ATLANTA, GA -- (Marketwire) -- 11/05/08 -- CompuCredit (NASDAQ: CCRT) reported a third
quarter 2008 GAAP net loss of $32.3 million, or $0.69 per fully diluted
common share, versus a third quarter 2007 GAAP net loss of $53.2 million,
or $1.10 per fully diluted common share. The third quarter 2008 GAAP net
loss from continuing operations was $31.0 million, or $0.66 per fully
diluted common share, as compared to a GAAP net loss of $48.0 million, or
$0.99 per fully diluted common share, for the third quarter of 2007.
CompuCredit also reported a third quarter 2008 managed loss of $33.7
million, or $0.72 per fully diluted common share, versus third quarter 2007
managed income of $46.5 million or $0.95 per fully diluted common share.
The third quarter 2008 managed loss from continuing operations was $32.8
million, or $0.70 per fully diluted common share, as compared to managed
income of $50.1 million from continuing operations, or $1.02 per fully
diluted common share, for the third quarter of 2007.
"We continue to operate in a capital preservation mode given the continued
and unprecedented disruption in the global liquidity markets," said David
G. Hanna, CompuCredit's Chairman and Chief Executive Officer. "Our focus
has been on account management and cost control actions aimed at generating
cash and deleveraging our balance sheet given prevailing uncertainties
within the credit and capital markets and the U.S. and U.K. economies."
CompuCredit's net interest margin was 15.1 percent in the third quarter of
2008, as compared to 18.7 percent for the third quarter of 2007 and 12.9
percent in the previous quarter, and its adjusted charge-off rate was 14.2
percent in the third quarter of 2008, as compared to 10.0 percent for the
third quarter of 2007 and 19.2 percent in the previous quarter. As of
September 30, 2008, the 60-plus day delinquency rate was 13.1 percent,
versus 12.6 percent at June 30, 2008 and 14.6 percent at September 30,
2007.
CompuCredit's GAAP and managed third quarter 2008 results include pre-tax
(and non-cash) charges of $29.2 million for Auto Finance segment goodwill
impairment.
Various references within this press release and the accompanying financial
information are to CompuCredit's "managed" results, which include the
results of its non-securitized receivables, together with the receivables
underlying its off-balance-sheet securitization facilities. Financial,
operating and statistical data based on these aggregate managed receivables
are key to any evaluation of CompuCredit's performance in managing
(including underwriting, valuing purchased receivables, servicing and
collecting) the portfolios of receivables reflected on CompuCredit's
balance sheet and underlying its securitization facilities. In allocating
CompuCredit's resources and managing its business, management relies
heavily upon financial, operating and statistical data prepared on a
so-called "managed basis." It is also important to analysts, investors and
others that CompuCredit provides selected metrics and data on a managed
basis because this allows a comparison of CompuCredit to others within the
specialty finance industry. Moreover, CompuCredit's management, analysts,
investors and others believe it is critical that they understand the credit
performance of the entire portfolio of CompuCredit's managed receivables
because it reveals information concerning the quality of loan originations
and the related credit risks inherent within the securitized portfolios and
CompuCredit's retained interests in its securitization facilities.
Managed receivables data assume that none of the credit card receivables
underlying CompuCredit's off-balance-sheet securitization facilities was
ever transferred to securitization facilities and present the net credit
losses and delinquent balances on the receivables as if CompuCredit still
owned the receivables. Reconciliation of the managed receivables data to
CompuCredit's GAAP financial statements requires: (1) recognition that
substantially all of CompuCredit's credit card receivables had been sold in
securitization transactions as of September 30, 2008; (2) an understanding
that CompuCredit's managed receivables data are based on billings and
actual charge-offs as reported to it through underlying systems of record
(i.e., without regard to an allowance for uncollectible loans and fees
receivable); (3) a look-through to CompuCredit's economic share of (or
equity interest in) the receivables that it manages for its equity-method
investees; and (4) removal of CompuCredit's minority interest holders'
interests in the managed receivables underlying CompuCredit's GAAP
consolidated results.
Further details regarding CompuCredit's third quarter 2008 financial
performance will be discussed during management's conference call on
Wednesday, November 5, 2008 at 5:00 p.m., Eastern Time. The media and
public are invited to listen to the live webcast of the call, accessible on
the Internet at www.CompuCredit.com. A replay of the conference call also
will be available on the web site.
CompuCredit is a specialty finance company and marketer of branded credit
cards and related financial services. CompuCredit provides these services
to consumers who are underserved by traditional financial institutions.
Through corporate and affinity contributions focused on the underserved and
un-banked communities, CompuCredit also uses its financial resources and
volunteer efforts to address the numerous challenges affecting its
customers. For more information about CompuCredit, visit
www.CompuCredit.com.
CompuCredit Corporation and Subsidiaries
Financial, Operating and Statistical Measures
(Unaudited)
(In thousands, except for per share data and percentages)
As Of And For The Three Months Ended
September 30, June 30, September 30,
2008 2008 2007
---------- ---------- ----------
Common Share Statistics
Net Loss From Continuing Operations
Per Common Share:
Basic $ (0.66) $ (0.91) $ (0.99)
Diluted $ (0.66) $ (0.91) $ (0.99)
Loss On Discontinued Operations Per
Common Share:
Basic $ (0.03) $ (0.05) $ (0.11)
Diluted $ (0.03) $ (0.05) $ (0.11)
Net Loss Per Common Share:
Basic $ (0.69) $ (0.96) $ (1.10)
Diluted $ (0.69) $ (0.96) $ (1.10)
Book Value Per Common Share Outstanding
(Period End) $ 14.82 $ 15.69 $ 16.23
Stock Price Per Common Share (Period
End) $ 3.92 $ 6.00 $ 21.71
Total Market Capitalization (Period
End) $ 188,278 $ 288,024 $1,068,393
Shares Outstanding (Period End)(1) 48,030 48,004 49,212
Weighted Average Shares
Outstanding--Basic 46,794 46,785 48,506
Weighted Average Shares
Outstanding--Diluted 46,794 46,785 48,506
Average Managed Receivables
Statistics(2)
Average Managed Receivables $3,519,736 $3,673,251 $4,015,074
Average Shareholders' Equity $ 732,643 $ 774,486 $ 822,453
GAAP Return On Average Managed
Receivables -3.5% -4.7% -4.8%
GAAP Return On Average Equity (ROE) -16.9% -22.1% -23.4%
Net Interest Margin 15.1% 12.9% 18.7%
Other Income Ratio 11.3% 6.1% 16.7%
Net Charge-Off Rate 15.2% 20.5% 13.8%
Adjusted Charge-Off Rate 14.2% 19.2% 10.0%
Risk Adjusted Margin 11.5% -0.8% 25.1%
Operating Ratio 16.4% 13.9% 13.3%
Period-End Managed Receivables
Statistics(2)
Total Managed Receivables $3,465,928 $3,581,277 $4,142,363
Delinquency Rate (60+ days) 13.1% 12.6% 14.6%
Number of Accounts 4,342 4,590 5,492
Shareholders' Equity $ 711,965 $ 753,320 $ 798,736
Equity to Managed Receivables Ratio 20.5% 21.0% 19.3%
(1) Shares outstanding balances exclude 3,651,069 shares that are
outstanding at September 30, 2008 and June 30, 2008 and 5,677,950
shares that are outstanding at September 30, 2007 but that are
returnable to CompuCredit under the terms of a share lending
arrangement.
(2) Receivables-based statistics are based on continuing operations only.
CompuCredit Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in thousands)
September 30, December 31,
2008 2007
---------- ----------
(Unaudited)
Assets
Cash and cash equivalents (including restricted
cash of $20,423 at September 30, 2008 and $29,128
at December 31, 2007) $ 119,364 $ 137,526
Securitized earning assets 924,832 1,015,579
Non-securitized earning assets, net:
Loans and fees receivable, net (of $27,991 and
$27,199 in deferred revenue and $53,142 and
$51,489 in allowances for uncollectible loans
and fees receivable at September 30, 2008 and
December 31, 2007, respectively) 360,631 357,027
Investments in previously charged-off receivables 34,459 14,523
Investments in securities 5,158 27,714
Deferred costs, net 11,391 14,923
Property at cost, net of depreciation 52,857 84,466
Investments in equity-method investees 53,537 63,023
Intangibles, net 6,408 8,248
Goodwill 64,896 97,169
Prepaid expenses and other assets 68,318 45,247
Assets held for sale - 8,735
---------- ----------
Total assets $1,701,851 $1,874,180
========== ==========
Liabilities
Accounts payable and accrued expenses $ 105,658 $ 159,396
Notes payable and other borrowings 215,178 235,591
Convertible senior notes 500,000 550,000
Deferred revenue primarily from forward flow
agreement 23,608 33,277
Current and deferred income tax liabilities 116,119 70,232
Liabilities related to assets held for sale - 373
---------- ----------
Total liabilities 960,563 1,048,869
Minority interests 29,323 32,732
Shareholders' equity
Common stock, no par value, 150,000,000 shares
authorized: 60,427,561 shares issued and
51,681,360 shares outstanding at September 30,
2008 (including 3,651,069 loaned shares to be
returned); and 61,938,533 shares issued and
53,055,505 shares outstanding at December 31,
2007 (including 5,677,950 loaned shares,
2,026,881 of which were returned subsequent to
December 31, 2007 and the remainder of which are
to be returned in the future) - -
Additional paid-in capital 411,928 409,964
Treasury stock, at cost, 8,746,201 and 8,883,028
shares at September 30, 2008 and December 31,
2007, respectively (222,533) (225,457)
Accumulated other comprehensive (loss) income (10,037) 1,637
Retained earnings 532,607 606,435
---------- ----------
Total shareholders' equity 711,965 792,579
---------- ----------
Total liabilities and shareholders' equity $1,701,851 $1,874,180
========== ==========
CompuCredit Corporation and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share data)
For The Three For The Nine
Months Ended Months Ended
============================ ===================
September September September September
30, June 30, 30, 30, 30,
2008 2008 2007 2008 2007
-------- -------- -------- -------- ---------
Interest income:
Consumer loans,
including past due
fees $ 23,556 $ 24,866 $123,934 $ 71,338 $ 298,443
Other 971 1,390 4,697 4,444 17,041
-------- -------- -------- -------- ---------
Total interest income 24,527 26,256 128,631 75,782 315,484
Interest expense (10,140) (10,375) (22,459) (31,989) (55,322)
-------- -------- -------- -------- ---------
Net interest income
before fees and related
income on non-securitized
earning assets and
provision for loan
losses 14,387 15,881 106,172 43,793 260,162
Fees and related income
on non-securitized
earning assets 44,119 51,458 211,301 151,841 539,938
Provision for loan
losses (17,283) (16,103) (296,623) (53,792) (627,937)
-------- -------- -------- -------- ---------
Net interest income,
fees and related income
on non-securitized
earning assets 41,223 51,236 20,850 141,842 172,163
Other operating income:
Fees and related income
on securitized earning
assets 4,143 (61,115) 29,642 (14,481) 121,332
Servicing income 44,537 44,868 26,273 137,691 72,359
Ancillary and
interchange revenues 14,401 15,710 19,197 45,532 49,521
Gain on repurchase of
convertible senior
notes - 28,424 - 28,424 -
Equity in income of
equity-method
investees 1,674 6,982 7,648 17,130 26,947
-------- -------- -------- -------- ---------
Total other operating
income 64,755 34,869 82,760 214,296 270,159
Other operating expense:
Salaries and benefits 16,407 17,908 20,168 53,094 56,097
Card and loan servicing 65,716 70,767 76,792 213,896 219,264
Marketing and
solicitation 8,787 17,081 38,990 41,727 124,652
Depreciation 8,397 7,405 8,680 25,756 28,367
Goodwill impairment 29,164 - - 29,164 -
Other 28,293 36,307 32,887 93,731 93,545
-------- -------- -------- -------- ---------
Total other operating
expense 156,764 149,468 177,517 457,368 521,925
-------- -------- -------- -------- ---------
Loss from continuing
operations before
minority interests and
income taxes (50,786) (63,363) (73,907) (101,230) (79,603)
Minority interests 30 518 (1,257) (1,471) (2,763)
-------- -------- -------- -------- ---------
Loss from continuing
operations before
income taxes (50,756) (62,845) (75,164) (102,701) (82,366)
Income tax benefit 19,728 20,070 27,138 34,411 29,871
-------- -------- -------- -------- ---------
Loss from continuing
operations (31,028) (42,775) (48,026) (68,290) (52,495)
Discontinued operations:
Loss from discontinued
operations before income
tax benefit (1,883) (3,300) (7,993) (9,868) (21,935)
Income tax benefit 659 1,155 2,798 3,454 7,677
-------- -------- -------- -------- ---------
Loss from discontinued
operations (1,224) (2,145) (5,195) (6,414) (14,258)
-------- -------- -------- -------- ---------
Net loss $(32,252) $(44,920) $(53,221) $(74,704) $ (66,753)
======== ======== ======== ======== =========
Loss from continuing
operations per common
share--basic $ (0.66) $ (0.91) $ (0.99) $ (1.46) $ (1.07)
======== ======== ======== ======== =========
Loss from continuing
operations per common
share--diluted $ (0.66) $ (0.91) $ (0.99) $ (1.46) $ (1.07)
======== ======== ======== ======== =========
Loss from discontinued
operations per common
share--basic $ (0.03) $ (0.05) $ (0.11) $ (0.14) $ (0.29)
======== ======== ======== ======== =========
Loss from discontinued
operations per common
share--diluted $ (0.03) $ (0.05) $ (0.11) $ (0.14) $ (0.29)
======== ======== ======== ======== =========
Net loss per common
share--basic $ (0.69) $ (0.96) $ (1.10) $ (1.60) $ (1.36)
======== ======== ======== ======== =========
Net loss per common
share--diluted $ (0.69) $ (0.96) $ (1.10) $ (1.60) $ (1.36)
======== ======== ======== ======== =========
CompuCredit Corporation and Subsidiaries
Business Segment Data
(Unaudited)
(In thousands)
Investments
in
Three Months Previously
Ended Charged- Retail
September Credit Off Micro Auto
30, 2008 Cards Receivables Loans Finance Other Total
---------- ------- -------- -------- -------- ----------
Net interest
income, fees
and related
income (loss) on
non-securitized
earning
assets $ (4,067) $ 4,927 $ 13,793 $ 18,054 $ 8,516 $ 41,223
========== ======= ======== ======== ======== ==========
Total other
operating
income $ 64,591 $ 64 $ - $ 100 $ - $ 64,755
========== ======= ======== ======== ======== ==========
(Loss) income
from continuing
operations
before income
taxes $ (20,666) $ (717) $ (33) $(30,529) $ 1,189 $ (50,756)
========== ======= ======== ======== ======== ==========
Loss from
discontinued
operations
before income
taxes $ - $ - $ (1,586) $ - $ (297) $ (1,883)
========== ======= ======== ======== ======== ==========
Loans and fees
receivable,
gross $ 4,189 $ - $ 35,858 $380,920 $ 20,797 $ 441,764
========== ======= ======== ======== ======== ==========
Loans and fees
receivable,
net $ 4,022 $ - $ 29,809 $311,843 $ 14,957 $ 360,631
========== ======= ======== ======== ======== ==========
Total assets $1,127,813 $46,705 $ 97,507 $359,762 $ 70,064 $1,701,851
========== ======= ======== ======== ======== ==========
Investments
in
Three Months Previously
Ended Charged- Retail
September Credit Off Micro Auto
30, 2007 Cards Receivables Loans Finance Other Total
---------- ------- -------- -------- -------- ----------
Net interest
income, fees
and related
income (loss) on
non-securitized
earning
assets $ (17,165) $13,889 $ 16,359 $ 4,879 $ 2,888 $ 20,850
========== ======= ======== ======== ======== ==========
Total other
operating
income $ 81,806 $ 251 $ - $ 703 $ - $ 82,760
========== ======= ======== ======== ======== ==========
(Loss) income
from continuing
operations
before income
taxes $ (77,348) $ 9,038 $ 5,245 $(11,710) $ (389) $ (75,164)
========== ======= ======== ======== ======== ==========
Loss from
discontinued
operations
before income
taxes $ - $ - $ (4,357) $ - $ (3,636) $ (7,993)
========== ======= ======== ======== ======== ==========
Loans and fees
receivable,
gross $1,245,885 $ - $ 93,734 $309,596 $ 14,556 $1,663,771
========== ======= ======== ======== ======== ==========
Loans and fees
receivable,
net $ 684,039 $ - $ 82,592 $276,173 $ 11,055 $1,053,859
========== ======= ======== ======== ======== ==========
Total assets $1,790,362 $31,534 $208,959 $370,191 $ 77,520 $2,478,566
========== ======= ======== ======== ======== ==========
Investments
in
Nine Months Previously
Ended Charged- Retail
September Credit Off Micro Auto
30, 2008 Cards Receivables Loans Finance Other Total
---------- ------- -------- -------- -------- ----------
Net interest
income, fees
and related
income (loss) on
non-securitized
earning
assets $ (12,233) $34,958 $ 47,665 $ 53,723 $ 17,729 $ 141,842
========== ======= ======== ======== ======== ==========
Total other
operating
income $ 213,498 $ 502 $ - $ 296 $ - $ 214,296
========== ======= ======== ======== ======== ==========
(Loss) income
from continuing
operations
before income
taxes $ (91,336) $18,890 $ 7,184 $(35,051) $ (2,388) $ (102,701)
========== ======= ======== ======== ======== ==========
Loss from
discontinued
operations
before income
taxes $ - $ - $ (8,622) $ - $ (1,246) $ (9,868)
========== ======= ======== ======== ======== ==========
Loans and fees
receivable,
gross $ 4,189 $ - $ 35,858 $380,920 $ 20,797 $ 441,764
========== ======= ======== ======== ======== ==========
Loans and fees
receivable,
net $ 4,022 $ - $ 29,809 $311,843 $ 14,957 $ 360,631
========== ======= ======== ======== ======== ==========
Total assets $1,127,813 $46,705 $ 97,507 $359,762 $ 70,064 $1,701,851
========== ======= ======== ======== ======== ==========
Investments
in
Nine Months Previously
Ended Charged- Retail
September Credit Off Micro Auto
30, 2007 Cards Receivables Loans Finance Other Total
---------- ------- -------- -------- -------- ----------
Net interest
income, fees
and related
income on
non-securitized
earning
assets $ 39,730 $43,893 $ 56,291 $ 27,372 $ 4,877 $ 172,163
========== ======= ======== ======== ======== ==========
Total other
operating
income $ 267,490 $ 834 $ - $ 1,835 $ - $ 270,159
========== ======= ======== ======== ======== ==========
(Loss) income
from continuing
operations
before income
taxes $ (112,343) $29,321 $ 16,015 $(15,366) $ 7 $ (82,366)
========== ======= ======== ======== ======== ==========
Loss from
discontinued
operations
before income
taxes $ - $ - $(11,447) $ - $(10,488) $ (21,935)
========== ======= ======== ======== ======== ==========
Loans and fees
receivable,
gross $1,245,885 $ - $ 93,734 $309,596 $ 14,556 $1,663,771
========== ======= ======== ======== ======== ==========
Loans and fees
receivable,
net $ 684,039 $ - $ 82,592 $276,173 $ 11,055 $1,053,859
========== ======= ======== ======== ======== ==========
Total assets $1,790,362 $31,534 $208,959 $370,191 $ 77,520 $2,478,566
========== ======= ======== ======== ======== ==========
CompuCredit Corporation and Subsidiaries
Managed Earnings and Reconciliation of Reported GAAP Net Income to Managed
Earnings
(Unaudited)
(In thousands, except per share data)
For The Three Months Ended
----------------------------------
September September
30, June 30, 30,
2008 2008 2007
---------- ---------- ----------
GAAP net loss as reported $ (32,252) $ (44,920) $ (53,221)
Securitization adjustment, net of tax 4,012 (53,049) (2,368)
Provision to charge off adjustment, net
of tax (5,415) (3,023) 102,083
---------- ---------- ----------
Managed net (loss) income $ (33,655) $ (100,992) $ 46,494
========== ========== ==========
Managed net (loss) income per common
share $ (0.72) $ (2.16) $ 0.95
========== ========== ==========
For The Nine
Months Ended
----------------------
September September
30, 30,
2008 2007
---------- ----------
GAAP net loss as reported $ (74,704) $ (66,753)
Securitization adjustment, net of tax (151,384) (28,758)
Provision to charge off adjustment, net
of tax (13,832) 144,829
---------- ----------
Managed net (loss) income $ (239,920) $ 49,318
========== ==========
Managed net (loss) income per common
share $ (5.13) $ 0.99
========== ==========
For The Three Months Ended
September 30, 2008
-------------------------------------
GAAP Adjustments Managed
----------- ----------- -----------
Net interest margin on loans
receivable $ 23,556 $ 108,876 $ 132,432
Net interest expense (9,169) 3,921 (5,248)
Provision / charge offs (17,283) (107,792) (125,075)
Other operating income 108,874 (9,505) 99,369
Marketing expense (8,787) - (8,787)
Ancillary product expense (226) - (226)
Operating expenses (147,751) 3,607 (144,144)
Minority interests 30 (30) -
----------- ----------- -----------
Pre-tax (loss) income from
continuing operations (50,756) (923) (51,679)
Income tax benefit (expense) 19,728 (846) 18,882
----------- ----------- -----------
(Loss) income from continuing
operations (31,028) (1,769) (32,797)
----------- ----------- -----------
Pre-tax discontinued operations loss (1,883) 563 (1,320)
Income tax benefit of discontinued
operations 659 (197) 462
----------- ----------- -----------
Loss from discontinued operations (1,224) 366 (858)
----------- ----------- -----------
Net (loss) income $ (32,252) $ (1,403) $ (33,655)
=========== =========== ===========
Weighted average shares outstanding 46,794 46,794
----------- ----------- -----------
(Loss) income from continuing
operations per common share $ (0.66) $ (0.04) $ (0.70)
=========== =========== ===========
Loss from discontinued operations
per common share $ (0.03) $ 0.01 $ (0.02)
=========== =========== ===========
Net (loss) income per common share $ (0.69) $ (0.03) $ (0.72)
=========== =========== ===========
Gross loans and fees receivable $ 441,764 $ 3,024,164 $ 3,465,928
=========== =========== ===========
For The Three Months Ended
September 30, 2007
-------------------------------------
GAAP Adjustments Managed
----------- ----------- -----------
Net interest margin on loans
receivable $ 123,934 $ 63,549 $ 187,483
Net interest expense (17,762) 13,829 (3,933)
Provision / charge offs (296,623) 196,346 (100,277)
Other operating income 294,061 (126,179) 167,882
Marketing expense (38,990) - (38,990)
Ancillary product expense (683) - (683)
Operating expenses (137,844) 4,562 (133,282)
Minority interests (1,257) 1,257 -
----------- ----------- -----------
Pre-tax (loss) income from
continuing operations (75,164) 153,364 78,200
Income tax benefit (expense) 27,138 (55,236) (28,098)
----------- ----------- -----------
(Loss) income from continuing
operations (48,026) 98,128 50,102
----------- ----------- -----------
Pre-tax discontinued operations loss (7,993) 2,442 (5,551)
Income tax benefit of discontinued
operations 2,798 (855) 1,943
----------- ----------- -----------
Loss from discontinued operations (5,195) 1,587 (3,608)
----------- ----------- -----------
Net (loss) income $ (53,221) $ 99,715 $ 46,494
=========== =========== ===========
Weighted average shares outstanding 48,506 48,987
----------- ----------- -----------
(Loss) income from continuing
operations per common share $ (0.99) $ 2.01 $ 1.02
=========== =========== ===========
Loss from discontinued operations
per common share $ (0.11) $ 0.04 $ (0.07)
=========== =========== ===========
Net (loss) income per common share $ (1.10) $ 2.05 $ 0.95
=========== =========== ===========
Gross loans and fees receivable $ 1,663,771 $ 2,478,592 $ 4,142,363
=========== =========== ===========
For The Nine Months Ended
September 30, 2008
-------------------------------------
GAAP Adjustments Managed
----------- ----------- -----------
Net interest margin on loans
receivable $ 71,338 $ 315,548 $ 386,886
Net interest expense (27,545) 11,173 (16,372)
Provision / charge offs (53,792) (431,670) (485,462)
Other operating income 366,137 (163,254) 202,883
Marketing expense (41,727) - (41,727)
Ancillary product expense (801) - (801)
Operating expenses (414,840) 12,310 (402,530)
Minority interests (1,471) 1,471 -
----------- ----------- -----------
Pre-tax (loss) income from
continuing operations (102,701) (254,422) (357,123)
Income tax benefit (expense) 34,411 89,313 123,724
----------- ----------- -----------
(Loss) income from continuing
operations (68,290) (165,109) (233,399)
----------- ----------- -----------
Pre-tax discontinued operations loss (9,868) (164) (10,032)
Income tax benefit of discontinued
operations 3,454 57 3,511
----------- ----------- -----------
Loss from discontinued operations (6,414) (107) (6,521)
----------- ----------- -----------
Net (loss) income $ (74,704) $ (165,216) $ (239,920)
=========== =========== ===========
Weighted average shares outstanding 46,773 46,773
----------- ----------- -----------
(Loss) income from continuing
operations per common share $ (1.46) $ (3.53) $ (4.99)
=========== =========== ===========
Loss from discontinued operations
per common share $ (0.14) $ - $ (0.14)
=========== =========== ===========
Net (loss) income per common share $ (1.60) $ (3.53) $ (5.13)
=========== =========== ===========
Gross loans and fees receivable $ 441,764 $ 3,024,164 $ 3,465,928
=========== =========== ===========
=========== =========== ===========
For The Nine Months Ended
September 30, 2007
-------------------------------------
GAAP Adjustments Managed
----------- ----------- -----------
Net interest margin on loans
receivable $ 298,443 $ 197,432 $ 495,875
Net interest expense (38,281) 28,675 (9,606)
Provision / charge offs (627,937) 355,248 (272,689)
Other operating income 810,097 (420,682) 389,415
Marketing expense (124,652) - (124,652)
Ancillary product expense (1,761) - (1,761)
Operating expenses (395,512) 14,197 (381,315)
Minority interests (2,763) 2,763 -
----------- ----------- -----------
Pre-tax (loss) income from
continuing operations (82,366) 177,633 95,267
Income tax benefit (expense) 29,871 (63,985) (34,114)
----------- ----------- -----------
(Loss) income from continuing
operations (52,495) 113,648 61,153
----------- ----------- -----------
Pre-tax discontinued operations loss (21,935) 3,727 (18,208)
Income tax benefit of discontinued
operations 7,677 (1,304) 6,373
----------- ----------- -----------
Loss from discontinued operations (14,258) 2,423 (11,835)
----------- ----------- -----------
Net (loss) income $ (66,753) $ 116,071 $ 49,318
=========== =========== ===========
Weighted average shares outstanding 49,078 49,687
----------- ----------- -----------
(Loss) income from continuing
operations per common share $ (1.07) $ 2.30 $ 1.23
=========== =========== ===========
Loss from discontinued operations
per common share $ (0.29) $ 0.05 $ (0.24)
=========== =========== ===========
Net (loss) income per common share $ (1.36) $ 2.35 $ 0.99
=========== =========== ===========
Gross loans and fees receivable $ 1,663,771 $ 2,478,592 $ 4,142,363
=========== =========== ===========
=========== =========== ===========
For The Three Months Ended
June 30, 2008
-------------------------------------
GAAP Adjustments Managed
----------- ----------- -----------
Net interest margin on loans
receivable $ 24,866 $ 93,964 $ 118,830
Net interest expense (8,985) 3,368 (5,617)
Provision / charge offs (16,103) (160,080) (176,183)
Other operating income 86,327 (30,487) 55,840
Marketing expense (17,081) - (17,081)
Ancillary product expense (231) - (231)
Operating expenses (132,156) 4,500 (127,656)
Minority interests 518 (518) -
----------- ----------- -----------
Pre-tax loss from continuing
operations (62,845) (89,253) (152,098)
Income tax benefit 20,070 33,164 53,234
----------- ----------- -----------
Loss from continuing operations (42,775) (56,089) (98,864)
----------- ----------- -----------
Pre-tax discontinued operations loss (3,300) 26 (3,274)
Income tax benefit of discontinued
operations 1,155 (9) 1,146
----------- ----------- -----------
Loss from discontinued operations (2,145) 17 (2,128)
----------- ----------- -----------
Net loss $ (44,920) $ (56,072) $ (100,992)
=========== =========== ===========
Weighted average shares outstanding 46,785 46,785
----------- ----------- -----------
Loss from continuing operations per
common share $ (0.91) $ (1.20) $ (2.11)
=========== =========== ===========
Loss from discontinued operations
per common share $ (0.05) $ - $ (0.05)
=========== =========== ===========
Net loss per common share $ (0.96) $ (1.20) $ (2.16)
=========== =========== ===========
Gross loans and fees receivable $ 468,872 $ 3,112,405 $ 3,581,277
=========== =========== ===========
Contacts
Investor Relations:
Jay Putnam
770.828.2612
Email Contact
Media Relations:
Tom Donahue
770.828.1577
Email Contact
