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Newcastle Announces Fourth Quarter & Full Year 2012 Results

Core Earnings:

  • $150 million, or $1.03 per diluted share, which is equal to net interest income and other revenues less expenses excluding depreciation and amortization, net of preferred dividends

Other Income/Loss:

  • $279 million of other income primarily related to a $224 million net gain on the sale of Newcastle’s CDO X interests, a $24 million gain on extinguishment of debt, $9 million related to non-cash mark-to-market gain related to excess MSRs investments and an $8 million break-up fee related to the “ResCap” transaction.

The Company generated $112 million of Cash Available for Distribution (“CAD”).

As of December 31, 2012, GAAP book value was $5.86 per share, an increase of $4.62 per share from December 31, 2011.

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

Three Months Ended Year Ended
Dec 31,       Sep 30,       Dec 31, December 31,
2012 2012 2011 2012
Summary Operating Results:
GAAP income $ 56 $ 272 $ 19 $ 429
GAAP income, per diluted share $ 0.32 $ 1.63 $ 0.18 $ 2.94
Non-GAAP Results:
Core earnings $ 33 $ 43 $ 32 $ 150
Core earnings, per diluted share $ 0.19 $ 0.26 $ 0.30 $ 1.03
Cash Available for Distribution $ 35 $ 36 $ 18 $ 112

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.

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