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FBR Fibria Celulose S.A.

17.01
0.00 (0.00%)
After Hours
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type
Fibria Celulose S.A. NYSE:FBR NYSE Ordinary Share
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 17.01 0.00 00:00:00

FBR Group Reports First Quarter Earnings

24/04/2008 2:15pm

PR Newswire (US)


Fibria Celulose (NYSE:FBR)
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ARLINGTON, Va., April 24 /PRNewswire-FirstCall/ -- Friedman, Billings, Ramsey Group, Inc. (FBR Group; NYSE: FBR) today reported net after-tax earnings of $45.1 million, or $0.30 per share (diluted), for the quarter ended March 31, 2008 compared to a net after-tax loss of $185.9 million, or $1.08 per share (diluted) in the first quarter of 2007. FBR Group ended the quarter with $667 million of consolidated total capital, including $318 million of trust preferred securities. Of this capital, $259 million was attributable to FBR Group's 52% ownership interest in FBR Capital Markets Corporation (FBR Capital Markets) (NASDAQ:FBCM). Of the remaining $408 million in capital, FBR Group had approximately $240 million invested in cash and agency securities at the end of the first quarter. Book value net of Accumulated Other Comprehensive Income (AOCI)(1) as of March 31, 2008 was $3.02 per share compared to book value net of AOCI of $2.70 as of December 31, 2007. The first quarter 2008 results reflect: -- a $73.0 million non-cash GAAP reversal of pre-bankruptcy losses relating to First NLC Financial Services (FNLC), -- $3.4 million of losses related primarily to pre-bankruptcy FNLC activities, -- $15.0 million of investment-related losses, including $3.6 million related to merchant banking and $10.6 million related to non-prime securities, -- a $4.2 million net operating loss at FBR Group for the quarter, and -- a $5.3 million loss, representing FBR Group's proportionate share of 52%-owned FBR Capital Markets' first quarter loss. The $372 million net operating loss carry-forward and the $268 million of capital loss carry-forward disclosed last quarter remain a potential future economic benefit. "We benefited from low leverage and a strong liquidity position during the quarter," said J. Rock Tonkel, Jr., President and Chief Operating Officer of FBR Group. "Going forward, we expect to benefit from the full effect of the $578 million of agency hybrid securities added during the first quarter which had a spread in excess of 225 basis points on March 31st. In addition, we have reduced operating expenses from ongoing operations by 28% from the average 2007 quarterly run-rate, and we expect additional cost reductions during the remainder of 2008." Mortgage Investment Portfolio Excluding FBR Capital Markets, FBR Group's investments in mortgage-backed securities (MBS), primarily government agency securities, averaged $1.9 billion with a one-month CPR of 9.9, and an ending net premium of $13 million. The net yield on MBS for the first quarter was 4.76% with a corresponding cost of funds of 3.76% for a net spread of 1.00%. At the end of the quarter, total MBS was $2.5 billion with a yield of 4.22% and a cost of funds of 2.81% for a net spread of 1.41%. Merchant Banking Excluding merchant banking investments of $54.0 million at FBR Capital Markets, the total value of the merchant banking investments held by FBR Group at the close of the first quarter was $44.5 million. Looking Ahead "We continue to examine strategies to maximize the economic benefit that can be derived from the Company's substantial net operating and capital loss carry-forwards," said Eric F. Billings, Chairman and Chief Executive Officer of FBR Group. "Our balance sheet at the end of the quarter includes $408 million of long-term capital, approximately $240 million of which is in cash and highly liquid agency securities. This financial strength positions us well to manage through the current environment with a goal of growing earnings and capital and increasing shareholder value as we continue to implement our core strategy of investing in a leveraged portfolio of hybrid agency mortgage- backed securities on a hedged basis." FBR Capital Markets Corporation FBR Capital Markets yesterday reported a net after-tax loss of $10.2 million, or $0.16 per share (diluted), for the quarter ended March 31, 2008, compared to net after-tax income of $11.0 million, or $0.17 per share (diluted) in the first quarter of 2007. Net revenues for the first quarter were $104.0 million compared to net revenues of $60.7 million in the fourth quarter of 2007 and $143.2 million in first quarter of 2007. At the close of the first quarter, FBR Capital Markets had $503.0 million in equity, $313.3 million of cash, and a book value of $7.77 per share. Complete financial results and tables for FBR Capital Markets can be found at http://www.fbr.com/ . FBR Group will host an earnings conference call this morning, Thursday, April 24, 2008 at 9:00 A.M. U.S. EDT. Investors wishing to listen to the call may do so via the web at: http://phx.corporate-ir.net/phoenix.zhtml?c=71352&p=irol-irhome . Replays of the webcast will be available after the call. Friedman, Billings, Ramsey Group, Inc. (FBR) invests in mortgage-related assets, merchant banking opportunities and is the majority owner of FBR Capital Market Corporation, a separate publicly traded company. FBR is headquartered in the Washington, D.C. metropolitan area. For more information, please visit http://www.fbr.com/ . (1) Accumulated Other Comprehensive Income (AOCI) includes changes in the value of available-for-sale securities and cash flow hedges. FBR believes that such changes represent temporary market fluctuations, are not reflective of our market strategy, and, therefore, the exclusion of AOCI provides a reasonable basis for calculating returns. Statements concerning future performance, developments, events, market forecasts, revenues, expenses, earnings, run rates and any other guidance on present or future periods, constitute forward-looking statements that are subject to a number of factors, risks and uncertainties that might cause actual results to differ materially from stated expectations or current circumstances. These factors include, but are not limited to, the effect of demand for public offerings, activity in the secondary securities markets, interest rates, costs of borrowing, interest spreads, mortgage pre-payment speeds, risks associated with merchant banking investments, the realization of gains and losses on principal investments, available technologies, competition for business and personnel, and general economic, political and market conditions. These and other risks are described in the Company's Annual Report and Form 10-K and quarterly reports on Form 10-Q that are available from the company and from the SEC. Financial data follows. FRIEDMAN, BILLINGS, RAMSEY GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except per share amounts) (Unaudited) Three Months Ended March 31, 2008 % 2007 % ---------- ------- ---------- -------- REVENUES: Investment banking: Capital raising $64,910 70.3% $97,247 787.6% Advisory 5,076 5.5% 6,458 52.3% Institutional brokerage: Principal transactions 5,957 6.5% 2,036 16.5% Agency commissions 25,850 28.0% 23,818 192.9% Asset management: Base management fees 4,644 5.0% 5,528 44.8% Incentive allocations and fees - 0.0% 104 0.8% Principal investment: Interest 25,914 28.1% 181,696 1471.6% Net investment loss (19,687) -21.3% (59,713) -483.6% Dividends 429 0.5% 959 7.8% Mortgage banking: Interest 36 0.0% 26,530 214.9% Net investment income (loss) 468 0.5% (106,859) -865.5% Other 2,335 2.5% 4,094 33.1% ---------- ------- ---------- -------- Total revenues 115,932 125.6% 181,898 1473.2% Interest expense 23,650 25.6% 169,551 1373.2% ---------- ------- ---------- -------- Revenues, net of interest expense 92,282 100.0% 12,347 100.0% ---------- ------- ---------- -------- NON-INTEREST EXPENSES: Compensation and benefits 76,954 83.4% 103,982 842.2% Professional services 12,467 13.5% 13,854 112.2% Business development 12,294 13.3% 13,769 111.5% Clearing and brokerage fees 3,630 3.9% 2,701 21.9% Occupancy and equipment 9,189 10.0% 13,117 106.2% Communications 6,018 6.5% 7,051 57.1% Other operating expenses 5,384 5.8% 31,716 256.8% Goodwill impairment - 0.0% 25,852 209.3% Restructuring charges - 0.0% 15,485 125.3% ---------- ------- ---------- -------- Total non-interest expenses 125,936 136.4% 227,527 1842.5% ---------- ------- ---------- -------- Operating loss (33,654) -36.4% (215,180) -1742.5% ---------- ------- ---------- -------- OTHER INCOME: Gain on disposition of subsidiary and other income 73,037 79.1% 831 6.7% ---------- ------- ---------- -------- Income (loss) before income taxes and minority interest 39,383 42.7% (214,349) -1736.0% Income tax benefit (806) -0.9% (31,550) -255.5% Minority interest in (losses) earnings of consolidated subsidiary (4,913) -5.3% 3,079 24.9% ---------- ------- ---------- -------- Net income (loss) $45,102 48.9% $(185,878) -1505.4% ========== ======= ========== ======== Basic earnings (loss) per share $0.30 $(1.08) ========== ========== Diluted earnings (loss) per share $0.30 $(1.08) ========== ========== Weighted average shares - basic (in thousands) 150,784 172,850 ========== ========== Weighted average shares - diluted (in thousands) 151,419 172,850 ========== ========== FRIEDMAN, BILLINGS, RAMSEY GROUP, INC. Financial & Statistical Supplement - Operating Results (Dollars in thousands, except per share data) (Unaudited) Q-1 08 Revenues --------- Investment banking: Capital raising $64,910 Advisory 5,076 Institutional brokerage: Principal transactions 5,957 Agency commissions 25,850 Asset management: Base management fees 4,644 Principal investment: Interest 25,914 Net investment loss (19,687) Dividends 429 Mortgage banking: Interest 36 Net investment income 468 Other 2,335 --------- Total revenues 115,932 Interest expense 23,650 --------- Revenues, net of interest expense 92,282 --------- Non-interest expenses Compensation and benefits 76,954 Professional services 12,467 Business development 12,294 Clearing and brokerage fees 3,630 Occupancy and equipment 9,189 Communications 6,018 Other operating expenses 5,384 --------- Total non-interest expenses 125,936 --------- Operating loss (33,654) Other income Gain on disposition of subsidiary and other income 73,037 --------- Net income before income taxes and minority interest 39,383 Income tax benefit (806) Minority interest in losses of consolidated subsidiary (4,913) --------- Net income $45,102 ========= ROE (annualized) 48.9% ROE (annualized-excluding AOCI)(1) 41.8% Total shareholders' equity $344,408 Total shareholders' equity, net of AOCI(1) $455,761 Basic earnings per share $0.30 Diluted earnings per share $0.30 Ending shares outstanding (in thousands) 150,915 Book value per share $2.28 Book value per share, net of AOCI (1) $3.02 Gross assets under management (in millions) Managed accounts $333.9 Hedge & offshore funds 45.1 Mutual funds 1,702.9 Private equity and venture capital funds 21.4 --------- Total $2,103.3 ========= Net assets under management (in millions) Managed accounts $333.9 Hedge & offshore funds 40.4 Mutual funds 1,698.0 Private equity and venture capital funds 20.2 --------- Total $2,092.5 ========= Employee count 726 ========= FRIEDMAN, BILLINGS, RAMSEY GROUP, INC. Financial & Statistical Supplement - Operating Results (Dollars in thousands, except per share data) (Unaudited) For the twelve months ended December 31, 2007 Q-4 07 Q-3 07 Q-2 07 Q-1 07 Revenues --------- -------- -------- -------- -------- Investment banking: Capital raising $282,619 $25,648 $49,692 $110,032 $97,247 Advisory 34,063 4,973 16,480 6,152 6,458 Institutional brokerage: Principal transactions 10,152 2,996 968 4,152 2,036 Agency commissions 104,792 26,153 26,257 28,564 23,818 Asset management: Base management fees 23,549 5,542 6,119 6,360 5,528 Incentive allocations and fees 401 99 82 116 104 Principal investment: Interest 501,130 51,057 115,450 152,927 181,696 Net investment loss (221,956) (22,327) (136,475) (3,441) (59,713) Dividends 3,173 805 526 883 959 Mortgage banking: Interest 51,245 4,059 7,194 13,462 26,530 Net investment loss (222,032) (83,174) (27,968) (4,031) (106,859) Other 15,808 3,242 3,990 4,482 4,094 --------- -------- -------- -------- -------- Total revenues 582,944 19,073 62,315 319,658 181,898 Interest expense 477,437 52,583 112,072 143,231 169,551 --------- -------- -------- -------- -------- Revenues, net of interest expense 105,507 (33,510) (49,757) 176,427 12,347 --------- -------- -------- -------- -------- Non-interest expenses Compensation and benefits 361,355 69,533 80,955 106,885 103,982 Professional services 55,741 15,598 12,281 14,008 13,854 Business development 43,518 10,878 7,713 11,158 13,769 Clearing and brokerage fees 12,514 2,797 3,953 3,063 2,701 Occupancy and equipment 52,302 13,791 12,695 12,699 13,117 Communications 28,690 6,899 7,148 7,592 7,051 Other operating expenses 82,246 15,706 16,140 18,684 31,716 Impairment of goodwill 162,765 108,013 - 28,900 25,852 Restructuring charges 46,985 21,466 6,172 3,862 15,485 --------- -------- -------- -------- -------- Total non-interest expenses 846,116 264,681 147,057 206,851 227,527 --------- -------- -------- -------- -------- Operating loss (740,609) (298,191) (196,814) (30,424) (215,180) Other income (loss) Gain (loss) on sale of subsidiary shares 104,062 4 (2,450) 105,677 831 --------- -------- -------- -------- -------- (Loss) income before income taxes and minority interest (636,547) (298,187) (199,264) 75,253 (214,349) Income tax provision (benefit) 22,932 (15,817) 15,288 55,011 (31,550) Minority interest in earnings (losses) of consolidated subsidiary 774 (12,008) 165 9,538 3,079 --------- -------- -------- -------- -------- Net (loss) income $(660,253)$(270,362)$(214,717) $10,704 (185,878) ========= ======== ======== ======== ======== ROE (annualized) -84.4% -138.2% -91.9% 3.9% -68.8% ROE (annualized- excluding AOCI)(1) -82.9% -135.8% -90.5% 3.9% -68.2% Total shareholders' equity $393,691 $393,691 $698,214 $1,012,635 $989,213 Total shareholders' equity, net of AOCI(1) $406,537 $406,537 $711,693 $1,000,071 $993,753 Basic (loss) earnings per share $(3.95) $(1.77) $(1.28) $0.06 $(1.08) Diluted (loss) earnings per share $(3.95) $(1.77) $(1.28) $0.06 $(1.08) Ending shares outstanding (in thousands) 150,674 150,674 158,671 173,756 172,846 Book value per share $2.61 $2.61 $4.40 $5.83 $5.72 Book value per share, net of AOCI(1) $2.70 $2.70 $4.49 $5.76 $5.75 Gross assets under management (in millions) Managed accounts $347.1 $347.1 $345.6 $291.3 $258.8 Hedge & offshore funds 52.1 52.1 61.7 61.7 67.1 Mutual funds 2,046.5 2,046.5 2,292.3 2,482.6 2,412.9 Private equity and venture capital funds 23.8 23.8 31.3 33.8 41.2 --------- -------- -------- -------- -------- Total $2,469.5 $2,469.5 $2,730.9 $2,869.4 $2,780.0 ========= ======== ======== ======== ======== Net assets under management (in millions) Managed accounts $347.1 $347.1 $345.6 $291.3 $258.8 Hedge & offshore funds 50.7 50.7 58.1 58.1 62.5 Mutual funds 2,034.6 2,034.6 2,285.1 2,474.7 2,406.4 Private equity and venture capital funds 22.6 22.6 29.8 32.0 38.0 --------- -------- -------- -------- -------- Total $2,455.0 $2,455.0 $2,718.6 $2,856.1 $2,765.7 ========= ======== ======== ======== ======== Employee count 1,025 1,025 1,290 2,151 2,592 ========= ======== ======== ======== ======== (1) Accumulated Other Comprehensive Income (AOCI) includes changes in value of available-for-sale securities and cash flow hedges. We believe that such changes represent temporary market fluctuations, are not reflective of our market strategy, and therefore, exclusion of AOCI provides a reasonable basis for calculating returns. FRIEDMAN, BILLINGS, RAMSEY GROUP, INC. CONSOLIDATED BALANCE SHEETS (Dollars and shares in thousands, except per share amounts) (Unaudited) ASSETS 31-Mar-08 31-Dec-07 ----------- ----------- Cash and cash equivalents $337,041 $692,360 Restricted cash 178 14,166 Receivables 69,322 75,357 Investments: Mortgage-backed securities, at fair value 2,770,334 1,791,480 Loans held for sale, net - 65,074 Long-term investments 145,465 169,274 Trading securities, at fair value 42,675 19,057 Due from clearing broker 15,950 - Derivative assets, at fair value 1,699 3,514 Intangible assets, net 10,147 9,837 Furniture, equipment, software and leasehold improvements, net 27,742 30,451 Prepaid expenses and other assets 70,183 74,385 ----------- ----------- Total assets $3,490,736 $2,944,955 =========== =========== LIABILITIES AND SHAREHOLDERS ' EQUITY Liabilities: Trading account securities sold short but not yet purchased, at fair value $60 $206 Repurchase agreements 2,458,550 1,744,377 Derivative liabilities, at fair value 10,937 3,558 Interest payable 2,697 2,991 Accrued compensation and benefits 38,480 57,000 Accounts payable, accrued expenses and other liabilities 69,287 105,456 Due to clearing broker - 7,059 Short-term loan financing - 63,981 Long-term debt 322,155 323,575 ----------- ----------- Total liabilities 2,902,166 2,308,203 ----------- ----------- Minority interest 244,162 243,061 Shareholders' equity: Common stock, 159,505 and 151,883 shares 1,595 1,519 Additional paid-in capital 1,472,623 1,468,801 Accumulated other comprehensive loss, net of taxes (111,353) (12,846) Accumulated deficit (1,018,457) (1,063,783) ----------- ----------- Total shareholders' equity 344,408 393,691 ----------- ----------- Total liabilities and shareholders' equity $3,490,736 $2,944,955 =========== =========== DATASOURCE: Friedman, Billings, Ramsey Group, Inc. CONTACT: Media, Lauren Burk, +1-703-469-1004, ; or Investors, Paul Beattie, +1-703-312-9673, , both of Friedman, Billings, Ramsey Group, Inc. Web site: http://www.fbr.com/

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