Saxon Capital, Inc. to Restate Financial Statements for Accounting under SFAS 133; Company Intends to File Form 12b-25; Confere
16 Mars 2006 - 10:25PM
Business Wire
Saxon Capital, Inc. ("Saxon" or the "Company") (NYSE: SAX), a
residential mortgage lending and servicing real estate investment
trust (REIT), today announced it will restate its consolidated
financial statements as of December 31, 2004 and for the years
ended December 31, 2003 and 2004, and other financial information
as of December 31, 2003 and as of and for the years ended December
31, 2001 and 2002, and its quarterly unaudited data for the
quarters ended March 31, 2005 and 2004, June 30, 2005 and 2004,
September 30, 2005 and 2004, and December 31, 2004 in order to
eliminate the use of hedge accounting treatment under Statement of
Financial Standards 133, "Accounting for Derivative Instruments and
Hedging Activities" (SFAS 133) for its derivative instruments held
during these periods for use in its hedging strategy to manage
interest rate risk. The elimination of the use of hedge accounting
is based upon the Company's recent re-evaluation of its application
of SFAS 133. The Company has now determined that it did not satisfy
the hedge accounting requirements prescribed by SFAS 133 with
respect to its derivative instruments. The Audit Committee has
discussed the above matters with Deloitte & Touche LLP, the
Company's independent registered public accounting firm. In
addition, the Company intends to file a Form 12b-25 Notification of
Late Filing with the Securities and Exchange Commission to receive
a 15-day extension until March 31, 2006 to file its Annual Report
on Form 10-K for the fiscal year ended December 31, 2005. The need
to file the Form 12b-25 results from the additional time needed to
complete the aforementioned restatement. The Company intends to
release its 2005 fourth quarter and year-end results before the
market opens on Friday, March 31, 2006 and intends to host a
conference call that day at 9 a.m. Eastern Time to discuss these
results. Investors wishing to participate in the conference call
may contact Ms. Meagan Green at (804) 935-5281 for details
regarding the call. A webcast will be available at the Company's
website, www.saxonmortgage.com. About Saxon Saxon is a residential
mortgage lender and servicer that manages a portfolio of mortgage
assets. Saxon purchases, securitizes, and services real property
secured mortgages and elects to be treated as a real estate
investment trust (REIT) for federal tax purposes. The Company is
headquartered in Glen Allen, Virginia and has additional primary
facilities in Fort Worth, Texas and Foothill Ranch, California.
Saxon's mortgage loan production subsidiary, Saxon Mortgage, Inc.,
originates and purchases mortgage loans through indirect and direct
lending channels using a network of brokers, correspondents, and
its retail lending centers. As of September 30, 2005, Saxon's
servicing subsidiary, Saxon Mortgage Services, Inc., serviced a
mortgage loan portfolio of $26.4 billion. For more information,
visit www.saxonmortgage.com. Information Regarding Forward Looking
Statements Statements in this news release other than statements of
historical fact, are "forward-looking statements" that are based on
current expectations and assumptions. These expectations and
assumptions are subject to risks and uncertainty, which could
affect Saxon's future plans. Saxon's actual results and the timing
and occurrence of expected events could differ materially from its
plans and expectations due to a number of factors, such as (i)
changes in overall economic conditions and interest rates, (ii)
Saxon's ability to successfully implement its growth strategy,
(iii) Saxon's ability to sustain loan origination growth at levels
sufficient to absorb costs of production and operational costs,
(iv) continued availability of credit facilities and access to the
securitization markets or other funding sources, (v) deterioration
in the credit quality of Saxon's loan portfolio, (vi) lack of
access to the capital markets for additional funding, (vii)
challenges in successfully expanding Saxon's servicing platform and
technological capabilities, (viii) Saxon's ability to remain in
compliance with federal tax requirements applicable to REITs, (ix)
Saxon's ability and the ability of its subsidiaries to operate
effectively within the limitations imposed on REITs by federal tax
rules, (x) changes in federal income tax laws and regulations
applicable to REITs, (xi) unfavorable changes in capital market
conditions, (xii) future litigation developments, (xiii)
competitive conditions applicable to Saxon's industry, and (xiv)
changes in the applicable legal and regulatory environment. You
should also be aware that all information in this news release is
as of March 16, 2006. Saxon undertakes no duty to update any
forward-looking statement to conform the statement to actual
results or changes in the Company's expectations.
Saxon Capital (NYSE:SAX)
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