Monday, Crystal River Capital, Inc. (CRZ), a specialty finance company, reported a wider loss in the second quarter compared with prior-year quarter on lower net interest income available for sale securities. Following news, the stock gapped opened lower and is currently trading down about 16% on the New York Stock Exchange.
Net loss for the quarter was $75.5 million or $3.04 per share wider than net loss of $9.1 million or $0.36 per share in the same period prior year.
Operating earnings for the quarter totaled $16.6 million or $0.67 per share, compared to $16.8 million or $0.67 per share, in the prior-year quarter.
Quarterly revenues fell to $32.3 million from $62.6 million in the comparable period previous year.
Interest income available for sale securities for the quarter decreased by more than half to $24.4 million, from $50.8 million prior year.
Net investment income for the quarter totaled $21.6 million or $0.87 per share compared with net investment income of $20.0 million, or $0.80 per share last year.
Provision for loss on real estate loan was $7.38 million against no such provision in the prior-year quarter.
For the first-half, net loss widened to $213.2 million or $8.60 per share from $1.5 million or $0.06 per share prior year. Total revenues for the period stood at $81.2 million compared with $120.3 million last year.
The company also declared a third quarter dividend of $0.10 per share.
CRZ's stock is currently trading down 15.93% at 2.27 on the NYSE.
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