This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

FirstCity Financial Corporation Reports Second Quarter 2010 Results

WACO, Texas, Aug. 10, 2010 (GLOBE NEWSWIRE) --

Highlights:

  • FirstCity reported second quarter 2010 earnings of $8.1 million or $0.80 per diluted share.
  • FirstCity invested $50.7 million during the quarter, consisting of $28.1 million of portfolio assets and $22.6 million in non-portfolio debt and equity investments.
  • FirstCity reported continued earning asset growth of $13.4 million for the second quarter of 2010 – as total earning assets grew to $387.7 million at June 30, 2010.

Overview of Second Quarter 2010

FirstCity (Nasdaq:FCFC) reported net earnings of $8.1 million for the second quarter of 2010 ("Q2 2010"), compared to $7.7 million reported for the second quarter of 2009 ("Q2 2009"). The Company recorded diluted net earnings per common share of $0.80 in Q2 2010, compared to $0.76 of diluted net earnings per common share for the same period last year.

James T. Sartain, President and CEO of FirstCity, said, "I am very pleased with the strong financial results we reported for the quarter. We continue to enhance the future earnings power of our servicing platform by implementing a "fees for services and performance" strategy. This initiative, as well as our continued pursuit of strategic investment opportunities available in the marketplace, will deliver long-term sustainable growth for the company."

During Q2 2010, FirstCity and its investment partners jointly acquired $141.6 million of domestic portfolio assets with a face value of $251.0 million – of which FirstCity's investment acquisition share was $28.1 million. FirstCity's non-portfolio investments in Q2 2010 included $5.4 million of SBA loan advances and originations; $8.1 million of debt and equity investments in privately-held middle-market companies; $6.6 million of equity investments in foreign partnerships; and $2.5 million of other debt and equity investments.

The Company's unrealized future gross profit associated with its core portfolio asset business assets totaled $151.5 million at June 30, 2010. Unrealized future gross profit is a non-GAAP measure. Refer to the Schedule of Estimated Unrealized Gross Profit from Portfolio Assets on page 11 of this release for a reconciliation of this measure with the most directly comparable financial measure calculated and presented in accordance with U.S. generally accepted accounting principles.

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link 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

Jim Cramer's protégé, 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
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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!

Markets

DOW 17,672.60 -141.38 -0.79%
S&P 500 2,051.82 -11.33 -0.55%
NASDAQ 4,757.8790 +7.4820 0.16%

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