Deerfield Capital Corp. Announces Second Quarter 2008 Results
Monday August 11, 4:01 pm ET
DFR Profitable - Liquidity Position Stable
Declares Cash Dividend of $0.085 Per Share
Announces up to $1.0 Million Share Repurchase Program
Board Establishes Special Committee and Retains UBS Investment Bank to Explore Strategic Alternatives
CHICAGO, Aug. 11 /PRNewswire-FirstCall/ -- Deerfield Capital Corp. (NYSE: DFR - News) today announced the results of operations for its second quarter ended June 30, 2008 and provided a corporate update.
SECOND QUARTER 2008 SUMMARY AND CORPORATE UPDATE
-- Net income for the quarter totaled $5.7 million, or $0.08 per diluted
common share, compared with net income of $14.5 million, or $0.28 per
diluted common share in the prior year quarter.
-- Estimated REIT taxable income, a non-GAAP financial measure, was a loss
of $34.0 million, or $0.49 per diluted common share, compared to income
of $20.5 million, or $0.40 per share in the second quarter of 2007 (see
reconciliation of GAAP net income (loss) to estimated REIT taxable loss
attached).
-- Assets under management (AUM) totaled approximately $13.0 billion at
July 1, 2008.
-- Book value per share was $3.37 at June 30, 2008, up from $3.26 at
March 31, 2008.
-- Economic book value per share, a non-GAAP financial measure, was $3.41
at June 30, 2008 (see Economic Book Value section that follows and
reconciliation of book value to economic book value attached).
-- Unrestricted cash, cash equivalents, unencumbered liquid securities and
net equity in financed liquid securities totaled approximately
$85.7 million at quarter end.
-- Closed the acquisition of the management contract for Robeco CDO II
Limited in July 2008, adding approximately $201 million in AUM.
