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FirstCity Financial Corporation Reports Second Quarter 2012 Results

Stocks in this article: FCFC

WACO, Texas, Aug. 9, 2012 (GLOBE NEWSWIRE) --

Highlights and Key Points:

  • FirstCity reported second quarter 2012 earnings of $1.5 million or $0.14 per diluted share.
  • FirstCity and its partners acquired $48.3 million of portfolio assets with a face value of $88.7 million during the second quarter of 2012.
  • FirstCity and its partners, year to date, have acquired $139.6 million of portfolio assets with a face value of $298.8 million.
  • FirstCity invested $6.8 million in non-portfolio debt and equity investments during the second quarter of 2012, bringing year-to-date totals to $11.7 million.

Components of FirstCity's quarterly and year-to-date results are summarized below:

  Three Months Ended Six Months Ended
  June 30, June 30,
  2012 2011 2012 2011
(Dollars in thousands, except per share data) (Unaudited)
Portfolio Asset Acquisition and Resolution  $ 3,092  $ 2,604  $ 13,921  $ 7,589
Special Situations Platform  612  1,620  1,027  2,093
Corporate and other  (2,217)  (1,796)  (5,096)  (3,529)
Net earnings attributable to FirstCity  $ 1,487  $ 2,428  $ 9,852  $ 6,153
Diluted earnings per common share  $ 0.14  $ 0.24  $ 0.93  $ 0.60

Portfolio Asset Acquisition and Resolution Business Segment

For the second quarter of 2012 ("Q2 2012"), our Portfolio Asset Acquisition and Resolution business segment reported $3.1 million in earnings – comprised primarily of $11.9 million in revenues, $1.8 million of equity income from unconsolidated subsidiaries, $8.6 million of operating costs and expenses, $1.2 million of net income attributable to noncontrolling interests, and $0.8 million of provisions to consolidated assets. Revenue streams from our core investment activities and servicing platforms continued to support earnings for Q2 2012, due to increased collections and loan sales from majority-owned U.S. portfolios. Additional information related to our Portfolio Asset Acquisition and Resolution business segment for Q2 2012, including investment activity and the major components of revenue, costs and expenses, is included in the supplemental schedules of this release.

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