Care Investment Trust Inc. (CRE, Financial) filed Quarterly Report for the period ended 2010-03-31.
Care Investment Trust Inc. has a market cap of $178.79 million; its shares were traded at around $8.84 with a P/E ratio of 36.83 and P/S ratio of 8.94. CRE is in the portfolios of Michael Price of MFP Investors LLC, Jim Simons of Renaissance Technologies LLC.
Marketing, general and administrative expenses were $1.8 million for the quarter ended March 31, 2010 and consist of fees for professional services, insurance, general overhead costs for the Company and real estate taxes on our facilities, as compared with $2.3 million for the three-month period ended March 31, 2009, a decrease of approximately $0.5 million. The decrease is primarily the result of a reduction in strategic legal and advisory services, partially offset by an increase in stock based compensation expense as a result of the change in the Companys stock price, which is a factor in the remeasurement of the stock-based awards. We recognized expense of $63,000 for the three month period ended March 31, 2010 related to stock-based compensation as compared with expense of $5,000 for the three month period ended March 31, 2009, an increase of approximately $58,000. The stock-based compensation amounts recorded include expense of $63,000 and $75,000 related to shares of our common stock earned by our independent directors as part of their compensation for the three month periods ended March 31, 2010 and 2009, respectively. The decrease in stock-based compensation to our directors was the result of fewer directors on our Board of Directors. Each independent director is paid a base retainer of $100,000 annually, which is payable 50% in cash and 50% in stock. Payments are made quarterly in arrears. Shares of our common stock issued to our independent directors as part of their annual compensation vest immediately and are expensed by us accordingly.
Cash and cash equivalents were $136.6 million at March 31, 2010 as compared with $122.5 million at December 31, 2009, an increase of approximately $14.1 million. Cash during the first three months of 2010 was generated from $15.8 million in proceeds from our investing activities, offset by $1.0 million used in operating activities and $0.7 million used for financing activities during the period.
Net cash used in operating activities for the three months ended March 31, 2010 amounted to $1.0 million as compared with $3.2 million provided by operating activities for the three months ended March 31, 2009, a decrease of approximately $4.2 million. Net loss before adjustments was $8.4 million. Equity in the operating results of, and distributions from, investments in partially-owned entities accounted for $2.2 million of the loss. Non-cash charges for straight-line effects of lease revenue, gains on sales of loans, adjustment to our valuation allowance on loans at LOCOM, amortization of deferred loan fees, amortization and write-off of deferred financing costs, stock based compensation, unrealized loss on derivative instruments, and depreciation and amortization provided $0.2 million. The net change in operating assets and liabilities provided a net increase of $5.0 million and consisted of an decrease in accrued interest receivable and other assets of $0.7 million, offset by a increase of $5.7 million in accounts payable and accrued expenses and other liabilities including amounts due to a related party.
Net cash provided by investing activities for the three months ended March 31, 2010 was $15.8 million as compared with $23.6 million for the three months ended March 31, 2009, a decrease of approximately $7.8 million. The decrease is primarily attributable to the sale of a loan to a third party for $5.9 million and loan repayments received of $10.4 million, along with new investments of $0.5 during the first three months of 2010, as compared with the sale of a loan to our Manager for $22.5 million and receipt of $1.0 million for loan repayments during the comparable period in 2009.
Net cash used in financing activities for the three months ended March 31, 2010 was $0.7 million as compared with net cash used in financing activities of $41.2 million for the three months ended March 31, 2009, a decrease of $40.5 million. The decrease is primarily attributable to cash used of $0.5 million for the purchase of treasury shares and $0.2 million for debt repayment in the current three-month period as compared with the repayment of $37.8 million and subsequent termination of our warehouse line of credit and payment of dividends totaling $3.4 million during the three-month period ended March 31, 2009.
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Care Investment Trust Inc. has a market cap of $178.79 million; its shares were traded at around $8.84 with a P/E ratio of 36.83 and P/S ratio of 8.94. CRE is in the portfolios of Michael Price of MFP Investors LLC, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
For the three months ended March 31, 2010, we recorded management fee expense payable to our Manager under our Management Agreement of $0.4 million as compared with $0.6 million for the three month period ended March 31, 2009, a decrease of approximately $0.2 million. The decrease in management fee expense is primarily attributable to the reduction in the monthly base management fee in connection with the January 2010 amendment to the Management Agreement with our manager, which also reduced the fee payable to our Manager upon termination of the Management Agreement from $15.4 million to a buyout payment of $7.5 million, payable in three equal amounts of $2.5 million as specified in the Amended and Restated Management Agreement. We recorded a buyout payment expense of $7.5 million for the three month period ended March 31, 2010 in connection with the obligation which includes the $2.5 million paid in the 2010 first quarter, the $2.5 million payment made April 1, 2010 and the final $2.5 million payment to be made on the earlier of June 30, 2011 or upon termination of the agreement.Marketing, general and administrative expenses were $1.8 million for the quarter ended March 31, 2010 and consist of fees for professional services, insurance, general overhead costs for the Company and real estate taxes on our facilities, as compared with $2.3 million for the three-month period ended March 31, 2009, a decrease of approximately $0.5 million. The decrease is primarily the result of a reduction in strategic legal and advisory services, partially offset by an increase in stock based compensation expense as a result of the change in the Companys stock price, which is a factor in the remeasurement of the stock-based awards. We recognized expense of $63,000 for the three month period ended March 31, 2010 related to stock-based compensation as compared with expense of $5,000 for the three month period ended March 31, 2009, an increase of approximately $58,000. The stock-based compensation amounts recorded include expense of $63,000 and $75,000 related to shares of our common stock earned by our independent directors as part of their compensation for the three month periods ended March 31, 2010 and 2009, respectively. The decrease in stock-based compensation to our directors was the result of fewer directors on our Board of Directors. Each independent director is paid a base retainer of $100,000 annually, which is payable 50% in cash and 50% in stock. Payments are made quarterly in arrears. Shares of our common stock issued to our independent directors as part of their annual compensation vest immediately and are expensed by us accordingly.
Cash and cash equivalents were $136.6 million at March 31, 2010 as compared with $122.5 million at December 31, 2009, an increase of approximately $14.1 million. Cash during the first three months of 2010 was generated from $15.8 million in proceeds from our investing activities, offset by $1.0 million used in operating activities and $0.7 million used for financing activities during the period.
Net cash used in operating activities for the three months ended March 31, 2010 amounted to $1.0 million as compared with $3.2 million provided by operating activities for the three months ended March 31, 2009, a decrease of approximately $4.2 million. Net loss before adjustments was $8.4 million. Equity in the operating results of, and distributions from, investments in partially-owned entities accounted for $2.2 million of the loss. Non-cash charges for straight-line effects of lease revenue, gains on sales of loans, adjustment to our valuation allowance on loans at LOCOM, amortization of deferred loan fees, amortization and write-off of deferred financing costs, stock based compensation, unrealized loss on derivative instruments, and depreciation and amortization provided $0.2 million. The net change in operating assets and liabilities provided a net increase of $5.0 million and consisted of an decrease in accrued interest receivable and other assets of $0.7 million, offset by a increase of $5.7 million in accounts payable and accrued expenses and other liabilities including amounts due to a related party.
Net cash provided by investing activities for the three months ended March 31, 2010 was $15.8 million as compared with $23.6 million for the three months ended March 31, 2009, a decrease of approximately $7.8 million. The decrease is primarily attributable to the sale of a loan to a third party for $5.9 million and loan repayments received of $10.4 million, along with new investments of $0.5 during the first three months of 2010, as compared with the sale of a loan to our Manager for $22.5 million and receipt of $1.0 million for loan repayments during the comparable period in 2009.
Net cash used in financing activities for the three months ended March 31, 2010 was $0.7 million as compared with net cash used in financing activities of $41.2 million for the three months ended March 31, 2009, a decrease of $40.5 million. The decrease is primarily attributable to cash used of $0.5 million for the purchase of treasury shares and $0.2 million for debt repayment in the current three-month period as compared with the repayment of $37.8 million and subsequent termination of our warehouse line of credit and payment of dividends totaling $3.4 million during the three-month period ended March 31, 2009.
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