Printer Friendly

THE FOOTHILL GROUP INC. REPORTS 1992 FIRST QUARTER FINANCIAL RESULTS

 THE FOOTHILL GROUP INC. REPORTS
 1992 FIRST QUARTER FINANCIAL RESULTS
 LOS ANGELES, April 20 /PRNewswire/ -- The Foothill Group Inc. (NYSE: FGI) today reported that net income for the first quarter ended March 31, 1992, was $3,364,000, or 26 cents per fully diluted share, compared with net income of $1,258,000, or 12 cents per fully diluted share, for the 1991 first quarter.
 Don L. Gevirtz, chairman and chief executive officer, said, "Income from our asset management activities showed substantial growth during the first quarter due primarily to the progress of Foothill Partners L.P. During the three months ended March 31, 1992, Foothill Partners recorded a realized return on average invested capital of 32.7 percent (55.0 percent including unrealized mark-to-market gains). Foothill Capital, our primary core earnings contributor, continued its good performance and reported net income of $2,122,000 for the three months ended March 31, 1992. The parent company also made progress in executing its strategic plan of deleveraging. Parent company liabilities were reduced to $40,260,000 as of March 31, 1992, from $45,326,000 as of Dec. 31, 1991. Book value per share totalled $7.21 as of March 31, 1992, up from $6.98 as of Dec. 31, 1991."
 The Foothill Group Inc. is a financial services company engaged in the commercial finance and asset management businesses. Foothill Capital Corp., its largest subsidiary, provides asset-based financing secured by accounts receivable, inventory, equipment and other assets to businesses nationwide. Foothill Thrift and Loan specializes in providing secured commercial and industrial real estate loans in California. The Capital Markets Division (parent company) manages institutional limited partnerships which invest in the debt of companies which are in reorganization or in the process of restructuring.
 THE FOOTHILL GROUP INC.
 Consolidated Statements of Income
 Three months ended March 31, 1992 and 1991
 (Dollars in thousands, except per share data)
 1992 1991
 Interest income $17,588 $20,103
 Interest expense 10,226 13,385
 Interest margin 7,362 6,718
 Fees and other income 5,114 2,716
 Total margin 12,476 9,434
 Gain (loss) on investments, net 1,823 (472)
 Provision for credit losses 2,790 1,565
 General and administrative 5,807 5,228
 Income before income taxes and
 extraordinary item 5,702 2,169
 Provision for income taxes 2,338 933
 Income before extraordinary item 3,364 1,236
 Extraordinary item --- 22
 Net income $3,364 $1,258
 Per share data (shares in thousands):
 Primary:
 Income before extraordinary item $0.30 $0.13
 Extraordinary item --- ---
 Earnings per common and common equivalent
 share $0.30 $0.13
 Fully diluted:
 Income before extraordinary item $0.26 $0.12
 Extraordinary item --- ---
 Earnings per common share assuming
 full dilution $0.26 $0.12
 Number of shares used in per share
 computations:
 Primary 10,876 9,977
 Fully diluted 13,540 11,886
 THE FOOTHILL GROUP INC.
 Consolidated Balance Sheets
 March 31, 1992 and Dec. 31, 1991
 (Dollars in thousands)
 March 31, 1992 Dec. 31, 1991
 (unaudited)
 Assets
 Cash and cash equivalents $30,531 $15,955
 Finance receivables:
 Accounts receivable loans 186,285 170,524
 Term loans 404,301 415,160
 Loans in process of
 foreclosure, net 21,130 10,728
 Finance receivables 611,716 596,412
 Allowance for credit losses 11,532 10,647
 Finance receivables, net 600,184 585,765
 Repossessed assets, net 11,525 9,726
 Deferred fund and debt
 issuance costs, net 4,029 5,029
 Property and equipment, at
 cost less accumulated
 depreciation and amortization
 ($2,128 at March 31, 1992;
 $2,033 at Dec. 31, 1991) 1,931 2,056
 Other assets 28,175 29,163
 Total $676,375 $647,694
 Liabilities and Stockholders' Equity
 Liabilities:
 Commercial paper $71,856 $10,886
 Savings accounts 210,992 205,649
 Senior notes payable 243,020 283,795
 Accounts payable and accrued
 liabilities 10,866 8,717
 Subordinated notes and
 debentures 60,362 64,142
 Total liabilities 597,096 573,189
 Stockholders' equity:
 Convertible preferred stock,
 $1 par value, $30 per share
 liquidation preference,
 9 percent cumulative, 100,000
 shares issued and outstanding 2,900 2,900
 Class A common stock, no par
 value, 10,597,850 shares
 issued and outstanding
 (10,264,825 at Dec. 31, 1991) 57,847 56,370
 Retained earnings 18,532 15,235
 Total stockholders' equity 79,279 74,505
 Total $676,375 $647,694
 -0- 4/20/92
 /CONTACT: David C. Hilton, executive VP of The Foothill Group, 310-478-8383/
 (FGI) CO: The Foothill Group Inc. ST: California IN: FIN SU: ERN


KJ-JL -- LA010 -- 9894 04/20/92 09:34 EDT
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:Apr 20, 1992
Words:763
Previous Article:MRI MEDICAL ANNOUNCES ENTRY INTO AGREEMENT WITH RESONEX CORP.
Next Article:CHESAPEAKE REPORTS FIRST QUARTER EARNINGS


Related Articles
INTER-REGIONAL FINANCIAL GROUP REPORTS BEST QUARTER IN COMPANY'S HISTORY; NET EARNINGS UP 106 PERCENT ON 50 PERCENT NET REVENUE GAIN
ENHANCE FINANCIAL SERVICES GROUP REPORTS FIRST QUARTER EARNINGS
THE FOOTHILL GROUP INC. REPORTS 1992 SECOND QUARTER RESULTS
THE FOOTHILL GROUP INC. REPORTS 1992 SECOND QUARTER RESULTS
THE FOOTHILL GROUP INC. COMPLETES REDEMPTION OF SUBORDINATED DEBENTURES
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
THE FOOTHILL GROUP INC. REPORTS 1993 FOURTH QUARTER AND RECORD YEAR-END RESULTS

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