FirstCity Financial Corporation Reports Second Quarter 2009 Results and Activities
- Press Release
- Source: FirstCity Financial Corporation
- On 8:00 am EDT, Wednesday August 12, 2009
WACO, Texas, Aug. 12, 2009 (GLOBE NEWSWIRE) -- FirstCity Financial Corporation (Nasdaq:FCFC - News)
Related Quotes
| Symbol | Price | Change |
|---|---|---|
| FCFC | 7.49 | +0.01 |
Highlights:
* FirstCity reported second quarter 2009 earnings of $7.7 million or $0.76 per diluted share. * FirstCity invested $70.9 million in domestic portfolio acquisitions and other investments during the quarter. * FirstCity reported continued earning asset growth of $37.0 million for the second quarter of 2009 - as total earning assets grew to $383.2 million at June 30, 2009. * FirstCity has invested $21.3 million in domestic portfolio acquisitions and other investments subsequent to the second quarter of 2009.
Second Quarter 2009 and Business Outlook
FirstCity generated net earnings of $7.7 million for the second quarter of 2009, which is a $14.2 million increase over the $6.5 million net loss reported for the second quarter of 2008. The diluted net income per common share was $0.76 in the second quarter of 2009, compared to a diluted net loss per common share of $0.63 for the same period last year. The earnings improvement was a result of (1) increased revenues directly associated with higher domestic collections in the second quarter of 2009 compared to the same period last year; (2) a $6.5 million decline in FirstCity's combined share of impairment in the second quarter of 2009 compared to 2008; and (3) a $2.0 million increase in the combined impact of foreign currency exchange gains from FirstCity's foreign investments in the second quarter of 2009 compared to the same period last year.
Jim Sartain, Chief Executive Officer, said, "We are very pleased with our strong earnings performance in the second quarter. The current economic environment has presented numerous investment opportunities for each of our business segments. These investments in turn have provided positive cash flows, allowing us to leverage our long-time expertise and continue to take advantage of the opportunities in the current market."
FirstCity's investments of $70.9 million during the second quarter included $48.6 million of domestic portfolio assets with a face value of $117.8 million acquired primarily from the FDIC; $7.9 million of SBA loan advances and originations; and $14.4 million of debt and equity investments. In addition, subsequent to June 30, 2009, the Company was involved in acquiring $36.4 million of Portfolio Assets with a face value of approximately $52.1 million - of which FirstCity's investment share was $18.3 million. FirstCity also funded $3.0 million of additional loan investments after quarter-end.
The Company continues to experience positive growth with the unrealized future gross profit associated with its core portfolio asset business. At the end of June 2009, the unrealized future gross profit on these assets increased to $155.5 million, which is up from $122.3 million at the end of December 2008. Unrealized future gross profit is a non-GAAP measure. Refer to the Schedule of Estimated Unrealized Gross Profit from Portfolio Assets at the end of this release for a reconciliation of this measure with the most directly comparable financial measure calculated and presented in accordance with U.S. generally accepted accounting principles.
FirstCity has $350.0 million of credit facility commitments available to finance its portfolio and asset purchases, capital investments in new ventures, and to provide for working capital to support our growth. At June 30, 2009, FirstCity's maximum borrowing capacity under these credit commitments approximated $74.4 million (subject to borrowing base requirements of the respective credit facilities). These credit facilities are available to FirstCity through their maturity in November 2010. FirstCity is in compliance with all covenants and requirements set forth in the underlying credit agreements for these credit facilities.
Items impacting comparability of results for the second quarter of 2009 are as follows:
Total assets at the end of second quarter 2009 expanded to $421.3 million compared to $378.2 million at the end of first quarter 2009 as a result of FirstCity's loan portfolio acquisitions and other investments during the quarter. The Company's earning assets experienced a corresponding increase to $383.2 million at the end of June 2009 compared to $346.2 million at the end of March 2009.
Revenues in the second quarter of 2009 increased to $20.7 million compared to $11.5 million in the second quarter last year. The Company's earnings in the second quarter of 2009 included $14.1 million of income and gains from Portfolio Assets, $1.6 million of interest income from loans receivable, and $2.4 million of fee income attributable to our loan servicing platform. Increased revenue in the second quarter of 2009 is a result of increased collections on consolidated portfolios to $51.7 million in the second quarter of 2009 compared to $11.4 million in the same period a year ago, and FirstCity's increased holdings in earning assets ($383.2 million at the end of June 2009 compared to $296.3 million at the end of June 2008).
The Company recorded net provisions for loss of $2.0 million during the second quarter of 2009 compared to $8.5 million in the second quarter of 2008. The provisions in second quarter of 2009 were recorded to reflect declines in values of loan collateral and real estate assets. The global distribution of the $2.0 million of net impairment provisions in the second quarter of 2009 includes $2.9 million for domestic assets, $0.2 million related to Latin American assets, and $1.1 million of net recoveries related to European assets. The net provisions were allocated between consolidated portfolios ($0.7 million) and non-consolidated subsidiaries ($1.3 million) in the second quarter 2009.
Foreign currency exchange gains of $2.2 million were recorded during the second quarter of 2009 compared to $0.2 million of foreign currency exchange gains for the same period in 2008. In the second quarter of 2009, $1.8 million of the Company's foreign currency exchange gains were attributable to the strengthening of the Mexican peso against the U.S. dollar.
In the second quarter of 2009, the Company also recorded a $1.5 million gain attributable to a transaction in which the Company acquired a controlling financial interest in certain French Acquisition Partnerships. The Company owned a noncontrolling equity interest in these entities prior to the transaction. Under the new business acquisition accounting standards (SFAS 141R), the Company's previously-held noncontrolling interests in the entities were remeasured to fair value on the acquisition date (May 2009) - which resulted in the Company's recognition of the gain.
Equity in earnings of unconsolidated subsidiaries was $1.2 million in the second quarter of 2009 compared to $3.0 million of net earnings for the same period a year ago. The decline was caused primarily by a decrease in Acquisition Partnership collections to $22.0 million in the second quarter of 2009 from $55.5 million for the same period last year - which corresponds to a decrease in the Acquisition Partnerships' portfolio asset holdings (i.e. earning assets) to $276.5 million at June 2009 from $412.8 million at June 2008. FirstCity's average investment in equity-method investments (including Acquisition Partnerships) decreased to $71.2 million for the second quarter of 2009 compared to $89.1 million for the second quarter of 2008. Since a majority of FirstCity's portfolio acquisitions over the past twelve months were acquired through consolidated Portfolios instead of equity investments in Acquisition Partnerships, the Company expects income from consolidated investments to off-set the decline in equity earnings.
Selected financial data for the second quarter of 2009:
The Company's total operating expenses (excluding provision, interest and income tax expenses) experienced a modest decline to $9.6 million for the second quarter of 2009 from $10.0 million in the second quarter of 2008 - attributed primarily to $0.9 million of consolidated foreign exchange gains recorded in the second quarter 2009 compared to $0.4 of foreign exchange losses in the same period a year ago. This favorable impact was off-set partially by a $0.7 million increase in salaries for the second quarter 2009 compared to the same quarter last year.
Total interest expense decreased to $3.6 million in the second quarter of 2009 from $3.8 million for the same period in 2008 (even though FirstCity's second quarter average debt holdings increased to $302.5 million in 2009 from $197.6 million in 2008). The interest expense decrease is attributable to the Company's lower average cost of funds of 4.8% during the second quarter of 2009 compared to 7.6% from the same period in 2008 due to a decline in market interest rates over the past twelve months.
Conference Call
A conference call will be held on Wednesday, August 12, 2009 at 9:00 a.m. Central Time to discuss second quarter results. A question and answer session will follow the prepared remarks. Details to access the call and webcast are as follows:
Event: FirstCity Financial Corporation Second Quarter 2009
Conference Call
Date: Wednesday, August 12, 2009
Time: 9:00 a.m. Central Time
Host: James T. Sartain, FirstCity's President and Chief
Executive Officer
Web Access: FirstCity's web page - www.fcfc.com/invest.htm or,
CCBN's Investor websites - www.streetevents.com and,
www.earnings.com
Dial In Access: Domestic 866-730-5763
International 857-350-1587
Pass code 62900092
Replay available on FirstCity's web page (www.fcfc.com/invest.htm)
FirstCity Financial Corporation is a diversified financial services company with operations dedicated primarily to distressed asset acquisitions and special situations investments. FirstCity has offices in the U.S. and affiliate organizations in Europe and Latin America. FirstCity common stock is listed on the NASDAQ Global Select Market (Nasdaq:FCFC - News).
The FirstCity Financial Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4413
Forward-Looking Statements
FirstCity may from time to time make written or oral forward-looking statements, including statements contained in this press release, FirstCity's filings with the Securities and Exchange Commission ("SEC"), in its reports to stockholders and in other FirstCity communications. These statements relate to FirstCity's or management's intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future and may be deemed to be forward-looking statements under the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this press release are based upon management's beliefs, assumptions and expectations of the Company's future operations and economic performance, taking into account currently available information. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties, some of which are not currently known to us. Actual events or results may differ from those expressed or implied in any such forward-looking statements as a result of various factors, including the risk factors and other risks that are described from time to time in the Company's filings with the SEC including but not limited to its annual reports on Form 10-K, its quarterly reports on Form 10-Q, and its current reports on Form 8-K, filed with the SEC and available through the Company's website, which contain a more detailed discussion of the Company's business, including risks and uncertainties that may affect future results. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. Information in this press release may be superseded by more recent information or statements, which may be disclosed in later press releases, subsequent filings with the SEC or otherwise. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or to reflect any change in events, conditions or circumstances on which any such forward-looking statements are based, in whole or in part.
FirstCity Financial Corporation
Summary of Operations
(In thousands, except per share data)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------ ------------------
2009 2008 2009 2008
-------- -------- -------- --------
Revenues:
Servicing fees $ 2,403 $ 2,706 $ 4,795 $ 4,906
Income from Portfolio
Assets 14,077 5,622 23,120 10,557
Gain on sale of SBA loans
held for sale, net 610 133 610 142
Interest income from SBA
loans 295 366 641 842
Interest income from loans
receivable - affiliates 939 483 1,862 633
Interest income from loans
receivable - other 364 355 793 630
Revenue from railroad
operations 705 859 1,452 1,664
Other income 1,268 965 3,069 1,619
-------- -------- -------- --------
Total revenues 20,661 11,489 36,342 20,993
-------- -------- -------- --------
Expenses:
Interest and fees on notes
payable to banks 3,145 3,758 6,189 7,441
Interest and fees on notes
payable to affiliates 444 -- 877 --
Salaries and benefits 6,032 5,297 11,086 10,327
Provision for loan and
impairment losses 677 7,090 1,783 10,120
Asset-level expenses 1,417 1,427 2,654 2,988
Occupancy, data processing
and other 2,182 3,303 5,588 5,758
-------- -------- -------- --------
Total expenses 13,897 20,875 28,177 36,634
-------- -------- -------- --------
Equity in net earnings of
subsidiaries 1,198 3,008 1,052 5,848
Step acquisition gain
from business combination 1,455 -- 1,455 --
-------- -------- -------- --------
Earnings (loss) before
income taxes 9,417 (6,378) 10,672 (9,793)
Income taxes (440) (98) (703) (289)
-------- -------- -------- --------
Net earnings (loss) 8,977 (6,476) 9,969 (10,082)
Less: net income
attributable to
noncontrolling interests 1,231 53 1,579 31
-------- -------- -------- --------
Net earnings (loss)
attributable to FirstCity $ 7,746 $ (6,529) $ 8,390 $(10,113)
======== ======== ======== ========
Basic earnings (loss) per
common share are as follows:
Net earnings (loss)
attributable to
FirstCity stockholders $ 0.79 $ (0.63) $ 0.85 $ (0.97)
Weighted average common
shares outstanding 9,832 10,357 9,832 10,471
Diluted earnings (loss) per
common share are as follows:
Net earnings (loss)
attributable to FirstCity
stockholders $ 0.76 $ (0.63) $ 0.84 $ (0.97)
Weighted average common
shares outstanding 10,135 10,357 9,983 10,471
Selected Unaudited Balance Sheet Data
June 30, Dec. 31,
2009 2008
-------- --------
Cash and cash equivalents $ 25,521 $ 19,103
Restricted cash 1,115 1,217
Earning assets:
Portfolio acquisition and
resolution assets:
Domestic 236,465 167,211
Latin America 42,463 42,426
Europe 63,802 48,612
Other -- 228
Special situations platform
assets 40,483 37,786
Service fees receivable and
other assets 11,488 12,354
-------- --------
Total assets $421,337 $328,937
======== ========
Notes payable to banks $295,975 $242,889
Note payable to affiliate 8,658 8,658
Other liabilities 17,585 11,515
-------- --------
Total liabilities 322,218 263,062
Total equity 99,119 65,875
-------- --------
Total liabilities and
equity $421,337 $328,937
======== ========
FirstCity Financial Corporation
Supplemental Information
(Dollars in thousands)
(Unaudited)
Three Months Ended Six Months Ended
Summary Operating Statement June 30, June 30,
Data for Each Segment 2009 2008 2009 2008
--------------------------- -------- -------- -------- --------
Portfolio Asset Acquisition
and Resolution segment:
Revenues $ 18,969 $ 10,017 $ 32,266 $ 18,250
Equity in net earnings of
subsidiaries 1,840 3,364 855 6,204
Step acquisition gain from
business combination 1,455 -- 1,455 --
Expenses (9,805) (11,231) (20,178) (21,368)
-------- -------- -------- --------
Operating contribution
before provision for loan
and impairment losses 12,459 2,150 14,398 3,086
Provision for loan and
impairment losses (290) 7,090 816 10,120
Net income attributable to
noncontrolling interests (1,611) (67) (1,528) (38)
-------- -------- -------- --------
Operating contribution
(loss), net of direct
taxes $ 11,138 $ (5,007) $ 12,054 $ (7,072)
======== ======== ======== ========
Special Situations Platform
segment:
Revenues $ 1,575 $ 1,427 $ 3,913 $ 2,516
Equity in net earnings
(loss) of subsidiaries (642) (356) 197 (356)
Expenses (1,478) (899) (2,887) (1,716)
-------- -------- -------- --------
Operating contribution
(loss) before provision for
loan and impairment losses (545) 172 1,223 444
Provision for loan and
impairment losses 967 -- 967 --
Net loss (income)
attributable to
noncontrolling interests 380 14 (51) 7
-------- -------- -------- --------
Operating contribution
(loss), net of direct
taxes $ (1,132) $ 186 $ 205 $ 451
======== ======== ======== ========
Portfolio Asset Acquisition Three Months Ended Six Months Ended
and Resolution segment: June 30, June 30,
--------------------------- 2009 2008 2009 2008
-------- -------- -------- --------
Revenues and equity in
earnings of investments by
region:
Domestic $ 15,785 $ 6,177 $ 25,518 $ 11,807
Latin America 4,355 3,853 5,274 6,888
Europe 661 3,340 2,313 5,735
Canada 8 11 16 24
-------- -------- -------- --------
Total $ 20,809 $ 13,381 $ 33,121 $ 24,454
======== ======== ======== ========
Revenues and equity in
earnings of investments by
source:
Equity in net earnings of
subsidiaries $ 1,840 $ 3,364 $ 855 $ 6,204
Income from Portfolio
Assets 14,077 5,622 23,120 10,557
Servicing fees 2,403 2,706 4,795 4,906
Gain on sale of SBA loans
held for sale, net 610 133 610 142
Interest income from SBA
loans 295 366 641 842
Interest income from
affiliates 553 147 1,089 297
Interest income from loans
receivable - other 207 123 414 136
Other 824 920 1,597 1,370
-------- -------- -------- --------
Total $ 20,809 $ 13,381 $ 33,121 $ 24,454
======== ======== ======== ========
Special Situations Platform
segment:
---------------------------
Revenues and equity in
earnings of investments by
source:
Equity in net earnings
(loss) of subsidiaries $ (642) $ (356) $ 197 $ (356)
Interest income from loans
receivable - affiliates 386 336 773 336
Interest income from loans
receivable - other 158 232 379 494
Revenue from railroad
operations 705 859 1,452 1,664
Other 326 -- 1,309 22
-------- -------- -------- --------
Total $ 933 $ 1,071 $ 4,110 $ 2,160
======== ======== ======== ========
Number of personnel at period
end:
-----------------------------
Domestic, Portfolio Asset
Acquisition and Resolution
segment 82 77
Domestic, Special
Situations Platform
segment 25 24
Latin America 127 127
Corporate 31 35
-------- --------
Total personnel 265 263
======== ========
FirstCity Financial Corporation
Supplemental Information
(Dollars in thousands)
(Unaudited)
Portfolio Purchases and Other Investments:
------------------------------------------
Portfolio Purchases
------------------------------------------
Latin
Domestic Europe America Total
--------- --------- --------- ---------
2009
2nd Quarter $ 67,085 $ -- $ -- $ 67,085
1st Quarter 70,238 -- -- 70,238
--------- --------- --------- ---------
Total Year 2009 $ 137,323 $ -- $ -- $ 137,323
========= ========= ========= =========
2008
4th Quarter $ 26,363 $ 1,823 $ -- $ 28,186
3rd Quarter 2,912 -- 1,576 4,488
2nd Quarter 28,427 -- 8,314 36,741
1st Quarter 6,692 -- 13,207 19,899
--------- --------- --------- ---------
Total Year 2008 $ 64,394 $ 1,823 $ 23,097 $ 89,314
========= ========= ========= =========
Total Year 2007 $ 121,679 $ 23,199 $ 69,455 $ 214,333
========= ========= ========= =========
Total Year 2006 $ 136,596 $ 102,158 $ 58,236 $ 296,990
========= ========= ========= =========
FirstCity
FirstCity Investment
FirstCity Investment in Special
Investment in Other Situations Total
---------- ---------- ---------- ----------
2009
2nd Quarter $ 48,559 $ 19,149 $ 3,164 $ 70,872
1st Quarter 64,907 6,418 2,400 73,725
---------- ---------- ---------- ----------
Total Year 2009 $ 113,466 $ 25,567 $ 5,564 $ 144,597
========== ========== ========== ==========
2008
4th Quarter $ 27,183 $ 10,071 $ 3,150 $ 40,404
3rd Quarter 3,241 6,040 -- 9,281
2nd Quarter 33,448 15,443 16,756 65,647
1st Quarter 8,435 1,453 -- 9,888
---------- ---------- ---------- ----------
Total Year 2008 $ 72,307 $ 33,007 $ 19,906 $ 125,220
========== ========== ========== ==========
Total Year 2007 $ 126,714 $ 10,476 $ 11,530 $ 148,720
========== ========== ========== ==========
Total Year 2006 $ 144,048 $ 28,181 $ -- $ 172,229
========== ========== ========== ==========
Portfolio Asset
Acquisition and
Resolution segment:
---------------------
Three Months Ended Six Months Ended
June 30, June 30,
2009 2008 2009 2008
---------- ---------- ---------- ----------
Aggregate purchase
price of portfolios
acquired:
Acquisition
partnerships
Domestic $ 67,085 $ 28,426 $ 137,323 $ 35,119
Latin America -- 8,314 -- 21,521
Europe -- -- -- --
---------- ---------- ---------- ----------
Total $ 67,085 $ 36,740 $ 137,323 $ 56,640
========== ========== ========== ==========
Historical
Acquisitions of Purchase FirstCity's
Portfolios - Annual: Price Investment
---------- ----------
Six months ended
June 30, 2009 $ 137,323 $ 113,466
2008 89,314 72,307
2007 214,333 126,714
2006 296,990 144,048
2005 146,581 71,405
2004 174,139 59,762
June 30, December 31,
2009 2008
---------- ----------
Portfolio
acquisition and
resolution assets
by region:
Domestic $ 236,465 $ 167,211
Latin America 42,463 42,426
Europe 63,802 48,612
Canada -- 228
---------- ----------
Total $ 342,730 $ 258,477
========== ==========
Special Situations
Platform segment:
------------------
Historical FirstCity Denver's Investment
Investments - Total -----------------------------
Annual: Investment Debt Equity Total
---------- ---------- ---------- ----------
Six months ended
June 30, 2009 $ 6,310 $ 5,177 $ 387 $ 5,564
2008 28,750 16,650 3,256 19,906
2007 22,314 5,630 5,900 11,530
FirstCity Financial Corporation
Supplemental Information
(Dollars in thousands)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
---------------------- ----------------------
2009 2008 2009 2008
---------- ---------- ---------- ----------
Analysis of Equity
Investments
------------------
FirstCity's average
investment:
Domestic, Portfolio
Asset Acquisition
and Resolution
segment $ 13,928 $ 21,812 $ 14,366 $ 22,903
Domestic, Special
Situations Platform
segment 1,529 (110) 1,329 (63)
Latin America 17,484 23,798 17,783 23,311
Europe 12,754 31,163 12,989 30,793
Europe-Servicing
subsidiaries 22,596 7,189 22,356 7,084
Latin America-
Servicing
subsidiaries 2,929 5,271 2,960 5,059
---------- ---------- ---------- ----------
Total $ 71,220 $ 89,123 $ 71,783 $ 89,087
========== ========== ========== ==========
FirstCity's share of
equity earnings
(losses):
Domestic, Portfolio
Asset Acquisition
and Resolution
segment $ 515 $ (112) $ 516 $ 154
Domestic, Special
Situations Platform
segment (642) (356) 197 (356)
Latin America 1,391 735 (253) 1,104
Europe 227 2,394 979 4,080
Europe-Servicing
subsidiaries (89) 494 80 810
Latin America-
Servicing
subsidiaries (204) (147) (467) 56
---------- ---------- ---------- ----------
Total $ 1,198 $ 3,008 $ 1,052 $ 5,848
========== ========== ========== ==========
Selected Other Data:
--------------------
Average investment in
consolidated
portfolio assets
and loans receivable:
Domestic, Portfolio
Asset Acquisition
and Resolution
segment $ 213,933 $ 129,338 $ 190,798 $ 126,342
Domestic, Special
Situations Platform
segment 30,344 18,366 29,557 12,906
Latin America 19,183 9,031 19,413 8,176
Europe 15,644 9,219 14,196 9,158
Canada 175 295 196 321
---------- ---------- ---------- ----------
Total $ 279,279 $ 166,249 $ 254,160 $ 156,903
========== ========== ========== ==========
Income from
consolidated
portfolio assets and
loans receivable:
Domestic, Portfolio
Asset Acquisition
and Resolution
segment $ 14,218 $ 5,671 $ 22,990 $ 10,644
Domestic, Special
Situations Platform
segment 544 568 1,152 830
Latin America 1,111 382 1,887 703
Europe 405 327 981 603
Canada 8 11 16 24
---------- ---------- ---------- ----------
Total $ 16,286 $ 6,959 $ 27,026 $ 12,804
========== ========== ========== ==========
Servicing fee
revenues:
Domestic
partnerships:
Servicing fee
revenue $ 606 $ 347 $ 1,188 $ 709
Average servicing
fee % 6.1% 5.4% 8.3% 4.0%
Latin American
partnerships:
Servicing fee
revenue $ 1,722 $ 2,281 $ 3,458 $ 4,129
Average servicing
fee % 43.7% 25.2% 41.9% 20.3%
Total Service Fees-
Portfolio Assets:
Servicing fee
revenue $ 2,328 $ 2,628 $ 4,646 $ 4,838
Average servicing
fee % 16.8% 17.0% 20.5% 12.8%
Service Fees-SBA
loans: $ 75 $ 78 $ 149 $ 68
Total Service Fees $ 2,403 $ 2,706 $ 4,795 $ 4,906
Collections:
Domestic
partnerships $ 9,928 $ 6,378 $ 14,375 $ 17,575
Latin American
partnerships 5,772 28,752 11,862 40,516
European
partnerships 6,314 20,353 15,378 33,121
---------- ---------- ---------- ----------
Partnership
collections 22,014 55,483 41,615 91,212
---------- ---------- ---------- ----------
Domestic
consolidated 50,329 10,315 79,194 28,857
Latin American
consolidated 899 543 1,336 1,029
European
consolidated 462 568 1,624 1,029
---------- ---------- ---------- ----------
Consolidated
collections 51,690 11,426 82,154 30,915
---------- ---------- ---------- ----------
Total collections $ 73,704 $ 66,909 $ 123,769 $ 122,127
========== ========== ========== ==========
Servicing portfolio
(face value) at
period end:
Domestic $ 775,307 $ 601,576
Latin America 1,019,685 1,614,533
Europe 1,698,442 1,154,890
---------- ----------
Total $3,493,434 $3,370,999
========== ==========
FirstCity Financial Corporation
Supplemental Information
(Dollars in thousands)
(Unaudited)
Three Months Ended Six Months Ended
Illustration of the Effects June 30, June 30,
of Foreign Currency ------------------ ------------------
Fluctuations 2009 2008 2009 2008
----------------------------------------------- ------------------
Net earnings (loss) to
common stockholders $ 7,746 $ (6,529) $ 8,390 $(10,113)
Foreign currency gains
(losses), net:
Euro 381 (187) (60) 38
Mexican Peso 1,762 448 311 694
Argentine Peso (8) 25 (49) 22
Canadian Dollar 15 3 10 (12)
Chilean Peso 79 (42) 203 62
--------------------------------------
Exchange rate at valuation
date:
Euro 0.71 0.63
Mexican Peso 13.20 10.28
Argentine Peso 3.80 3.02
Canadian Dollar 1.16 1.01
Chilean Peso 539.98 513.20
FirstCity Financial Corporation
Schedule of Estimated Unrealized Gross Profit from Portfolio Assets
June 30, 2009
(Unaudited)
Basis in Portfolio Assets
(1), (4)
($ in 000's) 12/31/2007 12/31/2008 6/30/2009
---------------------------------------------------------------------
Domestic 151,802 153,148 203,434
Europe 40,340 29,555 42,680
Latin America 26,844 29,867 29,138
---------------------------------
Total $ 218,987 212,570 275,252
=================================
Estimated Remaining
Collections (2)
12/31/2007 12/31/2008 6/30/2009
---------------------------------
Domestic $ 195,845 217,347 298,447
Europe 52,617 39,341 59,692
Latin America 68,900 78,211 72,656
---------------------------------
Total $ 317,363 334,899 430,795
=================================
Estimated Unrealized
Gross Profit (3)
12/31/2007 12/31/2008 6/30/2009
---------------------------------
Domestic $ 44,043 64,199 95,013
Europe 12,278 9,787 17,012
Latin America 42,056 48,344 43,518
---------------------------------
Total $ 98,376 122,329 155,543
=================================
Estimated Unrealized Gross
Profit %
12/31/2007 12/31/2008 6/30/2009
---------------------------------
Domestic 22.49% 29.54% 31.84%
Europe 23.33% 24.88% 28.50%
Latin America 61.04% 61.81% 59.90%
---------------------------------
Total 31.00% 36.53% 36.11%
=================================
A graphic accompanying this release is available at http://media.globenewswire.com/cache/9623/file/7222.pdf
Contact:
FirstCity Financial Corporation
Suzy W. Taylor
866-652-1810
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