The Company had net income of $241.9 million during the third quarter of 2012, or $1.46 per diluted share, compared to net income of $101.7 million, or $0.87 per diluted share, in the second quarter of 2012. Would you not say that was quite an improvement!
Are you correctly treating the core and dropdown delta's? Thry didn't seem as favorable on the core inc. And the spread deteriorated as well. I'm not sure this is a good report.
"NEW YORK, Oct 17, 2012 (BUSINESS WIRE) -- CYS Investments, Inc. (CYS) ("CYS" or the "Company") today announced financial results for the quarter ended September 30, 2012. Third Quarter 2012 Highlights -- GAAP net income of $241.9 million, or $1.46 per diluted share. -- Core Earnings of $41.2 million, or $0.25 per diluted share. -- A component of the Company's net income for the quarter was $36.9 million, or $0.23 per diluted share, of appreciation on forward settling purchases (also referred to as "drop income") that was accounted for as net gain from investments on our statement of operations and therefore excluded from our Core Earnings. -- Net realized gain from investments of $27.0 million for the third quarter of 2012 bringing the Company's net realized gain from investments to $93.3 million for the nine months ended September 30, 2012. -- Operating expenses of 0.93% of average net assets. -- September 30, 2012 net asset value per common share of $14.46 per share after declaring a $0.45 dividend per common share on September 11, 2012. -- Interest rate spread net of hedge of 1.24%. Adjusted interest rate spread net of hedge 1.41%. -- Weighted average amortized cost of Agency RMBS of $104.35."
Look at the drop income + core. Beautiful quarter.
NEW YORK, Oct 17, 2012 (BUSINESS WIRE) -- CYS Investments, Inc. (CYS) ("CYS" or the "Company") today announced financial results for the quarter ended September 30, 2012. Third Quarter 2012 Highlights -- GAAP net income of $241.9 million, or $1.46 per diluted share. -- Core Earnings of $41.2 million, or $0.25 per diluted share. -- A component of the Company's net income for the quarter was $36.9 million, or $0.23 per diluted share, of appreciation on forward settling purchases (also referred to as "drop income") that was accounted for as net gain from investments on our statement of operations and therefore excluded from our Core Earnings. -- Net realized gain from investments of $27.0 million for the third quarter of 2012 bringing the Company's net realized gain from investments to $93.3 million for the nine months ended September 30, 2012. -- Operating expenses of 0.93% of average net assets. -- September 30, 2012 net asset value per common share of $14.46 per share after declaring a $0.45 dividend per common share on September 11, 2012. -- Interest rate spread net of hedge of 1.24%. Adjusted interest rate spread net of hedge 1.41%. -- Weighted average amortized cost of Agency RMBS of $104.35.
The core eps + the drop income was 0.48. Dividend paid was 0.45. They covered the distribution by 0.03. NAV went from $13.52 to $14.46.
This news story has 12 comments:
Third Quarter 2012 Highlights
-- GAAP net income of $241.9 million, or $1.46 per diluted share.
-- Core Earnings of $41.2 million, or $0.25 per diluted share.
-- A component of the Company's net income for the quarter was $36.9 million, or $0.23 per diluted share, of appreciation on forward settling purchases (also referred to as "drop income") that was accounted for as net gain from investments on our statement of operations and therefore excluded from our Core Earnings.
-- Net realized gain from investments of $27.0 million for the third quarter of 2012 bringing the Company's net realized gain from investments to $93.3 million for the nine months ended September 30, 2012.
-- Operating expenses of 0.93% of average net assets.
-- September 30, 2012 net asset value per common share of $14.46 per share after declaring a $0.45 dividend per common share on September 11, 2012.
-- Interest rate spread net of hedge of 1.24%. Adjusted interest rate spread net of hedge 1.41%.
-- Weighted average amortized cost of Agency RMBS of $104.35."
Look at the drop income + core. Beautiful quarter.
Drop + core in 2nd quarter was $59.8 million, or $0.51 per diluted share.
Drop + core in 3rd quarter was $78.1 million, or $0.48 per diluted share.
Third Quarter 2012 Highlights
-- GAAP net income of $241.9 million, or $1.46 per diluted share.
-- Core Earnings of $41.2 million, or $0.25 per diluted share.
-- A component of the Company's net income for the quarter was $36.9 million, or $0.23 per diluted share, of appreciation on forward settling purchases (also referred to as "drop income") that was accounted for as net gain from investments on our statement of operations and therefore excluded from our Core Earnings.
-- Net realized gain from investments of $27.0 million for the third quarter of 2012 bringing the Company's net realized gain from investments to $93.3 million for the nine months ended September 30, 2012.
-- Operating expenses of 0.93% of average net assets.
-- September 30, 2012 net asset value per common share of $14.46 per share after declaring a $0.45 dividend per common share on September 11, 2012.
-- Interest rate spread net of hedge of 1.24%. Adjusted interest rate spread net of hedge 1.41%.
-- Weighted average amortized cost of Agency RMBS of $104.35.
The core eps + the drop income was 0.48. Dividend paid was 0.45. They covered the distribution by 0.03. NAV went from $13.52 to $14.46.