve its business and strategy and
implement its business plan; Residential's ability to leverage
strategic relationships on an efficient and cost-effective basis,
its ability to compete; general economic and market conditions;
governmental regulations, taxes and policies; availability of
adequate and timely sources of liquidity and financing; and other
risks and uncertainties detailed in the "Forward-Looking
Statements," "Risk Factors" and other sections of Residential's
Registration Statement on Form 10, its Annual Report on Form 10-K
and other filings with the Securities and Exchange Commission.
Altisource Residential
Corporation |
Consolidated Balance
Sheet |
(In Thousands, Except
Share and Per Share Amounts) |
|
|
|
|
|
December 31, 2012 |
Assets: |
|
Cash and Cash Equivalents |
$ 100,005 |
Prepaid and Other Assets |
6 |
Total Assets: |
100,011 |
Liabilities: |
|
Accounts Payable and Accrued Expenses |
46 |
Related Party Payables |
54 |
Total Liabilities: |
100 |
Commitments and Contingencies |
|
Equity: |
|
Class B Common Stock, $.01 Par
Value,100,000,0000 Authorized Shares; and 7,810,708 Shares Issued
and Outstanding |
78 |
Additional Paid-in Capital |
99,922 |
Accumulated Net Loss Attributable to Class B
Common Stock |
(89) |
Total Equity: |
99,911 |
Total Liabilities and
Equity: |
$ 100,011 |
|
Altisource Residential
Corporation |
Consolidated Statement
of Operations |
(In Thousands, Except
Share and Per Share Amounts) |
|
|
|
|
|
June 7, 2012
(Inception) |
|
to December 31,
2012 |
Expenses: |
|
General and Administrative |
$ 47 |
Expense Reimbursement |
42 |
Total Expenses |
89 |
Net (Loss) |
(89) |
(Loss) Attributable to Common
Stockholders |
$ (89) |
(Loss) Per Share of Class B Common Stock –
Basic: |
|
(Loss) Per Basic Share |
$ (0.01) |
Weighted Average Class B Common Stock
Outstanding – Basic |
7,810,708 |
(Loss) Per Share of Class B Common Stock –
Diluted: |
|
(Loss) Per Diluted Share |
$ (0.01) |
Weighted Average Class B Common Stock
Outstanding – Diluted |
7,810,708 |
CONTACT: Rachel Ridley
Chief Financial Officer
T: (770) 818-4027
E: Rachel.Ridley@altisourceresi.com
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