FBR Asset Investment Corporation (Amex:
FB - news) today reported third quarter 2000 operating earnings of $2.4 million,
or $0.58 per share; compared with operating earnings of $2.7 million, or $0.38
per share for the third quarter of 1999. Revenue for the third quarter of 2000
was $5.6 million, compared with $4.6 million for the third quarter of 1999.
For the first nine months of 2000, FBR Asset had operating earnings of
$8.6 million, or $1.82 per share; compared with operating earnings of $9.3
million, or $1.19 per share, for the first nine months of 1999. Revenue for the
first nine months of 2000 was $17.8 million, compared to $15.2 million for the
first nine months of 1999.
During the first nine months, FBR Asset recorded a charge of $5.6
million related to the impairment of certain available for sale equity
securities, most of which had already been recorded as a reduction of
shareholders equity in previous quarters -- yielding year to date net income of
$3.0 million, or $0.63 per share. FBR Asset's operating earnings for the first
nine months of 2000 of $8.6 million were before recognized losses on these
available-for-sale equity securities.
FBR Asset paid a third quarter dividend of $0.60 per share on October
16, 2000 to shareholders of record as of September 29, 2000. The Company also
paid a $0.60 per share dividend on July 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 September 30, 2000, the Company had approximately
$232 million in total assets, shareholders' equity of $87 million, a book value
of $21.63 per share, and 4.0 million shares outstanding.
Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR - news) has a 33
percent equity ownership interest in FBR Asset, and has warrants to potentially
own up to 44 percent of FBR Asset. The majority of FBR Asset's outstanding
shares are owned by individual and institutional investors.
FBR Asset listed on the American Stock Exchange on September 29, 1999.
NOTE TO EDITORS: Please note that "FBR Asset Investment Corporation"
and "Friedman, Billings, Ramsey Group, Inc." are two different companies. FBR
Asset is a REIT, which is required as a result of its tax status, to pay a
dividend. FBR Asset (Amex: FB - news) is externally managed by Friedman,
Billings, Ramsey Investment Management, Inc., a subsidiary of Friedman,
Billings, Ramsey Group, Inc. Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR -
news) is a publicly held company, which has historically never paid a dividend.
Friedman, Billings, Ramsey Group, Inc. is a minority owner of FBR Asset. Thank
you. |
