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Newcastle Announces Second Quarter 2013 Results

Newcastle (NYSE: NCT; the “Company”) today reported the following information for the quarter ended June 30, 2013:

  • Income available for common stockholders (“GAAP Income”) of $52.3 million, or $0.20 per diluted share, an increase of 43% and 33%, respectively, compared to Q1 2013
  • Core earnings of $43.0 million, an increase from $37.4 million in Q1 2013, and core earnings per diluted share of $0.16, in-line with Q1 2013

The Company’s second quarter results include forty-five days of earnings attributable to the operations of New Residential Investment Corp. (NYSE: NRZ; “New Residential”), which was spun off on May 15, 2013. Excluding earnings attributable to New Residential, the Company’s GAAP Income was $27.8 million, or $0.11 per diluted share, and core earnings was $23.3 million, or $0.09 per diluted share.

      Q1 2013       Q2 2013       Q2 2013, Pro forma Excluding NRZ    
Summary Operating Results:            
GAAP Income $36.6 million $52.3 million $27.8 million
GAAP Income per Diluted Share $0.15 $0.20 $0.11
Non-GAAP Results:
Core Earnings $37.4 million $43.0 million $23.3 million
Core Earnings per Diluted Share $0.16 $0.16 $0.09

At quarter end, the Company had approximately $216 million of cash to invest. If this cash were fully invested at a 15% return, the Company expects that it could add approximately $0.03 to future quarterly earnings. The Company’s cash on hand as of August 5, 2013 was fully committed.

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