Newcastle Investment Corp. (NYSE:NCT) (the “Company”) today reported the following information for the quarter ended September 30, 2013:
- GAAP Income of $0.09 per diluted share
- Core Earnings of $0.08 per diluted share
- Declared common dividend of $0.10 per share, or $29 million
- GAAP book value of $2.74
The Company’s third quarter GAAP Income was $27.8 million, or $0.09 per diluted share, and Core Earnings was $23.9 million, or $0.08 per diluted share.
Q2 2013 (Pro forma excluding 45 days of New Residential earnings*)
|Summary Operating Results:|
|GAAP Income||$27.8 million||$27.8 million|
|GAAP Income per Diluted Share||$0.09||$0.11|
|Core Earnings**||$23.9 million||$29.0 million|
|Core Earnings per Diluted Share**||$0.08||$0.11|
|GAAP Book Value:||$2.74||$2.73|
For a reconciliation of GAAP Income to Core Earnings, please refer to the Reconciliation of Core Earnings and Pro forma Core Earnings table below. *“Newcastle excluding 45 days of New Residential earnings” excludes the 45 days of earnings in the three months ended June 30, 2013 generated by New Residential prior to New Residential’s spin-off from Newcastle on May 15, 2013. **The Company amended its definition of Core Earnings to exclude acquisition and spin-off related expenses in the third quarter of 2013. The calculation of Core Earnings has been retroactively adjusted for all periods presented.
Had Newcastle’s average uninvested cash balance of $120 million been invested at management’s expected returns since the beginning of the quarter, and if GateHouse debt had converted to equity and GateHouse obtained the anticipated debt facility, the full quarter earnings would have increased by $11 million, or $0.04 per share.