Capmark Financial Group Inc. Announces Management Changes
Nov 7 14
Capmark Financial Group Inc. announced that it has closed its previously announced acquisition of Bluestem Brands Inc. With the closing of the acquisition, Mr. Steve Nave has become the company's Chief Executive Officer and has joined its Board of Directors. Mr. Gene Davis remains the company's Executive Chairman of the Board, and the Board has been expanded to permit twelve directors. Pursuant to its rights as holder of the preferred stock, Centerbridge intends to elect Mr. Jason Mozingo and two additional directors to the company's Board. Mr. Mozingo is a Senior Managing Director at Centerbridge Partners, L.P. focusing on investments in the Retail and Consumer sectors. He also serves on the Boards of Directors of CraftWorks Restaurants & Breweries Inc., P.F. Chang's China Bistro, Billabong and GTH, LLC. Mr. John Poelker, a director of the company and President and Chief Executive Officer of CertusBank, has resigned from the Board effective immediately after the closing.
Capmark Financial Group Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014
Oct 23 14
Capmark Financial Group Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net interest income of $1,543,000 compared to $4,772,000 a year ago. Net revenue was $14,812,000 compared to $19,120,000 a year ago. Income from continuing operations before income tax provision was $7,215,000 compared to $9,540,000 a year ago. Income from continuing operations after income tax provision was $7,515,000 compared to $9,425,000 a year ago. Net income was $38,171,000 compared to $4,840,000 a year ago. Net income attributable to the company was $38,835,000 compared to $8,815,000 a year ago. Basic and diluted net income per share from continuing operations was $0.08 compared to $0.13 a year ago. Diluted net income per share was $0.38 compared to $0.09 a year ago.
For the nine months, the company reported net interest income of $5,478,000 compared to $19,509,000 a year ago. Net revenue was $36,115,000 compared to $104,593,000 a year ago. Income from continuing operations before income tax provision was $10,476,000 compared to $62,590,000 a year ago. Income from continuing operations after income tax provision was $10,277,000 compared to $62,225,000 a year ago. Net income was $35,272,000 compared to $44,237,000 a year ago. Net income attributable to the company was $42,368,000 compared to $54,016,000 a year ago. Basic and diluted net income per share from continuing operations was $0.17 compared to $0.72 a year ago. Basic and diluted net income per share was $0.42 compared to $0.54 a year ago. Net cash provided by operating activities of continuing operations was $82,535,000 compared to $207,051,000 a year ago.