Advent will lose money in 2012
Based on easy math and data provided, their Q1 will fall far short of yearly expenses.
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For the Three Months Ended March 31, 2011
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Appraisal
| | | Financial
| | | | | | | | | | | Corporate | | | Management | | | Intermediary | | | Eliminations | | | Total | | | |
Income and Revenues:
| | | | | | | | | | | | | | | | | | | | |
Service fee income
| | $ | — | | | $ | 18,886 | | | $ | 5,783 | | | $ | — | | | $ | 24,669 | |
Interest income — mortgage securities
| | | 3,018 | | | | — | | | | — | | | | — | | | | 3,018 | | | | | | | | | | | | | | | | | | | | | | | |
Total
| | | 3,018 | | | | 18,886 | | | | 5,783 | | | | — | | | | 27,687 | |
Costs and Expenses:
| | | | | | | | | | | | | | | | | | | | |
Cost of services
| | | — | | | | 16,694 | | | | 2,201 | | | | — | | | | 18,895 | |
Selling, general and administrative expense
| | | 3,713 | | | | 1,521 | | | | 791 | | | | (492 | ) | | | 5,533 | |
Other expenses (income)
| | | 360 | | | | 30 | | | | 204 | | | | 140 | | | | 734 | | | | | | | | | | | | | | | | | | | | | | | |
Total
| | | 4,073 | | | | 18,245 | | | | 3,196 | | | | (352 | ) | | | 25,162 | |
Other income
| | | 433 | | | | 10 | | | | — | | | | (352 | ) | | | 91 | |
Interest expense
| | | (312 | ) | | | — | | | | — | | | | — | | | | (312 | ) | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) before income tax expense
| | | (934 | ) | | | 651 | | | | 2,587 | | | | — | | | | 2,304 | |
Income tax expense
| | | 31 | | | | — | | | | — | | | | — | | | | 31 | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss)
| | | (965 | ) | | | 651 | | | | 2,587 | | | | — | | | | 2,273 | |
Less: Net income (loss) attributable to noncontrolling interests
| | | — | | | | (183 | ) | | | 673 | | | | — | | | | 490 | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to NFI
| | $ | (965 | ) | | $ | 834 | | | $ | 1,914 | | | $ | |
