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Non-Tech : Fog Cutter Capital, formerly Wilshire REIT -- Ignore unavailable to you. Want to Upgrade?

To: leigh aulper who wrote (31)	11/13/2001 9:22:41 AM
From: leigh aulper	Read Replies (1) \| Respond to of 44

Fog Cutter Capital Group Inc. Reports Third Quarter Results PORTLAND, Ore.--(BUSINESS WIRE)--Nov. 13, 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 $4.4 million or $0.42 per share for its third quarter ended September 30, 2001. For the comparable quarter ended September 30, 2000, the Company earned $5.3 million or $0.51 per share. At September 30, 2001, the net book value of the Company was $4.32 per share with total assets of $125.0 million. The loss during the third quarter of 2001, was primarily the result of a charge to earnings of approximately $4.6 million, or $0.44 per share, for market valuations and impairments, primarily relating to the Company's mortgage-backed securities portfolio. Subsequent to the quarter end, a $25 million loan owned by the Company was repaid in full. The total proceeds from the repayment were $25.1 million, of which $18.8 million was used to repay borrowings. On October 31, 2001, the Company paid the final $0.10 per share installment (plus interest) of the $0.40 per share dividend declared in September 1998 for shareholders of record as of September 30, 1998. The Company also declared a new $0.13 per share dividend which was paid on November 1, 2001 to shareholders of record as of October 26, 2001. The Company also redeemed the stock purchase rights (the "Rights") attached to its common stock under the Shareholder Rights Plan (the "Plan") adopted on December 23, 1999. Under the Plan, each shareholder owned one Right per share of common stock. The Plan allowed for the redemption of the Rights, at the direction of the Company's Board of Directors, at a price of $0.001 per Right. The redemption payment was made on October 16, 2001 to shareholders of record as of October 10, 2001.