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ARMOUR Residential REIT, Inc. Reports Q3 2013 Core Income Of $43.8 Million

Stocks in this article: ARR

VERO BEACH, Fla., Oct. 28, 2013 (GLOBE NEWSWIRE) -- ARMOUR Residential REIT, Inc. (NYSE: ARR, ARR PrA, and ARR PrB; NYSE MKT: ARR.WS) ("ARMOUR" or the "Company") today announced financial results for the quarter ended September 30, 2013.

Third Quarter 2013 Highlights and Financial Information

  • Core Income of approximately $43.8 million or $0.11 per Common share
  • Estimated taxable REIT income of $3.8 million
  • Q3 2013 GAAP net loss of approximately $229.9 million or $0.63 per Common share
  • Stockholders' equity as of September 30, 2013 was $2.2 billion or $5.26 per Common share
  • Ratio of debt to stockholders' equity ("leverage") of 6.93 to 1 as of September 30, 2013
  • Liquidity as of September 30, 2013, consisting of cash and unpledged securities, of $1.3 billion
  • Sales of Agency Securities in Q3 totaled $6.0 billion, resulting in realized capital losses of $301.0 million or $0.81 per common share
  • Q3 2013 average yield on assets of 2.60% and average net interest margin of 1.24%
  • Q3 2013 annualized average principal repayment rate (CPR) of 8.8%
  • Stock outstanding as of September 30, 2013: Common – 370,905,000 shares Series A Preferred – 2,181,000 shares Series B Preferred – 5,650,000 shares
  • Q3 2013 weighted average diluted Common shares were 372,256,000
  • Additional updated information on the Company's investment, financing and hedge positions can be found in the ARMOUR Residential REIT, Inc. October 11, 2013 "Company Update." ARMOUR posts Company Updates each month on www.armourreit.com .

Q3 2013 Results

Core Income and Taxable REIT Income

Core Income for the quarter ended September 30, 2013, was $43.8 million. "Core Income" represents a non-GAAP measure and is defined as net income excluding impairment losses, gains or losses on sales of securities and early termination of derivatives, unrealized gains or losses on derivatives and U.S. Treasury Securities and certain non-recurring expenses. Core Income may differ from GAAP net income, which includes the unrealized gains or losses of the Company's derivative instruments and the gains or losses on Agency Securities and U.S. Treasury Securities.

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