Opteum Inc. to File Form 12b-25; Estimates Year-to-Date Net Loss Through September 30 at Approximately $15-16 Million
10 Novembre 2006 - 11:01PM
Business Wire
Opteum Inc. (NYSE:OPX) (�Opteum� or the �Company�), a real estate
investment trust (�REIT�) that operates an integrated
mortgage-related securities investment portfolio and mortgage
origination platform, today announced that it intends to file a
Form 12b-25 Notification of Late Filing to the Securities and
Exchange Commission on Monday, November 13, 2006. The Company also
announced that it presently believes that it will report a
consolidated net loss for both the three and nine month periods
ended September 30, 2006, and that its consolidated loss before
income taxes for the nine month period ended September 30, 2006,
will be greater by less than $1 million as a result of the
previously announced restatements of its consolidated financial
statements as of, and for the periods ended, March 31, 2006, and
June 30, 2006. Because other adjustments to the Company�s
consolidated financial statements will be made in connection with
these restatements, including required adjustments to the Company�s
income tax benefit, as well as other additional adjustments that,
in and of themselves, are immaterial to the Company�s consolidated
results of operations and financial position, the Company presently
estimates that its consolidated net loss for the nine month period
ended September 30, 2006, will be approximately $15 million to $16
million. The Company�s results of operations for both the three and
nine month periods ended September 30, 2006, were negatively
affected by changes in various market interest rates, including
short-term rates, due primarily to the monetary policy actions of
the Federal Reserve during these periods. The Company�s financing
is based on short-term rates, which increased during these periods
faster than the yields on the Company�s portfolio of mortgage
backed securities. The increase in short-term borrowing rates also
had a negative impact on the net interest spread earned by OFS on
its mortgage loans held for sale due to increases in the funding
costs associated with warehouse lines of credit used to fund its
mortgage loan originations. Further, the continuing downward trend
in the residential housing market is likely to continue to pressure
OFS� mortgage origination levels. As a result, OFS is likely to
continue to experience downward pressure on sales margins brought
about by increasing competitive pressure. Any decline in mortgage
originations due to a cooling of the housing market may be
partially offset by appreciation in the value of OFS� originated
mortgage servicing rights and retained interests in
securitizations, which are generally positively affected by
declining mortgage prepayment rates. The Company currently expects
to file its Quarterly Report on Form 10-Q for the period ended
September 30, 2006, simultaneously with, or within a reasonable
period of time following, the filing of amendments to the Company�s
Quarterly Reports on Form 10-Q for the periods ended March 31,
2006, and June 30, 2006. While there can be no reasonable assurance
given as to the actual dates of filing, the Company currently
anticipates making these filings on or before December 31, 2006,
subject to the prior completion by Ernst & Young LLP of
required procedures for such interim quarterly filings. For further
information and ongoing updates, please refer to the Company�s
filings that will be made with the Securities and Exchange
Commission. These filings will be available on the Company�s
website at www.opteum.com under the �Investor Information� page and
will also be available at www.sec.gov. About Opteum Opteum Inc. is
a REIT, which operates an integrated mortgage-related investment
portfolio and mortgage origination platform. The REIT invests
primarily in, but is not limited to, residential mortgage-related
securities issued by the Federal National Mortgage Association
(Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie
Mac) and the Government National Mortgage Association (Ginnie Mae).
It attempts to earn returns on the spread between the yield on its
assets and its costs, including the interest expense on the funds
it borrows. Opteum's mortgage origination platform, Opteum
Financial Services, LLC, originates, buys, sells, and services
residential mortgages from offices throughout the United States and
operates as a taxable REIT subsidiary. Statements herein relating
to matters that are not historical facts are forward-looking
statements as defined in the Private Securities Litigation Reform
Act of 1995. The reader is cautioned that such forward-looking
statements are based on information available at the time and on
management's good faith belief with respect to future events, and
are subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in
such forward-looking statements. Important factors that could cause
such differences are described in Opteum Inc.'s filings with the
Securities and Exchange Commission, including Opteum Inc.'s most
recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q.
Opteum Inc. assumes no obligation to update forward-looking
statements to reflect subsequent results, changes in assumptions or
changes in other factors affecting forward-looking statements.
Opteum Inc. (NYSE:OPX) ("Opteum" or the "Company"), a real estate
investment trust ("REIT") that operates an integrated
mortgage-related securities investment portfolio and mortgage
origination platform, today announced that it intends to file a
Form 12b-25 Notification of Late Filing to the Securities and
Exchange Commission on Monday, November 13, 2006. The Company also
announced that it presently believes that it will report a
consolidated net loss for both the three and nine month periods
ended September 30, 2006, and that its consolidated loss before
income taxes for the nine month period ended September 30, 2006,
will be greater by less than $1 million as a result of the
previously announced restatements of its consolidated financial
statements as of, and for the periods ended, March 31, 2006, and
June 30, 2006. Because other adjustments to the Company's
consolidated financial statements will be made in connection with
these restatements, including required adjustments to the Company's
income tax benefit, as well as other additional adjustments that,
in and of themselves, are immaterial to the Company's consolidated
results of operations and financial position, the Company presently
estimates that its consolidated net loss for the nine month period
ended September 30, 2006, will be approximately $15 million to $16
million. The Company's results of operations for both the three and
nine month periods ended September 30, 2006, were negatively
affected by changes in various market interest rates, including
short-term rates, due primarily to the monetary policy actions of
the Federal Reserve during these periods. The Company's financing
is based on short-term rates, which increased during these periods
faster than the yields on the Company's portfolio of mortgage
backed securities. The increase in short-term borrowing rates also
had a negative impact on the net interest spread earned by OFS on
its mortgage loans held for sale due to increases in the funding
costs associated with warehouse lines of credit used to fund its
mortgage loan originations. Further, the continuing downward trend
in the residential housing market is likely to continue to pressure
OFS' mortgage origination levels. As a result, OFS is likely to
continue to experience downward pressure on sales margins brought
about by increasing competitive pressure. Any decline in mortgage
originations due to a cooling of the housing market may be
partially offset by appreciation in the value of OFS' originated
mortgage servicing rights and retained interests in
securitizations, which are generally positively affected by
declining mortgage prepayment rates. The Company currently expects
to file its Quarterly Report on Form 10-Q for the period ended
September 30, 2006, simultaneously with, or within a reasonable
period of time following, the filing of amendments to the Company's
Quarterly Reports on Form 10-Q for the periods ended March 31,
2006, and June 30, 2006. While there can be no reasonable assurance
given as to the actual dates of filing, the Company currently
anticipates making these filings on or before December 31, 2006,
subject to the prior completion by Ernst & Young LLP of
required procedures for such interim quarterly filings. For further
information and ongoing updates, please refer to the Company's
filings that will be made with the Securities and Exchange
Commission. These filings will be available on the Company's
website at www.opteum.com under the "Investor Information" page and
will also be available at www.sec.gov. About Opteum Opteum Inc. is
a REIT, which operates an integrated mortgage-related investment
portfolio and mortgage origination platform. The REIT invests
primarily in, but is not limited to, residential mortgage-related
securities issued by the Federal National Mortgage Association
(Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie
Mac) and the Government National Mortgage Association (Ginnie Mae).
It attempts to earn returns on the spread between the yield on its
assets and its costs, including the interest expense on the funds
it borrows. Opteum's mortgage origination platform, Opteum
Financial Services, LLC, originates, buys, sells, and services
residential mortgages from offices throughout the United States and
operates as a taxable REIT subsidiary. Statements herein relating
to matters that are not historical facts are forward-looking
statements as defined in the Private Securities Litigation Reform
Act of 1995. The reader is cautioned that such forward-looking
statements are based on information available at the time and on
management's good faith belief with respect to future events, and
are subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in
such forward-looking statements. Important factors that could cause
such differences are described in Opteum Inc.'s filings with the
Securities and Exchange Commission, including Opteum Inc.'s most
recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q.
Opteum Inc. assumes no obligation to update forward-looking
statements to reflect subsequent results, changes in assumptions or
changes in other factors affecting forward-looking statements.
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