Our progress will take time with low interest rates and slowing improving macro backdrop, we believe each of these businesses can begin to move forward and position themselves for making attractive investments as we continue to strengthen the overall corporate balance sheet. And with that quick update let me turn it over to Dave for more of the details. Dave?
Thanks, Jay, and good morning everyone. I will begin by discussing our financial results for the first quarter and fiscal year 2011 before moving to investment activity and credit quality. And I will end up with an update on liquidity, including the launch of the new financing that we announced this morning.
For the quarter we reported a net loss of $35 million, or a loss of $0.43 per diluted common share compared to a net loss of $67 million or a loss of $0.73 per diluted common share for the fourth quarter of 2010. The year-over-year improvement was due to lower loan loss provisions of $16 million versus $54 million for the same period last year, as well as increased earnings for equity method investments as a result of the sales of our interest in Oak Hill Advisors. This was partially offset by lower revenues from a smaller overall asset base and increased interest expense.Adjusted EBITDA for the fourth quarter was $100 million compared to $103 million for the same period last year. The year-over-year results included lower revenue from a smaller asset base, offset by increased earnings from equity method investments and lower general and administrative costs. For the full year 2011, we reported a net loss of $62 million or a loss of $0.70 per diluted common share, compared to income of $36 million or $0.39 per diluted common share in 2010.Read the rest of this transcript for free on seekingalpha.com
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