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News and Information Article
SOUTHFIELD, Mich., Nov. 2 /-FirstCall/ -- Origen Financial,
Inc. (Nasdaq: ORGN), a real estate investment trust that originates and
services manufactured housing loans, today announced net income of $1.8
million, or $0.07 per share, for the quarter ended September 30, 2006,
compared with a net loss of $6.1 million, or $0.24 per share, for the
quarter ended September 30, 2005. Origens Board of Directors declared a
dividend payment for the third quarter of $0.03 per share to be paid to
holders of Origens common stock of record on November 13, 2006. The
dividend will be paid on November 30, 2006, and will approximate $0.8
million. The Board of Directors takes into consideration the differences
between net income as determined by generally accepted accounting
principles and estimated REIT taxable net income in the determination of
dividend payments.
Highlights for Quarter
-- Origen successfully completed its Origen 2006-A securitization, in
which it securitized $224.2 million of manufactured housing loans and
issued $200.6 million in notes payable.
-- Total revenue increased 20 percent from the prior year to
$23.2 million.
-- Non-performing loans as a percent of average outstanding loan principal
balances improved to 0.6 percent at September 30, 2006, from 1.0
percent a year ago.
-- Loan origination volume declined 0.7 percent to $70.9 million from year
ago levels.
-- Loans processed for third parties totaled $15.7 million for the
quarter, an increase of 41 percent over the third quarter 2005.
Financial Highlights
Interest income was $18.8 million for the third quarter 2006, an
increase of 22 percent, primarily due to a 26 percent increase over the
same period a year ago in the average owned loan portfolio. Non-interest
income increased 13 percent over the prior years third quarter to $4.4
million.
Interest expense for the third quarter 2006 increased 49 percent to
$11.5 million from $7.7 million for last years third quarter as a result
of increased borrowings on Origens loan warehouse and residual facility,
as well as continued increases in the LIBOR benchmark rate on Origens
warehouse line of credit.
The provision for credit losses was $1.6 million for the third quarter
2006 compared with $6.7 million for the same quarter in 2005. The
anticipated impact on loan losses resulting from the effects of last years
hurricanes was initially recorded in the third quarter of 2005. The
decrease in provision reflects this, as well as the continued improvement
in the overall quality of the owned loan portfolio and
smaller-than-anticipated losses to date resulting from the hurricanes.
Third quarter 2006 non-interest expenses were $8.4 million, a 20
percent decrease compared with $10.5 million for the year ago quarter. Of
the $2.1 million decrease, $0.2 million was personnel-related, $0.3 million
related to a reduction in other operating expenses, and $1.6 million
related to non-recurring charges incurred in the 2005 quarter.
Portfolio Performance
At September 30, 2006, loans 60 or more days delinquent were 0.9
percent of the owned loan portfolio compared to 1.3 percent at both
September 30, 2005, and December 31, 2005. Net charge-offs totaled $2.0
million and $2.6 million, respectively, for the third quarters 2006 and
2005.
Ronald A. Klein, Origens Chief Executive Officer, stated, "We are
generally pleased with our third quarter results. While the industry saw
double digit decreases in new home shipments, our originations were
basically flat versus last years very strong third quarter and our third
party businesses continued to grow. Credit performance continues to be
excellent. We were very pleased with the execution of our Origen 2006-A
securitization. The utilization of an AMBAC wrapped, floating rate
structure allowed us to improve our leverage and decrease our cost of funds
as compared to our Origen 2005-B transaction."
Earnings Call and Webcast
A conference call and webcast have been scheduled for November 3, 2006,
at 11:00 a.m. EST to discuss third quarter results. The call may be
accessed on Origens web site at http://www.origenfinancial.com or by
dialing 888-695-0608. A replay will be available through November 10, 2006
by dialing 888-203-1112, passcode 3121914. You may also access the replay
on Origens website for 90 days after the event.
Forward-Looking Statements
This press release contains various "forward-looking statements" within
the meaning of the Securities Act of 1933 and the Securities Exchange Act
of 1934, and Origen intends that such forward-looking statements will be
subject to the safe harbors created thereby. The words "will," "may,"
"could," "expect," "anticipate," "believes," "intends," "should," "plans,"
"estimates," "approximate" and similar expressions identify these
forward-looking statements. These forward-looking statements reflect
Origens current views with respect to future events and financial
performance, but involve known and unknown risks and uncertainties, both
general and specific to the matters discussed in this press release. These
risks and uncertainties may cause Origens actual results to be materially
different from any future results expressed or implied by such
forward-looking statements. Such risks and uncertainties include, among
others, the foregoing assumptions and those risks referenced under the
headings entitled "Factors That May Affect Future Results" or "Risk
Factors" contained in Origens filings with the Securities and Exchange
Commission. The forward-looking statements contained in this press release
speak only as of the date hereof and Origen expressly disclaims any
obligation to provide public updates, revisions or amendments to any
forward- looking statements made herein to reflect changes in Origens
expectations or future events.
ORGN-E
About Origen Financial, Inc.
Origen is an internally managed and internally advised company that has
elected to be taxed as a real estate investment trust. Based in Southfield,
Michigan, with significant operations in Ft. Worth, Texas, Origen is a
national consumer manufactured housing lender and servicer. It offers a
complete line of home only products and land home conforming and non-
conforming products. Origen also provides servicing for manufactured home
only and land home loans.
For more information about Origen, please visit
http://www.origenfinancial.com .
ORIGEN FINANCIAL, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
ASSETS
(Unaudited)
September 30, December 31,
2006 2005
Assets
Cash and Equivalents $3,343 $8,307
Restricted Cash 13,867 13,635
Investment Securities 41,540 41,914
Loans Receivable 904,865 768,410
Premises & Equipment 3,300 3,558
Goodwill 32,277 32,277
Other Assets 24,954 24,902
Total Assets $1,024,146 $893,003
LIABILITIES AND STOCKHOLDERS EQUITY
Liabilities
Warehouse Financing $61,018 $65,411
Securitization Financing 710,011 578,503
Repurchase Agreements 23,582 23,582
Note Payable 1,458 2,212
Other Liabilities 25,607 23,344
Total Liabilities 821,676 693,052
Equity 202,470 199,951
Total Liabilities and Equity $1,024,146 $893,003
ORIGEN FINANCIAL, INC.
CONSOLIDATED STATEMENT OF EARNINGS
(Dollars in thousands, except for share data)
(Unaudited)
Three Months Ended Nine Months Ended
September, 30 September, 30
2006 2005 2006 2005
Interest Income
Total Interest Income $18,807 $15,408 $54,072 $43,196
Total Interest Expense 11,451 7,714 31,328 19,805
Net Interest Income Before
Losses 7,356 7,694 22,744 23,391
Provision for Loan
Losses 1,598 6,697 4,924 10,372
Impairment of Purchased
Loan Pool - 428 - 428
Net Interest Income After
Loan Losses and
Impairment 5,758 569 17,820 12,591
Non-interest Income 4,362 3,874 12,750 10,550
Non-interest Expenses:
Personnel 5,719 5,887 17,986 17,065
Loan Origination &
Servicing 402 371 1,114 1,165
Write-down of Residual
Interest - 724 - 724
Loss on Recourse Buy-
out - 869 - 869
State Taxes 76 74 251 264
Other Operating 2,169 2,600 6,327 6,616
Total Non-interest
Expenses 8,366 10,525 25,678 26,703
Net Income Before
Cumulative Effect of
Change in
Accounting Principle $1,754 $(6,082) $4,892 $(3,562)
Cumulative Effect of
Change in Accounting
Principle - - 46 -
Net Income $1,754 $(6,082) $4,938 $(3,562)
Weighted Average Common
Shares Outstanding 25,203,558 24,980,889 25,099,157 24,845,216
Weighted Average Common
Shares Outstanding,
Diluted 25,247,421 24,980,889 25,174,272 24,845,216
Earnings Per Share on
Basic Average Shares
Outstanding $0.07 $(0.24) $0.19 $(0.14)
Earnings Per Share on
Diluted Average Shares
Outstanding $0.07 $(0.24) $0.20 $(0.14)
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