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FirstCity Financial Corp. (FCFC) filed Quarterly Report for the period ended 2011-09-30.
Firstcity Financial Corp. has a market cap of $72.45 million; its shares were traded at around $6.982 with a P/E ratio of 6.59 and P/S ratio of 0.85.
This is the annual revenues and earnings per share of FCFC over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of FCFC.
Highlight of Business Operations:
· United States — Total combined revenues reported by our U.S. Acquisition Partnerships (FirstCity share 10%-50%) increased to $7.2 million in Q3 2011 compared to $4.6 million in Q3 2010. In addition, total net earnings reported by our U.S. partnerships improved to $2.8 million in Q3 2011 from $1.6 million in for Q3 2010. The increase in total revenues and net earnings in Q3 2011 compared to Q3 2010 was attributable primarily to an increase in collections to $39.7 million in Q3 2011 from $21.3 million in Q3 2010. Contributing to the increase in net earnings reported by these partnerships in Q3 2011 was a $0.8 million decrease in impairment provisions; off-set by a $1.0 million increase in asset-level expenses reported by these U.S. partnerships. The collective activity described above translated to a favorable increase in FirstCity’s share of U.S. partnership net earnings to $0.7 million for Q3 2011 compared to $0.1 million in net losses for Q3 2010.· Latin America — Total combined revenues reported by our Latin American Acquisition Partnerships (FirstCity’s share 8%-50%) increased to $5.3 million in Q3 2011 from $4.7 million in Q3 2010. However, total combined net losses reported by our Latin American partnerships increased to $9.5 million for Q3 2011 compared to $2.3 million for Q3 2010. The increase in total partnership revenues reported by these partnerships in Q3 2011 compared to Q3 2010 was attributable primarily to an increase in collections to $7.4 million in Q3 2011 compared to $6.1 million in Q3 2010. Contributing to the decreased net earnings reported by these partnerships in Q3 2011 was $7.3 million of additional foreign currency exchange losses recorded by these partnerships in Q3 2011 compared to Q3 2010. The significant increase in foreign currency exchange losses recorded in Q3 2011 stemmed from the translation impact to the U.S. dollar-denominated debt held by certain Latin American partnerships (due to the higher appreciation in value of the U.S. dollar relative to the Mexican peso in Q3 2011 compared to Q3 2010). FirstCity’s share of Latin American partnership net earnings decreased to $0.9 million in losses for Q3 2011 compared to $0.6 million in losses for Q3 2010. FirstCity’s average investment in Latin American Acquisition Partnerships decreased to $14.1 million for Q3 2011 from $16.7 million for Q3 2010.
· United States — Total combined revenues reported by our U.S. Acquisition Partnerships (FirstCity share 10%-50%) increased to $23.6 million in YTD 2011 compared to $7.2 million in YTD 2010. In addition, total net earnings reported by our U.S. partnerships improved to $8.8 million in YTD 2011 from $2.1 million for YTD 2010. The increase in total revenues and net earnings in YTD 2011 compared to YTD 2010 was attributable primarily to an increase in collections to $97.4 million in YTD 2011 from $29.2 million in YTD 2010; off-set partially by increases in the following costs and expenses in YTD 2011 compared to YTD 2010: $2.0 million increase in impairment provisions, $4.9 million increase in asset-level expenses, and $2.1
· Latin America — Total combined revenues reported by our Latin American Acquisition Partnerships (FirstCity’s share 8%-50%) decreased to $14.0 million in YTD 2011 from $15.0 million in YTD 2010. Total combined net losses reported by our Latin American partnerships increased to $3.2 million for YTD 2011 compared to $4.5 million for YTD 2010. The decrease in total partnership revenues reported by these partnerships in YTD 2011 compared to YTD 2010 was attributable primarily to a decline in collections to $20.7 million in YTD 2011 compared to $22.2 million in YTD 2010. Contributing to the lower net losses reported by these partnerships in YTD 2011 compared to YTD 2010 was $1.6 million of additional foreign currency exchange gains recorded by these partnerships in the periods compared, combined with a $0.8 million decline in tax expense; off-set partially by a $1.1 million increase in impairment provisions recorded by our Latin American partnerships in YTD 2011 compared to YTD 2010. Although total net losses reported by our Latin American Acquisition Partnerships were lower in YTD 2011 compared to YTD 2010, FirstCity’s share of Latin American partnership net losses increased by $0.6 million in YTD 2011 compared to YTD 2010. This unfavorable variation is attributed to the composition of FirstCity’s ownership and income allocation mix in the Latin American Acquisition Partnerships that reported net earnings and losses in YTD 2011 and YTD 2010. FirstCity’s average investment in Latin American Acquisition Partnerships decreased to $14.4 million for YTD 2011 from $17.1 million for YTD 2010.
Our operating activities from continuing operations used cash of $11.4 million and $29.3 million for YTD 2011 and YTD 2010, respectively. For YTD 2011, net cash used in continuing operations was attributable primarily to $16.3 million of net principal advances on SBA loans held for sale; $33.9 million of non-cash reductions for income accretion and gains on Portfolio Assets; $7.9 million of non-cash deductions for equity earnings from our unconsolidated subsidiaries (i.e. equity-method investments); and $3.5 million of non-cash deductions attributed to gains recognized on SBA loan sales, equity investment sale, railroad property sale, and business combinations — off-set partially by $17.9 million of net earnings; $23.6 million of proceeds from SBA loan sales; $4.1 million of proceeds applied to income from Portfolio Assets; and $4.5 million of non-cash add-backs related to provisions for loan and impairment losses, depreciation and amortization. Net cash used in operating activities from our continuing operations for YTD 2010 was attributable primarily to $11.9 million of net principal advances on SBA loans held for sale; $34.3 million of non-cash reductions for income accretion and gains on Portfolio Assets; $14.0 million of non-cash deductions for equity earnings from our unconsolidated subsidiaries (i.e. equity-method investments); and $4.1 million of non-cash deductions attributed to gains recognized on business combination transactions and an investment security sale — off-set partially by $16.6 million of net earnings (excluding $4.3 million of income from discontinued operations); $5.0 million of proceeds from SBA loan sales; $2.2 million of proceeds applied to income from Portfolio Assets; and $11.9 million of non-cash add-backs related to provisions for loan and impairment losses, depreciation and amortization. The remaining changes in the periods were due primarily to net changes in other accounts related to our operating activities.
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