Earnings Call Excerpt
Resource America Inc. (REXI)
F1Q09 Earnings Call
February 5, 2009 8:30 am ET
Executives
Jonathan Z. Cohen – President, Chief Executive Officer
Purvi Kamdar – Director, Investor Relations
Steven J. Kessler – Chief Financial Officer
Presentation
Operator
Welcome to the first quarter Resource America Inc. earnings conference call. (Operator Instructions) I would now like to turn the presentation over to Mr. Jonathan Cohen, President and CEO of Resource America Inc. Please proceed.
Jonathan Z. Cohen
Thank you for joining the Resource America earnings conference call for our first fiscal quarter ended December 31, 2008. This is Jonathan Cohen, President and CEO of Resource America and I welcome you to our call. Before I begin, I will ask Purvi Kamdar, our Director of Investor Relations, to read the Safe Harbor statement. Purvi.
Purvi Kamdar
When used in this conference call, the words believe, anticipate, expect and similar expressions are intended to identify forward-looking statements. Although the company believes that these forward-looking statements are based on reasonable assumptions, such statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from these contained in the forward-looking statements.
These risks and uncertainties are discussed in the company’s reports filed with the SEC, including its reports on Forms 8-K, 10-Q and 10-K and in particular item one on the Form 10-K report under the title Risk Factors. Listeners are cautioned not to place undue reliance on these forward-looking statements, which speak only of the date hereof. The company undertakes no obligation to update any of these forward-looking statements.
And with that, I’ll turn it back to Jonathan.
Jonathan Z. Cohen
Again, this is Jonathan Cohen and I thank you for joining our call. First, I would like to review our operations for the first fiscal quarter. The company reported adjusted income from continuing operations a non-GAAP measure of $94,000 or $0.01 per common share diluted for the first fiscal quarter of 2009 as compared to $4.5 million or $0.024 per common share diluted for the first fiscal quarter of 2008.
For the first fiscal quarter of 2009, the company reported adjusted revenues of $33.4 million. For the first fiscal quarter of 2009, the company reported adjusted operating income of $5 million. And adjusted revenues and adjusted operating income both non-GAAP measures include $1.2 million of pre-tax fair value adjustments on investments reported under the equity method of accounting for the first fiscal quarter of 2009 as compared to $6.7 for the first fiscal quarter of 2008.
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