Replies to post #7352 on Loss to Profit, let's make your lost money back !

[IPRE-Paramount]

Changed mind:In DSL :32xCALL $5 Nov: 15c/contract.

DSL huge losses, but that flat chart stuff may develop something positive .

Love that lotto very much: I exchanged these 32 call VS 6 Calls FMD.

All the money left this month for gambling is here thus : $500. all is left to play with.

Withdrawed the $2,000 from trading account today for urgent life need. :)






The reason I need Good DD's :

[IPRE-Paramount]

FMD :today earn release out here. AH or Tomorrow will be important.

I am qute disappointed by the last 2 days action.
But tomorrow will make it clear maybe in what direction it wants to go.

But here the Qtr release : i do not read it yet : just post it now.
--

PRESS RELEASE: First Marblehead Announces Full Year and Fourth Quarter Fiscal 2008 Results

rst Marblehead Announces Full Year and Fourth Quarter Fiscal 2008


Results



BOSTON, MA -- (MARKET WIRE) -- 08/21/08 --

The First Marblehead Corporation (NYSE: FMD) today announced its

financial and operating results for the fourth quarter of fiscal 2008 and

for the fiscal year ended June 30, 2008.

For the fiscal year ended June 30, 2008, the company recorded a net loss

of $235.1 million or $2.46 per diluted share compared to net income of

$371.3 million or $3.92 per diluted share for the fiscal year ended June

30, 2007. For the fourth fiscal quarter, the company recorded a net loss

of $56.6 million or $0.57 per diluted share compared to net income of $78

million or $0.83 per diluted share for the fiscal quarter ended June 30,

2007. Total revenues for the fiscal year ended June 30, 2008 were $(28.4)

million, compared to $881 million for the same period last year. Revenues

declined principally as a result of illiquidity in the financing market

for private student loans, leading to the company´s inability to complete

a securitization transaction during the last three fiscal quarters. In

addition, adjustments made to certain assumptions used to estimate the

fair value of service receivables, net of time value accretion, resulted

in a $532.9 million pre-tax decrease in their total value. The voluntary

petition for reorganization under Chapter 11 of the Bankruptcy Code filed

by The Education Resources Institute Inc. (TERI) on April 7, 2008 had a

significant negative impact on the estimate of the fair value of service

receivables for the year ended June 30, 2008.

During the fourth quarter of fiscal 2008, facilitated loan volume that was

available to the company for securitization totaled $268 million, down 66%

over the same period last year. The rolling twelve-month facilitated loan

volume increased to $5.0 billion, up 17% for the twelve months ended June

30, 2008.

"Our fiscal results were negatively affected by the unprecedented market

disruptions and TERI´s bankruptcy, but the company looks forward to better

results as we continue to adapt our business model to meet the very strong

demand for high quality private student loans. This week´s announcement of

the completion of GS Capital Partners´ investment of an additional $132.7

million further strengthens the company´s balance sheet and positions the

company for success in the future," said Jack L. Kopnisky, First

Marblehead´s Chief Executive Officer and President.

First Marblehead plans to host a conference call with investors/analysts

in September.

About The First Marblehead Corporation -- First Marblehead provides

financial solutions that help students achieve their dreams. The company

helps meet the growing demand for private education loans by offering

national and regional financial institutions and educational institutions

an integrated suite of design, implementation and capital market services

for student loan programs. First Marblehead supports responsible lending

and is a strong proponent of the smart borrowing principle, which

encourages students to access scholarships, grants and

federally-guaranteed loans before considering private education loans.

For more information, go to www.firstmarblehead.com.

Statements in this press release, including the tables, regarding First

Marblehead´s future financial and operating results, business model and

the demand for private student loans, as well as any other statements that

are not purely historical, constitute forward-looking statements for

purposes of the safe harbor provisions of the Private Securities

Litigation Reform Act of 1995. These forward-looking statements are based

upon our historical performance, the historical performance of the

securitization trusts and on our plans, estimates and expectations as of

August 21, 2008. The inclusion of this forward-looking information should

not be regarded as a representation by us or any other person that the

future results, plans, estimates or expectations contemplated by us will

be achieved. You are cautioned that matters subject to forward-looking

statements involve known and unknown risks and uncertainties, including

economic, legislative, regulatory, competitive and other factors, which

may cause our actual financial or operational results, including the

performance of securitization trusts and resulting cash flows,

facilitated loan volumes or financing-related revenues, or the timing of

events, to be materially different than those expressed or implied by

forward-looking statements. Important factors that could cause or

contribute to such differences include: our ability to structure

securitizations or alternative financings; the size, structure and timing

of any securitizations or alternative financings; the demand for, and

market acceptance of, loan programs that are not TERI-guaranteed,

including our success in providing such alternatives to former, current

and prospective clients; the inability of TERI to meet its guaranty

obligations with regard to loans held by the securitization trusts;

TERI´s rejection of its guaranty obligations, or challenges to the

trusts´ security interests in segregated reserve accounts pledged by TERI

to the trusts, in the context of TERI´s bankruptcy; degradation of credit

quality or performance of the loan portfolios of the trusts First

Marblehead has structured; the estimates we make and the assumptions on

which we rely in preparing our financial statements; continued variance

between the actual performance of securitization trusts and the key

assumptions we have used to estimate the present value of additional

structural advisory fees and residual revenues; and the other factors set

forth under the caption "Item 1A. Risk Factors" in First Marblehead´s

quarterly report on Form 10-Q filed with the Securities and Exchange

Commission on May 12, 2008. Important factors that could cause or

contribute to differences between the actual performance of the

securitization trusts and our key assumptions include economic,

regulatory, competitive and other factors affecting prepayment, default

and recovery rates on the underlying securitized loan portfolio; capital

market receptivity to private student loan asset-backed securities; trust

expenses; and interest rate trends, including with regard to auction rate

notes. We disclaim any obligation to update any forward-looking statements

as a result of developments occurring after the date of this press

release.


The First Marblehead Corporation and Subsidiaries

Condensed Consolidated Statements of Operations

For the Three Months and Fiscal Years Ended June 30, 2008 and 2007

(Unaudited)

(in thousands, except per share amounts)



Three months ended Fiscal years ended

June 30, June 30,

2008 2007 2008 2007

---------- ----------- ---------- -----------

Service revenues:

Up-front structural

advisory fees $ 56 $ 91,545 $ 179,106 $ 457,352

Additional structural

advisory fees:

From new

securitizations - 9,409 24,304 43,984

Trust updates (22,506) 823 (44,106) 1,363

---------- ----------- ---------- -----------

Total additional

structural

advisory fees (22,506) 10,232 (19,802) 45,347



Residuals:

From new

securitizations - 43,303 116,972 182,744

Trust updates (37,548) 9,613 (488,832) 29,548

---------- ----------- ---------- -----------

Total residuals (37,548) 52,916 (371,860) 212,292



Processing fees from TERI 17,683 35,884 126,540 134,845



Administrative and other

fees 1,878 6,496 31,985 21,497

---------- ----------- ---------- -----------



Total service revenues (40,437) 197,073 (54,031) 871,333



Net interest income 6,664 2,757 25,622 9,371

---------- ----------- ---------- -----------



Total revenues (33,773) 199,830 (28,409) 880,704

---------- ----------- ---------- -----------



Non-interest expenses:

Compensation and benefits 17,328 26,470 96,735 111,364

General and administrative

expenses 46,478 41,006 261,812 141,591

---------- ----------- ---------- -----------

Total non-interest

expenses 63,806 67,476 358,547 252,955



Income (loss) from

Operations (97,579) 132,354 (386,956) 627,749

Other Income - 3 - 16

---------- ----------- ---------- -----------

Income (loss) before income

taxes (97,579) 132,357 (386,956) 627,765

Income tax expense

(benefit) (40,908) 54,357 (151,880) 256,434

---------- ----------- ---------- -----------



Net income (loss) $ (56,671) $ 78,000 $ (235,076) $ 371,331


(MORE TO FOLLOW) Dow Jones Newswires

August 21, 2008 16:02 ET (20:02 GMT)

PRESS RELEASE: First Marblehead Announces Full -2-

========== =========== ========== ===========



Net income (loss) per

share, basic $ (0.57) $ 0.83 $ (2.46) $ 3.94

Net income (loss) per

share, diluted (0.57) 0.83 (2.46) 3.92

Cash dividends declared

per share - 0.25 0.395 0.62

Weighted average shares

outstanding, basic 98,878 93,770 95,732 94,296

Weighted average shares

outstanding, diluted 98,878 94,197 95,732 94,845



The First Marblehead Corporation and Subsidiaries

Condensed Consolidated Balance Sheets

As of June 30, 2008 and June 30, 2007

(Unaudited)

(amounts in thousands)



June 30, 2008 June 30, 2007

------------- -------------

Assets

Cash, cash equivalents and investments $ 140,909 $ 224,587

Federal funds sold 80,215 10,334

Loans held for sale 497,324 37,052

Service receivables:

Structural advisory fees 113,842 133,644

Residuals 293,255 665,115

Processing fees from TERI 4,086 10,909

------------- -------------

Total service receivables 411,183 809,668

------------- -------------



Property and equipment, net 37,681 41,911



Goodwill 1,701 4,878

Intangible assets, net 1,956 2,597

Prepaid income taxes - 49,345

Other prepaid expenses 15,377 26,904

Mortgage loans, held to maturity, net 10,754 -

Other assets 3,798 7,187

------------- -------------

Total assets $ 1,200,898 $ 1,214,463

============= =============



Liabilities and Stockholders´ Equity

Liabilities:

Deposits $ 244,113 $ 53,523

Accounts payable and accrued expenses 20,543 59,044

Education loan warehouse facility 242,899 -

Income taxes payable 31,275 -

Net deferred income tax liability 10,385 247,748

Other liabilities 14,071 11,528

------------- -------------

Total liabilities 563,286 371,843

------------- -------------



Total Stockholders´ Equity 637,612 842,620

------------- -------------

Total liabilities and

stockholders´ equity $ 1,200,898 $ 1,214,463

============= =============



The First Marblehead Corporation and Subsidiaries

Loan Facilitation Metrics

(Dollars in Millions)



June 30, June 30, % Increase

2008 2007 (Decrease)

---------- ---------- ----------



Q4 Volume of Loans Available for

Securitization

Direct-to-Consumer Loans $ 199 $ 703 (72%)

School Channel Loans 67 88 (24%)

---------- ----------

Private Label Loans 266 791 (66%)

GATE Loans 2 1 100%

---------- ----------

Total Loan Facilitation Volume

Available for Securitization $ 268 $ 792 (66%)

========== ==========



Rolling Twelve Month Volume of Loans

Available for Securitization

Direct-to-Consumer Loans $ 3,726 $ 2,973 25%

School Channel Loans 728 808 (10%)

---------- ----------

Private Label Loans 4,454 3,781 18%

GATE Loans 66 92 (28%)

---------- ----------

Total Loan Facilitation Volume

Available for Securitization $ 4,520 $ 3,873 17%

========== ==========



Q4 Volume of Loans Not Available for

Securitization

Direct-to-Consumer Loans $ - $ 1 (100%)

School Channel Loans 4 46 (91%)

---------- ----------

Total Loan Facilitation Volume

Not Available for

Securitization $ 4 $ 47 (91%)

========== ==========



Rolling Twelve Month Volume of Loans

Not Available for Securitization

Direct-to-Consumer Loans $ 2 $ 19 (89%)

School Channel Loans 482 400 21%

---------- ----------

Total Loan Facilitation Volume

Not Available for

Securitization $ 484 $ 419 16%

========== ==========



Percentage of Loans Available for

Securitization

Q4 99% 94%

Rolling Twelve Months 90% 90%



End of period Principal Balance of

Loans Available for

Securitization but not yet

Securitized(1)

Direct-to-Consumer Loans $ 2,562 $ 401

School Channel Loans 770 429

---------- ----------

Private Label Loans 3,332 830

GATE Loans 67 2

---------- ----------

Total Loan Principal Available

for Securitization but not yet

securitized $ 3,399 $ 832 309%

========== ==========



(1) Includes $1.125 billion principal amount of loans with respect to

which our purchase rights terminated subsequent to June 30, 2008 in the

context of the TERI reorganization.



The First Marblehead Corporation and Subsidiaries

Balance Sheet Metrics

Roll-forward of Structural Advisory Fees and Residuals Receivables

(Dollars in Thousands)



Three Months

Ended Year Ended

June 30, 2008 June 30, 2008

-------------- --------------

Structural Advisory Fees Receivable

Beginning of period balance $ 136,348 $ 133,644



Additions from new securitizations - 24,304



Trust updates:

Passage of time (fair value accretion) 2,538 10,258

Assumption Changes:

Change in timing and average prepayment

rate - (3,535)

Increase in discount rate (29,737) (53,515)

Increase in timing and average default

rate (62) (2,961)

Other factors 4,755 5,647

-------------- --------------

Net change (22,506) (44,106)

-------------- --------------



End of period balance $ 113,842 $ 113,842

============== ==============



Residuals Receivable



Beginning of period balance $ 330,803 $ 665,115



Additions from new securitizations - 116,972



Trust updates:

Passage of time (fair value accretion) 11,147 75,070

Assumption Changes:

Change in timing and average prepayment

rate 11,832 (34,765)


(MORE TO FOLLOW) Dow Jones Newswires

August 21, 2008 16:02 ET (20:02 GMT)

PRESS RELEASE: First Marblehead Announces Full -3-

Increase in discount rate (36,863) (129,169)

Increase in timing and average default

rate (7,706) (49,929)

Increase in auction rate notes spread - (93,813)

TERI´s inability to pay claims - (219,553)

Increase in deliquency and collection

costs (15,946) (15,946)

Other factors (12) (20,727)

-------------- --------------

Net change (37,548) (488,832)

-------------- --------------



End of period balance $ 293,255 $ 293,255

============== ==============



Note: Factors affecting the valuation of structural advisory fees and

residuals receivables include changes, if any, to the assumptions we use

in estimating the fair value of these receivables. In light of recent

developments in the asset-backed securities market and our ongoing

evaluation of actual trust performance, we changed certain assumptions

used to determine the fair value of our residual and structural advisory

fee receivables at June 30, 2008. We continue to monitor the performance

of trust assets against our expectations, as well as other inputs

necessary to estimate the present value of our structural advisory fee and

residuals receivables. We will make such additional adjustments to our

estimates as we believe are necessary to value properly our receivables

balances at each balance sheet date.

Contact:

Lee Jacobson

Investor Relations

617.638.2065

Janice Walker

Corporate Communications

617.638.2047




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The reason I need Good DD's :

[IPRE-Paramount]

FMD ah does not look good. arrg ... the other one day rally did not hold. Go figure ... chart not too good looking Vs positive stuff PR has printed.