Cityscape Reports Third Quarter Results.ELMSFORD, N.Y.--(BUSINESS WIRE)--Nov. 14, 1997-- Net Loss Results From Revaluation Revaluation A calculated adjustment to a country's official exchange rate relative to a chosen baseline. The baseline can be anything from wage rates to the price of gold to a foreign currency. In a fixed exchange rate regime, only a decision by a country's government (i.e. of Security Portfolio and One-Time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. Charges Company Announces Executive Appointments Makes Significant Initiatives to Enhance Cash Flow and Liquidity Retains Loan Sub-Servicer to Assist with 90-Day-Plus 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 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. Financial Corp. (Nasdaq: CTYS CTYS Chat to You Soon ) today announced fiscal third quarter results. The Company notes that it has taken substantive steps to achieve the objectives of improved liquidity, restored profitability and continued growth within its core 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 businesses in the US and the UK. Cityscape continues to work with its investment banking advisor, Bear, Stearns & Co. Inc., to evaluate strategic alternatives to improve liquidity and enhance shareholder value. The Company also announced that Steven Ste´ven n. 1. Voice; speech; language. Ye have as merry a steven As any angel hath that is in heaven. - Chaucer. 2. An outcry; a loud call; a clamor. To set steven to make an appointment. M. Miller, age 41, has been appointed President and Chief Executive Officer of Cityscape Financial Corp., the parent company, and that Peter S. Kucma, age 47, has been appointed President of Cityscape Corp., the Company's wholly-owned domestic operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. . Mr. Miller succeeds Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. Grosser, who has resigned his positions as President 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. of Cityscape Financial Corp. and as President of Cityscape Corp. Mr. Grosser will continue to serve as interim Chairman of the Board. "As a result of recent rating agency downgrades of the Company's outstanding debt securities and the sharp decline in the Company's Common Stock price, we have implemented some major changes in the way we do business," said Steven M. Miller, President and CEO of Cityscape. "Improved liquidity, reestablished profitability and restored confidence in the Company are our top near-term near-term adj. Of, for, or involving a short period of time in the near future. priorities." The Company has taken the following actions: 1. Cityscape has signed an agreement to retain Ocwen Federal Bank FSB (FrontSide Bus) See system bus. FSB - front side bus as a special loan servicer  This article or section is in need of attention from an expert on the subject.Please help recruit one or [ improve this article] yourself. See the talk page for details. to sub-service approximately $75 million of the Company's 90-day-plus delinquent domestic loans. This agreement is subject to the approval of certain of Cityscape's bond insurers and its rating agencies. Ocwen is a subsidiary of Ocwen Financial Corporation, an established leader in the management and resolution of underperforming loans. The Company will also seek to liquidate To pay and settle the amount of a debt; to convert assets to cash; to aggregate the assets of an insolvent enterprise and calculate its liabilities in order to settle with the debtors and the creditors and apportion the remaining assets, if any, among the stockholders or owners of the an additional $19 million of 90-day-plus delinquent loans. 2. The Company is actively pursuing the addition of whole loan sales to its loan sale mix. Whole loan sales are immediately cash flow positive because, when the Company sells loans through whole loan sales, it receives a cash premium at the time of sale. 3. The Company is continuing its organizational review of its UK operations and is instituting a number of initiatives to improve efficiency and productivity, which to date has resulted in the reduction of 52 employees or approximately 9% of the Company's total UK workforce. 4. Initiatives designed to improve the efficiency and productivity of the Company's US operations have resulted in a reduction in its US workforce of 81 employees, or approximately 9%, with staffing levels reduced from 924 as of June June: see month. 30, 1997 to 843 as of October October: see month. 31, 1997. 5. The Company will seek to sell for cash its US home equity residual interests Residual Interest A type of interest payment received by investors in a real estate mortgage investment conduit (REMIC). Notes: Investors receive interest payments after all required regular interest has been paid to investors within higher priority tranches. . Cityscape reported a net loss applicable to Common Stock of ($70.7) million or ($2.18) per share for the quarter ended September September: see month. 30, 1997, compared to net earnings of $14.4 million or $0.43 per fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share in the third quarter of 1996. During the third quarter of 1997, the Company recorded a one-time, pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta charge of $95.1 million. Included in this charge is a $57.7 million write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of the home equity residuals resulting from the Company's intention to sell these residuals. The valuation of these residuals is now based on the Company's estimate of the net realizable value Net realizable value (NRV) is a commonly used method of evaluating an asset's worth in the field of inventory accounting. NRV is part of GAAP rules that apply to valuing inventory, so as to not overstate or understate the value of inventory goods. in an immediate cash sale, although there can be no assurances that such value will be achieved, as opposed to the fair value as previously recorded on the Company's balance sheet. Also included in this one-time charge is a $13.0 million pre-tax charge related to a change in assumptions used to value the Company's residuals retained on its outstanding Sav*-A-Loan(R) high LTV LTV See: Loan-to-value ratio product securitizations. In its review of the fair value of the Sav*-A-Loan(R) residuals, the Company revised its assumptions used to calculate the gain based upon the experience of its 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. Sav*-A-Loan(R) pools as well as information available in the marketplace for similar pools and, accordingly, has increased the loss expectations and discount rate. During the quarter, the Company recorded a $22.0 million writedown writedown A reduction in the value of an asset carried on a firm's financial statements. For example, the firm's accountants, believing the inventory is overvalued, may decide to take a writedown by reducing inventory valuation. of the UK mortgage servicing Mortgage servicing The collection of monthly payments and penalties, record keeping, payment of insurance and taxes, and possible settlement of default , involved with a mortgage loan. receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed primarily consisting of a $12.9 million writedown due to greater than expected losses on its January January: see month. 1997 UK 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. , and an $8.0 million writedown due to lower than expected average blended interest rates on its dual rate loans. In addition, the net loss includes a pre-tax charge of $10.8 million related to the expected liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy of the majority of the Company's mortgage loans held for investment. On an after-tax basis After-tax basis The comparison basis used to analyze the net after-tax returns on a corporate taxable bond and a municipal tax-free bond. , these charges reduced earnings by $64.1 million or $1.98 per share. The delinquency delinquency Criminal behaviour carried out by a juvenile. Young males make up the bulk of the delinquent population (about 80% in the U.S.) in all countries in which the behaviour is reported. rate of Cityscape's domestic servicing portfolio at September 30, 1997 was 3.4% as compared to 2.8% at June 30, 1997. Loans in default at September 30, 1997 were 5.1% compared to 4.9% in default as of June 30, 1997. During the third quarter of 1997, Cityscape experienced net chargeoffs of $1.6 million or 0.1% of the domestic servicing portfolio. UK delinquencies increased to 18.2% from 16.6% during the same period. At September 30, 1997, the Company had reserves for possible losses (inclusive of inclusive of prep. Taking into consideration or account; including. reserves embedded Inserted into. See embedded system. in the fair value of interest-only and residual certificates and excluding $57.7 million of valuation allowances on the writedown of the US home equity residuals to net realizable value) of $105.7 million on a discounted basis or 3.4% of total loans serviced, compared to $82.4 million or 3.0% of total loans serviced at June 30, 1997. For the nine months ended September 30, 1997, the Company reported a net loss applicable to Common Stock of ($50.9) million or ($1.64) per share, compared to net earnings of $34.8 million or $1.14 per fully diluted share for the same nine-month period in 1996. As of November 7, 1997, there were 42,062,462 shares of Common Stock outstanding. Included in this amount are 10,234,926 shares of Common Stock that resulted from the conversion of an aggregate of 4,251 shares of Series A 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. (749 shares of Series A Preferred Stock remain outstanding as of November 7, 1997) and 1,047,557 shares of Common Stock that resulted from the conversion of an aggregate of 151 shares of Series B Preferred Stock (4,849 shares of Series B Preferred Stock remain outstanding as of November 7, 1997). As of November 7, 1997 all Series A and B warrants remained outstanding. EXECUTIVE APPOINTMENTS Mr. Miller, a Cityscape Financial Corp. board member since August 1997 and Senior Vice President/Managing Director of Cityscape Corp. since February 1997, has been responsible for securitizations, capital markets and strategic planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. activities. He joined Cityscape from Greenwich Capital Markets, where he served as Senior Vice President and Co-Head of the Asset-Backed Group. Mr. Kucma, Senior Vice President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Cityscape Corp. since May 1997, has overseen all of Cityscape's daily domestic operations. Prior to joining Cityscape, Mr. Kucma was Vice President and General Manager of GE Capital Home Equity Services, a division of GE Capital Mortgage Services, Inc. With GE Capital Mortgage, Mr. Kucma managed a home equity business with a servicing portfolio of $2.6 billion, overseeing all areas of sales, operations, servicing, loss mitigation MITIGATION. To make less rigorous or penal. 2. Crimes are frequently committed under circumstances which are not justifiable nor excusable, yet they show that the offender has been greatly tempted; as, for example, when a starving man steals bread to satisfy and support functions. UK OPERATIONS 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. in the UK in the third quarter of 1997 totaled $112.9 million, representing a 67.3% increase over the $67.5 million of UK loan originations in the third quarter of 1996. In the UK, the Company recorded gain on sale of loans of $18.1 million, representing a 16.0% gain on $112.9 million of loan sales in the third quarter of 1997, compared to a gain on sale of loans of $--21.3 million, representing a 31.6% gain on the $67.5 million of loan sales in the third quarter of 1996. The Company's near-term priorities are to continue launching new loan products, comply fully with the newly established UK regulatory guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. and continue to reduce its costs and increase operating efficiencies. Cityscape is working constructively to demonstrate continuing progress in achieving its key near-term goals over the next several months. The Company has completed the first part of an in-depth review of its outstanding UK loan portfolio. The Company believes its UK operations are substantially in compliance with the new guidelines for non-status lenders, issued by the Office of Fair Trading The Office of Fair Trading or OFT is a non-ministerial government department of the United Kingdom, established by the Fair Trading Act 1973, which enforces both consumer protection and competition law, acting as the UK's economic regulator. (OFT) in July 1997. The Company also believes that the $15.0 million pre-tax reserve recorded in the second quarter of 1997 to augment aug·ment v. aug·ment·ed, aug·ment·ing, aug·ments v.tr. 1. To make (something already developed or well under way) greater, as in size, extent, or quantity: reserves for recently introduced UK regulatory guidelines continues to be adequate. No assurances, however, can be given that there will not be further actions by the OFT and that additional reserves will not be required. The Company continues to monitor this reserve to ensure its adequacy. The Company has already completed the first phase of an organizational review of its UK operations to identify specific areas to enhance efficiencies and has instituted a number of cost saving initiatives. As previously announced, the Company stopped issuing dual-rate and Rule of 78 loans in the UK as of August 1, 1997. The Company has since introduced a wide range of new products in the UK that have enjoyed widespread consumer acceptance. US OPERATIONS Domestic loan originations totaled $450.4 million in the third quarter of 1997, compared to $408.0 million (excluding one-time, bulk purchases of $61.1 million) in the corresponding 1996 third quarter. Broker originations accounted for 61% during the 1997 quarter, while correspondents represented 39% of all loans originated in the US. In comparison, in the year-ago period, the Company reported 41% broker originations and 59% correspondent originations. This significant growth in broker volume resulted from the Company's strategy to expand its broker network. The Company's third quarter 1997 domestic loan originations of $450.4 million was consistent with second quarter originations of $453.0 million. SPECIAL SUB-SERVICER ARRANGEMENT Cityscape's initial contract with Ocwen calls for Cityscape to transfer to Ocwen more than 1,000 non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. , with an aggregate unpaid principal amount of $75 million. The contract also provides for the delivery of future non-performing loans on a flow basis. Upon transfer of these loans, Cityscape will remain as master servicer. Through this association with Ocwen, the Company expects to speed the resolution of its 90-day delinquent portfolio and reduce losses. In addition to the servicing transfer, Cityscape expects to liquidate an additional $19 million of non-performing loans 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 . Cityscape Financial Corp. is a consumer finance company. Through its wholly-owned subsidiaries, Cityscape Corp. and City Mortgage Corporation Limited, it engages 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 was founded in 1985. It 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. and has regional processing offices in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). , 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. , Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. and 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). . This release contains 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. that involve risks and uncertainties. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors including, but not limited to, risks and uncertainties related to operations in the UK, liquidity and negative cash flows, uncertainty as to availability of funding sources, dependence on securitizations, potential changes in valuations of interest-only and residual certificates and mortgage servicing receivables, risks of adverse economic conditions, risks related to recent expansion and product extension, competition and the other risks detailed from time to time in the Company's SEC reports. -0-
CITYSCAPE FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------ ---------------
1997 1996 1997 1996
--------- -------- -----------------
REVENUES:
Gain on sale of loans $ 36,722 $45,328 $ 163,031 $98,637
Net unrealized loss on valuation
of residuals (95,150) - (110,150) -
Interest 21,911 7,502 57,645 16,981
Mortgage origination income 1,391 467 3,605 2,659
Other 8,628 4,973 19,076 7,225
--------- ------------------ ---------
Total revenues (26,498) 58,270 133,207 125,502
--------- ------------------ ---------
EXPENSES:
Salaries and benefits 19,814 10,736 51,760 25,288
Interest expense 18,572 5,530 55,278 11,912
Selling expenses 13,962 9,343 39,416 13,718
Other operating expenses 18,703 6,479 43,558 12,504
Provision for loans losses 16,011 - 17,179 -
Amortization of goodwill 1,552 1,272 4,110 2,474
--------- -------------------------
Total expenses 88,614 33,360 211,301 65,896
--------- -------------------------
Earnings (loss) before income
taxes (115,112) 24,910 (78,094) 59,606
Tax provision (benefit) (45,469) 10,495 (28,832) 24,792
---------- ------- -------- -------
Earnings (loss) before
extraordinary item (69,643) 14,415 (49,262) 34,814
Gain from extinguishment of
debt, net of
taxes - - 425 -
-------- ------- ------ ------
Net earnings (loss) (69,643) 14,415 (48,837) 34,814
Preferred stock dividends 1,035 - 2,102 -
--------- --------- ------ ------
Net earnings (loss) applicable
to common stock $(70,678) $ 14,415 $(50,939) $34,814
======== ========= ======= =======
Net earnings (loss) per share:
Primary $(2.18)(1) $ 0.47 $(1.64)(1) $1.14
=================== ==============
Fully dilute $(2.18)(1) $ 0.43 $(1.64)(1) $1.11
=================== ==============
Weighted average number of shares
And common stock equivalents
Outstanding:
Primary 32,347(1) 30,914 31,006(1) 30,431
=================== ===============
Fully diluted 32,347(1) 36,390 31,006(1) 33,424
=================== ================
(1) Common stock equivalents are excluded from these computations
because their effect would be anti-dilutive since An increase in the
number of shares outstanding would reduce the amount of loss per
share. Thus, only the
Weighted average number of shares outstanding for the respective
period are used in the calculation.
SELECTED OPERATING DATA
(Dollars in millions)
Three Months Ended
September 30,
------------------------------
1997 1996
------------------------------
ORIGINATION AND SALE DATA:
Loans originated and purchased:
US (1) $ 450.4 $ 469.1
UK (2) 112.9 67.5
------ ------
Total $ 563.3 $ 536.6
------ ------
Loan originations by channel (US only):
Correspondent $ 273.2 $ 301.2
Broker 177.2 167.9
------ ------
Total $ 450.4 $ 469.1
------ ------
Weighted average coupon:
US:
Core products: (4)
Fixed rate 11.3% 12.0%
Adjustable rate 10.4% N/A
Specialty products (5) 14.2% 14.2%
Other products (6) 8.0% 8.2%
UK 14.2% 17.3%
Loans sold:
US $ 445.7 $ 441.7
UK 112.9 67.5
------ ------
Total $ 558.6 $ 509.2
------ ------
Nine Months Ended
September 30,
------------------------
1997 1996
------------------------
Loans originated and purchased:
US (1) $ 1,291.4 $ 925.8
UK (2) 329.3 135.4(3)
-------- --------
Total $ 1,620.7 $ 1,061.2
-------- --------
Loan originations by channel (US only):
Correspondent $ 733.0 $ 535.6
Broker 558.4 390.2
-------- --------
Total $ 1,291.4 $ 925.8
-------- --------
Weighted average coupon:
US:
Core products: (4)
Fixed rate 11.6% 11.7%
Adjustable rate 10.4% N/A
Specialty products (5) 14.1% 14.2%
Other products (6) 8.1% 7.9%
UK 14.8% 17.0%
Loans sold:
US $ 1,275.5 $ 898.4
UK 348.0 135.4
-------- --------
Total $ 1,623.5 $ 1,033.8
-------- --------
(1) As of September 30, 1997 and 1996, the Company was licensed
or registered in 46 states and the District of Columbia and 40 states
and the District of Columbia, respectively.
(2) England, Scotland and Wales, excluding Northern Ireland.
(3) Excludes UK loan originations and purchases of $51.9 million
and $190.5 million acquired as a result of the J&J acquisition and
Greyfriars acquisition, respectively.
(4) Fixed and adjustable rate residential mortgage loans for
refinancing, educational, home improvement and debt Consolidation
purposes, fixed and adjustable rate purchase money mortgage loans and
mortgage loans on multi-family And mixed-use properties.
(5) Conventional home improvement loans, Sav*-A-Loans(R) and
Title I home improvement loans.
(6) Jumbo and conventional loans.
(7) Excludes UK loan sales of $47.5 million and $153.7 million
due to loans acquired as a result of the J&J acquisition and the
Greyfriars acquisition, respectively.
CITYSCAPE FINANCIAL CORP.
SELECTED OPERATING DATA (Continued)
(Dollars in millions)
As of September 30,
1997
---------------------------------------
PORTFOLIO DATA: Dollars in % of Serviced
Thousands Portfolio
---------------------------------------
US serviced portfolio(8) $2,406,227 100.0%
Delinquencies:
30-59 days delinquent $ 41,183 1.7%
60-89 days delinquent 22,410 0.9%
90 days or more delinquent 18,560 0.8%
Total US delinquencies $ 82,153 3.4%
Defaults:
Bankruptcies $ 22,095 0.9%
Foreclosures 101,810 4.2%
Total Defaults $ 123,905 5.1%
REO property $ 3,905 0.2%
Charge-offs $ 2,191 0.1%
UK serviced portfolio (9) $ 709,834 100.0%
Delinquencies:
30-59 days delinquent $ 33,918 4.8%
60-89 days delinquent 21,570 3.0%
90 days or more delinquent 73,884 10.4%
Total UK delinquencies $ 129,372 18.2%
Defaults:
CMC repossessed $ 2,680 0.4%
Other charge repossessed 854 0.1%
Total Defaults $ 3,534 0.5%
As of December 31,
1996
-----------------------------------
Dollars in % of Serviced
Thousands Portfolio
-----------------------------------
US serviced portfolio(8) $1,470,344 100.0%
Delinquencies:
30-59 days delinquent $ 54,733 3.7%
60-89 days delinquent 19,733 1.4%
90 days or more delinquent 24,800 1.7%
Total US delinquencies $ 99,266 6.8%
Defaults:
Bankruptcies $ 4,269 0.3%
Foreclosures 27,689 1.9%
Total Defaults $ 31,958 2.2%
REO property $ 1,328 0.1%
Charge-offs $ -- 0.0%
UK serviced portfolio (9) $ 511,140 100.0%
Delinquencies:
30-59 days delinquent $ 24,147 4.7%
60-89 days delinquent 10,668 2.1%
90 days or more delinquent 41,427 8.1%
Total UK delinquencies $ 76,242 14.9%
Defaults:
CMC repossessed $ 2,146 0.4%
Other charge repossessed 377 0.1%
Total Defaults $ 2,523 0.5%
(8) Excludes loans serviced pursuant to contract servicing and
master servicing agreements.
(9) The Company has only been servicing loans in the UK since May
1995; accordingly, the UK loans serviced portfolio is unseasoned.
CITYSCAPE FINANCIAL CORP.
SELECTED BALANCE SHEET DATA
(unaudited)
(In thousands)
September 30, December 31,
1997 1996
---------------- ------------------
Total assets $878,282 $810,202
Mortgage servicing receivables 259,258 242,895
Trading securities 173,341 103,200
Mortgage loans held for sale, net 104,099 102,222
Goodwill 52,744 47,467
Total debt 509,276 382,523
Total liabilities 679,494 671,370
Total stockholders' equity 198,788 138,832
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 Michele Katz/Geoffrey Buscher/ Jason Langer Press: Stan STAN Stanchion STAN Stärke- und Ausrüstungsnachweis (German) Stan Standard Man (human patient simulator) STAN SEMCIP Technical Assistance Network STAN System Trace Audit Number STAN Star Trek Area Network Froelich/Elisabeth Philippe Morgen-Walke Associates (212) 850-5600 |
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