Anthracite Capital Updates First Quarter Earnings.Business Editors NEW YORK--(BUSINESS WIRE)--May 7, 2004 Anthracite anthracite (ăn`thrəsīt'): see coal. anthracite or hard coal Coal containing more fixed carbon than any other form of coal and the lowest amount of volatile (quickly evaporating) material, giving it the Capital, Inc. (NYSE NYSE See: New York Stock Exchange : AHR AHR Aryl Hydrocarbon Receptor AHR American Historical Review (Journal of the American History Association) AHR Anchor AHR airway hyper-responsiveness AHR Assisted Human Reproduction AHR Air-Conditioning Heating Refrigeration ) (the "Company" or "Anthracite") today revised its previously announced earnings for the three-month period ended March 31, 2004, as a result of an error made by the Company's transfer agent. Although there is an impact to net income available (loss) to common stockholders as a result of the transfer agent's error, the Company's Operating Earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before of $0.28 per share were not affected. Subsequent to the earnings release, the Company received notification from the transfer agent that they had incorrectly in·cor·rect adj. 1. Not correct; erroneous or wrong: an incorrect answer. 2. Defective; faulty: incorrect programming of the computer. 3. converted 111,000 shares of the Company's Series B 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. into 162,388 shares of Anthracite common stock instead of redeeming re·deem tr.v. re·deemed, re·deem·ing, re·deems 1. To recover ownership of by paying a specified sum. 2. To pay off (a promissory note, for example). 3. such shares as intended by the holder. Adjusting for the redemption The liberation of an estate in real property from a mortgage. Redemption is the process by which land that has been mortgaged or pledged is bought back or reclaimed. It is accomplished through a payment of the debt owed or a fulfillment of the other conditions. , the amount of the one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charge for the Company's Series B Preferred Stock redemption increased by $663,000 to $10,508,000 or $0.21 per share from $9,845,000 or $0.20 per share. As a result, the Company's net loss to common stockholders for the three months ended March 31, 2004 was $0.01 per share as compared to $0.00 as previously reported. All adjustments made to the previously released Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Statements of Financial Condition and Consolidated Statements of Operations subsequent to the Company's earnings release are reflected in the statements attached hereto here·to adv. To this document, matter, or proposition. hereto Adverb Formal or law to this place, matter, or document Adv. 1. . Forward Looking Statements This press release may contain 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. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and with respect to future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as "trend," "opportunity," "pipeline," "believe," "comfortable," "expect," "anticipate," "current," "intention," "estimate," "position," "assume," "potential," "outlook," "continue," "remain," "maintain," "sustain," "seek," "achieve," and similar expressions, or future or conditional Subject to change; dependent upon or granted based on the occurrence of a future, uncertain event. A conditional payment is the payment of a debt or obligation contingent upon the performance of a certain specified act. verbs such as "will," "would," "should," "could," "may" or similar expressions. Anthracite cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and Anthracite assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. In addition to factors previously disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). in Anthracite's Securities and Exchange Commission (the "SEC") reports and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: (1) the introduction, withdrawal, success and timing of business initiatives and strategies; (2) changes in political, economic or industry conditions, the interest rate environment or financial and capital markets, which could result in changes in the value of Anthracite's assets; (3) the relative and absolute investment performance and operations of Anthracite's manager; (4) the impact of increased competition; (5) the impact of capital improvement projects; (6) the impact of future acquisitions or divestitures; (7) the unfavorable resolution of legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. ; (8) the extent and timing of any share repurchases Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. ; (9) the impact, extent and timing of technological changes and the adequacy of intellectual property protection; (10) the impact of legislative 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. actions and reforms and regulatory, supervisory su·per·vi·sor n. 1. One who supervises. 2. One who is in charge of a particular department or unit, as in a governmental agency or school system. 3. One who is an elected administrative officer in certain U.S. or enforcement actions of government agencies relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Anthracite, BlackRock BlackRock Inc. (NYSE: BLK) is a major American investment management firm. As of September 30, 2007, BlackRock’s assets under management totaled $1.3 trillion[2] across fixed income, liquidity, equity, alternative investment and real estate strategies. or PNC PNC Purdue University North Central (Westville, Indiana) PnC Point 'n Click PNC Police National Computer PNC People's National Congress (Guyana) PNC People's National Congress ; (11) terrorist activities and international hostilities hos·til·i·ty n. pl. hos·til·i·ties 1. The state of being hostile; antagonism or enmity. See Synonyms at enmity. 2. a. A hostile act. b. hostilities Acts of war; overt warfare. , which may adversely affect the general economy, real estate, financial and capital markets, specific industries, and Anthracite and BlackRock; (12) the ability of Anthracite's manager to attract and retain highly talented professionals; (13) fluctuations in foreign currency exchange rates; and (14) the impact of changes to tax legislation and, generally, the tax position of the company. Anthracite'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 the year ended December December: see month. 31, 2003 and Anthracite's subsequent reports filed with the SEC, accessible on the SEC's website at www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. , identify additional factors that can affect forward-looking statements. To learn more about Anthracite, visit our website at www.anthracitecapital.com.
Anthracite Capital, Inc. and Subsidiaries
Consolidated Statements of Financial Condition (Unaudited)
(in thousands, except per share data)
March 31, Dec. 31,
2004 2003
---------- ----------
ASSETS
Cash and cash equivalents $ 17,264 $ 20,805
Restricted cash equivalents 15,389 12,845
Residential mortgage backed securities 708,105 753,219
---------- ----------
Cash and RMBS 740,758 786,869
Commercial real estate securities 1,472,636 1,366,508
Commercial mortgage loan pools 1,222,103 -
Commercial real estate loans 122,263 97,984
---------- ----------
Total Commercial real estate 2,817,002 1,464,492
Receivable for investments sold 100,662 99,056
Other assets 48,666 48,429
---------- ----------
Total Assets $3,707,088 $2,398,846
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Borrowings:
Secured by pledge of residential
mortgage backed securities $ 648,525 $ 670,874
Secured by pledge of commercial real
estate securities 134,467 444,987
Secured by pledge of commercial real
estate loans 7,430 22,710
---------- ----------
Total short term borrowings 790,422 1,138,571
Long term Borrowings: Collateralized debt
obligations 1,057,522 684,970
---------- ----------
Total borrowings $1,847,944 $1,823,541
Due to REMIC Trust 1,199,034 -
10% Series B Preferred Stock - called for
redemption 43,930 -
Securities sold, not yet settled 101,234 99,551
Payable for investments purchased 49,301 -
Distributions payable 15,059 14,749
Other liabilities 48,451 43,575
---------- ----------
Total Liabilities $3,304,953 $1,981,416
---------- ----------
Stockholders' Equity:
Common Stock, par value $0.001 per share;
400,000 shares authorized;
50,572 shares issued and outstanding in
2004; and 49,464 shares issued and
outstanding in 2003 $ 51 $ 49
10% Series B Preferred Stock, liquidation
preference $43,942 in 2003 - 33,431
9.375% Series C Preferred Stock,
liquidation preference $57,500 in 2004
and 2003 55,435 55,435
Additional paid-in capital 549,199 536,333
Distributions in excess of earnings (116,460) (101,635)
Accumulated other comprehensive loss (86,090) (106,183)
---------- ----------
Total Stockholders' Equity 402,135 417,430
---------- ----------
Total Liabilities and Stockholders'
Equity $3,707,088 $2,398,846
========== ==========
Anthracite Capital, Inc.
Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
For the Three
Months Ended
March 31,
----------------------
2004 2003
----------------------
Operating Portfolio
Interest Income:
Commercial real estate securities $ 29,185 $ 19,953
Commercial real estate loans 3,074 2,409
Residential mortgage backed securities 6,717 20,285
Cash and cash equivalents 88 176
---------- ----------
Total interest income $ 39,064 $ 42,823
---------- ----------
Expenses:
Interest expense:
Collateralized debt obligations 11,167 10,913
Commercial real estate securities 2,027 478
Commercial real estate loans 148 112
Residential mortgage backed securities 1,927 4,949
Hedging Expense 4,631 2,991
General and administrative 602 582
Incentive fee - -
Management fee 2,130 2,577
---------- ----------
Total expenses $ 22,632 $ 22,602
---------- ----------
Income from the Operating Portfolio $ 16,432 $ 20,221
---------- ----------
Other loss:
Realized loss (4,723) (8,531)
Unrealized gain (loss) 1,553 (1,731)
Hedge ineffectiveness (973) (262)
---------- ----------
Total other loss $ (4,143) $ (10,524)
---------- ----------
Net Income 12,289 9,697
---------- ----------
Dividends on preferred stock 2,446 1,195
Cost to retire preferred stock in excess of
carrying value 10,508 -
---------- ----------
Net Income available (Loss) to Common
Stockholders $ (665) $ 8,502
========== ==========
Operating Earnings available to Common
Stockholders per share:
Basic $ 0.28 $ 0.40
Diluted $ 0.28 $ 0.40
Net Income (Loss) available to Common
Stockholders per share, basic $ (0.01) $ 0.18
Net Income (Loss) available to Common
Stockholders per share, diluted $ (0.01) $ 0.18
Weighted average number of shares
outstanding:
Basic 49,837 47,592
Diluted 49,846 47,622
Operating Earnings:
Income from the operating portfolio $ 16,432 $ 20,221
Dividends on preferred (2,446) (1,195)
---------- ----------
Net operating earnings $ 13,986 $ 19,026
========== ==========
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