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REDERIKSTED, U.S. Virgin Islands, April 29, 2014 (GLOBE NEWSWIRE) -- Altisource Asset Management Corporation ("AAMC" or the "Company") (NYSE MKT: AAMC) announced today financial and operating results for the first quarter of 2014. Net income attributable to stockholders for the first quarter of 2014 totaled $6.8 million, or $2.39 per diluted share,
1compared to a net loss attributable to stockholders of $840,000, or $0.36 per share,
2for the first quarter of 2013.
First quarter business performance highlights:
Achieved first quarter of positive net income since inception.
Issued 250,000 shares of a new non-voting Series A Convertible Preferred Stock to institutional investors for aggregate net proceeds of $248.9 million. The preferred stock is convertible into AAMC's common stock at a conversion price of $1,250 per share and does not entitle the holders to dividends.
Facilitated the resolution of 822 loans by Altisource Residential Corporation ("Residential") in the first quarter of 2014 versus 288 loans in the fourth quarter of 2013.
Facilitated Residential's agreement to purchase a portfolio with an aggregate of 915 mortgage loans and real estate owned ("REO") properties having an aggregate market value of underlying properties of $180.0 million.
Chief Executive Officer Ashish Pandey stated, "We expect Residential's improved loan resolution results will have a meaningful impact on the growth of Residential's rental portfolio."
"Under the management of AAMC, Residential has been able to pay an increased dividend for the second consecutive quarter," said Chairman William Erbey.
Webcast and conference call
The Company will host a webcast and conference call on Tuesday, April 29, 2014, at 11:00 a.m. Eastern Time to discuss its financial results for the first quarter of 2014. The conference call will be webcast live over the internet from the Company's website at
www.altisourceamc.com and can be accessed by clicking on the "Shareholders" link.
AAMC is an asset management company that provides portfolio management and corporate governance services to investment vehicles. Its initial client is Residential, a real estate investment trust that is focused on providing affordable rental homes to families throughout the United States. Additional information is available at
This press release contains forward-looking statements that involve a number of risks and uncertainties. Those forward-looking statements include all statements that are not historical fact, including statements about management's beliefs and expectations. Forward-looking statements are based on management's beliefs as well as assumptions made by and information currently available to management. Because such statements are based on expectations as to future economic performance and are not statements of historical fact, actual results may differ materially from those projected. AAMC undertakes no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to: AAMC's ability to implement its business plan; AAMC's ability to leverage strategic relationships on an efficient and cost-effective basis; its ability to compete; general economic and market conditions; governmental regulations, taxes and policies; availability of adequate and timely sources of liquidity and financing; and other risks and uncertainties detailed in the "Forward-Looking Statements," "Risk Factors" and other sections of AAMC's Registration Statement on Form 10, its Annual Report on Form 10-K, its quarterly reports on Form 10-Q and its other filings with the Securities and Exchange Commission.