Printer Friendly

ESSEX FINANCIAL PARTNERS, L.P., ANNOUNCES YEAR END ADJUSTMENTS

 ESSEX FINANCIAL PARTNERS, L.P., ANNOUNCES YEAR END ADJUSTMENTS
 VIRGINIA BEACH, Va., April 24 /PRNewswire/ -- Essex Financial Partners, L.P. (AMEX: ESX), a multi-thrift holding company based in Virginia Beach, announced its audited results for the fiscal year ended Dec. 31, 1991, which reflect a net loss of $7.4 million versus the estimated net loss of $5.6 million (unaudited) previously announced in a press release on March 19, 1992. The additional losses are the result of further adjustments to the partnership's valuation of mortgage servicing assets in principally Essex Savings Bank/North Carolina and additional reserves recorded for real estate related assets. The loss equates to $3.58 per Class A unit. Earnings for 1990 totalled $476,000, or 3 cents per Class A unit. Total partners' capital after reported losses was $21.5 million at Dec. 31, 1991. Total assets at Dec. 31, 1991, were $489.3 million, versus $499.5 million at Dec. 31, 1990.
 The partnership experienced a loss for the fourth quarter ended Dec. 31, 1991, of $4.3 million, primarily as a result of increased loan loss reserves and the adjustments to purchased mortgage servicing rights noted above. The 1991 fourth quarter loss represents $2.04 per Class A unit. The fourth quarter 1990 loss was $1.9 million and represented 98 per Class A unit.
 At Dec. 31, 1991, the partnership's savings banks fulfilled the Office of Thrift Supervision's (OTS) tangible and core capital tests and Essex Savings Bank/Virginia and Essex Savings Bank/Florida met the risk-based capital test; however, Essex Savings Bank/North Carolina failed to meet the risk-based capital test by approximately $684,000. Essex Savings Bank/North Carolina had improved its risk- based capital position from Sept. 30, 1991, when it was $2.3 million deficient, by the repositioning of assets. As a result of Essex Savings Bank/North Carolina's risk-based capital deficiency, and other matters, the partnership's independent auditors modified their report to express a going concern uncertainty about what actions, if any, OTS may take in the future and the affect such actions will have on the partnership. The partnership will amend its capital restoration plan which is pending approval by the OTS.
 The magnitude of the adjustments made subsequent to the partnership's announcement of the 25 cent per unit cash distribution to unitholders as of April 1, 1992 (payable May 15, 1992), and the impact of such adjustments on the cash resources of the partnership, will delay payment of that distribution until cash resources are available in the partnership. It is anticipated that the distribution will be paid within 90 days of the announced payment date. Based upon the partnership's current financial condition, results of operations and regulatory restrictions, further distributions to the unitholders in the foreseeable future appear unlikely until an acceptable level of earnings is achieved.
 ESSEX FINANCIAL PARTNERS, L.P.
 Tabular Results
 (in thousands, except unit information)
 1991 1990 0491 0491
 Assets $ 489,310 $ 499,460 N/A N/A
 Net Income
 (loss) $ (7,406) $ 476 $ (4,295) $ (1,888)
 Net Income (loss)
 Per Class A Unit $ (3.58) $ 0.03 $ (2.04) $ (0.98)
 Number of Class A
 Units (Period
 End) 2,078,382 2,078,382 2,078,382 2,078,382
 -0- 4/24/92
 /CONTACT: Lisa Nasis of Essex Financial Partners, L.P., 800-274-9900, Ext. 308/
 (ESX) CO: Essex Financial Partners, L.P. ST: Virginia IN: FIN SU: ERN


TW -- DC007 -- 2669 04/24/92 16:35 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 24, 1992
Words:580
Previous Article:FLORIDA REGIONAL STOCK REPORT FOR FRIDAY, APRIL 24
Next Article:FLEET WILL MOVE ITS BOSTON OFFICES TO 75 STATE STREET


Related Articles
ESSEX FINANCIAL PARTNERS, L.P. ANNOUNCES SECOND QUARTER DISTRIBUTION
ESSEX FINANCIAL PARTNERS ANNOUNCES FIRST QUARTER RESULTS
ESSEX FINANCIAL PARTNERS RETRACTS PRESS RELEASE
NEW MANAGEMENT AT ESSEX FINANCIAL PARTNERS, L.P., FILES CAPITAL PLAN WITH THRIFT BANKING REGULATOR
MS/ESSEX HOLDINGS ENTERS INTO MERGER AGREEMENT
ESSEX FINANCIAL PARTNERS, L.P., ANNOUNCES FOURTH QUARTER RESULTS
ESSEX FINANCIAL PARTNERS, L.P., ANNOUNCES COMPLETION OF THRIFT MERGER AND PARTNERSHIP RESTRUCTURING
ESSEX FINANCIAL PARTNERS, L.P., ANNOUNCES SECOND QUARTER RESULTS
ESSEX FINANCIAL PARTNERS, L.P. ANNOUNCES AGREEMENT TO SELL FLORIDA BRANCHES, AND FOURTH QUARTER RESULTS
ESSEX FINANCIAL PARTNERS, L.P. ANNOUNCES APPROVAL OF CAPITAL RESTORATION PLAN AND FIRST QUARTER RESULTS

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