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|
|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.