This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Newcastle Announces First Quarter 2012 Results

Stocks in this article: NCT

Newcastle Investment Corp. (NYSE: NCT) reported that in the first quarter of 2012, income available for common stockholders (“GAAP income”) was $72 million, or $0.68 per diluted share, compared to $108 million, or $1.73 per diluted share, in the first quarter of 2011.

GAAP income of $72 million consisted of the following:

Core Earnings:

  • $35 million, or $0.33 per diluted share, which is equal to net interest income less expenses, net of preferred dividends

Other Income/Loss:

  • $30 million of other income related to a $5 million net gain on the settlement of investments, a $21 million gain on the extinguishment of CDO debt, and a $4 million non-cash mark-to-market gain primarily related to interest rate derivatives in the CDOs
  • $7 million of non-cash mark-to-market net gain on loans held for sale and impairment recorded on investments

During the first quarter of 2012, the Company generated $20 million of Cash Available for Distribution ("CAD"), compared to $18 million in the fourth quarter of 2011.

On March 14, 2012, the Board of Directors declared a quarterly dividend of $0.20 per common share, or $21 million, for the first quarter of 2012. The Board of Directors also declared dividends of $0.609375, $0.503125 and $0.523438 per share on the 9.75% Series B, 8.05% Series C and 8.375% Series D preferred stock, respectively, for the period beginning February 1, 2012 and ending April 30, 2012.

In the first quarter of 2012, GAAP book value increased by $1.25 per share. As of March 31, 2012, GAAP book value was $2.49 per share, compared to $1.24 per share as of December 31, 2011.

The following table summarizes the Company’s operating results ($ in millions, except per share data):

            Three Months Ended
March 31,       December 31,       March 31,
2012 2011 2011
Summary Operating Results:
GAAP income $ 72 $ 19 $ 108
GAAP income, per diluted share $ 0.68 $ 0.18 $ 1.73
Non-GAAP Results:
Core earnings $ 35 $ 32 $ 26
Core earnings, per diluted share $ 0.33 $ 0.30 $ 0.41
Cash Available for Distribution $ 20 $ 18 $ 15

For a reconciliation of income available for common stockholders to core earnings and net cash flow provided by operating activities to cash available for distribution, please refer to the tables following the presentation of GAAP results.

1 of 7

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs