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Altisource Residential Corporation Reports Fourth Quarter And Period End Results

Stocks in this article: RESI

FREDERIKSTED, United States Virgin Islands, Feb. 7, 2013 (GLOBE NEWSWIRE) -- Altisource Residential Corporation (Residential or the Company) (NYSE:RESI) announced today financial and operating results for the fourth quarter and period from inception (June 7, 2012) to December 31, 2012. Net loss attributable to common stockholders for the fourth quarter and for the period from inception to December 31, 2012 totaled $89,000, or $(0.01) per share based on 7.8 million shares outstanding. The results of the fourth quarter and period ended December 31, 2012 include 10 days of operations commencing on the close of business on December 21, 2012.

Fourth quarter and period ending December 31, 2012 highlights:

  • As of the close of business on December 21, 2012, we became a stand-alone public company through the separation of our business from Altisource Portfolio Solutions S.A. (Altisource) and the distribution of our shares to the shareholders of Altisource.
  • In connection with the separation, we were capitalized with $100 million of cash and entered into an asset management agreement with Altisource Asset Management Corporation (AAMC), a mortgage servicing agreement with Ocwen Mortgage Servicing Inc. (Ocwen) and a master services agreement with a subsidiary of Altisource as well as other support services and trademark licensing agreements.
  • We incurred $89,000 of net loss attributable to common stockholders consisting of general and administrative expenses incurred directly by Residential or incurred by AAMC and attributable and reimbursable by Residential.
  • In December 2012, we committed to invest $18 million for 100% of the preferred stock of NewSource, a title insurance and reinsurance company.

Chairman William Erbey stated, "As expected, we successfully completed our separation from Altisource in December 2012. We were capitalized with cash available for investment and are actively performing due diligence on select non-performing loan portfolios. I am pleased with the progress Residential has made in its brief history and believe we have a solid foundation to deliver long-term value to our shareholders."

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