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CYS Investments, Inc. Announces Third Quarter 2012 Financial Results

CYS Investments, Inc. (NYSE: CYS) (“CYS” or the “Company”) today announced financial results for the quarter ended September 30, 2012.

Third Quarter 2012 Highlights

  • GAAP net income of $241.9 million, or $1.46 per diluted share.
  • Core Earnings of $41.2 million, or $0.25 per diluted share.
  • A component of the Company’s net income for the quarter was $36.9 million, or $0.23 per diluted share, of appreciation on forward settling purchases (also referred to as “drop income”) that was accounted for as net gain from investments on our statement of operations and therefore excluded from our Core Earnings.
  • Net realized gain from investments of $27.0 million for the third quarter of 2012 bringing the Company's net realized gain from investments to $93.3 million for the nine months ended September 30, 2012.
  • Operating expenses of 0.93% of average net assets.
  • September 30, 2012 net asset value per common share of $14.46 per share after declaring a $0.45 dividend per common share on September 11, 2012.
  • Interest rate spread net of hedge of 1.24%. Adjusted interest rate spread net of hedge 1.41%.
  • Weighted average amortized cost of Agency RMBS of $104.35.

Public Offerings

On July 16, 2012, the Company completed an underwritten public offering of 46,000,000 shares of common stock at a public offering price of $13.70 per share, raising approximately $622.2 million of net proceeds.

On August 3, 2012, the Company completed an underwritten public offering of 3,000,000 shares of its 7.75% Series A Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share, raising approximately $72.5 million of net proceeds.

Third Quarter 2012 Results

The Company had net income of $241.9 million during the third quarter of 2012, or $1.46 per diluted share, compared to net income of $101.7 million, or $0.87 per diluted share, in the second quarter of 2012. During the third quarter of 2012, the Company had Core Earnings of $41.2 million, or $0.25 per diluted share, compared to $44.8 million, or $0.38 per diluted share, in the second quarter of 2012. Core Earnings represents a non-GAAP financial measure and is defined as net income (loss) available to common shares excluding (i) net realized gain (loss) on investments and termination of swap contracts and (ii) net unrealized appreciation (depreciation) on investments and swap and cap contracts.

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