CITYSCAPE ADJUSTS 1995 NET INCOME TO $11.6 MILLION.ELMSFORD, N.Y.--(BUSINESS WIRE)--April 2, 1996--Cityscape Financial Corp. (Nasdaq:CTYS CTYS Chat to You Soon ) today announced that, as a result of reduced earnings from a partnership interest and an extraordinary charge related to the early extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of debt, the Company's previously reported net earnings for the year ended December 31, 1995 have been adjusted to $11.6 million, or $0.97 per share, from $12.1 million, or $1.02 per share. Earnings before the extraordinary item totaled $11.9 million, or $1.00 per share. The adjusted 1995 figures remain substantially in excess of the net earnings of $403,000, or $0.04 per share reported by Cityscape (company) CityScape - A re-seller of Internet connections to the PIPEX backbone. E-Mail: <sales@cityscape.co.uk>. Address: CityScape Internet Services, 59 Wycliffe Rd., Cambridge, CB1 3JE, England. Telephone: +44 (1223) 566 950. for the year ended December 31, 1994. The adjusted amounts were reported in Cityscape's 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. , filed April 1, 1996. For the fourth quarter ended December 31, 1995, net earnings have been adjusted to $4.4 million, or $0.33 per share, from $4.9 million, or $0.38 per share as previously reported. Net earnings before the extraordinary charge were $4.7 million, or $0.36 per share. The 1994 fourth quarter results were net income of $647,000, or $0.06 per share. The adjustment reflects two non-operating items. The first is a reduction in partnership earnings of approximately $570,000 relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Cityscape's participation in a partnership which recently adjusted its previously reported operating results to recognize a charge related to a financing arrangement. The second adjustment is an extraordinary after-tax charge of $296,000 recognized in connection with the early extinguishment of subordinated debentures subordinated debenture An unsecured bond with a claim to assets that is subordinate to all existing and future debt. Thus, in the event that the issuer encounters financial difficulties and must be liquidated, all other claims must be satisfied before . Cityscape Financial Corp. is a consumer finance company which, through its wholly-owned subsidiaries, Cityscape Corp. and City Mortgage Corporation Ltd., is engaged in the business of originating, purchasing, selling and servicing home equity mortgage loans, secured primarily by one-to-four family residences, in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and the United Kingdom. Cityscape Corp. was founded in 1985 and is headquartered in Elmsford, New York Elmsford is a village in Westchester County, New York, United States. The population was 4,676 at the 2000 census. As a village, it is located in the Town of Greenburgh. The village is named after a large elm tree that once grew in the community. , with regional processing offices in Georgia Georgia, country, Asia Georgia (jôr`jə), Georgian Sakartvelo, Rus. Gruziya, officially Republic of Georgia, republic (2005 est. pop. 4,677,000), c.26,900 sq mi (69,700 sq km), in W Transcaucasia. , Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). and Illinois. -0-
CITYSCAPE FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share data)
Three Months Ended Year Ended
December 31, December 31,
1995 1994 1995 1994
REVENUES: (unaudited) (unaudited) (audited) (audited) Gain on sale of loans $14,426 $2,437 $38,198 $5,691 Net mortgage origination income 743 707 2,963 2,552 Interest 3,035 1,098 6,706 1,900 Servicing income 468 137 777 414 Earnings from partnership (268) 391 482 391 Other 263 -0- 384 227 Total Revenues 18,667 4,770 49,510 11,175 COSTS AND EXPENSES: Salaries and benefits 4,255 1,612 12,165 4,280 Interest expense 1,841 767 4,610 1,563 Selling expenses 1,620 174 2,895 588 Other operating expenses 2,195 1,065 6,581 2,890 Amortization of intangibles 494 - 494 - Total costs and expenses 10,405 3,618 26,745 9,321 Earnings before minority interest, income taxes & extraordinary item 8,262 1,152 22,765 1,854 Minority interest - - 2,379 - Earnings before income taxes & extraordinary item 8,262 1,152 20,386 1,854 Income taxes 3,605 505 8,515 1,450 Earnings before extraordinary item 4,657 647 11,871 403 Loss from extinguishment of debt, net of taxes (296) -- (296) -- Net income $4,361 $647 $11,575 $ 403 Earnings per share before extraordinary item(1) $0.36 $0.06 $1.00 $0.04 Extraordinary item (1) (0.03) -- (0.03) -- Earnings per share (1) $0.33 $0.06 $0.97 $0.04 Weighted average number of shares outstanding (1) 13,038 10,280 11,919 10,280 (1) All per share results give effect to a 2-for-1 stock split effected September 29, 1995. CONTACT: Robert C. Patent, EVP EVP Executive Vice President EVP EGR (Exhaust Gas Recirculation) Valve Position Sensor EVP Electronic Voice Phenomenon EVP Europäische Volkspartei (Germany) EVP Employee Value Proposition Tim S. Ledwick, CFO See Chief Financial Officer. Cityscape Financial Corp. (914) 592-6677 or Michele Katz/Jeffrey Luth/ Press: Paul Steidler/Jackie Day Morgen-Walke Associates (212) 850-5600 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion