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| FBR Group Announces Third Quarter 2007 Financial Results |
ARLINGTON, Va., Oct. 25 /PRNewswire-FirstCall/ -- Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR) today announced its results for the quarter ended September 30, 2007. The company reported a net after-tax loss for the quarter of $214.7 million, or $1.28 per share, compared to a net after-tax loss of $67.4 million, or $0.39 per share, for the third quarter of 2006. FBR Group's net after-tax loss for the first nine months of 2007 was $389.9 million, or $2.28 per share, compared to a net after-tax loss of $71.1 million, or $0.41 per share, for the first nine months of 2006. Core book value net of Accumulated Other Comprehensive Income (AOCI) at the close of the third quarter was $4.49 compared to $5.76 at the end of the second quarter of 2007(1). FBR Group ended the quarter with $904 million of consolidated tangible capital, including approximately $320 million of trust preferred securities. Of this tangible capital, $270 million is attributable to FBR Group's 52% ownership interest in FBR Capital Markets Corporation (FBR Capital Markets). Of the remaining $634 million of tangible capital, FBR Group has approximately $480 million in cash and liquid securities, which is available for investment.
The four principal components of the third quarter results are:
- $90 million of write downs and losses relating to the company's
on-balance sheet securitized loan portfolio ("residual interests") that
reduce the company's economic risk in this portfolio to zero,
- a net loss of $67 million from the company's mortgage-backed securities
portfolio and operations, including the previously announced $57 million
loss on the sale of approximately $4.95 billion of agency
mortgage-backed securities,
- an economic loss of $17.2 million(2) associated with restructuring and
operating costs at First NLC Financial Services (FNLC), of which $15
million was incurred prior to the agreement announced in July to sell
FNLC to an affiliate of Sun Capital Partners (Sun Capital), and
- a $27 million valuation loss relating to the portfolio of conforming and
non-conforming loans originated by FNLC and for which FBR Group took
ownership under the Sun Capital sale agreement, reducing the value of
those loans to $203 million.
Share Buyback Program
On July 25, 2007, FBR Group's board of directors passed a resolution increasing an existing share buyback authorization from 14 million to 50 million shares. Since that date, the company has repurchased 22.8 million shares at an average price of $4.66 a share. Merchant Banking Excluding merchant banking investments of $59.9 million at FBR Capital Markets, the total value of the merchant banking investments held by FBR Group at the close of the third quarter was $57.7 million. During the third quarter, FBR Group recognized $25 million in net gains from its merchant banking portfolio. First NLC As disclosed on July 26, 2007, an agreement entered into with Sun Capital limits FBR Group's ongoing economic exposure to FNLC to $15 million, representing a 20% ownership interest. At the end of the third quarter, this exposure to FNLC was $12 million. However, FBR Group will continue to consolidate FNLC for financial reporting purposes until the transfer of ownership to Sun Capital is completed. The company currently expects this transfer to be completed by year end. Looking Ahead "Economic exposure to our securitized, non-recourse mortgage loan portfolio has been eliminated, and our remaining exposure to FNLC is $12 million," said Eric F. Billings, Chairman and Chief Executive Officer of FBR Group. "With nearly $500 million in cash and highly liquid securities in addition to our 52% ownership of FBR Capital Markets, our risk profile is significantly reduced. Going forward, we are pleased to have the financial flexibility to execute our core agency mortgage backed security strategy through which we believe we will be able to achieve very acceptable returns." FBR Capital Markets Corporation FBR Capital Markets (Nasdaq: FBCM), a majority-owned subsidiary of FBR Group, yesterday reported net after-tax third quarter 2007 earnings of $0.3 million, compared to an after-tax loss of $22.6 million, or $0.37 per share (diluted), in the third quarter of 2006. Net revenues for the third quarter of 2007 were $106.2 million compared to net revenues of $42.0 million in the third quarter of 2006. For the nine months ending September 30, 2007, FBR Capital Markets earned $33.0 million after tax, or $0.51 per share (diluted), compared to an after- tax loss of $16.8 million, or $0.33 per share (diluted), for the first nine months of 2006. Net revenues for the first nine months of 2007 were $418.8 million compared to $244.0 million for the first nine months of 2006. At the close of the third quarter, FBR Capital Markets had $527.0 million in equity, $387.1 million of cash, and no debt, and its book value was $8.25 per share compared to $8.20 per share at the end of the second quarter of 2007. Complete financial results and tables for FBR Capital Markets can be found at www.fbr.com. FBR Group will host an earnings conference call on Thursday, October 25, 2007 at 9:00 A.M. U.S. EDT. Investors wishing to listen to the earnings conference call may do so via the web at: http://phx.corporate-ir.net/phoenix.zhtml?c=71352&p=irol-irhome. Replays of the web cast will be available after the call. Friedman, Billings, Ramsey Group, Inc. (FBR) provides investment banking*, merger and acquisition advisory services*, institutional brokerage*, asset management and private wealth services through majority ownership of FBR Capital Markets Corporation (FBR Capital Markets). FBR Capital Markets focuses capital and financial expertise on eight industry sectors: consumer, diversified industrials, energy & natural resources, financial institutions, healthcare, insurance, real estate, and technology, media & telecom. FBR Group also invests in mortgage-related assets and merchant banking opportunities. FBR is headquartered in the Washington, D.C. metropolitan area with offices in Arlington, VA, Boston; Dallas; Houston; Irvine; New York; Phoenix; San Francisco; London, England; and Sydney, Australia. For more information, please visit www.fbr.com. *Friedman, Billings, Ramsey & Co., Inc. (1) Accumulated Other Comprehensive Income (AOCI) includes changes in the value of available-for-sale securities and cash flow hedges. FBR believes that such changes represent temporary market fluctuations, are not reflective of our market strategy, and, therefore, the exclusion of AOCI provides a reasonable basis for calculating returns. (2)During the third quarter, FBR Group recorded consolidated GAAP losses, excluding valuation losses related to the mortgage loans assumed under the agreement with Sun Capital, totaling $28 million associated with FNLC operations. However, the economic loss to the company, once the Sun Capital transaction closes, will be $17.2 million. There are several components to the economic loss. As noted in the announcement regarding the agreement with Sun Capital, FBR Group funded approximately $15 million in FNLC operating losses and restructuring costs that were incurred prior to signing the agreement with Sun Capital. The company also recorded net interest on the loans assumed under the agreement with Sun Capital and recognized an additional $14 million of losses and restructuring expenses subsequent to signing the agreement, but its economic exposure to these costs is limited to $3 million, corresponding to FBR Group's 20% economic ownership interest in FNLC. The remaining $11 million recorded during the third quarter by FBR Group will be recaptured upon the final closing of the agreement with Sun Capital. Statements concerning future performance, developments, events, market forecasts, revenues, expenses, earnings, run rates and any other guidance on present or future periods, constitute forward-looking statements that are subject to a number of factors, risks and uncertainties that might cause actual results to differ materially from stated expectations or current circumstances. These factors include, but are not limited to, the effect of demand for public offerings, activity in the secondary securities markets, interest rates, costs of borrowing, interest spreads, mortgage pre-payment speeds, risks associated with merchant banking investments, the realization of gains and losses on principal investments, available technologies, competition for business and personnel, and general economic, political and market conditions. These and other risks are described in the Company's Annual Report and Form 10-K and quarterly reports on Form 10-Q that are available from the company and from the SEC.
Financial data follows.
FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited)
Quarter ended
September 30,
2007 % 2006 %
-------- -------- -------- -------
REVENUES:
Investment banking:
Capital raising $49,692 -99.9% $6,852 -8.3%
Advisory 16,480 -33.1% 5,826 -7.0%
Institutional brokerage:
Principal transactions 968 -1.9% (1,658) 2.0%
Agency commissions 26,257 -52.8% 24,388 -29.5%
Mortgage trading interest - 0.0% 13,845 -16.7%
Mortgage trading investment loss - (1,546) 1.9%
Asset management:
Base management fees 6,119 -12.3% 4,880 -5.9%
Incentive allocations and fees 82 -0.2% (31) 0.0%
Principal investment:
Interest 115,450 -232.0% 150,649 -182.0%
Net investment loss (136,475) 274.3% (170,621) 206.1%
Dividends 526 -1.1% 4,750 -5.7%
Mortgage banking:
Interest 7,194 -14.5% 22,476 -27.1%
Net investment (loss) income (27,968) 56.2% 16,092 -19.4%
Other 3,990 -7.9% 6,540 -8.0%
-------- -------- -------- -------
Total revenues 62,315 -125.2% 82,442 -99.6%
Interest expense 112,072 -225.2% 165,237 -199.6%
-------- -------- -------- -------
Revenues, net of interest
expense (49,757) 100.0% (82,795) 100.0%
-------- -------- -------- -------
NON-INTEREST EXPENSES:
Compensation and benefits 80,955 -162.7% 69,405 -83.8%
Professional services 12,281 -24.7% 14,308 -17.3%
Business development 7,713 -15.5% 7,577 -9.2%
Clearing and brokerage fees 3,953 -7.9% 2,917 -3.5%
Occupancy and equipment 12,695 -25.5% 12,909 -15.6%
Communications 7,148 -14.4% 6,471 -7.8%
Other operating expenses 16,140 -32.4% 23,291 -28.1%
Restructuring charges 6,172 -12.4% - 0.0%
-------- -------- -------- -------
Total non-interest expenses 147,057 -295.5% 136,878 -165.3%
-------- -------- -------- -------
Operating loss (196,814) 395.5% (219,673) 265.3%
OTHER (LOSS) INCOME:
(Loss) gain on sale of subsidiary
shares (2,450) 4.9% 121,511 -146.8%
-------- -------- -------- -------
Loss before income taxes and
minority interest (199,264) 400.5% (98,162) 118.6%
Income tax provision (benefit) 15,288 -30.7% (26,062) 31.5%
Minority interest in earnings
(losses) of consolidated
subsidiary 165 -0.3% (4,708) 5.7%
-------- -------- -------- -------
Net loss $(214,717) 431.5% $(67,392) 81.4%
======== ======== ======== =======
Basic loss per share $(1.28) $(0.39)
======== ========
Diluted loss per share $(1.28) $(0.39)
======== ========
Weighted average shares-basic 167,874 172,091
======== ========
Weighted average shares-diluted 167,874 172,091
======== ========
FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited)
Nine Months Ended
September 30,
2007 % 2006 %
-------- -------- -------- -------
REVENUES:
Investment banking:
Capital raising $256,971 184.8% $118,304 57.8%
Advisory 29,090 20.9% 14,976 7.3%
Institutional brokerage:
Principal transactions 7,156 5.1% 5,822 2.8%
Agency commissions 78,639 56.6% 76,289 37.3%
Mortgage trading interest - 0.0% 48,638 23.8%
Mortgage trading net investment
loss - 0.0% (2,992) -1.5%
Asset management:
Base management fees 18,007 13.0% 15,042 7.4%
Incentive allocations and fees 302 0.2% 924 0.5%
Principal investment:
Interest 450,073 323.8% 413,388 202.0%
Net investment loss (199,629) -143.6% (175,726) -85.9%
Dividends 2,368 1.7% 12,508 6.1%
Mortgage banking:
Interest 47,186 33.9% 66,856 32.7%
Net investment (loss) income (138,858) -99.9% 56,231 27.5%
Other 12,566 9.1% 16,992 8.3%
-------- -------- -------- -------
Total revenues 563,871 405.6% 667,252 326.1%
Interest expense 424,854 305.6% 446,909 218.4%
Provision for loan losses - 0.0% 15,740 7.7%
-------- -------- -------- -------
Revenues, net of interest
expense and provision for
loan losses 139,017 100.0% 204,603 100.0%
-------- -------- -------- -------
NON-INTEREST EXPENSES:
Compensation and benefits 291,822 209.9% 224,634 109.8%
Professional services 40,143 28.9% 41,498 20.3%
Business development 32,640 23.5% 30,266 14.8%
Clearing and brokerage fees 9,717 7.0% 8,315 4.1%
Occupancy and equipment 38,511 27.7% 36,383 17.8%
Communications 21,791 15.7% 18,091 8.8%
Other operating expenses 66,540 47.9% 69,261 33.9%
Impairment of goodwill 54,752 39.4% - 0.0%
Restructuring charges 25,519 18.4% - 0.0%
-------- -------- -------- -------
Total non-interest expenses 581,435 418.4% 428,448 209.5%
-------- -------- -------- -------
Operating loss (442,418) -318.4% (223,845) -109.4%
OTHER INCOME:
Gain on sale of subsidiary
shares 104,058 74.9% 121,511 59.4%
-------- -------- -------- -------
Loss before income taxes
and minority interest (338,360) -243.4% (102,334) -50.0%
Income tax provision (benefit) 38,749 27.9% (26,541) -13.0%
Minority interest in earnings
(losses) of consolidated
subsidiary 12,782 9.2% (4,708) -2.3%
-------- -------- -------- -------
Net loss $(389,891) -280.5% $(71,085) -34.7%
======== ======== ======== =======
Basic loss per share $(2.28) $(0.41)
======== ========
Diluted loss per share $(2.28) $(0.41)
======== ========
Weighted average shares-basic 171,308 171,376
======== ========
Weighted average shares-diluted 171,308 171,376
======== ========
FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.
Financial & Statistical Supplement -- Operating Results
(Dollars in thousands, except per share data)
(Unaudited)
For the
nine months ended
September
30, 2007 Q-3 07 Q-2 07 Q-1 07
---------------------------------------------
Revenues
Investment banking:
Capital raising $256,971 $49,692 $110,032 $97,247
Advisory 29,090 16,480 6,152 6,458
Institutional brokerage:
Principal transactions 7,156 968 4,152 2,036
Agency commissions 78,639 26,257 28,564 23,818
Asset management:
Base management fees 18,007 6,119 6,360 5,528
Incentive allocations and
fees 302 82 116 104
Principal investment:
Interest 450,073 115,450 152,927 181,696
Net investment loss (199,629) (136,475) (3,441) (59,713)
Dividends 2,368 526 883 959
Mortgage banking:
Interest 47,186 7,194 13,462 26,530
Net investment loss (138,858) (27,968) (4,031) (106,859)
Other 12,566 3,990 4,482 4,094
---------------------------------------------
Total revenues 563,871 62,315 319,658 181,898
Interest expense 424,854 112,072 143,231 169,551
---------------------------------------------
Revenues, net of
interest expense 139,017 (49,757) 176,427 12,347
---------------------------------------------
Non-interest expenses
Compensation and benefits 291,822 80,955 106,885 103,982
Professional services 40,143 12,281 14,008 13,854
Business development 32,640 7,713 11,158 13,769
Clearing and brokerage fees 9,717 3,953 3,063 2,701
Occupancy and equipment 38,511 12,695 12,699 13,117
Communications 21,791 7,148 7,592 7,051
Other operating expenses 66,540 16,140 18,684 31,716
Impairment of goodwill 54,752 - 28,900 25,852
Restructuring charges 25,519 6,172 3,862 15,485
---------------------------------------------
Total non-interest expenses 581,435 147,057 206,851 227,527
---------------------------------------------
Operating loss (442,418) (196,814) (30,424) (215,180)
Other income (loss)
Gain (loss) on sale of
subsidiary shares 104,058 (2,450) 105,677 831
---------------------------------------------
(Loss) income before income
taxes and minority interest (338,360) (199,264) 75,253 (214,349)
Income tax provision (benefit) 38,749 15,288 55,011 (31,550)
Minority interest in earnings
of consolidated subsidiary 12,782 165 9,538 3,079
---------------------------------------------
Net (loss) income $(389,891) $(214,717) $10,704 $(185,878)
=============================================
ROE (annualized) -55.6% -91.9% 3.9% -68.8%
ROE (annualized-excluding
AOCI) (1) -54.8% -90.5% 3.9% -68.2%
Total shareholders' equity $698,214 $698,214 $1,012,635 $989,213
Total shareholders'
equity, net of AOCI (1) $711,693 $711,693 $1,000,071 $993,753
Basic loss (earnings) per
share $(2.28) $(1.28) $0.06 $(1.08)
Diluted loss (earnings)
per share $(2.28) $(1.28) $0.06 $(1.08)
Ending shares outstanding
(in thousands) 158,671 158,671 173,756 172,846
Book value per share $4.40 $4.40 $5.83 $5.72
Book value per share, net
of AOCI (1) $4.49 $4.49 $5.76 $5.75
Gross assets under
management (in millions)
Managed accounts $345.6 $345.6 $291.3 $258.8
Hedge & offshore funds 61.7 61.7 61.7 67.1
Mutual funds 2,292.3 2,292.3 2,482.6 2,412.9
Private equity and venture
capital funds 31.3 31.3 33.8 41.2
---------------------------------------------
Total $2,730.9 $2,730.9 $2,869.4 $2,780.0
=============================================
Net assets under
management (in millions)
Managed accounts $345.6 $345.6 $291.3 $258.8
Hedge & offshore funds 58.1 58.1 58.1 62.5
Mutual funds 2,285.1 2,285.1 2,474.7 2,406.4
Private equity and venture
capital funds 29.8 29.8 32.0 38.0
---------------------------------------------
Total $2,718.6 $2,718.6 $2,856.1 $2,765.7
=============================================
Employee count 1,290 1,290 2,151 2,592
=============================================
(1) Accumulated Other Comprehensive Income (AOCI) includes changes in
value of available-for-sale securities and cash flow hedges. We
believe that such changes represent temporary market
fluctuations, are not reflective of our market strategy, and
therefore, exclusion of AOCI provides a reasonable basis for
calculating returns.
FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.
Financial & Statistical Supplement -- Operating Results
(Dollars in thousands, except per share data)
(Unaudited)
For the
year ended
December 31, 2006 Q-4 06 Q-3 06 Q-2 06 Q-1 06
---------------------------------------------------------------
Revenues
Investment
banking:
Capital
raising $190,187 $71,883 $6,852 $45,117 $66,335
Advisory 24,148 9,172 5,826 6,281 2,869
Institutional
brokerage:
Principal
transactions 5,814 (8) (1,658) 1,760 5,720
Agency
commissions 101,009 24,720 24,388 28,492 23,409
Mortgage trading
interest 51,147 2,509 13,845 17,143 17,650
Mortgage trading
net investment
loss (3,301) (309) (1,546) (209) (1,237)
Asset management:
Base management
fees 20,093 5,051 4,880 5,065 5,097
Incentive
allocations
and fees 1,327 403 (31) (53) 1,008
Principal
investment:
Interest 594,879 181,491 150,649 113,613 149,126
Net investment
(loss) income (184,552) (8,826) (170,621) (31,290) 26,185
Dividends 14,551 2,043 4,750 4,059 3,699
Mortgage banking:
Interest 88,662 21,806 22,476 21,267 23,113
Net investment
income 83,786 27,555 16,092 29,401 10,738
Other 20,154 3,162 6,540 5,465 4,987
---------------------------------------------------------------
Total
revenues 1,007,904 340,652 82,442 246,111 338,699
Interest
expense 611,800 164,891 165,237 128,189 153,483
Provision for
loan losses 15,740 - - 7,348 8,392
---------------------------------------------------------------
Revenues,
net of
interest
expense and
provision for
loan losses 380,364 175,761 (82,795) 110,574 176,824
---------------------------------------------------------------
Non-interest
expenses
Compensation
and benefits 309,065 84,431 69,405 71,732 83,497
Professional
services 59,722 18,224 14,308 12,925 14,265
Business
development 42,150 11,884 7,577 8,604 14,085
Clearing
and brokerage
fees 11,820 3,505 2,917 3,082 2,316
Occupancy
and equipment 50,051 13,668 12,909 12,232 11,242
Communications 24,398 6,307 6,471 6,013 5,607
Other operating
expenses 89,377 20,116 23,291 24,993 20,977
---------------------------------------------------------------
Total non-
interest
expenses 586,583 158,135 136,878 139,581 151,989
---------------------------------------------------------------
Operating
(loss) income (206,219) 17,626 (219,673) (29,007) 24,835
Other income
Gain on sale
of subsidiary
shares 121,511 - 121,511 - -
---------------------------------------------------------------
(Loss) income
before income
taxes and
minority
interest (84,708) 17,626 (98,162) (29,007) 24,835
Income tax
(benefit)
provision (14,682) 11,859 (26,062) 1,240 (1,719)
Minority interest
in (loss) earnings
of consolidated
subsidiary (2,751) 1,957 (4,708) - -
---------------------------------------------------------------
Net (loss)
income $(67,275) $3,810 $(67,392) $(30,247) $26,554
===============================================================
ROE (annualized) -5.4% 1.3% -22.1% -9.4% 8.2%
ROE (annualized-
excluding AOCI)(1) -5.4% 1.3% -22.2% -9.5% 8.1%
Total shareholders'
equity $1,171,045 $1,171,045 $1,163,681 $1,270,361 $1,301,949
Total shareholders'
equity, net
of AOCI (1) $1,186,181 $1,186,181 $1,181,372 $1,250,117 $1,306,450
Basic (loss)
earnings per
share $(0.39) $0.02 $(0.39) $(0.18) $0.16
Diluted (loss)
earnings per
share $(0.39) $0.02 $(0.39) $(0.18) $0.16
Ending shares
outstanding
(in thousands) 172,759 172,759 172,506 171,812 171,236
Book value per
share $6.78 $6.78 $6.75 $7.39 $7.60
Book value per
share, net
of AOCI (1) $6.87 $6.87 $6.85 $7.28 $7.63
Gross assets
under management
(in millions)
Managed accounts $259.9 $259.9 $376.6 $386.8 $383.9
Hedge & offshore
funds 97.5 97.5 102.1 125.8 136.6
Mutual funds 1,961.9 1,961.9 1,825.1 1,750.6 1,849.5
Private equity
and venture
capital funds 42.2 42.2 48.5 48.2 50.5
---------------------------------------------------------------
Total $2,361.5 $2,361.5 $2,352.3 $2,311.4 $2,420.5
===============================================================
Net assets
under management
(in millions)
Managed accounts $259.9 $259.9 $376.6 $386.8 $380.9
Hedge & offshore
funds 96.4 96.4 98.3 116.1 125.4
Mutual funds 1,954.7 1,954.7 1,817.8 1,742.6 1,843.4
Private equity
and venture
capital funds 40.5 40.5 46.9 46.7 49.1
---------------------------------------------------------------
Total $2,351.5 $2,351.5 $2,339.6 $2,292.2 $2,398.8
===============================================================
Employee count 3,019 3,019 2,909 2,651 2,531
===============================================================
(1) Accumulated Other Comprehensive Income (AOCI) includes changes in
value of available-for-sale securities and cash flow hedges. We
believe that such changes represent temporary market fluctuations, are
not reflective of our market strategy, and therefore, exclusion of
AOCI provides a reasonable basis for calculating returns.
FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share amounts)
(Unaudited)
ASSETS 30-Sep-07 31-Dec-06
------------- -------------
Cash and cash equivalents $692,737 $189,956
Restricted cash 116 132
Receivables 68,735 217,249
Investments:
Mortgage-backed securities, at fair
value 470,749 6,870,661
Loans held for sale, net 3,255,807 5,367,934
Long-term investments 181,098 185,492
Trading securities, at fair value 19,120 18,180
Due from clearing broker 11,675 28,999
Derivative assets, at fair value 12,159 36,875
Goodwill 108,013 162,765
Intangible assets, net 10,228 21,825
Furniture, equipment, software and
leasehold improvements, net 45,782 44,111
Prepaid expenses and other assets 243,050 208,339
------------- -------------
Total assets $5,119,269 $13,352,518
============= =============
LIABILITIES AND SHAREHOLDERS ' EQUITY
Liabilities:
Trading account securities sold short
but not yet purchased, at fair value $10,066 $202
Commercial paper - 3,971,389
Repurchase agreements 497,926 3,059,330
Derivative liabilities, at fair value 1,938 44,582
Dividends payable 8,001 8,743
Interest payable 6,329 12,239
Accrued compensation and benefits 39,381 57,227
Accounts payable, accrued expenses
and other liabilities 79,962 81,819
Short-term debt 60,000 -
Securitization financing, net 3,141,773 4,486,046
Long-term debt 323,609 324,453
------------- -------------
Total liabilities 4,168,985 12,046,030
------------- -------------
Minority interest 252,070 135,443
Shareholders' equity:
Common stock, 160,055 and 174,712 shares 1,601 1,747
Additional paid-in capital 1,503,509 1,562,485
Accumulated other comprehensive loss,
net of taxes (13,479) (15,136)
Accumulated deficit (793,417) (378,051)
------------- -------------
Total shareholders' equity 698,214 1,171,045
------------- -------------
Total liabilities and
shareholders' equity $5,119,269 $13,352,518
============= =============
CONTACT:Media - Lauren Burk +1-703-469-1004 lburk@fbr.com Investors - Paul Beattie +1-703-312-9673 pbeattie@fbr.com |
