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.