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ORGN - Origen Financial Announces First Quarter 2012 Results

SOUTHFIELD, Mich., June 5, 2012 /PRNewswire via COMTEX/ -- Origen Financial, Inc. (Pink Sheets: ORGN) ("Origen" or the "Company"), a real estate investment trust that manages residual interests in securitized manufactured housing loan portfolios, today announced net income of $3.6 million, or $0.14 per share, for the quarter ended March 31, 2012, as compared to a net loss of $2.8 million, or $0.11 per share, for the first quarter of 2011. The first quarter 2012 net income was primarily the result of the fair market valuation on March 31, 2012 of assets relating to certain of Origen's interest rate swap transactions with Citibank, N.A. which were terminated on May 2, 2012. The termination of these transactions resulted in gains of approximately $6.2 million. Excluding such gains, Origen's net loss for the quarter approximated $2.6 million, or $0.10 per share.
On June 4, 2012, Origen's Board of Directors declared a dividend on common stock of $0.38 per share to be paid to holders of Origen's common stock of record on June 15, 2012. The dividend will be paid on June 22, 2012 and will approximate $9.9 million. The cash dividend will represent a return of capital for tax purposes. In addition to funds from normal operations, the dividend includes the proceeds from the interest rate swap termination transactions of approximately $7.2 million, including the return of deposits of $500,000.