This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Ocwen Financial Corporation Announces Second Quarter 2010 Financial Results

WEST PALM BEACH, Fla., Aug. 3, 2010 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation ("Ocwen" or the "Company") (NYSE:OCN) today reported net income of $16.0 million for the second quarter of 2010 compared to net income of $17.8 million for the second quarter of 2009. The decline in net income was primarily due to the separation of the Altisource business (f/k/a Ocwen Solutions) from Ocwen in August 2009 and certain one-time charges reflected in the quarter along with professional fees incurred and operating expenses associated with the pending HomEq servicing acquisition which are partially offset by a reversal of an $8.2 million valuation allowance for income tax expense. Net income per diluted share was $0.15 for the second quarter of 2010 compared to $0.26 for the second quarter of 2009. 

Second quarter pre-tax income from continuing operations was affected by:

  • The separation of Altisource which contributed $11.8 million in the second quarter of 2009
  • A $5.1 million litigation accrual in the second quarter of 2010 reflecting an agreement in principle to settle the MDL Proceeding, thus reducing litigation exposure and expense prospectively
  • A one-time, non-cash write off of a $3.0 million interest in a real estate partnership deemed uncollectible during the quarter. This represented the Company's last commercial real estate asset.
  • A loss of $1.7 million from the sale of $46.8 million of auction rate securities compared to a $6.0 million gain on auction rate securities in the second quarter of 2009.
  • Professional services of $1.2 million incurred as part of the announced acquisition of HomEq. In addition, the Company incurred expenses for new facilities and other ramp-up expenses in anticipation of the closing of HomEq of $1.5 million.

Net income for the six months ended June 30, 2010 was $36.9 million or $0.35 per share, compared to $32.9 million or $0.49 per share for the same period in 2009. 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs