FirstCity Financial Corporation Reports Fourth Quarter And Full Year 2010 Results
WACO, Texas, March 24, 2011 (GLOBE NEWSWIRE) -- Highlights:
- FirstCity reported fourth quarter 2010 earnings of $1.8 million or $0.17 per diluted share, and fiscal year 2010 earnings of $12.5 million or $1.23 per diluted share.
- FirstCity invested $29.0 million during the quarter, consisting of $14.5 million of portfolio assets and $14.5 million in non-portfolio debt and equity investments. FirstCity invested $123.7 million during 2010, consisting of $67.7 million of portfolio assets and $56.0 million in non-portfolio debt and equity investments.
Overview of Fourth Quarter 2010
FirstCity reported net earnings of $1.8 million for the fourth quarter of 2010 ("Q4 2010"), compared to $8.4 million reported for the fourth quarter of 2009 ("Q4 2009"). The Company recorded diluted net earnings per common share of $0.17 in Q4 2010, compared to $0.80 of diluted net earnings per common share for the same period last year.During Q4 2010, FirstCity and its investment partners jointly acquired $51.1 million of domestic portfolio assets with a face value of $107.8 million – of which FirstCity's investment acquisition share was $14.5 million. FirstCity's non-portfolio investments in Q4 2010 included $7.3 million of SBA loan advances and originations; $0.2 million of equity investments in privately-held middle-market companies; $6.5 million of equity investments in foreign partnerships; and $0.5 million of other investments. In addition, during Q4 2010, the Company's consolidated coal mine operation (special situations platform investment) completed performance on its coal supply and purchase agreements (which expired in December 2010). As a result, the coal mine subsidiary was dissolved, and its results of operations for Q4 2010 and fiscal year 2010 were reclassified from the Company's special situations business segment and presented as discontinued operations. The Company's unrealized future gross profit associated with its core portfolio business assets totaled $149.0 million at December 31, 2010. Unrealized future gross profit is a non-GAAP measure. Refer to the Schedule of Estimated Unrealized Gross Profit from Portfolio Assets on page 12 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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