Harold:
Revenues and earnings are down... Cash is down...
Expenses are up... Operating Income is down... Not a
great fundamental report card...
Selected financial information follows.)
Arcadia Financial LTD
Selected Financial and Other Operating Data
September 30, 1998
Three months ended Nine Months Ended
Dollars in thousands, Sept. 30, Sept. 30, Sept. 30, Sept. 30,
except per share data 1998 1997 1998 1997
REVENUES:
Net interest margin $15,058 $17,157 $44,107 $49,557
Gain on sale of loans,
net of special charges 27,280 28,788 (23,967) (22,640)
Servicing fee income 21,236 17,719 61,086 47,723
63,574 63,664 81,226 74,640
EXPENSES:
Operating expenses 43,353 40,701 143,878 120,269
Long term debt and
other interest expense 12,926 10,400 38,619 28,642
Total expenses 56,279 51,101 182,497 148,911
Operating income (loss)
before income taxes
and expenses 7,295 12,563 (101,271) (74,271)
Income tax expense
(benefit) -- 4,774 (18,846) (28,292)
Net income (loss) before
extraordinary item 7,295 7,789 (82,425) (45,979)
Extraordinary item -- -- -- (15,828)
Net income (loss) $7,295 $7,789 $(82,425) $(61,807)
Basic Earnings per Share:
Income (loss) per common
share before extraordinary
item $0.19 $0.20 $(2.11) $(1.19)
Extraordinary item per
common share -- -- -- (0.41)
Net income (loss) per
common share $0.19 $0.20 $(2.11) $(1.60)
Diluted Earnings per Share:
Income (loss) per share
before extraordinary item $0.19 $0.20 $(2.11) $(1.19)
Extraordinary item
per share -- -- -- (0.41)
Net Income (loss) per share $0.19 $0.20 $(2.11) $(1.60)
Weighted average shares
outstanding
Basic 39,142,050 38,740,078 39,031,668 38,615,060
Diluted 39,279,813 39,231,962 39,031,668 38,615,060
Number of buying centers 18 18
Servicing portfolio
(in millions) $5,137.8 $4,824.6
Delinquencies as a
percentage of
servicing portfolio 4.08% 2.88%
Book value per common
share $6.84 $8.88
Automobile loan purchases
(in millions) $570.0 $760.3 $1,726.9 $2,280.7
Annualized net losses as a
percentage of average
servicing portfolio 4.29% 3.11% 4.71% 3.44%
September 30, December 31,
Dollars in thousands 1998 1997
ASSETS
Cash and cash equivalents $6,328 $17,274
Due from securitization trust 98,384 107,207
Auto loans held for sale 20,045 49,133
Finance income receivable 345,298 371,985
Restricted cash in spread accounts 252,923 250,297
Other assets 47,468 49,854
Total assets $770,446 $845,750
LIABILITIES AND SHAREHOLDERS' EQUITY
Amounts due under warehouse facilities $57,843 $30,880
Senior term notes 366,403 365,640
Subordinated notes 48,902 50,772
Capital lease obligations 3,735 5,368
Deferred income taxes -- 18,846
Accounts payable and accrued liabilities 25,718 26,302
Total liabilities 502,601 497,808
Shareholders' equity 267,845 347,942
Total liabilities and
shareholders' equity $770,446 $845,750
Jim |
