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News for 'TGIC' - (DJ Triad Guaranty 1Q Loss Narrows Sharply, Calls Deficit Substantial)
DOW JONES NEWSWIRES
Triad Guaranty Inc.'s (TGIC) first-quarter loss narrowed sharply as the mortgage insurer reported lower reserves to cover potential losses and lower expenses.
&n! bsp;The company has been winding down its business and the loss is the first after three straight profitable quarters that were boosted by large decreases in reserves. President and Chief Executive Ken Jones said despite a decline in new defaults, the company didn't benefit as much from reserve declines in the latest quarter.
Net settled claims declined 26%, which Jones attributed mostly to loan services' issues related to foreclosures, including in some cases, foreclosure moratoriums.
"Our deficit in assets remains substantial" and was $593.7 million at March 31, Jones said. "We continue to believe that, absent significant positive changes in the economy and the residential real estate market, our existing assets and future premiums may not be sufficient to meet our current and future policyholder obligations," he said.
Triad reported a loss of $4.9 million, or 32 cents a share, compared with a year-earlier loss of $27.8 million! , or $1.84 a share. Revenue decreased 19% to $45.2 million.
& nbsp;Triad stopped writing mortgage-insurance policies in July 2008 after it incurred steep losses because of defaults and delinquencies on home loans. It sold its propriety mortgage insurance software and most of its supporting hardware to Essent Guaranty Inc. in late 2009.
Shares closed Thursday at 30 cents and were inactive premarket.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com
(END) Dow Jones Newswires
May 13, 2011 08:43 ET (12:43 GMT)
Copyright (c) 2011 Dow Jones & Company, Inc.- - 08 43 AM EDT 05-13-11
News for 'TGIC' - (Triad Guaranty Inc. Reports First Quarter Results)
WINSTON-SALEM, N.C., May 13, 2011 /PRNewswire via COMTEX/ -- Triad Guaranty
Inc. (OTCBB: TGIC) today reported a net loss for the quarter ended March 31,
2011 of $4.9 million compared to net income of $26.8 million for the fou! rth
quarter of 2010 and a net loss of $27.8 million for the first quarter of 2010.
The 2011 first quarter diluted loss per share was $0.32 compared to diluted
income per share of $1.76 for the 2010 fourth quarter and a diluted loss per
share of $1.84 for the first quarter of 2010.
Ken Jones, President and CEO, said, "After three consecutive quarters of
profits, we reported a small loss during the 2011 first quarter. Although we had
a decrease in new defaults from the fourth quarter of 2010, we did not receive
as much benefit from the positive development of our reserves during the quarter
compared to the fourth quarter of 2010. Net settled claims declined 23% and 26%
compared to the fourth quarter of 2010 and the first quarter of 2010,
respectively. We believe the drop in our net settled claims is primarily related
to loan servicers' issues surrounding foreclosure policies and practices,
including in some cases, foreclosure morator! iums. The drop in net settled claims
had little impact on our 2011 first quarter financial results because we
continue to reserve for a default until we settle the default or receive
definitive information from the servicer that the default has cured."
Mr. Jones continued, "As a company in run-off, our primary focus remains on the
efficient and effective servicing of our insured portfolio, particularly with
respect to loss management, in order to maximize our claims-paying ability. Our
deficit in assets remains substantial and was $593.7 million at March 31, 2011.
We continue to believe that, absent significant positive changes in the economy
and the residential real estate market, our existing assets and future premiums
may not be sufficient to meet our current and future policyholder obligations."
We have updated the quarterly statistical and supplemental information for the
2011 first quarter results on our web site at www.triadguaranty.com. The
supplemental information can be found under "Inve! stors" and then under "Webcasts
and Presentations" by the title "Supplemental Information - First Quarter 2011".
(Relevant Triad Guaranty Inc. financial and statistical information follows)
Triad Guaranty Inc.'s wholly owned subsidiary, Triad Guaranty Insurance
Corporation, is a nationwide mortgage insurer pursuing a run-off of its existing
in-force book of business. For more information, please visit the Company's web
site at www.triadguaranty.com.
Certain of the statements contained in this release are "forward-looking
statements" and are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These statements include estimates and
assumptions related to economic, competitive, regulatory, operational and
legislative developments. These forward-looking statements are subject to
change, uncertainty and circumstances that are, in many instances, beyond our
control and they have be! en made based upon our current expectations and beliefs
concerning future developments and their potential effect on us. Actual
developments and their results could differ materially from those expected by
us, depending on the outcome of a number of factors, including: the possibility
that the Illinois Department of Insurance may take various actions regarding
Triad if it does not operate its business in accordance with its revised
financial and operating plan and the corrective orders, including seeking
receivership proceedings; our ability to operate our business in run-off and
maintain a solvent run-off; our ability to continue as a going concern; the
possibility of general economic and business conditions that are different than
anticipated; legislative, regulatory, and other similar developments; changes in
interest rates, employment rates, the housing market, the mortgage industry and
the stock market; legal and other proceedings regarding modifications and
refinancing of mortgages and/or foreclosur! e proceedings; the possibility that
there will not be adequate interest in our common stock on the over the counter
markets to ensure efficient pricing; and various factors described under "Risk
Factors" and in the "Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995" in our Annual Report on Form 10-K for the year
ended December 31, 2010 and in other reports and statements filed with the
Securities and Exchange Commission. Forward-looking statements are based upon
our current expectations and beliefs concerning future events and we undertake
no obligation to update or revise any forward-looking statements to reflect the
impact of circumstances or events that arise after the date the forward-looking
statements are made, except as otherwise required by law.
Triad Guaranty Inc. &nb! sp; & nbsp;
Consolidated Statements of Operations &n! bsp;
(Unaudited)
&! nbsp; ;
&n! bsp;
&n! bsp; Three Months Ended
March ! 31,
! ; &nb sp;
2011 2010
! (Dollars in thousands except per share amounts)
Revenues:
&n! bsp; Earned premiums $ 37,128 $ 45,888
Net investment income 8,491 &! nbsp;9,873
Net realized investment losses (436) (242)
Other income (losses) &nbs! p; 27 (8)
Total revenues 45,210 55,511
Losses and Expenses: &n! bsp;
Net settled claims 106,909 &n! bsp; 144,973 ;
Change in reserves (66,694) (77,453)
Loss adjustment expenses 1,490 ! ; 4,718
----------------------------- ---------------------------
Net losses and loss adjustment expenses 41,705 &nbs! p; &n bsp; 72,238
&n! bsp; Interest expense 3,978 2,469
Other operating expenses 4,437 ! 9,332 ;
----------------------------- ---------------------------
Total losses and expenses 50,120 ! 84,039
! ; Loss before income taxes &nb sp; (4,910) (28,528)
Income tax benefit - (717) &! nbsp;
----------------------------- ---------------------------
&n! bsp;
Net loss $ (4,910) $ (27,811)
&nb! sp;
Per Share Information: &! nbsp; ;
Diluted loss per share $ (0.32) $ (1.84)
&nbs! p;
Diluted weighted average common stock and common ! &nbs p;
stock equivalents outstanding (in thousands of shares) 15,225 15,099
Triad Guaranty Inc. &n! bsp;
Consolidated Balance Sheets
&nb! sp; & nbsp;
&nbs! p;
(Unaudited) (Unaudited)
&nbs! p; &n bsp; March 31, December 31, March 31,
2011 2010 2010
! ; (Dollars in thousands)
Assets: !
& nbsp; Invested assets:
Fixed maturities, available for sale, at market $ 810,439 $ 812,335 $ 811,040
&nbs! p; Short-term investments 32,469 39,561 146,075
------------ ---------------- ------------
&nbs! p; &n bsp;
! ; 842,908 851,896 957,115
! ; Cash and cash equivalents &n bsp; 39,073 38,762 38,662
Reinsurance recoverable 33,499 40,806 52,963
Other assets &n! bsp; 48,528 60,161 54,406
------------ ---------------- ------------
! &nbs p;
Total assets $ 964,008 $ 991,625 $ 1,103,146&nb! sp;
Liabilities: &nb! sp; & nbsp;
Losses and loss adjustment expenses $ 990,494 $ 1,060,036 $ 1,468,719
Unearned premiums &nb! sp; 9,220 9,057 12,210
Long-term debt - - 34,543
Deferred payment obligation &nb! sp; & nbsp; 464,342 415,657 229,953
Other liabilities 93,691 93,075 90,467
&nb! sp; ------------ ---------------- ------------
&nb! sp; Total l iabilities 1,557,747 1,577,825 1,835,892
!
Stockholders' deficit:
Accumulated deficit (723,956)&nbs! p; (719,046) &nbs p; (878,951)
Accumulated other comprehensive income 15,963 18,609 32,114
Other equity accounts 114,254 114,237 114,091
! ; ------------ ---------------- ------------
&! nbsp; ;
Deficit in assets (593,739) (586,200) (732,746)
&n! bsp; ------------ ---------------- ------------
Total liabilities and stockholders' deficit &! nbsp;$ 964,008 $ &n bsp; 991,625 $ 1,103,146
&nb! sp;
! ; &nb sp;
Common shares outstanding 15,258,128 12,258,128 15,258,128
Triad Guaranty Inc. &! nbsp;
Consolidated Statements of Cash Flow
(Unaudited)
&nb sp;
Three Months Ended
&n! bsp; March 31,
! ; &nb sp;
2011 2010
&nbs! p; (Dollars in thousands)
OPERATING ACTIVITIES &n! bsp;
Net loss $ (4,910) $ (27,811)
Adjustments to reconcile net loss to net cash
provided by operating activities: ! ;
Decrease in loss and unearned premium reserves (69,379) (68,267)
Decrease in amounts due to/from reinsurer 7,307 180,536
Net realized investment losses ! ; &nb sp; 436 242
Decrease in deferred income taxes - (717)
Increase in deferred payment obligation 48,685 61,567
Other! operating activities 12,835 11,704
--------- ----------
&nb! sp; & nbsp;
Net cash (used in) provided by operating activities (5,026) 157,254
--------- ----------
&nb! sp;
INVESTING ACTIVITIES
! ; &nb sp; Purchases of investment securities (27,539) (72,318)
Sales angregory.gleixner@det-tronics.com
News for 'NVAE' - ((NVAE) Savanna East Africa Housing, Healthcare and Technology Development Updates to Be Featured in Upcoming CEO Webcast)
DALLAS, TX, May 12, 2011 (MARKETWIRE via COMTEX) -- Savanna East Africa, Inc.
(PINKSHEETS: NVAE) recently announced the Company has scheduled an update
W! ebcast from CEO Randell Torno for release next Tuesday, May 17th. The purpose
of today's announcement is to highlight key topics to be featured in the
upcoming Webcast.
Savanna East Africa is currently pursuing several business lines in East Africa,
initially in Kenya. Among these pursuits are the housing market, healthcare
industry, and technology sector. Progress to acquire and develop assets to
support Company objectives within all three business lines will be featured in
the upcoming Webcast. The Webcast will be posted to the corporate website
www.savannaea.com and emailed to the corporate opt-in email database upon
release.
Separately, a recent Webcast conducted by Mr. Torno discussing next steps on a
prospective 200 unit public housing project as well as a potential university
youth hostel project in Kenya is currently available at www.savannaea.com.
About Savanna East Africa, Inc. (www.savannaea.com) Savanna East Afr! ica, Inc.
(PINKSHEETS: NVAE) (OTCQB: NVAE) launched an updated corp orate strategy last
year to pursue several business lines in the growing economy of East Africa,
initially in Kenya. Savanna has already begun several initiatives in the region
to include initiatives in the Technology, Utility, Housing and Health products
industries. The Company is also continuing to grow its existing oil and gas
reclamation business with new management and business strategies. Savanna East
Africa is a fully-reporting company with audited financial statements quoted on
the new 'OTCQB.'
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains forward-looking statements that involve risks and
uncertainties. The statements in this release are forward-looking statements
that are made pursuant to safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Actual results, events and performance could vary
materially from those contemplated by these fo! rward-looking statements. These
statements involve known and unknown risks and uncertainties, which may cause
the Company's actual results in future periods to differ materially from results
expressed or implied by forward-looking statements. These risks and
uncertainties include, among other things, product demand and market
competition. You should independently investigate and fully understand all risks
before making investment decisions.
Contact:
Savanna East Africa, Inc.
Investor Relations
Email Contact
SOURCE: Savanna East Africa, Inc.
CONTACT: http://www2.marketwire.com/mw/emailprcntct?id=86EEA707AB8EBC98
Copyright 2011 Marketwire, Inc., All rights reserved.
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