FirstCity Financial Corporation Reports Second Quarter 2010 Results
Items impacting comparability of results for Q2 2010 with previous results are as follows:
Total assets of FirstCity at the end of Q2 2010 totaled $466.0 million compared to $453.5 million at the end of March 2010. The Company's earning assets experienced a corresponding increase to $387.7 million at the end of June 2010 compared to $374.3 million at the end of March 2010 as a result of its Q2 2010 investment activity.
Revenues in Q2 2010 increased to $43.1 million compared to $20.7 million in Q2 2009. The Company's revenues in Q2 2010 included $14.6 million of income and gains from Portfolio Assets, $1.5 million of interest income and gains from loans receivable, $1.7 million of fee income attributable to our loan servicing platform; $3.3 million gain from an investment security sale; and $20.4 million of consolidated revenues from our railroad, manufacturing and coal mine subsidiaries. FirstCity's holdings in earning assets increased to $387.7 million at the end of Q2 2010 from $383.2 million at the end of Q2 2009.
Revenues in Q2 2010 increased as a result of the $3.3 million investment security gain; $13.1 million of revenue from our newly-consolidated coal mine operation (we increased our stake in the coal mine subsidiary to a controlling interest from a noncontrolling interest in Q2 2010); and $6.1 million of consolidated revenue from our manufacturing subsidiary in Q2 2010 (acquired in December 2009). On June 30, 2010, the manufacturing subsidiary's operating agreement was amended, with consent of all owners, and the change resulted in the Company ceasing to have a controlling interest, but retaining a noncontrolling interest, in the manufacturing entity. As such, beginning July 1, 2010, the Company will record its share of the manufacturing subsidiary's net earnings as "equity in earnings of unconsolidated subsidiaries" (instead of reporting the subsidiary's consolidated results of operations).
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