FirstPlus Q3 loss with charges
DALLAS, Nov. 3 (Reuters) -
(Amounts in thousands, except per share amounts)
Three Months Ended
September 30, June 30,
1998 1997 1998
Revenues:
Gain on securitized
loan sales, net $ 21,450 $ 91,769 $ 46,983
Gain on whole loan sales 14,561 9,001 9,210
Interest income 74,750 65,156 75,926
Interest only strips
interest income 30,047 12,978 24,807
Origination income 47,124 15,954 44,950
Servicing income 14,726 7,795 12,768
Insurance income 4,694 1,819 4,002
Other income 1,040 3,640 1,046
Total revenues 208,392 208,112 219,692
Expenses:
Salaries and employee
benefits expense 57,281 40,112 46,830
Interest expense 40,267 31,706 37,440
Other operating expenses 82,717 42,012 75,683
Provision for possible
credit losses 22,940 14,256 14,823
Impairment of interest
only strips 43,085 -- --
Fair value adjustments 58,115 -- --
Restructuring and
non-recurring charges 36,209 -- --
Total expenses 340,614 128,086 174,776
(Loss)/income before
income taxes (132,222) 80,026 44,916
Benefit/(provision)
for income taxes 50,244 (30,418) (17,068)
Net (loss)/income (81,978) 49,608 27,848
Weighted average
common shares 39,651 37,172 38,149
Basic (loss)/earnings
per share (2.07) 1.33 0.73
Weighted average common
shares-assuming dilution 39,651 43,350 43,942
Diluted (loss)/earnings
per share (2.07) 1.16 0.65
Pro forma earnings
per share(1) 0.35 -- --
Nine months ended
September 30,
1998 1997
Revenues:
Gain on securitized
loan sales, net $ 106,790 $ 238,274
Gain on whole loan sales 28,718 23,790
Interest income 217,649 150,322
Interest only strips interest income 78,674 24,203
Origination income 122,274 37,799
Servicing income 38,632 17,839
Insurance income 11,672 3,427
Other income 4,925 4,931
Total revenues 609,334 500,585
Expenses:
Salaries and employee benefits expense 139,713 90,972
Interest expense 113,680 78,801
Other operating expenses 217,768 97,969
Provision for possible credit losses 56,076 40,035
Impairment of interest only strips 43,085 --
Fair value adjustments 58,115 --
Restructuring and non-recurring charges 36,209 --
Total expenses 664,646 307,777
(Loss)/income before income taxes (55,312) 192,808
Benefit/(provision) for income taxes 21,019 (73,275)
Net (loss)/income (34,293) 119,533
Weighted average common shares 38,567 35,616
Basic (loss)/earnings per share (0.89) 3.36
Weighted average common
shares-assuming dilution 38,567 41,015
Diluted (loss)/earnings per share (0.89) 2.97
NOTE: Full company name is FirstPlus Financial Group Inc.
(1) Excludes the effect of $85.2 million, net of tax, in
significant charges and $10.5 million, net of tax, from
operating losses of curtailed businesses.
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