Fog Cutter Capital Group Inc. Reports First Quarter Results
PORTLAND, Ore.--(BUSINESS WIRE)--May 8, 2001--Fog Cutter Capital Group Inc. (Nasdaq:FCCG), an opportunistic investment group specializing in mortgage and real estate related assets, reports a net loss of $4.8 million or $0.46 per share for its first quarter ended March 31, 2001.
For the comparable quarter ended March 31, 2000, the Company earned $2.5 million or $0.24 per share. At March 31, 2001, net book value was $4.92 per share.
During the first quarter of 2001, the Company recorded market valuation losses and impairments of $4.1 million relating to its portfolio of mortgage-backed securities and depreciation of approximately $0.2 million related to the Company's real estate investments, including its acquisition of Bourne End Properties Plc in February 2001.
On May 3, 2001, the Company paid a cash dividend of $.13 per share to shareholders of record on April 30, 2001. The Company also intends to pay the final installment (including interest at 4% per annum) of the September 30, 1998 declared dividend on June 28, 2001, subject to the financial condition, results of operations, and capital requirements of the Company. |
