Capital Trust, Inc. (CT)
Q2 2010 Earnings Call Transcript
July 28, 2010 10:00 am ET
Steve Plavin – President and CEO
Geoff Jervis – CFO, Treasurer and Secretary
Hello and welcome to the Capital Trust second quarter 2010 results conference call. Before we begin, please be advised that the forward-looking statements contained in the news release are subject to certain risks and uncertainties including, but not limited to, the success of the company's debt restructuring, the continued credit performance of the company's loans and CMBS investments, its asset liability mix, the effectiveness of the company's hedging strategies, the rate of repayment of the company's portfolio assets and the impact of these events on the company's cash flow, as well as other risks indicated from time to time in the company's Form 10-K and Form 10-Q filings with the Securities and Exchange Commission.
The company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events or circumstances. There will be a Q&A session following the conclusion of this presentation. At that time, I will provide instructions for submitting a question to management.
I will now turn the call over to Steve Plavin, CEO of Capital Trust. Please go ahead.
Thank you. Good morning, everyone. Thank you for joining us and for your continued interest in Capital Trust. With me are Geoff Jervis, our Chief Financial Officer; and Tom Ruffing, our Chief Credit Officer and Head of Asset Management.
Last night we reported our results for the second quarter and filed our 10-Q. CT reported net income of $2.9 million or $0.13 per share. Operating income of $6.4 million was primarily reduced by $4 million, the amount by which current period provisions and impairments exceeded the recovery of prior loan loss provisions.