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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.

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