Walter Investment Management Corporation (WAC) saw its loss widen to $101.83 million, or $2.82 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $76.93 million, or $2.04 a share. On adjusted basis, net loss for the quarter stood at $10.10 million, or $0.17 a share compared with a net profit of $26.80 million, or $0.44 a share in the last year period.
Revenue during the quarter surged 46.11 percent to $242.31 million from $165.84 million in the previous year period. Non-interest income for the quarter rose 28.34 percent over the last year period to $282.55 million.
However, the adjusted EBITDA for the quarter stood at $93.70 million compared with $145.40 million in the prior year period. At the same time, adjusted EBITDA margin contracted 4901 basis points in the quarter to 38.67 percent from 87.68 percent in the last year period.
“Since joining Walter I have channeled my energy to spending time in our business centers evaluating our organization front to back. Clearly we have work to do in a number of important areas but I was encouraged with what I learned and took quick initial actions to simplify, flatten and focus Walter on our customers, operational fundamentals, integration opportunities across our businesses and, most importantly, execution and performance accountability,” said Anthony N. Renzi, Walter Investment’s chief executive officer and president. “I believe that the strategic pillars of capital efficiency, process efficiency and new leadership along with an engaged workforce are the foundation to achieving our goals of delivering consistent profitability and sustainable growth.
Assets, liabilities fall
Total assets stood at $17,508.41 million as on Sep. 30, 2016, down 6.75 percent compared with $18,776.33 million on Sep. 30, 2015. On the other hand, total liabilities stood at $17,204.94 million as on Sep. 30, 2016, down 3.51 percent from $17,831.23 million on Sep. 30, 2015.
Shareholders equity stood at $303.47 million as on Sep. 30, 2016, down 67.89 percent or $641.64 million from year-ago.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
