Opteum Inc. to Delay Filing Third Quarter Form 10-Q; Restate First and Second Quarter Financial Statements; Postpone Third Quart
08 Noviembre 2006 - 5:40PM
Business Wire
Opteum Inc. (NYSE:OPX) (�Opteum� or the �Company�), a real estate
investment trust (�REIT�) that operates an integrated
mortgage-related securities investment portfolio and mortgage
origination platform, today announced that its Quarterly Report on
Form 10-Q for the quarter ended September 30, 2006, will be delayed
and that it will restate its consolidated financial statements for
the quarters ended March 31, 2006, and June 30, 2006, due primarily
to the application of an accounting policy by the Company�s
subsidiary, Opteum Financial Services, LLC (�OFS�), that was not in
accordance with U.S. generally accepted accounting principles
(�GAAP�). Although the Company�s review of the full legal,
accounting and tax impact of this accounting policy is ongoing, the
Company presently believes that, once restated, its consolidated
results of operations before income taxes for the six month period
ended June�30, 2006, will be reduced by less than $1 million from
the Company�s year-to-date consolidated results of operations
before income taxes previously reported. The Company presently
anticipates an offsetting increase to the Company�s consolidated
results of operations before income taxes for the quarterly period
ended September 30, 2006. The previous accounting policy relates to
the manner in which OFS accounts for changes in the fair value of
interest rate lock commitments (�IRLCs�). Under Statement of
Financial Accounting Standards No. 133 - Accounting for Derivative
Instruments and Hedging Activities (�SFAS No. 133�), IRLCs are to
be recorded on the Company�s consolidated balance sheet at fair
value with changes in fair value to be reflected in the Company�s
current period results of operations. OFS� prior accounting policy
resulted in a misapplication of SFAS No. 133, thereby generating
non-cash, short-term timing differences that overstated earnings in
the first quarter of 2006 and understated earnings in the second
quarter of 2006. Proper application of SFAS No. 133 would not,
however, have changed the amount of dividends declared by the
Company year-to-date. Further, the Company�s dividend policy of
declaring dividends based on REIT taxable income remains unchanged.
In light of the foregoing, the Company�s consolidated financial
statements, including the Company�s consolidated balance sheet,
statement of operations, statement of stockholders� equity,
statement of cash flows and the notes thereto, as of, and for the
periods ended, March 31, 2006, and June 30, 2006, should no longer
be relied upon. For further information and ongoing updates, please
refer to the Company�s filings that will be made with the
Securities and Exchange Commission. These filings will be available
on the Company�s website at www.opteum.com under the �Investor
Information� page and will also be available at www.sec.gov. The
Company�s third quarter earnings conference call and Web simulcast,
originally scheduled for 9:00 a.m. E.T. on November 9, 2006, has
been postponed to an as yet undetermined date, which will follow
the Company�s filing of its Quarterly Report on Form 10-Q for the
period ended September 30, 2006. About Opteum Opteum Inc. is a
REIT, which operates an integrated mortgage-related investment
portfolio and mortgage origination platform. The REIT invests
primarily in, but is not limited to, residential mortgage-related
securities issued by the Federal National Mortgage Association
(Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie
Mac) and the Government National Mortgage Association (Ginnie Mae).
It attempts to earn returns on the spread between the yield on its
assets and its costs, including the interest expense on the funds
it borrows. Opteum's mortgage origination platform, Opteum
Financial Services, LLC, originates, buys, sells, and services
residential mortgages from offices throughout the United States and
operates as a taxable REIT subsidiary. Statements herein relating
to matters that are not historical facts are forward-looking
statements as defined in the Private Securities Litigation Reform
Act of 1995. The reader is cautioned that such forward-looking
statements are based on information available at the time and on
management's good faith belief with respect to future events, and
are subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in
such forward-looking statements. Important factors that could cause
such differences are described in Opteum Inc.'s filings with the
Securities and Exchange Commission, including Opteum Inc.'s most
recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q.
Opteum Inc. assumes no obligation to update forward-looking
statements to reflect subsequent results, changes in assumptions or
changes in other factors affecting forward-looking statements.
Opteum Inc. (NYSE:OPX) ("Opteum" or the "Company"), a real estate
investment trust ("REIT") that operates an integrated
mortgage-related securities investment portfolio and mortgage
origination platform, today announced that its Quarterly Report on
Form 10-Q for the quarter ended September 30, 2006, will be delayed
and that it will restate its consolidated financial statements for
the quarters ended March 31, 2006, and June 30, 2006, due primarily
to the application of an accounting policy by the Company's
subsidiary, Opteum Financial Services, LLC ("OFS"), that was not in
accordance with U.S. generally accepted accounting principles
("GAAP"). Although the Company's review of the full legal,
accounting and tax impact of this accounting policy is ongoing, the
Company presently believes that, once restated, its consolidated
results of operations before income taxes for the six month period
ended June 30, 2006, will be reduced by less than $1 million from
the Company's year-to-date consolidated results of operations
before income taxes previously reported. The Company presently
anticipates an offsetting increase to the Company's consolidated
results of operations before income taxes for the quarterly period
ended September 30, 2006. The previous accounting policy relates to
the manner in which OFS accounts for changes in the fair value of
interest rate lock commitments ("IRLCs"). Under Statement of
Financial Accounting Standards No. 133 - Accounting for Derivative
Instruments and Hedging Activities ("SFAS No. 133"), IRLCs are to
be recorded on the Company's consolidated balance sheet at fair
value with changes in fair value to be reflected in the Company's
current period results of operations. OFS' prior accounting policy
resulted in a misapplication of SFAS No. 133, thereby generating
non-cash, short-term timing differences that overstated earnings in
the first quarter of 2006 and understated earnings in the second
quarter of 2006. Proper application of SFAS No. 133 would not,
however, have changed the amount of dividends declared by the
Company year-to-date. Further, the Company's dividend policy of
declaring dividends based on REIT taxable income remains unchanged.
In light of the foregoing, the Company's consolidated financial
statements, including the Company's consolidated balance sheet,
statement of operations, statement of stockholders' equity,
statement of cash flows and the notes thereto, as of, and for the
periods ended, March 31, 2006, and June 30, 2006, should no longer
be relied upon. For further information and ongoing updates, please
refer to the Company's filings that will be made with the
Securities and Exchange Commission. These filings will be available
on the Company's website at www.opteum.com under the "Investor
Information" page and will also be available at www.sec.gov. The
Company's third quarter earnings conference call and Web simulcast,
originally scheduled for 9:00 a.m. E.T. on November 9, 2006, has
been postponed to an as yet undetermined date, which will follow
the Company's filing of its Quarterly Report on Form 10-Q for the
period ended September 30, 2006. About Opteum Opteum Inc. is a
REIT, which operates an integrated mortgage-related investment
portfolio and mortgage origination platform. The REIT invests
primarily in, but is not limited to, residential mortgage-related
securities issued by the Federal National Mortgage Association
(Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie
Mac) and the Government National Mortgage Association (Ginnie Mae).
It attempts to earn returns on the spread between the yield on its
assets and its costs, including the interest expense on the funds
it borrows. Opteum's mortgage origination platform, Opteum
Financial Services, LLC, originates, buys, sells, and services
residential mortgages from offices throughout the United States and
operates as a taxable REIT subsidiary. Statements herein relating
to matters that are not historical facts are forward-looking
statements as defined in the Private Securities Litigation Reform
Act of 1995. The reader is cautioned that such forward-looking
statements are based on information available at the time and on
management's good faith belief with respect to future events, and
are subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in
such forward-looking statements. Important factors that could cause
such differences are described in Opteum Inc.'s filings with the
Securities and Exchange Commission, including Opteum Inc.'s most
recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q.
Opteum Inc. assumes no obligation to update forward-looking
statements to reflect subsequent results, changes in assumptions or
changes in other factors affecting forward-looking statements.
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