Printer Friendly

THE FOOTHILL GROUP INC. REPORTS 1991 YEAR-END FINANCIAL RESULTS

 THE FOOTHILL GROUP INC. REPORTS 1991 YEAR-END FINANCIAL RESULTS
 LOS ANGELES, Feb. 4 /PRNewswire/ -- The Foothill Group Inc. (NYSE: FGI) today reported that net income for the year ended Dec. 31, 1991 was $6,271,000, or 57 cents per fully diluted share, compared with a net loss of $1,725,000, or 18 cents per share, for the year ended Dec. 31, 1990.
 Don L. Gevirtz, chairman and chief executive officer, said, "We are pleased with the progress made by Foothill in 1991. Foothill Capital Corp., our primary core earnings contributor, continued its good performance during the year ended Dec. 31, 1991. The parent company continued executing its strategic plan of deleveraging as liabilities were reduced to $45,326,000 as of Dec. 31, 1991, from $59,263,000 as of Dec. 31, 1990. Book value per common share was $6.98 as of Dec. 31, 1991.
 "Our asset management operations continued their growth and produced significant returns during 1991. Foothill Recovery Fund, with capital subscriptions of $27,000,000, produced a realized return on average capital of 14.6 percent. Unrealized mark to market gains in this fund boost total 1991 returns to 24.4 percent. Foothill Partners L.P., with capital subscriptions of $116,677,000, produced a realized return based on average capital of 33.7 percent. Unrealized mark to market gains in this fund boost total 1991 returns to 82.2 percent. While we can make no assurances these return levels will be consistently achieved, we are very pleased with the performance of these partnerships during 1991."
 The Foothill Group specializes in providing innovative financial services through its three highly specialized yet complimentary operating units. Foothill Group offers asset-based financing tailored to businesses whose credit needs require sophisticated loan programs. Foothill Thrift specializes in fully secured commercial and industrial loans. The Capital Markets Division focuses on asset management and arbitrage trading activities.
 THE FOOTHILL GROUP INC.
 Consolidated Balance Sheets
 Dec. 31, 1991 and 1990
 (Dollars in thousands)
 1991 1990
 Assets
 Cash and cash equivalents $15,955 $17,624
 Commercial finance receivables:
 Accounts receivable loans 170,524 175,598
 Term loans 415,160 427,857
 Loans in process of
 foreclosure, net 10,728 4,391
 Commercial finance receivables 596,412 607,846
 Allowance for credit losses 10,647 10,830
 Commercial finance receivables,
 net 585,765 597,016
 Repossessed assets, net 9,726 7,352
 Deferred fund and debt
 issuance costs, net 5,029 3,373
 Property and equipment, at
 cost less accumulated
 depreciation and amortization
 ($2,033 in 1991; $2,368 in 1990) 2,056 1,852
 Other assets 29,163 28,903
 Total $647,694 $656,120
 Liabilities and Stockholders' Equity
 Liabilities:
 Commercial paper $10,886 $4,058
 Savings accounts 205,649 203,849
 Senior notes payable 283,795 293,902
 Accounts payable and accrued
 liabilities 8,717 9,094
 Subordinated notes and
 debentures 64,142 81,919
 Total liabilities 573,189 592,822
 Stockholders' equity:
 Convertible preferred stock 2,900 ---
 Class A common stock, no par
 value, 10,264,825 shares
 issued and outstanding
 (9,693,076 at Dec. 31, 1990) 56,370 54,196
 Retained earnings 15,235 9,102
 Total stockholders' equity 74,505 63,298
 Total $647,694 $656,120
 THE FOOTHILL GROUP INC.
 Consolidated Statements of Operations
 Year Ended Dec. 31, 1991, 1990 and 1989
 (Dollars in thousands, except earnings per share data)
 1991 1990 1989
 Revenues:
 Interest income from:
 Finance receivables $75,018 $81,079 $75,623
 Investments and
 mortgage backed
 securities 568 3,653 11,909
 Fees and other income 14,146 10,416 13,199
 Total revenues 89,732 95,148 100,731
 Loss on investments,
 net 219 16,214 789
 Costs and expenses:
 Interest 48,915 55,833 57,925
 Provision for credit
 losses 8,185 4,428 4,249
 General and
 administrative 21,785 22,140 19,945
 Total costs and
 expenses 78,885 82,401 82,119
 Income (loss) before
 provision (credit)
 for income taxes and
 extraordinary items 10,628 (3,467) 17,823
 Provision (credit) for
 income taxes 4,570 (1,179) 7,129
 Income (loss) before
 extraordinary items 6,058 (2,288) 10,694
 Extraordinary items 213 563 ---
 Net income (loss) $6,271 ($1,725) $10,694
 Per share data
 (shares in thousands):
 Primary:
 Income (loss) before
 extraordinary items $0.59 ($0.24) $1.06
 Extraordinary items 0.02 0.06 ---
 Earnings (loss) per
 common and common
 equivalent share $0.61 ($0.18) $1.06
 Fully diluted:
 Income (loss) before
 extraordinary items $0.55 ($0.24) $0.96
 Extraordinary items 0.02 0.06 ---
 Earnings (loss) per
 common share assuming
 full dilution $0.57 ($0.18) $0.96
 Number of shares used
 in per share computations:
 Primary 10,106 9,690 10,102
 Fully diluted 12,400 9,690 11,961
 -0- 2/4/92
 /CONTACT: Henry K. Jordan, VP & CFO of The Foothill Group, 213-478-8383/
 (FGI) CO: The Foothill Group ST: California IN: FIN SU: ERN


AL-KJ -- LA029 -- 6955 02/04/92 19:04 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 4, 1992
Words:835
Previous Article:TRANSCO ANNOUNCES FOURTH QUARTER, YEAR-END RESULTS
Next Article:FPSC AUTHORIZES REVIEW OF ALLOWED RETURN ON EQUITY AT TAMPA ELECTRIC COMPANY
Topics:


Related Articles
SECURITY FINANCIAL GROUP REPORTS FOURTH QUARTER AND YEAR END RESULTS
SECURITY REPORTS FOURTH QUARTER AND YEAR-END RESULTS
THE FOOTHILL GROUP INC. REPORTS 1992 SECOND QUARTER RESULTS
INTER-REGIONAL FINANCIAL REPORTS RECORD THIRD-QUARTER EARNINGS BEFORE EXTRAORDINARY ITEMS; NINE-MONTH RESULTS TOP 1991 RECORD BY 81 PERCENT
THE FOOTHILL GROUP INC. REPORTS 1992 THIRD QUARTER RESULTS
THE FOOTHILL GROUP INC. REPORTS 1992 FOURTH-QUARTER AND YEAR-END RESULTS
THE FOOTHILL GROUP INC. REPORTS FIRST QUARTER RESULTS
THE FOOTHILL GROUP INC. REPORTS HISTORICALLY HIGH SECOND QUARTER RESULTS AND PLAN TO SPIN-OFF FOOTHILL THRIFT TO SHAREHOLDERS
PACIFIC CREST CAPITAL ANNOUNCES 1993FOURTH QUARTER & FULL-YEAR EARNINGS
THE FOOTHILL GROUP INC. REPORTS RECORD FIRST QUARTER RESULTS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters