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TheStreet Open House

Altisource Asset Management Corporation Reports Fourth Quarter And Full Year 2013 Results

Stocks in this article: AAMC

FREDERIKSTED, U.S. Virgin Islands, Feb. 20, 2014 (GLOBE NEWSWIRE) -- Altisource Asset Management Corporation ("AAMC" or the "Company") (NYSE MKT: AAMC) announced today financial and operating results for the fourth quarter and full year of 2013. The Company's net loss for the fourth quarter of 2013 totaled $0.4 million, or $0.17 per share. 1 Net loss attributable to common stockholders for the year ended December 31, 2013 totaled $5.3 million or $2.26 per share. 2 Adjusted earnings for the fourth quarter of 2013 totaled $4.0 million and for the full year of 2013 totaled $2.5 million.³

Fourth quarter 2013 highlights:

  • Generated positive adjusted earnings for the quarter of $4.0 million.³
  • Earned incentive management fees from Altisource Residential Corporation ("Residential") of $4.8 million.
  • Facilitated Residential's acquisition of three portfolios of non-performing residential mortgage loans ("NPLs") with an aggregate market value of underlying properties of $1.7 billion representing a 170% increase in underlying property value from the end of the third quarter.  $530 million of these NPLs closed in December 2013.

Full-year 2013 highlights:

  • Facilitated the acquisition of an aggregate of approximately 13,500 non-performing loans with $2.7 billion in underlying property value.
  • Assisted Residential in raising $659 million in equity capital at accretive prices.
  • Assisted Residential in securing $750 million of portfolio debt financing.

Subsequent event highlights

  • Assisted Residential in raising $468 million in equity capital at accretive prices.
  • Facilitated Residential's purchase of $890 million of NPLs pursuant to fourth quarter agreements.

Chief Executive Officer Ashish Pandey stated, "2013 was a successful year for AAMC and Residential. Through our sound asset management services, Residential was successful in growing its NPL portfolio, securing additional debt and accretive equity capital and managing the resolution of its loans."

"We are proud of our implementation of Residential's differentiated business plan. We believe that, with AAMC's guidance, Residential successfully delivered on every critical aspect of its business model in 2013. Residential generated positive cash flows and achieved an acquisition discount that we believe translates into significant embedded value in its portfolio. I am pleased with what we have been able to accomplish for Residential and for our shareholders in our first full year of operations," said Chairman William Erbey.

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