SOURCE: Resource America, Inc.

Resource America, Inc.

November 05, 2014 19:58 ET

Resource America, Inc. Reports Operating Results for the Third Quarter Ended September 30, 2014

PHILADELPHIA, PA--(Marketwired - Nov 5, 2014) - Resource America, Inc. (NASDAQ: REXI)

Third Quarter 2014 Highlights

  • Adjusted net income attributable to common shareholders of $2.8 million (see Schedule I)
  • Increased gross assets under management by 17% to $19.4 billion since September 30, 2013
    • Gross real estate assets under management increased 43% to $3.1 billion
    • Gross financial fund management assets under management increased 13% to $15.7 billion
    • Net assets under management increased 25% to $9.2 billion
  • Increased cash dividend by 20% to $0.06 from $0.05

Third Quarter 2014 Results
Resource America, Inc. (NASDAQ: REXI) (the "Company") reported adjusted net income attributable to common shareholders, a non-GAAP measure, of $2.8 million, or $0.13 per common share-diluted, and $9.7 million, or $0.44 per common share-diluted, for the three and nine months ended September 30, 2014 as compared to adjusted net income attributable to common shareholders of $4.3 million, or $0.20 per common share-diluted, and $7.2 million, or $0.33 per common share-diluted, for the three and nine months ended September 30, 2013, respectively. A reconciliation of the Company's reported GAAP net income attributable to common shareholders to adjusted net income attributable to common shareholders, a non-GAAP measure, is included as Schedule I to this release.

The Company reported GAAP net income attributable to common shareholders of $1.5 million, or $0.07 per common share-diluted, and $5.2 million, or $0.24 per common share-diluted, for the three and nine months ended September 30, 2014, respectively, as compared to GAAP net income attributable to common shareholders of $3.4 million, or $0.16 per common share-diluted, and $5.1 million, or $0.23 per common share-diluted, for the three and nine months ended September 30, 2013, respectively. 

Assets Under Management

The following table details the Company's gross assets under management by operating segment, which increased by $2.8 billion (17%) from September 30, 2013 to 2014 (in billions):

     
    September 30,
    2014   2013
Financial fund management   $ 15.7   $ 13.9
Real estate     3.1     2.1
Commercial finance     0.6     0.6
    $ 19.4   $ 16.6
             
  Net assets under management (1)   $ 9.2   $ 7.4
             
(1) Net assets under management represents the proportionate share of assets managed by the Company after reflecting joint venture arrangements. 

A description of how the Company calculates assets under management is set forth in Item 1 of the Company's Annual Report on Form 10-K for the year ended December 31, 2013.

Highlights for the Third Quarter Ended September 30, 2014 and Recent Developments

REAL ESTATE ASSET MANAGEMENT:

Equity Asset Management
Resource Real Estate Opportunity REIT, Inc. ("Opportunity REIT I"), a public non-traded real estate investment trust ("REIT") managed by the Company which specializes in acquiring and managing distressed real estate assets, had the following highlights:

  • Increased total assets to $955.7 million at September 30, 2014, an increase of $573.9 million, or 150%, from $381.8 million at September 30, 2013.
  • Acquired $128.8 million of total assets, placed $48.0 million of financing on two assets and disposed of one additional asset for $18.1 million during the three months ended September 30, 2014. 
  • In October 2014, the Board of Directors of Opportunity REIT I's general partner authorized a 50% increase to the annual distribution rate to 6% from 4%.

Debt Asset Management
Resource Capital Corp. ("RSO"), a publicly-traded REIT managed by the Company which focuses on commercial real estate assets, had the following highlights:

  • In July 2014, completed a $354.0 million commercial real estate securitization that issued $235.0 million of floating-rate notes at a weighted average coupon of LIBOR plus 1.29%.
  • During the quarter, raised $13.7 million in equity capital through its DRIP and preferred equity programs.
  • Originated $144.3 million of commercial real estate whole loans during the three months ended September 30, 2014.
  • In October 2014, RSO's Board of Directors authorized RSO to repurchase up to $50.0 million of its outstanding common stock.

The following additional highlight contributed to the Company's real estate asset management operations:

  • The Company's real estate operating segment increased its assets under management at September 30, 2014 to $3.1 billion, an increase of $915.0 million, or 43%, from September 30, 2013.

FINANCIAL FUND MANAGEMENT:

Credit Asset Management
CVC Credit Partners, L.P. ("CCP"), the Company's global joint venture, closed Apidos CLO XVIII, Ltd. (issuing notes with a par value of $700.0 million) during the quarter. In October 2014, CCP priced Apidos XIX, Ltd. (issuing notes with a par value of $500.0 million), which is scheduled to close in November 2014. Since the creation of this joint venture in April 2012, CCP has closed and/or priced 11 collateralized loan obligation issuers (issuing notes with a total par value of $5.8 billion) and expects to receive approximately $27.2 million in fees on an annual run rate basis. The Company has a 33% interest in this joint venture.

The following additional highlight contributed to the Company's financial fund asset management operations:

  • The Company's financial fund management operating segment increased its assets under management at September 30, 2014 to $15.7 billion, an increase of $1.8 billion, or 13%, from September 30, 2013.

CORPORATE/OTHER:

Corporate Credit Facility Modification

  • In August 2014, the Company modified its $10.0 million of outstanding senior notes to extend the maturity date to March 31, 2018.

Share Repurchases

  • The Company repurchased 665,933 of its shares during the third quarter ended September 30, 2014 at an average price of $9.42 per share. Since December 2013, the Company has repurchased 1.0 million shares at an average price of $9.31 per share under its share repurchase program.
  • In September 2014, the Company's Board of Directors authorized the Company to repurchase up to an additional 1.5 million shares of its outstanding common stock.

Dividends

  • The Company's Board of Directors authorized a 20% increase in the Company's cash dividend from $0.05 to $0.06 per share on the Company's common stock paid on October 31, 2014 to holders of record as of the close of business on October 17, 2014. Since July 2013, the Company has increased its dividend by 100%.
  • RSO's Board of Directors declared a cash dividend of $0.20 per common share for its quarter ended September 30, 2014.

Resource America, Inc. is a specialized asset management company that uses industry specific expertise to evaluate, originate, service and manage investment opportunities for its own account, for its joint ventures, and for outside investors in the real estate, financial fund management and commercial finance sectors.

For more information, please visit our website at www.resourceamerica.com or contact investor relations at pkamdar@resourceamerica.com.

Statements made in this release include forward-looking statements, which involve substantial risks and uncertainties. The Company's actual results, performance or achievements could differ materially from those expressed or implied in this release and its other reports filed with the Securities and Exchange Commission, or SEC. For information pertaining to risks relating to these forward-looking statements, reference is made to the section "Risk Factors" contained in Item 1A of the Company's Annual Report on Form 10-K and in other of its public filings with the SEC. The Company undertakes no obligation to update or revise any forward-looking statements to reflect new or changing information or events except as may be required by law.

A registration statement relating to securities offered by Opportunity REIT II was declared effective by the SEC on February 6, 2014. A written prospectus relating to these securities may be obtained by contacting Resource Securities, Inc., 1845 Walnut Street, 18th Floor, Philadelphia, PA 19103.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The remainder of this release contains the Company's unaudited consolidated balance sheets, consolidated statements of operations, consolidating statements of operations and reconciliation of GAAP net income attributable to common shareholders to adjusted net income attributable to common shareholders.

   
RESOURCE AMERICA, INC  
CONSOLIDATED BALANCE SHEETS  
(in thousands, except share data)  
   
    September 30,
 2014
    December 31,
 2013
 
    (unaudited)        
ASSETS                
  Cash   $ 26,428     $ 19,853  
  Restricted cash     704       571  
  Receivables     1,051       541  
  Loans and receivables from managed entities and related parties, net     32,637       30,923  
  Investments in real estate, net     17,091       17,696  
  Investment securities, at fair value     9,845       7,839  
  Investments in unconsolidated loan manager     39,048       37,821  
  Investments in unconsolidated entities     13,272       14,342  
  Assets of consolidated variable interest entity ("VIE") - RSO:                
    Cash and cash equivalents (including restricted cash)     246,873       325,579  
    Investments, at fair value     290,205       226,764  
    Loans     1,839,895       1,397,458  
    Investments in real estate and unconsolidated entities     108,395       124,193  
    Other assets     103,645       76,467  
      Total assets of consolidated VIE - RSO     2,589,013       2,150,461  
                 
  Property and equipment, net     5,177       5,844  
  Deferred tax assets, net     22,808       27,769  
  Other assets     6,028       4,791  
    Total assets   $ 2,763,102     $ 2,318,451  
                 
LIABILITIES AND EQUITY                
Liabilities:                
  Accrued expenses and other liabilities   $ 19,027     $ 22,134  
  Payables to managed entities and related parties     3,695       3,110  
  Borrowings     20,451       20,619  
  Liabilities of consolidated VIE - RSO:                
    Borrowings     1,591,241       1,320,015  
    Other liabilities     54,842       55,247  
    Total liabilities of consolidated VIE - RSO     1,646,083       1,375,262  
      Total liabilities     1,689,256       1,421,125  
                 
Commitments and contingencies                
                 
Equity:                
  Preferred stock, $1.00 par value, 1,000,000 shares authorized; none outstanding     --       --  
  Common stock, $.01 par value, 49,000,000 shares authorized;34,463,787 and 30,378,339 shares issued (including nonvested restricted stock of 883,830 and 400,194), respectively     334       299  
  Additional paid-in capital     307,412       288,555  
  Accumulated deficit     (24,040 )     (26,025 )
  Treasury stock, at cost; 11,517,053 and 10,434,436 shares, respectively     (117,881 )     (107,874 )
  Accumulated other comprehensive loss     (1,066 )     (1,231 )
    Total stockholders' equity     164,759       153,724  
  Noncontrolling interests     254       238  
  Noncontrolling interests attributable to consolidated VIE - RSO     908,833       743,364  
    Total equity     1,073,846       897,326  
    $ 2,763,102     $ 2,318,451  
                 
   
RESOURCE AMERICA, INC.  
CONSOLIDATED STATEMENTS OF OPERATIONS  
(in thousands, except per share data)  
(unaudited)  
   
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2014     2013     2014     2013  
REVENUES:                                
Real estate (includes revenues of $2,643, $4,701, $7,590 and $9,794 related to RSO)   $ 14,289     $ 15,950     $ 41,012     $ 39,443  
Financial fund management (includes revenues of $2,310, $450, $1,350 and $720 related to RSO)     5,557       8,502       20,773       15,234  
Commercial finance (includes no revenues related to RSO)     (17 )     (30 )     (158 )     (243 )
      19,829       24,422       61,627       54,434  
Revenues from consolidated VIE - RSO     34,716       23,786       100,604       76,011  
Elimination of consolidated VIE revenues attributed to operating segments     (4,136 )     (5,183 )     (10,056 )     (10,608 )
  Total revenues     50,409       43,025       152,175       119,837  
COSTS AND EXPENSES:                                
Real estate     9,384       11,178       27,364       29,514  
Financial fund management     2,812       3,547       9,980       7,769  
Commercial finance     125       75       351       (99 )
General and administrative     2,426       2,505       8,309       6,807  
Provision for credit losses     559       1,808       3,342       3,793  
Depreciation and amortization     453       413       1,369       1,318  
      15,759       19,526       50,715       49,102  
Expenses from consolidated VIE - RSO     18,686       15,554       51,020       43,110  
Elimination of consolidated VIE expenses attributed to operating segments     (3,502 )     (4,861 )     (9,374 )     (10,178 )
  Total expenses     30,943       30,219       92,361       82,034  
OPERATING INCOME     19,466       12,806       59,814       37,803  
                                 
OTHER INCOME (EXPENSE):                                
Gain on sale of investment securities, net     69       --       439       --  
Other-than-temporary impairment on investments     --       --       --       (214 )
Interest expense     (467 )     (530 )     (1,447 )     (1,525 )
Other income, net     80       128       263       400  
      (318 )     (402 )     (745 )     (1,339 )
Other income, net, from consolidated VIE - RSO     (1,936 )     16,607       (758 )     16,607  
Elimination of consolidated VIE other income attributed to operating segments     11       162       29       224  
      (2,243 )     16,367       (1,474 )     15,492  
Income from continuing operations before taxes     17,223       29,173       58,340       53,295  
Income tax provision (benefit)     1,741       1,261       4,991       (396 )
Income tax (benefit) provision - RSO     (237 )     722       (667 )     4,221  
Income from continuing operations     15,719       27,190       54,016       49,470  
Loss from discontinued operations, net of tax     --       --       --       (2 )
Net income     15,719       27,190       54,016       49,468  
Net loss (income) attributable to noncontrolling interests     11       (40 )     (33 )     (23 )
Net income attributable to noncontrolling interests of consolidated VIE - RSO     (14,214 )     (23,708 )     (48,759 )     (44,394 )
Net income attributable to common shareholders   $ 1,516     $ 3,442     $ 5,224     $ 5,051  
Amounts attributable to common shareholders:                                
Income from continuing operations   $ 1,516     $ 3,442     $ 5,224     $ 5,053  
Discontinued operations     --       --       --       (2 )
Net income   $ 1,516     $ 3,442     $ 5,224     $ 5,051  
                                 
Basic earnings per share:                                
Continuing operations   $ 0.07     $ 0.17     $ 0.25     $ 0.25  
Discontinued operations     --       --       --       --  
Net income   $ 0.07     $ 0.17     $ 0.25     $ 0.25  
Weighted average shares outstanding     21,109       20,342       20,586       20,255  
                                 
Diluted earnings per share:                                
Continuing operations   $ 0.07     $ 0.16     $ 0.24     $ 0.23  
Discontinued operations     --       --       --       --  
Net income   $ 0.07     $ 0.16     $ 0.24     $ 0.23  
Weighted average shares outstanding     22,301       21,872       22,124       21,931  
                                 
 
RESOURCE AMERICA, INC.
CONSOLIDATING STATEMENT OF OPERATIONS
(in thousands)
(unaudited)
 
The following table presents the consolidating statement of operations for the three months ended September 30, 2014:
                         
    RAI     RSO     Eliminations     Consolidated  
REVENUES:                                
Real estate   $ 14,289     $ --     $ --     $ 14,289  
Financial fund management     5,557       --       --       5,557  
Commercial finance     (17 )     --       --       (17 )
      19,829       --       --       19,829  
Revenues from consolidated VIE - RSO     --       34,716       --       34,716  
Elimination of consolidated VIE revenues attributed to operating segments     --       --       (4,136 )     (4,136 )
  Total revenues     19,829       34,716       (4,136 )     50,409  
COSTS AND EXPENSES:                                
Real estate     9,384       --       --       9,384  
Financial fund management     2,812       --       --       2,812  
Commercial finance     125       --       --       125  
General and administrative     2,426       --       --       2,426  
Provision for credit losses     559       --       --       559  
Depreciation and amortization     453       --       --       453  
      15,759       --       --       15,759  
Expenses of consolidated VIE - RSO     --       18,449       237       18,686  
Elimination of consolidated VIE expenses attributed to operating segments     --       --       (3,502 )     (3,502 )
  Total expenses     15,759       18,449       (3,265 )     30,943  
OPERATING INCOME     4,070       16,267       (871 )     19,466  
                                 
OTHER INCOME (EXPENSE):                                
Gain on sale of investment securities, net     69       --       --       69  
Interest expense     (467 )     --       --       (467 )
Other income, net     652       --       (572 )     80  
Other income, net, from consolidated VIE - RSO     --       (1,936 )     --       (1,936 )
Elimination of consolidated VIE - RSO other expense, net     --       --       11       11  
      254       (1,936 )     (561 )     (2,243 )
Income from continuing operations before taxes     4,324       14,331       (1,432 )     17,223  
Income tax provision     1,741       --       (237 )     1,504  
Net income     2,583       14,331       (1,195 )     15,719  
Net loss attributable to noncontrolling interests     11       --       --       11  
Net income attributable to noncontrolling interests - RSO     --       (7,003 )     (7,211 )     (14,214 )
Net income attributable to common shareholders   $ 2,594     $ 7,328     $ (8,406 )   $ 1,516  
                                 
 
RESOURCE AMERICA, INC.
CONSOLIDATING STATEMENT OF OPERATIONS
(in thousands)
(unaudited)
 
 The following table presents the consolidating statement of operations for the three months ended September 30, 2013:
                         
    RAI     RSO     Eliminations     Consolidated  
REVENUES:                                
Real estate   $ 15,950     $ --     $ --     $ 15,950  
Financial fund management     8,502       --       --       8,502  
Commercial finance     (30 )     --       --       (30 )
      24,422       --       --       24,422  
Revenues from consolidated VIE - RSO     --       23,786       --       23,786  
Elimination of consolidated VIE revenues attributed to operating segments     --       --       (5,183 )     (5,183 )
Total revenues     24,422       23,786       (5,183 )     43,025  
COSTS AND EXPENSES:                                
Real estate     11,178       --       --       11,178  
Financial fund management     3,547       --       --       3,547  
Commercial finance     75       --       --       75  
General and administrative     2,505       --       --       2,505  
Provision for credit losses     1,808       --       --       1,808  
Depreciation and amortization     413       --       --       413  
      19,526       --       --       19,526  
Expenses of consolidated VIE - RSO     --       16,276       (722 )     15,554  
Elimination of consolidated VIE expenses attributed to operating segments     --       --       (4,861 )     (4,861 )
Total expenses     19,526       16,276       (5,583 )     30,219  
OPERATING (LOSS) INCOME     4,896       7,510       400       12,806  
                                 
OTHER INCOME (EXPENSE):                                
Interest expense     (530 )     --       --       (530 )
Other income, net     684       --       (556 )     128  
Other income, net, from consolidated VIE - RSO     --       16,607       --       16,607  
Elimination of consolidated VIE - RSO other expense, net     --       --       162       162  
      154       16,607       (394 )     16,367  
Income from continuing operations before taxes     5,050       24,117       6       29,173  
Income tax provision     1,261       --       722       1,983  
Net income     3,789       24,117       (716 )     27,190  
Net income attributable to noncontrolling interests     (40 )     --       --       (40 )
Net income attributable to noncontrolling interests - RSO     --       (1,996 )     (21,712 )     (23,708 )
Net income attributable to common shareholders   $ 3,749     $ 22,121     $ (22,428 )   $ 3,442  
                                 
 
RESOURCE AMERICA, INC.
CONSOLIDATING STATEMENT OF OPERATIONS
(in thousands)
(unaudited)
 
 The following table presents the consolidating statement of operations for the nine months ended September 30, 2014:
                         
    RAI     RSO     Eliminations     Consolidated  
REVENUES:                                
Real estate   $ 41,012     $ --     $ --     $ 41,012  
Financial fund management     20,773       --       --       20,773  
Commercial finance     (158 )     --       --       (158 )
      61,627       --       --       61,627  
Revenues from consolidated VIE - RSO     --       100,604       --       100,604  
Elimination of consolidated VIE revenues attributed to operating segments     --       --       (10,056 )     (10,056 )
Total revenues     61,627       100,604       (10,056 )     152,175  
COSTS AND EXPENSES:                                
Real estate     27,364       --       --       27,364  
Financial fund management     9,980       --       --       9,980  
Commercial finance     351       --       --       351  
General and administrative     8,309       --       --       8,309  
Provision for credit losses     3,342       --       --       3,342  
Depreciation and amortization     1,369       --       --       1,369  
      50,715       --       --       50,715  
Expenses of consolidated VIE - RSO     --       50,353       667       51,020  
Elimination of consolidated VIE expenses attributed to operating segments     --       --       (9,374 )     (9,374 )
Total expenses     50,715       50,353       (8,707 )     92,361  
OPERATING INCOME     10,912       50,251       (1,349 )     59,814  
                                 
OTHER INCOME (EXPENSE):                                
Gain on sale of investment securities, net     439       --       --       439  
Interest expense     (1,447 )     --       --       (1,447 )
Other income, net     1,979       --       (1,716 )     263  
Other income, net, from consolidated VIE - RSO     --       (758 )     --       (758 )
Elimination of consolidated VIE other income, net     --       --       29       29  
      971       (758 )     (1,687 )     (1,474 )
Income from continuing operations before taxes     11,883       49,493       (3,036 )     58,340  
Income tax provision     4,991       --       (667 )     4,324  
Net income     6,892       49,493       (2,369 )     54,016  
Net income attributable to noncontrolling interests     (33 )     --       --       (33 )
Net income attributable to noncontrolling interests - RSO     --       (12,372 )     (36,387 )     (48,759 )
Net income attributable to common shareholders   $ 6,859     $ 37,121     $ (38,756 )   $ 5,224  
 
RESOURCE AMERICA, INC.
CONSOLIDATING STATEMENT OF OPERATIONS
(in thousands)
(unaudited)
 
 The following table presents the consolidating statement of operations for the nine months ended September 30, 2013:
                         
    RAI     RSO     Eliminations     Consolidated  
REVENUES:                                
Real estate   $ 39,443     $ --     $ --     $ 39,443  
Financial fund management     15,234       --       --       15,234  
Commercial finance     (243 )     --       --       (243 )
      54,434       --       --       54,434  
Revenues from consolidated VIE - RSO     --       76,011       --       76,011  
Elimination of consolidated VIE revenues attributed to operating segments     --       --       (10,608 )     (10,608 )
Total revenues     54,434       76,011       (10,608 )     119,837  
COSTS AND EXPENSES:                                
Real estate     29,514       --       --       29,514  
Financial fund management     7,769       --       --       7,769  
Commercial finance     (99 )     --       --       (99 )
General and administrative     6,807       --       --       6,807  
Provision for credit losses     3,793       --       --       3,793  
Depreciation and amortization     1,318       --       --       1,318  
      49,102       --       --       49,102  
Expenses from consolidated VIE - RSO     --       47,331       (4,221 )     43,110  
Elimination of consolidated VIE expenses attributed to operating segments     --       --       (10,178 )     (10,178 )
Total expenses     49,102       47,331       (14,399 )     82,034  
OPERATING INCOME     5,332       28,680       3,791       37,803  
                                 
OTHER INCOME (EXPENSE):                                
Other-than-temporary impairment on investments     (214 )     --       --       (214 )
Interest expense     (1,525 )     --       --       (1,525 )
Other income, net     2,069       --       (1,669 )     400  
Other income, net, from consolidated VIE - RSO     --       16,607       --       16,607  
Elimination of consolidated VIE other income, net     --       --       224       224  
      330       16,607       (1,445 )     15,492  
Income from continuing operations before taxes     5,662       45,287       2,346       53,295  
Income tax benefit     (396 )     --       4,221       3,825  
Income from continuing operations     6,058       45,287       (1,875 )     49,470  
Loss from discontinued operations, net of tax     (2 )     --       --       (2 )
Net income     6,056       45,287       (1,875 )     49,468  
Net income attributable to noncontrolling interests     (23 )     --       --       (23 )
Net income attributable to noncontrolling interests - RSO     --       (5,107 )     (39,287 )     (44,394 )
Net income attributable to common shareholders   $ 6,033     $ 40,180     $ (41,162 )   $ 5,051  
                                 

Schedule I

 
RECONCILIATION OF GAAP NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO
ADJUSTED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (1)
(in thousands, except per share data)
(unaudited)
 
    Three Months Ended     Nine Months Ended      
    September 30,     September 30,      
    2014     2013     2014   2013      
Net income attributable to common shareholders - GAAP   $ 1,516     $ 3,442     $ 5,224   $ 5,051      
                                   
Adjustments, net of tax:                                  
Income, net of eliminations, attributable to consolidation of RSO     1,078       307       1,635     982      
Loss attributable to commercial finance     382       1,171       2,388     3,883     (2)
Deferred tax (benefit) provision     (142 )     (613 )     485     (2,711 )    
Adjusted net income attributable to common shareholders   $ 2,834     $ 4,307     $ 9,732   $ 7,205      
                                   
Adjusted weighted average diluted shares outstanding     22,301       21,872       22,124     21,931      
                                   
Adjusted net income attributable to common shareholders per common per share-diluted   $ 0.13     $ 0.20     $ 0.44   $ 0.33      
                                   
(1) Adjusted net income attributable to common shareholders presents the Company's operations prior to the consolidation of RSO and without the effect of its commercial finance operations and deferred tax (benefit) provision. The Company believes that this provides useful information to investors since it allows investors to evaluate the Company's progress, excluding the impact of the RSO consolidation, in both its real estate and financial fund management segments for the three and nine months ended September 30, 2014 and 2013 separately from its commercial finance operations and items related to its deferred tax (benefit) provision that are not in the ordinary course of business. Adjusted net income attributable to common shareholders should not be considered as an alternative to net income attributable to common shareholders (computed in accordance with GAAP). Instead, adjusted net income attributable to common shareholders should be reviewed in connection with net income attributable to common shareholders in the Company's consolidated financial statements to help analyze how the Company's business is performing. 
(2) Utilizes a full year continuing income tax rate of 38%.
 

Contact Information

  • CONTACT:
    THOMAS C. ELLIOTT
    CHIEF FINANCIAL OFFICER
    RESOURCE AMERICA, INC.
    ONE CRESCENT DRIVE, SUITE 203
    PHILADELPHIA, PA 19112
    (215) 546-5005
    (215) 640-6357 (fax)