Earnings Call Excerpt
Alesco Financial Inc (AFN)
Q4 2007 Earnings Call
March 11, 2008 10:00 am ET
Executives
James J. McEntee, III, Chief Executive Officer and President
John J. Longino, Chief Financial Officer and Treasurer
Analysts
Robert Knapp - Ironsides Partners
Jim Ballan - Bear Stearns
[Tate Silver]– Bear Stearns
[Joe Lavon]- Smith Barney
Lee Cooperman - Omega Advisors
Ken Tompkins – Analyst Firm not Stated
[Paul Verman]– RBC Capital Markets
Rick Sherman – Oppenheimer & Co
Al Mitchell - Analyst Firm not Stated
Steven Young - Wedbush Morgan Securities
[Mark Aimes]- Aimes Capital Management
[Chris Quilty] - Raymond James
[Kevin Mullan] - RBC Capital Markets
Presentation
Operator
Good day ladies and gentlemen and welcome to the Alesco Financial Fourth Quarter 2007 Earnings conference call.
Before we begin Alesco financial would like remind everyone that information provided in this earnings release and during this call contains forward looking statements which involve a number of risks and uncertainties. Alesco Financial cautions readers with any forward looking information is not a guarantee of future performance and that actual results could differ materially from those contained or implied in the forward looking information. Factors that may affect future results are contained in Alesco Financial’s filings with the SEC which are available at the SEC’s website at www.SEC.gov.
At this time all participants have been places in a listen only mode. Following formal remarks the call will be opened to your questions.
I would now like to turn the call over to J. McEntee, President and CEO. Sir, please begin.
James J. McEntee
Thank you operator and good morning everyone, thank you for joining us. Also representing the company with me this morning is John Longino our Chief Financial Officer; as well as several other members of the company’s management team.
First I’d like to apologize for the delay in accessing this call. It took us longer than it should to bring all callers into the call. We’ll address this in the future and try to make it better.
Before beginning our discussion of the performance of our company, let me first make a few observations about the public markets in the financial services sector. I must once again report that the general market conditions have not improved, in fact if anything they have worsened since our last call. The negative environment is reflected in our stock price as well as that of our peer group of public companies. The fact is that the financial services sector is in a state of upheaval as evidenced by recent headlines. To some extend we are seeing the results of this in the banking sector and we will have seen this impact in a few of our TruPS as I will detail later in this call. In addition, the continued ratings downgrades of our EBS portfolios have impacted our Kleros Real Estate transactions as I will discuss further, including the potential impact of this on a reach status on future periods. That being said, as I will detail on this call, the reality is that our TruPS mid-market loan portfolios have performed well and the company is well positioned for the future.
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