scion
14 years ago
Deerfield Capital Served Wells Notice From SEC
- Update 6/8/2010 8:41 AM ET
http://www.rttnews.com/Content/BreakingNews.aspx?Node=B1&Id=1327762%20&Category=Breaking%20News
(RTTNews) - Tuesday, Deerfield Capital Corp. (DFR: News ) said that it received a "Wells notice" from the Securities and Exchange Commission or SEC. The regulatory authority has been investigating certain mortgage securities transactions of the company. The notice stated that SEC will bring an enforcement proceeding against the company on its transactions effected in 2005 and 2006.
DFR said that it intends to respond to the notice and explain why it believes those charges are unwarranted.
As disclosed earlier, the mortgage securities transactions was effected by Deerfield Capital Management LLC or DCM, now DFR's indirect wholly-owned subsidiary. The transactions involved real estate mortgage investment conduits or REMICs and re-REMICs, and the accounting for those transactions.
The company said enforcement proceeding against DFR is for possible violations of certain sections of the Securities Act of 1933, Securities Exchange Act of 1934 and the Investment Advisers Act of 1940 against DFR as successor-in-interest to DCM.
DFR closed Monday's regular trading session at $5.11.
http://www.rttnews.com/Content/BreakingNews.aspx?Node=B1&Id=1327762%20&Category=Breaking%20News
Tina
14 years ago
Deerfield Capital Corp. Announces Reduction in Occupancy Expense
December 3, 2009 4:01 PM ET
CHICAGO, Dec. 3 /PRNewswire-FirstCall/ -- Deerfield Capital Corp. (NYSE Amex: DFR) ("DFR" or the "Company") today announced the successful completion of a plan to significantly reduce the Company's occupancy expense. Under a lease amendment signed on November 27, 2009, the Company expects to vacate the 69,000 square feet it presently occupies under a lease expiring in 2021 and consolidate operations into approximately 25,000 square feet located in the same building by May 2010. As a result of the amendment, the Company projects that its annual occupancy expense will decline by approximately $1.3 million.
Commenting on the amendment, Jonathan Trutter, Chief Executive Officer, said, "This amendment represents a unique opportunity for us to move into nearby space that will leave us room to grow while saving nearly $1.3 million a year. The substantial reduction in annual rent expense and relief from other obligations under the lease represented a compelling value for the Company and its shareholders."
The amendment provides for a $1.8 million reduction in the amount of the letter of credit that the Company is required to maintain upon the satisfaction of certain conditions. A portion of the $1.8 million will be used to fund expenditures related to relocating the Company's offices, and the balance will be available for investment in the growth of the Company. The move will result in a non-cash acceleration of depreciation and amortization expense from certain leasehold improvements and fixed assets as a result of a shorter estimated life. The Company also expects to achieve additional savings from lower operating, insurance and maintenance costs associated with the new smaller space.
About the Company
DFR, through its subsidiary, Deerfield Capital Management LLC, manages client assets, including bank loans and other corporate debt, residential mortgage backed securities, government securities and asset-backed securities. In addition, DFR has a principal investing portfolio comprised of fixed income investments, including bank loans and other corporate debt and residential mortgage backed securities.
For more information, please go to the Company website, at www.deerfieldcapital.com.
NOTES TO PRESS RELEASE
Certain statements in this press release are forward-looking as defined by the Private Securities Litigation Reform Act of 1995. These include statements regarding future results or expectations. Forward-looking statements can be identified by forward-looking language, including words such as "believes," "anticipates," "expects," "estimates," "intends," "may," "plans," "projects," "will" and similar expressions, or the negative of these words. Such forward-looking statements are based on facts and conditions as they exist at the time such statements are made. Forward-looking statements are also based on predictions as to future facts and conditions, the accurate prediction of which may be difficult and involve the assessment of events beyond the control of DFR and its subsidiaries. Forward-looking statements are further based on various operating assumptions, including, but not limited to, the assumptions that DFR will be able to vacate its current space by May 2010 and that the amendment to the lease will generate the expected cash savings. Caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, including the risk that the assumptions on which the forward-looking statements are based prove to be inaccurate, actual results may differ materially from expectations or projections. DFR does not undertake any obligation to update any forward-looking statement, whether written or oral, relating to matters discussed in this press release, except as may be required by applicable securities laws.
SOURCE Deerfield Capital Corp.
Tina
14 years ago
Deerfield Capital Corp. Commences Trading on Nasdaq Stock Market
December 7, 2009 11:00 AM ET
PR NewswireAll PR Newswire news
CHICAGO, Dec. 7 /PRNewswire-FirstCall/ -- Deerfield Capital Corp. DFR ("DFR" or the "Company") today announced the completion of the voluntary transfer of the listing of its common stock from the NYSE Amex LLC to the NASDAQ Stock Market LLC (the "NASDAQ"). The Company's common stock commenced trading on the NASDAQ today under the same ticker symbol, DFR.
About the Company
DFR, through its subsidiary, Deerfield Capital Management LLC, manages client assets, including bank loans and other corporate debt, residential mortgage backed securities, government securities and asset-backed securities. In addition, DFR has a principal investing portfolio comprised of fixed income investments, including bank loans and other corporate debt and residential mortgage backed securities.
~6979~
16 years ago
Deerfield Capital Corp. Announces Second Quarter 2008 Results
CHICAGO, Aug 11, 2008 /PRNewswire-FirstCall via COMTEX/ -- Deerfield Capital Corp. (NYSE: DFR) today announced the results of operations for its second quarter ended June 30, 2008 and provided a corporate update.
SECOND QUARTER 2008 SUMMARY AND CORPORATE UPDATE
-- Net income for the quarter totaled $5.7 million, or $0.08 per diluted common share, compared with net income of $14.5 million, or $0.28 per diluted common share in the prior year quarter.
-- Estimated REIT taxable income, a non-GAAP financial measure, was a loss of $34.0 million, or $0.49 per diluted common share, compared to income of $20.5 million, or $0.40 per share in the second quarter of 2007 (see reconciliation of GAAP net income (loss) to estimated REIT taxable loss attached).
-- Assets under management (AUM) totaled approximately $13.0 billion at July 1, 2008.
-- Book value per share was $3.37 at June 30, 2008, up from $3.26 at March 31, 2008.
-- Economic book value per share, a non-GAAP financial measure, was $3.41 at June 30, 2008 (see Economic Book Value section that follows and reconciliation of book value to economic book value attached).
-- Unrestricted cash, cash equivalents, unencumbered liquid securities and net equity in financed liquid securities totaled approximately $85.7 million at quarter end.
-- Closed the acquisition of the management contract for Robeco CDO II Limited in July 2008, adding approximately $201 million in AUM.
Share Repurchase Program
The company also announced today that its board of directors authorized the repurchase of up to $1 million of the company's outstanding common stock. The amount of the authorized repurchase was capped by the terms of the Series A and Series B notes issued by the company in connection with the Merger which limit the aggregate amount of common stock repurchases to $1 million during the term of the note agreements. As of June 30, 2008, the company had 66.7 million shares outstanding.
Commenting on the share repurchase program, Mr. Trutter said, "With this share repurchase program, we are affirming our confidence in the long-term future of the company. We continue to actively explore opportunities to increase long-term value for our shareholders."
The share repurchases may occur from time-to-time through open market purchases, privately negotiated transactions and/or transactions structured through investment banking institutions as permitted by securities laws and other legal requirements. The manner, timing and amount of any purchases will be determined by the company based on an evaluation of market conditions, stock price and other factors. The program does not obligate the company to acquire any particular amount of common stock, and it may be modified or suspended at any time at the company's discretion. The company does not intend to repurchase any shares from its management team or other insiders.
The share repurchase will be funded using the company's existing cash balance.
Board Retains UBS Investment Bank
MWM
16 years ago
Deerfield Capital Corp. Announces Second Quarter 2008 Results
Monday August 11, 4:01 pm ET
DFR Profitable - Liquidity Position Stable
Declares Cash Dividend of $0.085 Per Share
Announces up to $1.0 Million Share Repurchase Program
Board Establishes Special Committee and Retains UBS Investment Bank to Explore Strategic Alternatives
CHICAGO, Aug. 11 /PRNewswire-FirstCall/ -- Deerfield Capital Corp. (NYSE: DFR - News) today announced the results of operations for its second quarter ended June 30, 2008 and provided a corporate update.
SECOND QUARTER 2008 SUMMARY AND CORPORATE UPDATE
-- Net income for the quarter totaled $5.7 million, or $0.08 per diluted
common share, compared with net income of $14.5 million, or $0.28 per
diluted common share in the prior year quarter.
-- Estimated REIT taxable income, a non-GAAP financial measure, was a loss
of $34.0 million, or $0.49 per diluted common share, compared to income
of $20.5 million, or $0.40 per share in the second quarter of 2007 (see
reconciliation of GAAP net income (loss) to estimated REIT taxable loss
attached).
-- Assets under management (AUM) totaled approximately $13.0 billion at
July 1, 2008.
-- Book value per share was $3.37 at June 30, 2008, up from $3.26 at
March 31, 2008.
-- Economic book value per share, a non-GAAP financial measure, was $3.41
at June 30, 2008 (see Economic Book Value section that follows and
reconciliation of book value to economic book value attached).
-- Unrestricted cash, cash equivalents, unencumbered liquid securities and
net equity in financed liquid securities totaled approximately
$85.7 million at quarter end.
-- Closed the acquisition of the management contract for Robeco CDO II
Limited in July 2008, adding approximately $201 million in AUM.
MWM
16 years ago
DFR catch the falling knife, at what price?
Easy short on this news...
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 11, 2008, the stockholders of Deerfield Capital Corp. (the "Company") approved an amendment and restatement of the Company's Stock Incentive Plan to, among other matters, increase the shares of common stock reserved for issuance under the Plan from 2,692,313 to 6,136,725. A brief description of the terms and conditions of the Plan is set forth in the Company's definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on February 4, 2008 under the heading "Proposal No. 2:
To approve an amendment and restatement of our Stock Incentive Plan to increase the shares of common stock reserved for issuance under the Plan and make certain other changes to the Plan - Description of the Terms of the Plan" and such description is incorporated herein by reference. Item 7.01 Regulation FD Disclosure.
On March 12, 2008, the Company issued a press release announcing that the Company's stockholders approved (i) the conversion of 14,999,992 shares of Series A Cumulative Convertible Preferred Stock into 14,999,992 shares of common stock and (ii) an amendment and restatement of the Company's Stock Incentive Plan to, among other matters, increase the shares of common stock reserved for issuance under the plan from 2,692,313 to 6,136,725. A copy of this press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
The information in Item 7.01 of this Current Report on Form 8-K, including the exhibit furnished pursuant to Item 9.01, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities under that Section. Furthermore, the information in Item 7.01 of this Current Report on Form 8-K, including the exhibit furnished pursuant to Item 9.01, shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933. Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press Release issued by the Company on March 12, 2008.
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Penny Roger$
12 years ago
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