Accredited Reports Q2 2005 Results; Company Sets Quarterly Records for Net Income, Loans On-Balance Sheet, and Originations; Increases 2005 Guidance.SAN DIEGO San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. -- Accredited accredited recognition by an appropriate authority that the performance of a particular institution has satisfied a prestated set of criteria. accredited herds cattle herds which have achieved a low level of reactors to, e.g. Home Lenders Holding Co. (Nasdaq:LEND Lend To provide money temporarily on the condition that it or its equivalent will be returned, often with an interest fee. ), a nationwide mortgage company specializing in non-prime residential mortgage loans, today announced results for the quarter ended June June: see month. 30, 2005. Net income for the quarter ended June 30, 2005 was $39.6 million, or $1.81 per share on a fully-diluted basis, an increase of 15.4% compared to net income of $34.3 million, or $1.60 per share, for the comparable period in 2004. Total net revenues for the quarter increased by 21.8% to $143.7 million from $118.0 million for the comparable period in 2004. Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. Konrath said, "We're we're Contraction of we are. we're we are pleased that second quarter earnings remained on target, despite aggressive pricing throughout the non-prime mortgage industry. We achieved quarterly records in volume, net income, and earnings per share. In addition, the on-balance sheet portfolio reached a new high, our cost to originate o·rig·i·nate v. 1. To bring into being; create. 2. To come into being; start. was the lowest in our history, and the portfolio continued to perform extremely well. We remain confident in our prospects for continued growth for the balance of 2005." Mr. Konrath added, "The second quarter produced another significant advancement A gift of money or property made by a person while alive to his or her child or other legally recognized heir, the value of which the person intends to be deducted from the child's or heir's eventual share in the estate after the giver's death. when we closed and funded our $1 billion single-seller, asset-backed commercial paper conduit conduit /con·du·it/ (kon´doo-it) channel. ileal conduit the surgical anastomosis of the ureters to one end of a detached segment of ileum, the other end being used to form a stoma on the . With this new credit facility, we further diversified diversified (di·verˑ·s our warehouse financing sources, decreased our funding costs, and increased our total funding capacity to $5 billion." Second Quarter Operational Highlights --Record quarterly mortgage origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real volume of $4.1 billion, compared to $3.4 billion in Q2 2004, an increase of 23.3%. --Loans on-balance sheet reached a record principal balance of $8.2 billion at June 30, 2005, an increase of $2.9 billion, or 54.4%, from June 30, 2004. --Whole loan sales of $2.8 billion, compared to $1.9 billion in Q2 2004, an increase of 48.7%. --Portfolio income (net interest income after provision) of $53.7 million, compared to $38.7 million in Q2 2004, an increase of 38.5%. As a percentage of total net revenues, portfolio income increased to 37.4% in Q2 2005 from 32.8% in Q2 2004. The company estimates that this ratio is also representative of the portfolio's contribution to profitability.
Financial Summary ($000)
% Change % Change
from from
Q2 2005 Q2 04 YTD 2005 YTD 04
Total Net Revenues $ 143,682 21.8% $ 266,720 27.9%
Total Expenses 75,117 23.4% 143,171 25.8%
Income before Tax/Dividend $ 68,565 20.0% $ 123,549 30.5%
Net Income $ 39,572 15.4% $ 70,859 24.8%
The 21.8% increase in total net revenues from Q2 2004 to Q2 2005 resulted primarily from increases in net interest income and gain on sale of loans. Net interest income after provision increased 38.5% from $38.7 million in Q2 2004 to $53.7 million in Q2 2005, primarily due to the increased loan portfolio, partially offset by a smaller net interest margin percentage. While the weighted average coupon Weighted average Coupon The weighted average of the gross interest rates of mortgages underlying a pool as of the pool issue date; the balance of each mortgage is used as the weighting factor. increased during the quarter, it was more than offset by higher borrowing costs. The increase in the size of the loan portfolio from Q2 2004 resulted from four quarterly securitizations structured as financings and higher loans held for sale and securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. . The gain on sale of loans increased 10.5% from $77.6 million in Q2 2004 to $85.8 million in Q2 2005 primarily due to higher volume of whole loan sales for cash. The company's average whole loan premiums, net of hedging hedging, in commerce, method by which traders use two counterbalancing investment strategies so as to minimize any losses caused by price fluctuations. It is generally used by traders on the commodities market. , decreased from 4.29% in Q2 2004 to 3.12% in Q2 2005. The 3.12% gain does not include a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. gain of $2.6 million (0.09%) associated with the sale of the loans acquired in the clean-up clean-up n → nettoyage m clean-up clean n to give sth a clean-up → etw gründlich sauber machen clean-up n call of the company's 2000-1 securitization. Additional detail on this calculation can be found in the Financial Summary at the end of this release. These lower gains resulted primarily from lower interest rate margins, reflecting stiff Stiff may refer to:
Total operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. increased 23.4% from $60.9 million in Q2 2004 to $75.1 million in Q2 2005, due primarily to an increase in costs associated with larger loan volume. Compensation expense increased by 24.7% from $39.9 million in Q2 2004 to $49.7 million in Q2 2005 due primarily to the growth in the number of employees and increased commission and bonus costs related to higher loan originations The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , offset in part by greater efficiency. General, administrative, and other expenses increased by 21.1% from $21.0 million in Q2 2004 to $25.4 million in Q2 2005 due to increases in loan volume, number of staff, and number of locations. Loan Originations The company originated $4.1 billion of mortgage loans for the quarter ended June 30, 2005, compared to $3.4 billion of mortgage loan originations in Q2 2004, an increase of 23.3%. Wholesale and retail originations for the quarter represented 91% and 9%, respectively, of total loan production, generally consistent with prior periods. The company's net cost to originate mortgage loans was 1.73% for the quarter, compared to 1.76% in Q2 2004 and 1.96% in Q1 2005. Management believes this measurement is beneficial to investors because it provides a measurement of the efficiency of the origination process. Additional detail on this calculation can be found in the Financial Summary at the end of this release. Loan Dispositions During Q2 2005, $2.8 billion of mortgage loans were sold in whole loan sales for cash, and $1.0 billion of mortgage loans were securitized securitized Of, related to, or being debt securities that are secured with assets. For example, mortgage purchase bonds are secured by mortgages that have been purchased with the bond issue's proceeds. . The company's average whole loan premiums, net of hedging, decreased from 4.29% in Q2 2004 to 3.12% in Q2 2005. At the end of the second quarter, $741.7 million of mortgage loans were held for a third quarter 2005 securitization, and $2.2 billion of mortgage loans were held for sale. Portfolio Performance and Loan Servicing Loan servicing is the process by which a mortgage bank or subservicing firm collects the timely payment of interest and principal from borrowers. The level of service varies depending on the type loan and the terms negotiated between the firm and the investor seeking their services. The company's serviced portfolio, including $113.5 million of liquidating off-balance sheet securitizations, totaled $8.3 billion at June 30, 2005. The serviced portfolio increased 49.9% from $5.5 billion at June 30, 2004. This was primarily due to the company's quarterly securitization program and an increase in the loans held for disposition Act of disposing; transferring to the care or possession of another. The parting with, alienation of, or giving up of property. The final settlement of a matter and, with reference to decisions announced by a court, a judge's ruling is commonly referred to as disposition, regardless of . Delinquent delinquent 1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent. DELINQUENT, civil law. He who has been guilty of some crime, offence or failure of duty. loans (30 or more days past due, including foreclosures and real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most ) were 1.79% of the serviced portfolio at June 30, 2005, and 1.72%, 1.74%, and 1.47% for the three previous quarters, respectively. Liquidity The company had $5.0 billion in total warehouse credit capacity at June 30, 2005, including $1 billion in its newly created asset-backed commercial paper conduit, and $236.7 million in available cash and additional liquidity. At the end of June, the company had used $2.7 billion of this capacity. Adjusted Leverage In managing its capital structure, the company adds its REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). subsidiary preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. , which is reflected as minority interest on the consolidated balance sheet consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. , to stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. to determine an adjusted leverage ratio, which was 14.4 times at June 30, 2005. Additional detail concerning the company's leverage measures can be found in the Financial Summary at the end of this release. Business Outlook The following statements are forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. and actual results may differ materially from those projected or contemplated in this release. For a more complete description of certain risk factors that may impact actual results, please see the Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. section of this news release and the company's annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for fiscal year 2004 filed with the Securities and Exchange Commission ("SEC"). Earnings Guidance As a result of the anticipated gain associated with the sale of loans acquired in the clean-up call and strong origination volume during the quarter, the company limited whole loan sales and retained more of current quarter production in the on-balance sheet portfolio. The increase in the portfolio and the company's strong results for the first half of 2005 provide the basis for earnings guidance of $1.85 per share for the third quarter of 2005 and an increase in the company's guidance for the total year 2005 from $6.90 to $7.05 per share. The forecast for the balance of 2005 assumes: --Modest origination growth from an expanding platform --Continued increases in short-term interest rates Short-term interest rates Interest rates on loan contracts-or debt instruments such as Treasury bills, bank certificates of deposit or commerical paper-having maturities of less than one year. Often called money market rates. --Strong portfolio growth --Stiff competition in the non-prime mortgage origination market --Continued focus on the cost of origination Conference Call Accredited will host a conference call for analysts and investors on Aug. 2, 2005 at 11:00 a.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT (8:00 a.m. PDT PDT abbr. Pacific Daylight Time PDT Pacific Daylight Time PDT n abbr (US) (= Pacific Daylight Time) → hora de verano del Pacífico PDT ) to discuss the company's financial results for the second quarter of 2005. Those individuals who would like to participate on the conference call should contact Mitzi Gimenez, investor relations Investor relations The process by which the corporation communicates with its investors. manager, at 858-676-2155 to receive details regarding the call. The call is being web cast by CCBN CCBN Central Coast Bancorp CCBN Charles County Business Network and can be accessed live at Accredited's website -- www.accredhome.com. A replay of the conference call will be archived on the company's website. Forward-Looking Statements Certain matters discussed in this news release constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include statements regarding the company's expected net earnings for the third quarter and full year 2005, projected growth and expenses, and anticipated securitizations; the company's liquidity; the company's outlook on interest rates and the competitive and regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. environments; and the company's intended loan disposition strategy. Actual results and the timing of certain events could differ materially from those projected in or contemplated by these forward-looking statements due to a number of factors, including but not limited to: interest rate volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the and the level of interest rates generally; the nature and amount of competition and the availability of alternative loan products not offered by the company; general political and economic conditions; the sustainability of loan origination volumes; the availability of financing for the origination of mortgage loans; the ability of the company to sell or securitize Securitize The practice of a company selling accounts receivables or other debts owed to it. The third party that buys the debt assumes ownership of it and the responsibility for collecting the debts, and keeps the repayments when made. mortgage loans; the company's ability to grow its portfolio; the ability of the company to manage costs; and other risk factors as outlined in Accredited Home Lenders Holding Co.'s annual report on Form 10-K for fiscal year 2004, its report on Form 10-Q Form 10-Q See 10-Q. for the first quarter of 2005, and other documents filed with the SEC. About Accredited Accredited Home Lenders Holding Co. is a nationwide mortgage banking company that originates, finances, securitizes, services, and sells non-prime mortgage loans secured by residential real estate. Founded in 1990, the company is headquartered in San Diego. Additional information may be found at www.accredhome.com.
Accredited Home Lenders: Financial Summary (Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------ -------------------
2005 2004 2005 2004
--------- -------- --------- ---------
(dollars in thousands)
Income Statement:
Interest income $141,154 $84,673 $266,047 $145,299
Interest expense (68,124) (28,093) (122,451) (49,023)
--------- -------- --------- ---------
Net Interest income 73,030 56,580 143,596 96,276
Provision for losses (19,360) (17,843) (37,297) (25,292)
--------- -------- --------- ---------
Net interest income after
provision 53,670 38,737 106,299 70,984
Gain on sale of loans 85,780 77,619 152,243 132,349
Other income 4,232 1,657 8,178 5,125
--------- -------- --------- ---------
Total net revenues 143,682 118,013 266,720 208,458
--------- -------- --------- ---------
Salaries, wages, and benefits 49,696 39,858 92,123 75,113
General, administrative, and
other expenses 25,421 20,998 51,048 38,678
--------- -------- --------- ---------
Total operating expenses 75,117 60,856 143,171 113,791
--------- -------- --------- ---------
Income before income taxes
and minority interest 68,565 57,157 123,549 94,667
Income tax provision 26,499 22,863 47,701 37,867
Minority interest --
dividends on preferred
stock of subsidiary 2,494 -- 4,989 --
--------- -------- --------- ---------
Net income $39,572 $34,294 $70,859 $56,800
========= ======== ========= =========
Basic earnings per share $1.89 $1.70 $3.39 $2.80
========= ======== ========= =========
Diluted earnings per share $1.81 $1.60 $3.24 $2.65
========= ======== ========= =========
Weighted average shares
outstanding:
Basic 20,982 20,194 20,917 20,269
========= ======== ========= =========
Diluted 21,872 21,459 21,860 21,402
========= ======== ========= =========
Three Months Ended Six Months Ended
June 30, June 30,
----------------------- -----------------------
2005 2004 2005 2004
----------- ----------- ----------- -----------
(dollars in thousands)
Other Data:
Originations:
Wholesale $3,775,726 $3,072,808 $6,685,556 $5,220,359
Retail & Other 363,695 284,310 683,738 518,517
----------- ----------- ----------- -----------
Total mortgage loan
originations $4,139,421 $3,357,118 $7,369,294 $5,738,876
Weighted average
coupon rate of
mortgage loan
originations 7.64% 7.14% 7.61% 7.20%
Weighted average
credit score(1) 638 645 638 641
Loan sales and
securitizations:
Whole loan sales $2,831,815 $1,903,940 $4,936,782 $3,483,756
Mortgage loans
securitized 1,007,809 707,200 1,925,038 1,212,125
----------- ----------- ----------- -----------
Total loan sales and
securitizations $3,839,624 $2,611,140 $6,861,820 $4,695,881
Net profit margin on
whole loan sales:
Gain on whole loan
sales(2) 3.16% 3.98% 3.06% 4.00%
Net gain (loss) on
derivatives(2) -0.04% 0.31% 0.12% 0.01%
----------- ----------- ----------- -----------
Net premium received
on whole loan
sales(2) 3.12% 4.29% 3.18% 4.01%
Net origination
points and fees 0.34% 0.42% 0.36% 0.43%
Loan origination
expenses -2.07% -2.18% -2.19% -2.38%
----------- ----------- ----------- -----------
Net cost to
originate(3) -1.73% -1.76% -1.83% -1.95%
----------- ----------- ----------- -----------
Net profit margin on
whole loan sales 1.39% 2.53% 1.35% 2.06%
=========== =========== =========== ===========
Annualized losses on
serviced portfolio as
a percentage of
average serviced
assets 0.26% 0.32% 0.26% 0.36%
Net interest margin
components(4)
Warehouse
Interest income 7.56% 7.11% 7.50% 7.20%
Interest expense -4.32% -2.63% -4.19% -2.67%
----------- ----------- ----------- -----------
Spread 3.24% 4.48% 3.31% 4.53%
=========== =========== =========== ===========
Securitizations
Interest income 7.65% 7.64% 7.61% 7.37%
Interest expense -3.67% -2.45% -3.45% -2.48%
----------- ----------- ----------- -----------
Spread 3.98% 5.19% 4.16% 4.89%
=========== =========== =========== ===========
Net Interest Margin 3.94% 4.93% 4.09% 4.83%
At June 30, At December 31, At June 30,
------------- --------------- -------------
2005 2004 2004
------------- --------------- -------------
(dollars in thousands)
Serviced Portfolio:
Loans held for sale $2,211,246 $1,816,145 $1,990,991
Loans held for
investment 5,963,211 4,744,433 3,303,044
Loans sold servicing
retained or
securitized/off balance
sheet 113,460 171,002 234,006
------------- --------------- -------------
Total serviced portfolio
at period end $8,287,917 $6,731,580 $5,528,041
============= =============== =============
Total delinquent at period
end(5) 1.79% 1.74% 1.40%
Total number of employees 2,503 2,694 2,193
(1) Represents borrowers' credit score at origination obtained from
one or more of the three principal credit bureaus. The three and
six months ended June 30, 2004 FICO scores reflect corrected
second quarter FICO scores.
(2) The percentages are calculated based upon the respective amounts
divided by total whole loans sales. See reconciliation table
below.
(3) Net cost to originate is defined as total operating expenses,
less loan servicing related costs, plus yield spread premiums,
less points and fees collected, all prior to any deferrals of
origination costs for accounting purposes. See reconciliation
table below.
(4) Interest income and interest expense are shown as annualized
percentages of the average outstanding balances of mortgage loans
and debt, respectively. Net interest margin is interest income
less interest expense, expressed as an annualized percentage of
the outstanding balance of mortgage loans.
(5) Delinquent is defined as loans that are 30 or more days
delinquent, including loans in foreclosure and loans converted
into real estate owned (REO).
At June 30, At December 31, At June 30,
------------- --------------- -------------
2005 2004 2004
------------- --------------- -------------
(dollars in thousands)
Balance Sheet Data:
Cash $112,159 $39,744 $37,997
Mortgage loans held for
sale, net 2,190,054 1,790,134 1,968,641
Mortgage loans held for
investment, net 5,874,220 4,690,758 3,258,428
Other receivables 75,567 57,658 45,139
Other assets 95,686 110,083 107,283
------------- --------------- -------------
Total Assets $8,347,686 $6,688,377 $5,417,488
============= =============== =============
Warehouse credit
facilities $1,720,125 $2,204,860 $2,501,605
Asset-backed commercial
paper 988,538 -- --
Securitization bond
financing 5,044,210 3,954,115 2,563,389
Other liabilities 54,453 68,925 76,565
------------- --------------- -------------
Total Liabilities 7,807,326 6,227,900 5,141,559
Minority interest --
preferred securities
of subsidiary 97,922 97,922 --
Total Stockholders'
Equity 442,438 362,555 275,929
------------- --------------- -------------
Total Liabilities and
Stockholders' Equity $8,347,686 $6,688,377 $5,417,488
============= =============== =============
Regulation G Disclosures
A[micro] Information on net premium received on whole loan sales, net cost
to originate, and adjusted leverage appearing elsewhere in this
release may fall under the Securities and Exchange Commission's
definition of "non-GAAP financial measures." Management believes that
these calculations, taken in context with the other information
reported in this release, provide investors with a better
understanding of the efficiency of the company's loan generating
platform and the relevant measurement of the company's debt level. A
reconciliation of how net premium received on whole loan sales, net
cost to originate, and adjusted leverage are calculated is set forth
below.
Regulation G Disclosure related to Gain on Sale
Three Months Ended Six Months Ended
June 30, June 30,
----------------------- -----------------------
2005 2004 2005 2004
----------- ----------- ----------- -----------
(dollars in thousands)
Whole loan sales $2,831,815 $1,903,940 $4,936,782 $3,483,756
Gross gain on whole
loan sales $89,386 $75,843 $151,423 $139,110
Gain on sale of loans
acquired in clean-up
call 2,646 - 2,646 -
Net gain (loss) on
derivatives (998) 5,820 5,764 432
Provision for premium
recapture (1,409) (947) (2,463) (1,553)
Net origination points
and fees 8,896 8,061 17,213 15,893
Direct loan
origination expenses (12,741) (11,158) (22,340) (21,533)
----------- ----------- ----------- -----------
Total net gain on
sale of loans $85,780 $77,619 $152,243 $132,349
Average whole
loan premium
Gross gain on whole
loan sales $89,386 $75,843 $151,423 $139,110
Net gain (loss) on
derivatives (998) 5,820 5,764 432
----------- ----------- ----------- -----------
Net premium
received on whole
loan sales $88,387 $81,663 $157,187 $139,542
As % of whole
loan sales(1)
Gross gain on whole
loan sales 3.16% 3.98% 3.06% 4.00%
Net gain (loss) on
derivatives -0.04% 0.31% 0.12% 0.01%
----------- ----------- ----------- -----------
Net premium
received on whole
loan sales 3.12% 4.29% 3.18% 4.01%
(1) Reflects the cash premium that we receive on our whole loan sales.
The percentages are determined by dividing the gain by whole loan
sales.
Regulation G Disclosure related to Net Cost to Originate
Three Months Ended Six Months Ended
June 30, June 30,
----------------------- -----------------------
2005 2004 2005 2004
----------- ----------- ----------- -----------
(dollars in thousands)
Total mortgage loan
originations $4,139,421 $3,357,118 $7,369,294 $5,738,876
Total operating
expenses $75,117 $60,856 $143,171 $113,791
Add deferred direct
loan origination
expenses 16,536 15,348 29,926 28,573
Less servicing cost(1) (5,803) (3,063) (11,527) (5,896)
----------- ----------- ----------- -----------
Loan origination
expenses 85,850 73,141 161,570 136,468
as % of volume 2.07% 2.18% 2.19% 2.38%
Less deferred net
origination points
and fees (14,328) (14,101) (26,902) (24,595)
----------- ----------- ----------- -----------
Net cost to
originate $71,522 $59,040 $134,668 $111,873
=========== =========== =========== ===========
as % of volume 1.73% 1.76% 1.83% 1.95%
(1) Servicing cost consists of direct expenses and allocated corporate
overhead included in operating expenses.
Regulation G Disclosure related to Adjusted Leverage
At June 30, At December 31, At June 30,
------------ --------------- -----------
2005 2004 2004
------------ --------------- -----------
(dollars in thousands)
Total Liabilities $7,807,326 $6,227,900 $5,141,559
Minority interest --
preferred securities of
subsidiary 97,922 97,922 -
Total Stockholders' Equity 442,438 362,555 275,929
------------ --------------- -----------
Total Minority Interest and
Stockholders' Equity $540,360 $460,477 $275,929
Ratio of Total Liabilities
divided by Minority Interest
+ Stockholders' Equity 14.4 13.5 18.6
Ratio of Total Liabilities
divided by Stockholders'
Equity 17.6 17.2 18.6
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