Security Capital Assurance Reports First Quarter 2008 Results
Thursday May 8, 4:50 pm ET
- First quarter 2008 net loss of ($96.8) million, or ($1.51), per common share, versus net income of $37.3 million, or $0.58, per common share in the first quarter of 2007;
- First quarter 2008 operating loss of ($2.7) million, or ($0.04) per common share, versus operating income of $44.1 million, or $0.68 per common share, in the first quarter of 2007;
- Total shareholders' equity of $348.4 million and common shareholders' equity of $101.8 million, or $1.58 per common share, as of March 31, 2008;
- Earnings from refundings, calls or other accelerations net of deferred acquisition costs in the first quarter of 2008 totaled $18.7 million, or $0.29 per common share, versus $1.0 million, or $0.02 per common share, in the first quarter of 2007;
- First quarter 2008 non-cash, unrealized mark-to-market losses related to credit derivative exposures of $187.2 million. Credit impairment charges of $22.2 million associated with collateralized debt obligations of asset backed securities ("CDO of ABS") transactions included in the first quarter 2008 mark-to-market charge;
- Net realized and unrealized gains of $72.5 million, attributable to the exercise of our option under XL Financial Assurance Ltd's ("XLFA") capital facility to convert $200 million of trust certificates into XLFA Series B Perpetual Preferred Shares during the quarter; and
- Net case loss provisions associated with Home Equity Line of Credit ("HELOC") and closed-end second lien ("CES") mortgage transactions of $37.7 million.
Just my opinion...
