Altisource Residential Corporation Reports First Quarter 2013 Results
09 Mai 2013 - 2:30PM
Altisource Residential Corporation ("Residential") (NYSE:RESI)
announced today financial and operating results for the first
quarter 2013. Net loss attributable to stockholders for the first
quarter 2013 totaled $984,000 or $0.13 per share based on 7.8
million shares outstanding.
First quarter business performance
highlights:
- On February 21, 2013, we completed the acquisition of a
portfolio of non-performing residential mortgage loans (NPLs)
having aggregate collateral market value of approximately $94.2
million.
- On March 21, 2013, we completed the acquisition of an NPL
portfolio having aggregate collateral market value of approximately
$38.7 million.
- On March 22, 2013, we entered in to a $100 million Master
Repurchase Agreement to finance the acquisition and ownership of
sub-performing and non-performing residential mortgage loans and
REO properties.
Subsequent events
On April 5, 2013, we completed the acquisition of an NPL
portfolio having aggregate collateral market value of approximately
$122.1 million.
On May 1, 2013, we completed a follow-on equity offering of
17,250,000 shares at $18.75 per share from which we received net
proceeds of $309.6 million.
Chairman William Erbey stated, "I am pleased with Residential's
achievements and growth. With the successful acquisition of NPL
portfolios and accretive equity follow-on offering, we are well
positioned for our first year in business."
"Results for Residential for the quarter reflect costs to
commence operations and complete our initial acquisitions," said
Chief Executive Officer Ashish Pandey. "Residential's
differentiated business model and strategic relationships with
Ocwen and Altisource will help us in acquiring and managing assets
on a cost effective basis."
Webcast and conference call
The Company will host a webcast and conference call on Thursday,
May 9, 2013, at 10:00 A.M. Eastern Time to discuss its financial
results for the first quarter 2013. The conference call will be
webcast live over the internet from the Company's website at
www.altisourceresi.com, click on the "Shareholder" section.
About Residential
Residential is focused on providing affordable rental homes to
families throughout the United States. It acquires single-family
properties through the purchase of distressed mortgage loan
portfolios. Residential's strategy is to work with borrowers to
modify and refinance loans to keep them in their homes and convert
the majority of unmodified loans into renovated rental properties.
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,
its Registration Statement on Form S-11 and other filings with the
Securities and Exchange Commission.
Altisource Residential
Corporation |
(A development stage
company) |
Consolidated Statement
of Operations |
(In thousands, except
share and per share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
Three months ended March 31,
2013 |
June 7, 2012 (Inception) to
March 31, 2013 |
|
|
|
Net investment gains: |
|
|
Net unrealized gains on mortgage loans at
fair value |
$ 1,128 |
$ 1,128 |
Net realized gains on mortgage loans at fair
value |
387 |
387 |
Total net investment gains |
1,515 |
1,515 |
Expenses: |
|
|
Related party mortgage loan servicing
costs |
392 |
392 |
Interest expense |
42 |
42 |
Related party general and administrative |
1,078 |
1,120 |
General and administrative |
987 |
1,034 |
Total expenses |
2,499 |
2,588 |
Net loss |
$ (984) |
$ (1,073) |
|
|
|
Loss per share of common stock – basic: |
|
|
Loss per basic share |
$ (0.13) |
|
Weighted average common stock outstanding –
basic |
7,810,708 |
|
Loss per share of common stock –
diluted: |
|
|
Loss per diluted share |
$ (0.13) |
|
Weighted average common stock outstanding –
diluted |
7,810,708 |
|
|
|
|
|
|
|
Altisource Residential
Corporation |
(A development stage
company) |
Consolidated Balance
Sheets |
(In thousands, except
share and per share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
March 31,
2013 |
December 31,
2012 |
Assets: |
|
|
Real estate owned |
$ 434 |
$ — |
Mortgage loans at fair value |
87,670 |
— |
Cash and cash equivalents |
21,947 |
100,005 |
Related party receivables |
1,627 |
— |
Deferred financing costs, net |
1,133 |
— |
Prepaid expenses and other assets |
635 |
6 |
Total assets |
113,446 |
100,011 |
Liabilities: |
|
|
Repurchase agreement |
12,926 |
— |
Accounts payable and accrued liabilities |
954 |
46 |
Related party payables |
639 |
54 |
Total liabilities |
14,519 |
100 |
Commitments and contingencies |
|
|
Equity: |
|
|
Common stock, $.01 par value, 200,000,000
authorized shares; and 7,810,708 shares issued and outstanding |
78 |
78 |
Additional paid-in capital |
99,922 |
99,922 |
Deficit accumulated during the development
stage |
(1,073) |
(89) |
Total equity |
98,927 |
99,911 |
Total liabilities and
equity |
$ 113,446 |
$ 100,011 |
CONTACT: FOR FURTHER INFORMATION CONTACT:
Kenneth D. Najour
Chief Financial Officer
T: 561-682-8947
E: Kenneth.Najour@AltisourceAMC.com
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