FBR Asset Investment Corporation Reports Second Quarter Results
ARLINGTON, Va., Aug. 16 /PRNewswire/ -- FBR Asset Investment Corporation (Amex: FB - news) today reported second quarter 2000 operating earnings of $2.7 million, or $0.59 per share; compared with operating earnings of $3.8 million, or $0.49 per share for the second quarter a year ago. Revenue for the second quarter was $5.9 million, compared with $5.4 million for the second quarter of 1999.
For the first six months, FBR Asset had operating earnings of $6.2 million, or $1.24 per share; compared with operating earnings of $6.5 million, or $0.81 per share, for the first half of 1999. Revenue for the first six months was $12.2 million, compared to $10.6 million for the first six months of 1999.
During the first six months, FBR Asset recorded a charge of $5.6 million, most of which had already been recorded as a reduction of shareholders equity in previous quarters -- yielding year to date net income of $0.6 million, or $0.12 per share. The FBR Asset first half 2000 operating earnings of $6.2 million were before recognized losses on available-for-sale equity securities.
FBR Asset paid a second quarter dividend of $0.60 per share on July 14, 2000 to shareholders of record as of June 30, 2000. The Company also paid a $0.55 per share dividend on April 14, 2000.
FBR Asset is a Real Estate Investment Trust (REIT) formed in December 1997. It invests in mortgages, mortgage-backed securities, and other real estate-related assets. As of June 30, 2000, the Company had approximately $266 million in total assets, shareholders' equity of $87 million, a book value of $20.48 per share, and 4.3 million shares outstanding.
Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR - news) has a 32 percent equity ownership interest in FBR Asset, and has warrants to potentially own up to 43 percent of FBR Asset. The majority of FBR Asset's outstanding shares are owned by individual and institutional investors. |
