AMRESCO, INC. is a small and middle market business lending company. Based in Dallas, AMRESCO has offices nationwide. For more information about AMRESCO, visit the website at www.amresco.com.
AMRESCO, INC.
(Nasdaq: AMMB - news)
(Unaudited; in thousands, except per share data)
Consolidated Statements of Operations
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
REVENUES:
Interest and other
investment income $ 34,265 $ 65,091 $ 105,643 $ 200,964
Gain (loss) on sale of
loans and investments, net 22,938 (5,399) 27,976 61,569
Asset management and
resolution fees 676 5,863 5,505 15,043
Mortgage banking and
servicing fees 2,064 3,936 7,301 12,113
Other revenues (expense) 360 (247) 2,988 2,431
Total revenues 60,303 69,244 149,413 292,120
EXPENSES:
Personnel 11,451 34,358 40,690 91,482
Interest 24,475 38,317 84,736 117,062
Loss on retained interests
in securitizations 29,662 78,000 109,226 90,000
Loss on disposal and
impairment of assets 3,066 8,651 44,906 8,651
Other general and
administrative 8,776 21,309 29,284 53,468
Depreciation and amortization 5,165 5,547 13,446 16,676
Provisions for loan and
asset portfolio losses 1,680 146 9,403 (18)
Total expenses 84,275 186,328 331,691 377,321
Income (loss) from continuing
operations before taxes (23,972) (117,084) (182,278) (85,201)
Income tax expense (benefit) (2,125) (40,605) (22,634) (26,978)
Income (loss) from continuing
operations (21,847) (76,479) (159,644) (58,223)
Income (loss) from
discontinued operations,
net of taxes (46) (5,530) 46,184 (1,444)
Income (loss) before
extraordinary gain (21,893) (82,009) (113,460) (59,667)
Extraordinary gain on early
retirement of debt,
net of taxes 3,470 3,470
NET INCOME (LOSS) $ (18,423) $ (82,009) $(109,990) $ (59,667)
Basic and diluted earnings
(loss) per share:
Income (loss) from
continuing operations $ (2.25) $ (7.98) $ (16.47) $ (6.09)
Income (loss) from
discontinued operations,
net of taxes (0.01) (0.57) 4.76 (0.15)
Extraordinary gain on
retirement of debt,
net of taxes 0.36 0.36
Net income (loss) $ (1.90) $ (8.55) $ (11.35) $ (6.24)
Weighted average common
shares outstanding:
Basic and diluted 9,716 9,586 9,693 9,564
Operating Income (Loss) by Continuing Line of Business (A) (B)
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
Commercial Finance $17,230 $10,902 $25,608 $51,703
Asset Management 13,005 10,295 20,830 34,663
Home Equity Lending (7,991) (114,536) (19,192) (129,531)
Corporate (7,174) (23,745) (33,821) (42,036)
(A) Operating profit (loss) less intangible amortization
(B) 2000 results exclude losses on the Lend Lease transaction and other
charges of approximately $(8.3) million, $(3.8) million,
$(27.0) million and $(0.0) million for the quarter and
$(17.0) million, $(33.1) million, $(106.6) million and
$(19.0) million for the year-to-date period for Commercial Finance,
Asset Management, Home Equity Lending and Corporate, respectively. |
