Signature Group Holdings, Inc. Reports Second Quarter 2013 Results $1.8 Million Operating Profit from Continuing Operations
Signature Group Holdings, Inc. Reports Second Quarter 2013 Results
$1.8 Million Operating Profit from Continuing Operations
Substantial Increase in Cash from the Sale of Loans
Higher Profit Margin at Industrial Supply
PR NewswirePress Release: Signature Group Holdings, Inc. – 13 hours ago
Symbol Price Change
SGGH 1.14 +0.03
SHERMAN OAKS, Calif., Aug. 1, 2013 /PRNewswire/ -- Signature Group Holdings, Inc. (SGGH) today announced financial results for its second quarter ended June 30, 2013.
The Company's net loss for the second quarter of 2013 was $1.9 million, or $0.02 per share, an improvement to the net loss of $3.9 million, or $0.04 per share, reported for the second quarter of 2012. The 2013 second quarter results include a $5.0 million, or $0.04 per share, gain on sale of residential loans as compared to no gain in the second quarter of 2012. The second quarter results also included a $3.7 million, or $0.03 per share, noncash charge related to the Company's common stock warrant liability while the 2012 second quarter results included a $0.6 million, or $0.01 per share, noncash charge. The Company also incurred $1.8 million of expenses related to the contested proxy and associated settlements in the second quarter of 2013, compared to $0.7 million of contested proxy and related expenses in the second quarter of 2012.
"I am satisfied with the progress the Company is making to execute on its growth plan and would like to thank the shareholders for their overwhelming support of that plan by approving the increase of our authorized share count," stated Craig T. Bouchard, Chairman and CEO of Signature. "During the quarter, we reduced headcount and operating expenses at the holding company, divested the remaining legacy residential mortgage assets and increased our cash position. Our focus now turns to completing an accretive acquisition. We are seeing an abundance of excellent opportunities."
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Nice to see a company LOOSE 1.5 million and the PPS jumps 5 + cents. LOL
My other bank made 80 million and the stock dropped over .50 cents.
Watch Lehman CT's. I still think SGGH and Lehman and EQR are somehow going to be related. The Lehman CT's and SGGH are both going up to nose bleed level and I don't see anything stopping them. Not to mention 2 of the 4 CT's for Lehman are now upgraded from Gray sheet to Pink Sheets.
The volcano is getting ready to erupt will the lava flow get here?