Saxon Capital, Inc. 2005 Fourth Quarter and Year End Earnings Release and Conference Call Delayed
28 Febrero 2006 - 8:14AM
Business Wire
Saxon Capital, Inc. ("Saxon" or the "Company") (NYSE: SAX), a
residential mortgage lending and servicing real estate investment
trust (REIT), today announced it is delaying its 2005 fourth
quarter and year end earnings press release and related conference
call. The Company expects to report its complete operating results
on or before March 31, 2006, and will host a conference call at
that time. Management is reviewing the Company's application of the
requirements of Statement of Financial Accounting Standards (SFAS)
133, "Accounting for Derivative Instruments and Hedging Activities"
for all of the derivative transactions used in its hedging strategy
to manage interest rate risks from 2001 to the third quarter of
2005. This review includes documentation requirements under SFAS
133. If the Company determines that it did not meet the
requirements of SFAS 133, a restatement of results from 2001 to the
third quarter of 2005 may be required. Any restatement is not
expected to impact the cash flows or liquidity of the Company. It
is important to note the Company has not completed its review. "We
are disappointed in this delay, but need more time to review these
complex accounting issues before reporting our results," said
Michael L. Sawyer, Chief Executive Officer of Saxon. "However, the
delay will have no effect on our current operating and hedge
strategy from an economic standpoint." "The interpretations of how
to apply SFAS 133, a quite complex standard, continue to evolve,"
said Robert B. Eastep, Chief Financial Officer of Saxon. "We
monitor interpretations of accounting standards by regulators and
accounting professionals to evaluate our accounting practices. In
light of recent scrutiny as to the application of hedge accounting,
we are reviewing our accounting treatment of our derivative
transactions related to our hedging strategy to ensure that our
financial statements adhere to SFAS 133." About Saxon Saxon is a
residential mortgage lender and servicer that manages a portfolio
of mortgage assets. Saxon purchases, securitizes, and services real
property secured mortgages and elects to be treated as a real
estate investment trust (REIT) for federal tax purposes. The
Company is headquartered in Glen Allen, Virginia and has additional
primary facilities in Fort Worth, Texas and Foothill Ranch,
California. Saxon's mortgage loan production subsidiary, Saxon
Mortgage, Inc., originates and purchases mortgage loans through
indirect and direct lending channels using a network of brokers,
correspondents, and its retail lending centers. As of September 30,
2005, Saxon's servicing subsidiary, Saxon Mortgage Services, Inc.,
serviced a mortgage loan portfolio of $26.4 billion. For more
information, visit www.saxonmortgage.com. Information Regarding
Forward Looking Statements Statements in this news release other
than statements of historical fact, are "forward-looking
statements" that are based on current expectations and assumptions.
These expectations and assumptions are subject to risks and
uncertainty, which could affect Saxon's future plans. Saxon's
actual results and the timing and occurrence of expected events
could differ materially from its plans and expectations due to a
number of factors, such as (i) changes in overall economic
conditions and interest rates, (ii) Saxon's ability to successfully
implement its growth strategy, (iii) Saxon's ability to sustain
loan origination growth at levels sufficient to absorb costs of
production and operational costs, (iv) continued availability of
credit facilities and access to the securitization markets or other
funding sources, (v) deterioration in the credit quality of Saxon's
loan portfolio, (vi) lack of access to the capital markets for
additional funding, (vii) challenges in successfully expanding
Saxon's servicing platform and technological capabilities, (viii)
Saxon's ability to remain in compliance with federal tax
requirements applicable to REITs, (ix) Saxon's ability and the
ability of its subsidiaries to operate effectively within the
limitations imposed on REITs by federal tax rules, (x) changes in
federal income tax laws and regulations applicable to REITs, (xi)
unfavorable changes in capital market conditions, (xii) future
litigation developments, (xiii) competitive conditions applicable
to Saxon's industry, and (xiv) changes in the applicable legal and
regulatory environment. You should also be aware that all
information in this news release is as of February 28, 2006. Saxon
undertakes no duty to update any forward-looking statement to
conform the statement to actual results or changes in the Company's
expectations.
Saxon Capital (NYSE:SAX)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Saxon Capital (NYSE:SAX)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024