Origen Financial Announces Preliminary Unaudited Fourth Quarter And Full Year 2009 Results

SOUTHFIELD, Mich., March 9 /PRNewswire-FirstCall/ -- Origen Financial, Inc. (Pink Sheets: ORGN), a real estate investment trust that manages residual interests in securitized manufactured housing loan portfolios, today announced a preliminary unaudited net loss of $2.3 million, or $0.09 per share, for the fourth quarter of 2009, and $8.6 million, or $0.33 for the full year 2009.  

Sun Communities, Inc. ("Sun"), an owner of approximately 19 percent of Origen's outstanding common stock, is required to report certain financial results and information of Origen as part of its accelerated SEC reporting obligation.  Origen has provided Sun with the preliminary information reflected in this release to assist Sun in meeting its filing obligation.  Origen is issuing this press release of preliminary information to assure broad availability to all shareholders and the trading markets of the same preliminary information it has provided to Sun.

Ronald A. Klein, chief executive officer, stated, "Notwithstanding the ongoing issues with the housing market and the national unemployment rate, our cash flow continues to be strong, significantly exceeding our monthly cash expenses, which has allowed us to repay an additional $6.3 million of our related party debt since the end of the third quarter 2009."

Origen will release final earnings results for the fourth quarter and full year 2009 on Thursday, March 18, 2010.  Management will host a conference call and webcast on Friday, March 19, 2010, at 11:00 a.m. Eastern Time.  The call may be accessed by dialing 888-490-2763.

A replay will be available through March 26, 2010, by dialing 888-203-1112, passcode 1840382.  

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 Origen's 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 Origen's 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 Origen's 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 Origen's expectations or future events.