This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

Oritani Financial Corp. Announces Results And Dividend Declaration

TOWNSHIP OF WASHINGTON, N.J., Aug. 3, 2010 (GLOBE NEWSWIRE) -- Oritani Financial Corp. (the "Company" or "Oritani") (Nasdaq:ORIT), the holding company for Oritani Bank (the "Bank") reported a net loss of $4.1 million, or $0.11 per basic and fully diluted share, for the three months ended June 30, 2010, as compared to net income of $1.5 million, or $0.04 per basic and fully diluted share, for the corresponding 2009 period. The Company also reported net income of $8.4 million, or $0.23 per basic and fully diluted share, for the twelve months ended June 30, 2010, as compared to net income of $5.6 million, or $0.15 per basic and fully diluted share, for the corresponding 2009 period.

On June 24, 2010, the Company announced that it completed the conversion from the mutual holding company structure and the related public offering, and became a stock form holding company that is fully owned by the public (the "second step transaction"). In conjunction with the public offering, the Company sold a total of 41,363,214 shares of common stock at a purchase price of $10.00 per share. Gross proceeds from the offering were $413.6 million, expenses associated with the offering were $11.9 million, and net proceeds were $401.8 million. Actual expenses were $4.0 million less than the estimate of the expenses associated with the transaction at the offering level per the Company's prospectus.  

The Company also reported that its Board of Directors has declared a $0.075 quarterly cash dividend on the Company's common stock. The dividend will represent the initial dividend since the second step transaction. The Company noted in its prospectus that it intended to maintain a dividend of $0.075 per share despite the increased number of shares outstanding. The record date for the dividend will be August 13, 2010 and the payment date will be August 27, 2010.

1 of 9

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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.
Submit an article to us!
ORIT $14.33 0.00%
AAPL $123.25 0.00%
FB $83.30 0.00%
GOOG $548.34 0.00%
TSLA $185.00 0.00%


DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

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