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New Residential Announces Second Quarter 2013 Results

Stocks in this article: NRZ

New Residential Investment Corp. (NYSE: NRZ; the “Company” or “New Residential”) today reported the following information for the quarter ended June 30, 2013:

  • Income available for common stockholders (“GAAP Income”) of $109.2 million, or $0.43 per diluted share
  • Core earnings of $37.5 million, or $0.15 per diluted share
  • Book value of $4.92 per common share

New Residential was spun-off from Newcastle Investment Corp. (NYSE: NCT; “Newcastle”) on May 15, 2013. The portion of New Residential’s second quarter results attributable to the period following the spin-off is $0.33 per diluted share, or $84.7 million, for GAAP Income, and $0.07 per diluted share, or $17.7 million, for core earnings. On June 3, 2013, the Company’s Board of Directors declared a $0.07 dividend per common share, or $18 million, for the second quarter, based on the Company’s results from the post-spin period.

Q1 2013 Q2 2013 Q2 2013 Composed of:
Pre-Spin Period     Post-Spin Period

(Basis for Dividend)

Summary Operating Results:
GAAP Income $13.1 million $109.2 mm $24.6 mm $84.7 mm
GAAP Income per Diluted Share (1) $0.05 $0.43 $0.10 $0.33
Core Earnings $12.8 million $37.5 mm $19.7 mm $17.7 mm
Core Earnings per Diluted Share (1) $0.05 $0.15 $0.08 (2) $0.07

(1) New Residential was spun-off from Newcastle in the second quarter of 2013. Earnings per share for the first quarter reflect earnings divided by the number of New Residential’s common shares outstanding immediately following the spin-off.(2) $0.08 per share based on New Residential’s diluted shares. Using Newcastle’s diluted shares, core earnings for the pre-spin period would have been $0.07 per diluted share.

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