FirstCity Financial Corporation Reports Third Quarter 2010 Results
WACO, Texas, Nov. 9, 2010 (GLOBE NEWSWIRE) --
- FirstCity reported third quarter 2010 earnings of $2.6 million or $0.25 per diluted share.
- FirstCity invested $15.6 million during the quarter, consisting of $10.5 million of portfolio assets and $5.1 million in non-portfolio debt and equity investments.
Overview of Third Quarter 2010FirstCity reported net earnings of $2.6 million for the third quarter of 2010 ("Q3 2010"), compared to $2.0 million reported for the third quarter of 2009 ("Q3 2009"). The Company recorded diluted net earnings per common share of $0.25 in Q3 2010, compared to $0.19 of diluted net earnings per common share for the same period last year. During Q3 2010, FirstCity and its investment partners jointly acquired $15.0 million of domestic portfolio assets with a face value of $27.0 million – of which FirstCity's investment acquisition share was $10.5 million. FirstCity's non-portfolio investments in Q3 2010 included $3.4 million of SBA loan advances and originations; $0.1 million of equity investments in privately-held middle-market companies; and $1.6 million of equity investments in foreign partnerships. The Company's unrealized future gross profit associated with its core portfolio asset business assets totaled $145.6 million at September 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 10 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. Items impacting comparability of results for Q3 2010 with previous results are as follows: Total assets of FirstCity at the end of Q3 2010 totaled $445.2 million compared to $466.0 million at the end of June 2010. The Company's earning assets also experienced a decrease to $386.2 million at the end of September 2010 from $387.7 million at the end of June 2010.
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