Origen Financial Announces Preliminary Unaudited First Quarter 2010 Results
Quarterly Conference Call Friday, May 14, 2010
11:00 a.m. Eastern Time
SOUTHFIELD, Mich., May 3 /PRNewswire-FirstCall/ -- Origen Financial, Inc. (Pink Sheets: ORGN), a real estate investment trust that manages residual interests in securitized manufactured housing loan portfolios, today announced a preliminary unaudited net loss of $4.2 million, or $0.16 per share, for the first quarter of 2010.
Sun Communities, Inc. ("Sun"), an owner of approximately 19 percent of Origen's outstanding common stock, is required to report certain financial results and information of Origen as part of its accelerated SEC reporting obligation. Origen has provided Sun with the preliminary information reflected in this release to assist Sun in meeting its filing obligation. Origen is issuing this press release of preliminary information to assure broad availability to all shareholders and the trading markets of the same preliminary information it has provided to Sun.
W. Anderson Geater, chief financial officer, stated, "Our cash flow continues to be strong, which allowed us to repay an additional $3.0 million of our related party debt during the first quarter and, subsequent to quarter end, we took advantage of improving market conditions and sold one of our asset-backed bonds from our investment portfolio, allowing us to repay an additional $6.2 million of the related party debt. Following this payment, the remaining related party debt balance is $5.8 million."
Origen will release final earnings results for the first quarter 2010 on Thursday, May 13, 2010 after the market closes. Management will host a conference call on Friday, May 14, 2010, at 11:00 a.m. Eastern Time. The call may be accessed by dialing 888-417-8531.
A replay will be available through May 21, 2010, by dialing 888-203-1112, passcode 1302541.
Forward-Looking Statements
This press release contains various "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, and Origen intends that such forward-looking statements will be subject to the safe harbors created thereby. The words "will," "may," "could," "expect," "anticipate," "believes," "intends," "should," "plans," "estimates," "approximate" and similar expressions identify these forward-looking statements. These forward-looking statements reflect Origen's current views with respect to future events and financial performance, but involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this press release. These risks and uncertainties may cause Origen's actual results to be materially different from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, the foregoing assumptions and those risks referenced under the headings entitled "Factors That May Affect Future Results" or "Risk Factors" contained in Origen's past filings with the Securities and Exchange Commission. The forward-looking statements contained in this press release speak only as of the date hereof and Origen expressly disclaims any obligation to provide public updates, revisions or amendments to any forward- looking statements made herein to reflect changes in Origen's expectations or future events.
About Origen Financial, Inc.
Origen is an internally managed and internally advised company that has elected to be taxed as a real estate investment trust. Origen is based in Southfield, Michigan.
For more information about Origen, please visit www.origenfinancial.com or www.pinksheets.com. |
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SOURCE Origen Financial, Inc.
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