Municipal Mortgage (NYSE:MMA)
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From Jul 2019 to Jul 2024
MuniMae (NYSE:MMA) today filed its annual report on Form
10-K for the year ended December 31, 2005. On March 10, 2006, the
Company announced that it would restate net earnings for the
nine-month period ended September 30, 2005 as well as the fiscal years
ended 2004, 2003, 2002 and 2001. On April 11, 2006, the Company
announced unaudited financial results for the fourth quarter and full
year 2005.
As disclosed in today's filing, net earnings were $87.4 million
($2.30 per diluted share) for the year ended December 31, 2005 as
compared to $47.3 million ($1.36 per diluted share) for the year ended
December 31, 2004, as restated. Net earnings for the fourth quarter of
2005 were $14.2 million ($.37 per diluted share) as compared to $15.1
million ($.43 per diluted share) for the fourth quarter of 2004, as
restated. Previously reported cash available for distribution (CAD)
for the fourth quarter and full year 2005 was unchanged. CAD is a
supplemental non-GAAP performance measure reported by the Company in
addition to net earnings. A reconciliation of CAD to net earnings is
included in the accompanying table. The Company also reaffirmed its
performance objectives for 2006.
As a result of the effort necessary to complete its 2005 annual
report, the Company has not filed its quarterly report on Form 10-Q
for the quarter ended March 31, 2006. The Company currently expects to
file its Form 10-Q for the quarter ended March 31, 2006 in July 2006
and its Form 10-Q for the quarter ended June 30, 2006 in August 2006.
The Company will host one conference call to discuss its financial
results for the first half of 2006 as well as its outlook for the
second half of the year in August 2006.
About MuniMae
MuniMae and its subsidiaries arrange debt and equity financing for
developers and owners of real estate and clean energy projects. The
Company provides investment management and advisory services for
institutional investors. Assets under management exceed $16 billion
including investments in over 3,000 multifamily properties, containing
330,000 units in 49 states, the District of Columbia, Puerto Rico and
the U.S. Virgin Islands.
MuniMae is organized as a limited liability company, which allows
it to combine the limited liability, governance and management
characteristics of a corporation with the pass-through income features
of a partnership. As a result, the tax-exempt income derived from
certain investments remains tax-exempt when passed through to
shareholders. Distributions to shareholders are normally declared
quarterly.
Statements in this press release that are not historical fact may
be deemed forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Examples of such
statements in this press release include our anticipated filing dates
and our anticipated performance objectives. Although the Company
believes the expectations reflected in any forward-looking statements
are based on reasonable assumptions, the Company can give no assurance
that its expectations will be attained. Factors that could cause
actual results to differ materially from the Company's expectations
include completion of the audit of our financial statements,
completion of pending investments, continued ability to originate new
investments, the mix of business between tax-exempt and taxable
activities, the availability and cost of capital for future
investments, competition within the finance and real estate
industries, economic conditions, loss experience and other risks
detailed from time to time in the Company's SEC reports. This press
release does not constitute an offer to sell any securities of the
Company or any other entity.
MUNIMAE: INTEGRITY. INNOVATION. SERVICE.
www.MuniMae.com
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Reconciliation of CAD to Net Earnings
For the year For the three
ended months ended
December 31, December 31,
----------------- -----------------
2005 2004 2005 2004
-------- -------- -------- --------
Cash available for distribution $95,706 $81,718 $29,776 $22,199
Adjustments to income due to the
financing method and
consolidation of tax credit funds (8,214) (8,676) (1,759) 1,369
Fees deferred for GAAP purposes (36,299) (25,778) (18,372) (10,910)
Non-cash items (2,855) 1,655 5,858 4,011
Adjustments for investments in
partnerships 29,865 (10,681) (997) (1,506)
Different carrying bases 9,201 9,098 (280) (35)
-------- -------- -------- --------
Net earnings $87,404 $47,336 $14,226 $15,128
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