IStar's CEO Discusses Q1 2012 Results - Earnings Call Transcript
And with that quick update, let me turn it over to Dave for more of the detail.
Thanks Jay, and good morning, everyone. I’ll begin by discussing our financial results for the first quarter 2012, before moving to investment activity and credit quality. And I’ll finish with an update on liquidity.
For the quarter, we reported a net loss of $55 million or a loss of $0.66 per diluted common share, compared to net income of $67 million or $0.71 per diluted common share for the first quarter 2011. Year-over-year decrease was primarily due to lower gains from the early extinguishment of debt of $2 million recognized this quarter versus $107 million for the same period last year.Increased interest expense and higher provisions for loan losses and impairments. This was partially offset by increased earnings from equity method investments and income from sales of residential property.Prior to the effects of depreciation, loan loss provisions and impairments, and gains on early extinguishment of debt, all of which are non-cash items. We reported a net loss for the quarter of $7 million, compared to a net loss of $5 million for the first quarter 2011.Adjusted EBITDA for the first quarter was $95 million, compared to $90 million for the same period last year. The year-over-year improvement was due to increases in earnings from equity method investments and income from sales of residential property, partially offset by lower revenue from a smaller overall asset base.As previously announced, during the quarter we entered into a new $880 million senior secured credit agreement providing for two tranches of term loans, a $410 million 2012 A-1 tranche due March 2016 and a $470 million 2012 A-2 tranche due March 2017.Structure of the new facility is very similar to the structure of the facility we closed last year. Outstanding borrowings under the new financing are collateralized by a lien on a fixed pool collateral initially comprised of approximately $1.1 billion of assets.Read the rest of this transcript for free on seekingalpha.com
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV