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CYS Investments, Inc. Announces Fourth Quarter And Year Ended 2012 Financial Results

CYS Investments, Inc. (NYSE: CYS) (“CYS” or the “Company”) today announced financial results for the quarter and year ended December 31, 2012.

Fourth Quarter 2012 Highlights

  • GAAP net loss available to common shares of $41.4 million, or $0.24 per diluted common share.
  • Core Earnings (a) of $37.6 million, or $0.21 per diluted common share.
  • Drop Income (b) of $30.1 million, or $0.18 per diluted common share.
  • Net realized gain from investments of $110.5 million.
  • Operating expenses of 0.76% of average net assets.
  • December 31, 2012 net asset value per common share of $13.31 per share after declaring a $0.40 dividend per common share and a $0.52 special dividend per common share on December 10, 2012.
  • Interest rate spread net of hedge of 0.94%. Adjusted interest rate spread net of hedge of 1.08%.
  • Weighted average amortized cost of Agency RMBS of $104.47.

2012 Highlights

  • GAAP net income available to common shares of $370.4 million, or $2.64 per diluted common share.
  • Core Earnings of $165.5 million, or $1.18 per diluted common share.
  • Drop Income of $97.4 million, or $0.69 per diluted common share.
  • Net realized gain from investments of $203.8 million.
  • Operating expenses of 1.05% of average net assets.
  • Total dividends on common shares of $2.37.
  • Interest rate spread net of hedge of 1.36%. Adjusted interest rate spread net of hedge of 1.50%.

Fourth Quarter 2012 Results

The Company had net loss available to common shares of $41.4 million during the fourth quarter of 2012, or $0.24 per diluted common share, compared to net income available to common shares of $241.0 million, or $1.46 per diluted common share, in the third quarter of 2012. For the fourth quarter of 2012 the Company had net investment income of $58.4 million and a net loss from investments of $96.0 million, compared to net investment income of $59.4 million and a net gain from investments of $221.1 million in the third quarter of 2012. The net loss from investments during the fourth quarter was primarily the result of Agency RMBS prices declining from the historically high levels at the end of September 2012.

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