Altisource Residential Corporation Reports First Quarter 2014 Results
29 Avril 2014 - 1:45PM
Altisource Residential Corporation ("Residential" or the "Company")
(NYSE:RESI) announced today financial and operating results for the
first quarter of 2014. Net income for the first quarter of 2014
totaled $41.9 million, or $0.77 per diluted share,1compared to a
net loss of $984,000, or 0.13 per share,2for the first quarter of
2013.
Residential also reported estimated taxable income of $25.8
million for the first quarter of 2014 versus a taxable loss of $1.8
million for the first quarter of 2013. The Company's estimated
taxable income of $25.8 million for the first quarter of 2014 also
represents a significant increase over the Company's taxable income
for the fourth quarter of 2013 of $11.3 million.
First quarter highlights:
- Resolved 822 loans in the first quarter of 2014 versus 288
loans in the fourth quarter of 2013.
- Declared and paid a dividend of $0.40 per share, marking
Residential's second consecutive quarterly dividend increase.
- Completed the purchase of an aggregate of 4,200 non-performing
mortgage loans ("NPLs") with an aggregate market value of
underlying properties of $900 million.
- Agreed to purchase a portfolio with an aggregate of 915
mortgage loans and real estate owned ("REO") properties having an
aggregate market value of underlying properties of $180
million.
- Raised approximately $468 million in equity capital.
Chairman William Erbey stated, "I am pleased with our strong
first quarter taxable income and our second consecutive quarterly
dividend increase for our shareholders."
"We continue to focus on portfolio management, as evidenced by
the significant increase in our loan resolutions," said Chief
Executive Officer Ashish Pandey. "We expect these resolutions
to have a meaningful positive impact on the growth of our rental
portfolio in the coming quarters."
Webcast and conference call
The Company will host a webcast and conference call on Tuesday,
April 29, 2014, at 11:00 a.m. Eastern Time to discuss its financial
results for the first quarter of 2014. The conference call will be
webcast live over the internet from the Company's website at
www.altisourceresi.com and can be accessed by clicking on the
"Shareholders" link.
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 it expects to convert the majority of remaining 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 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 quarterly reports
on Form 10-Q and its other filings with the Securities and Exchange
Commission.
1 Based on a weighted average of 54.1 million diluted shares
outstanding during the quarter.
2 Based on a weighted average of 7.8 million shares outstanding
during the quarter.
Altisource Residential
Corporation |
Consolidated Statements
of Operations |
(In thousands, except
share and per share amounts) |
(Unaudited) |
|
|
Three months ended March 31,
2014 |
Three months ended March 31,
2013 |
|
|
|
Rental revenues and net gain on
investments: |
|
|
Rental revenues |
$ 69 |
$ — |
Net unrealized gain on mortgage loans |
65,130 |
1,128 |
Net realized gain on mortgage loans |
9,321 |
387 |
Total rental revenues and net gain on
investments |
74,520 |
1,515 |
Expenses: |
|
|
Residential property operating expenses |
1,050 |
— |
Real estate depreciation and
amortization |
48 |
— |
Mortgage loan servicing costs |
11,437 |
392 |
Interest expense |
5,708 |
42 |
Related party general and administrative |
12,632 |
1,078 |
General and administrative |
1,392 |
987 |
Total expenses |
32,267 |
2,499 |
Other income |
108 |
— |
Income before income taxes |
42,361 |
(984) |
Income tax expense |
448 |
— |
Net income (loss) |
$ 41,913 |
$ (984) |
|
|
|
Earnings (loss) per share of common stock –
basic: |
|
|
Earnings (loss) per basic share |
$ 0.78 |
$ (0.13) |
Weighted average common stock outstanding –
basic |
53,436,108 |
7,810,708 |
Earnings (loss) per share of common stock –
diluted: |
|
|
Earnings (loss) per diluted share |
$ 0.77 |
$ (0.13) |
Weighted average common stock outstanding –
diluted |
54,086,959 |
7,810,708 |
|
|
|
Dividends declared per common share |
$ 0.48 |
$ — |
|
|
Altisource Residential
Corporation |
Consolidated Balance
Sheets |
(In thousands, except
share and per share amounts) |
(Unaudited) |
|
March 31,
2014 |
December 31,
2013 |
Assets: |
|
|
Real estate assets, net: |
|
|
Land |
$ 1,367 |
$ 478 |
Rental residential properties, net |
6,488 |
3,092 |
Real estate owned |
121,895 |
32,332 |
|
129,750 |
35,902 |
Real estate assets held for sale |
4,224 |
1,186 |
Mortgage loans |
1,766,142 |
1,207,163 |
Cash and cash equivalents |
48,022 |
115,988 |
Restricted cash |
7,334 |
5,878 |
Accounts receivable |
681 |
1,428 |
Related party receivables |
10,444 |
9,260 |
Investment in affiliate |
18,000 |
18,000 |
Deferred leasing and financing costs,
net |
1,808 |
2,293 |
Prepaid expenses and other assets |
353 |
1,542 |
Total assets |
$ 1,986,758 |
$ 1,398,640 |
Liabilities: |
|
|
Repurchase agreements |
$ 699,950 |
$ 602,382 |
Accounts payable and accrued liabilities |
5,835 |
4,952 |
Related party payables |
12,540 |
5,879 |
Total liabilities |
718,325 |
613,213 |
Commitments and contingencies |
|
|
Equity: |
|
|
Common stock, $.01 par value, 200,000,000
authorized shares; 57,114,763 and 42,286,669 shares issued and
outstanding, at March 31, 2014 and December 31, 2013,
respectively |
571 |
423 |
Additional paid-in capital |
1,226,927 |
758,584 |
Retained earnings |
40,935 |
26,420 |
Total equity |
1,268,433 |
785,427 |
Total liabilities and equity |
$ 1,986,758 |
$ 1,398,640 |
Non-GAAP measures - Estimated REIT taxable
income
Estimated REIT taxable income is a measure that we use in
connection with monitoring our compliance with certain REIT
requirements. Estimated REIT taxable income should never be
considered as an alternative to net income or net income per share
as indicators of our operating performance.
The following table is a reconciliation of U.S. GAAP net income
to estimated REIT taxable income (unaudited, $ in thousands):
|
U.S. GAAP |
Adjustments |
Tax |
|
For the three months ended
March 31, 2014 |
For the three months ended
March 31, 2014 |
For the three months ended
March 31, 2014 |
Rental revenues and net gain on
investments: |
|
|
|
Rental revenues |
$ 69 |
$ — |
$ 69 |
Net unrealized gain on mortgage loans |
65,130 |
(25,539) |
39,591 |
Net realized gain on mortgage loans |
9,321 |
(123) |
9,198 |
Total revenues |
74,520 |
(25,662) |
48,858 |
Expenses: |
|
|
|
Residential property operating expenses |
1,050 |
— |
1,050 |
Real estate depreciation and
amortization |
48 |
(32) |
16 |
Mortgage loan servicing costs |
11,437 |
(8,622) |
2,815 |
Interest expense |
5,708 |
— |
5,708 |
Related party general and administrative |
12,632 |
(26) |
12,606 |
General and administrative |
1,392 |
(428) |
964 |
Total expenses |
32,267 |
(9,108) |
23,159 |
Other income |
108 |
— |
108 |
Net income |
$ 42,361 |
$ (16,554) |
$ 25,807 |
CONTACT: FOR FURTHER INFORMATION CONTACT:
Kenneth D. Najour
Chief Financial Officer
T: 340-713-7722
E: Kenneth.Najour@AltisourceAMC.com
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