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Strategies & Market Trends : Turnarund Investing

NOVS 0.0666

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Aug 1 5:00 PM EST

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To: batman10023 who wrote (863)

4/30/2012 6:39:04 PM

From: Covenant

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Earnings call? I don't recall CASH ever having an earnings call. They did have a press release with earnings where they discussed the Ginnie Mae securities sales. The securities were sold for a massive gain, but most (or all) of that gain was already in 12/31 book value. The red part of the last sentence looks wrong unless this is somehow related to an arcane area of regulatory accounting.

edgar.sec.gov

FISCAL SECOND QUARTER - A sale of $299 million of Ginnie Mae (GNMA) securities completed in the fiscal second quarter resulted in a gain of $11.5 million. The resulting after-tax gain of $7.2 million will be included in 2012 fiscal second quarter earnings. The gain will incrementally increase both MetaBank’s Tier 1 core capital ratio by approximately 50 basis points and tangible book value by approximately $2.26 per share, or 8.6%.

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