Additional Information
A copy of this press release and a letter dated
About
Primus Guaranty, Ltd. Condensed Consolidated Statements of Financial Condition (Unaudited) (in thousands except share amounts) |
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June 30, | December 31, | |||||
2014 | 2013 | |||||
Assets | ||||||
Cash and cash equivalents | $ | 20,500 | $ | 27,512 | ||
Investments, at fair value | 24,207 | 66,230 | ||||
Restricted cash | - | 106,580 | ||||
Accrued interest and premiums | 311 | 1,270 | ||||
Unrealized gain on credit swaps, at fair value | 162 | 1,981 | ||||
Other assets (includes $524 and $822 at fair value as of | ||||||
June 30, 2014 and December 31, 2013, respectively) | 1,331 | 1,366 | ||||
Total assets | $ | 46,511 | $ | 204,939 | ||
Liabilities and Equity | ||||||
Liabilities | ||||||
Accounts payable and accrued expenses | $ | 6,051 | $ | 4,447 | ||
Unrealized loss on credit swaps, at fair value | - | 5,453 | ||||
Other liabilities (includes $624 and $979 at fair value as of | ||||||
June 30, 2014 and December 31, 2013, respectively) | 878 | 1,281 | ||||
Total liabilities | $ | 6,929 | $ | 11,181 | ||
Equity | ||||||
Common shares, $0.08 par value, 62,500,000 shares | ||||||
authorized, 21,786,187 and 21,786,406 shares issued and | ||||||
outstanding at June 30, 2014 and December 31, 2013, respectively | 1,743 | 1,743 | ||||
Additional paid-in capital | 37,537 | 116,629 | ||||
Accumulated other comprehensive income | 137 | 538 | ||||
Retained earnings | 165 | 74,848 | ||||
Total equity | $ | 39,582 | $ | 193,758 | ||
Total liabilities and equity | $ | 46,511 | $ | 204,939 |
Primus Guaranty, Ltd. Condensed Consolidated Statements of Operations (Unaudited) (in thousands except per share amounts) |
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Three Months Ended
June 30, |
Six Months Ended
June 30, |
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2014 | 2013 | 2014 | 2013 | |||||||||
Revenues | ||||||||||||
Net credit swap revenue | $ | 2,924 | $ | 16,524 | $ | 5,466 | $ | 36,832 | ||||
Interest income | 482 | 1,176 | 1,175 | 2,860 | ||||||||
Other income | 122 | 621 | 317 | 1,402 | ||||||||
Total revenues | 3,528 | 18,321 | 6,958 | 41,094 | ||||||||
Expenses | ||||||||||||
Compensation and employee benefits | 583 | 740 | 1,476 | 2,338 | ||||||||
Professional and legal fees | 217 | 330 | 434 | 649 | ||||||||
Interest expense | - | - | - | 692 | ||||||||
Other | 425 | 444 | 868 | 995 | ||||||||
Total expenses | 1,225 | 1,514 | 2,778 | 4,674 | ||||||||
Income from continuing operations before provision | ||||||||||||
for income taxes | 2,303 | 16,807 | 4,180 | 36,420 | ||||||||
Provision for income taxes | (11) | - | 12 | 19 | ||||||||
Income from continuing operations, net of tax | 2,314 | 16,807 | 4,168 | 36,401 | ||||||||
Income from discontinued operations, net of tax | 2 | 154 | 15 | 238 | ||||||||
Net income | 2,316 | 16,961 | 4,183 | 36,639 | ||||||||
Less: | ||||||||||||
Distributions on preferred securities of subsidiary | - | 578 | - | 1,350 | ||||||||
Net income available to common shares | $ | 2,316 | $ | 16,383 | $ | 4,183 | $ | 35,289 | ||||
Income per common share: | ||||||||||||
Basic: | ||||||||||||
Income from continuing operations | $ | 0.11 | $ | 0.65 | $ | 0.19 | $ | 1.37 | ||||
Income from discontinued operations | $ | - | $ | - | $ | - | $ | 0.01 | ||||
Net income available to common shares | $ | 0.11 | $ | 0.65 | $ | 0.19 | $ | 1.38 | ||||
Diluted: | ||||||||||||
Income from continuing operations | $ | 0.11 | $ | 0.65 | $ | 0.19 | $ | 1.37 | ||||
Income from discontinued operations | $ | - | $ | - | $ | - | $ | 0.01 | ||||
Net income available to common shares | $ | 0.11 | $ | 0.65 | $ | 0.19 | $ | 1.38 | ||||
Weighted average common shares outstanding: | ||||||||||||
Basic | 21,786 | 25,125 | 21,786 | 25,625 | ||||||||
Diluted | 21,786 | 25,126 | 21,786 | 25,634 |
Source:
Investor Relations
Primus Guaranty, Ltd.
212-697-1992
investorrelations@primusguaranty.com