Revenues in Q3 2010 increased to $30.2 million compared to $18.7 million in Q3 2009. The Company's revenues in Q3 2010 included $8.2 million of income and gains from Portfolio Assets, $2.3 million of fee income attributable to our loan servicing platform; $1.6 million of interest income and gains from loans receivable; and $16.3 million of consolidated revenues from our railroad and coal mine subsidiaries.Revenues in Q3 2010 increased as a result of $15.3 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 the second quarter of 2010). The coal mine revenue increase was off-set partially by a $3.9 million decrease in income and gains from Portfolio Assets in Q3 2010 compared to Q3 2009. This revenue decrease corresponds to a shift in the income-recognition methods used by the Company for certain of its existing and newly-acquired Portfolio Assets to non-accrual income methods (cost-recovery or cash basis) from the interest-accrual income method over the past 12-18 months. We apply non-accrual income-recognition methods to Portfolio Assets, as applicable, due to uncertainties related to estimating the timing and/or amount of collections as a result of the current economic environment. A decline in consolidated collections also contributed to the Portfolio Assets revenue decline in Q3 2010 compared to Q3 2009.
FirstCity Financial Corporation Reports Third Quarter 2010 Results
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