Fog Cutter Capital Group Inc. Reports Second Quarter Results
PORTLAND, Ore.--(BUSINESS WIRE)--Aug. 16, 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 $1.9 million or $0.18 per share for its second quarter ended June 30, 2001.
For the comparable quarter ended June 30, 2000, the Company earned $2.4 million or $0.23 per share. At June 30, 2001, net book value was $4.77 per share.
During the second quarter of 2001, the Company recorded a charge to earnings for the cumulative effect of a change in accounting principle of $1 million or $0.10 per share relating to the impairment of its mortgage-backed securities portfolio and depreciation of approximately $0.4 million or $0.04 per share related to the Company's real estate investments, including depreciation from its investment in Bourne End Properties Plc.
During the second quarter, the Company sold loans with a carrying value of $4.1 million at a gain of $0.2 million or $0.02 per share.
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 or before September 28, 2001, subject to the financial condition, results of operations, and capital requirements of the Company. |
