Intasys -- Auferstehung eines Pennystocks zu einem soliden Unternehmen - 500 Beiträge pro Seite

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MONTREAL, May 1, 2003 (BUSINESS WIRE) --
Intasys (Nasdaq:INTA):
-- Consolidated revenue increased by 35% to $3.6 million in Q1
2003 vs. Q1 2002
-- Net loss of $91 thousand in Q1 2003 vs. a loss of $199
thousand in Q1 2002
-- Mamma.com net earnings in Q1 2003 $152 thousand vs. a loss of
$26 thousand in Q1 2002
-- Intasys Billing Technologies net earnings in Q1 2003 at $215
thousand vs. $43 thousand in Q1 2002

Intasys Corporation, (the "Company"), (INTA, Trade), reported its financial results for the period ended March 31, 2003. These results reflect the company`s on-going strategy with regards to its two operating businesses. Management is continuing to favorably position Mamma.com, its meta-search and ad network business, for sustained and increasing growth. Intasys Billing Technologies, its billing and customer care business, is focusing its activities on penetrating emerging markets in Asia Pacific and improving its responsiveness to core customer requirements. All figures in this release are in US dollars.

The Company reported a consolidated net loss of $91,466 ($0.02 per share), in Q1 2003, compared to a net loss of $199,077 ($0.05 per share), in Q1 2002. Consolidated revenue at $3,557,789 increased by 35% in Q1 2003 compared to $2,639,692 in Q1 2002. Working capital increased by $22,171 during the quarter reflecting an increase in accounts receivable as a result of increasing sales and payment of performance incentives accrued during the year and settled on finalizing year-end financial data.

Daniel Bertrand, Intasys` Vice President and C.F.O., commented, "In the first quarter ended March 31, 2003, a future income tax expense in the amount of $74,704 has been recognized, reflecting the tax losses used during the period to offset income taxes which would have otherwise been payable. Mamma.com`s financial performance will be monitored, and if sustained profitability is demonstrated, we will consider recording a future income tax asset reflecting the estimated potential income tax recovery related to the remaining tax losses in Mamma.com."

David Goldman, Intasys` Chairman and CEO, commented that "the continuing improvement in Intasys` performance further reinforces our deliberate approach at focusing each of our subsidiaries on sound fundamentals complemented by attacking growth consistent with their expertise and competitive advantage. Each of the businesses had strong performance in the quarter while corporate costs were unfavorably impacted by legal expenses associated with the pending previously announced final settlement of the action filed in 1996 in Florida with respect to a business which the Company discontinued approximately eight years ago."

Mamma.com reported Q1 2003 net earnings of $151,535 compared to a net loss of $25,729 in Q1 2002. The positive result is due to a significant revenue increase of 136% to $1,789,244 in Q1 2003 compared to $757,154 in Q1 2002.

Guy Faure, Mamma.com`s President and CEO, stated: "Mamma.com had a 40% increase in the amount of paid clicks in Q1 of 2003 compared to Q4 of 2002. We attribute this increase to an industry wide strong demand for keyword advertising and our success in improving overall optimization with our existing partners. The integration of the ad network activities of Mamma.com and focusIN is now completed and we anticipate realizing revenue synergies as a result."

Intasys Billing Technologies (IBT) reported Q1 2003 net earnings of $215,432 compared to $43,284 in Q1 2002. The positive result is attributable to continuing control over operating expenses as revenue at $1,768,545 in Q1 2003 was $113,993 less than Q1 2002.

Michael Tinmouth, IBT`s President and CEO, stated: "With continuing difficulties in the telecommunications sector, our focus on tight operating controls and customer relations have improved our financial performance. IBT continues its emphasis on growth opportunities in Asian markets with several opportunities being pursued. Our JBill billing and customer care system for wireless service providers offers these markets an efficient, cost effective and easily implementable solution."

Condensed financial statements are attached and will shortly be available on our web-site and SEDAR.

About Intasys Corporation

Intasys Corporation is focused primarily on providing innovative on-line direct marketing services within the Internet search industry. Through its wholly owned subsidiary, Mamma.com Inc., Intasys is a leading provider of meta-search and on-line direct marketing services and technologies. Its wholly owned subsidiaries, Intasys Billing Technologies, further provide global wireless Internet-compatible billing and customer care information systems. The Company also holds minority interests in analog integrated circuit products, new media and telecommunications sectors.

Statements contained in this press release which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties that can cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed in the Company`s filings with the Securities and Exchange Commission.


Intasys Corporation
Condensed Unaudited Consolidated Balance Sheets
(expressed in U.S. dollars in accordance with generally accepted
accounting principles in Canada)
As at As at
March 31, December 31,
2003 2002
$ $
(unaudited) (audited)
Assets
Current assets
Cash and cash equivalents 2,880,254 3,804,323
Accounts receivable 3,105,851 2,377,888
Prepaid expenses and other
assets 169,432 174,976
Future income taxes (Note 1) 212,864 270,254
---------------------------------------------------------------------
6,368,401 6,627,441
Investments 1,085,286 1,085,286
Property, plant and equipment 614,580 656,435
Intangible assets 931,069 907,217
Goodwill 744,451 694,835
---------------------------------------------------------------------
9,743,787 9,971,214
---------------------------------------------------------------------
---------------------------------------------------------------------
Liabilities
Current liabilities
Accounts payable and accrued
liabilities 2,556,650 2,813,351
Reserve for restructuring - 2,234
Deferred revenue 432,158 454,434
---------------------------------------------------------------------
2,988,808 3,270,019
---------------------------------------------------------------------
Shareholders` Equity
Capital stock
Authorized
Unlimited common shares
Issued and outstanding -
6,094,842 common shares 69,880,327 69,873,994
Additional paid-in capital 805,377 750,111
Deferred stock-based
compensation (22,112) (10,667)
Cumulative translation
adjustment (180,597) (275,693)
Deficit (63,728,016) (63,636,550)
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6,754,979 6,701,195
---------------------------------------------------------------------
9,743,787 9,971,214
---------------------------------------------------------------------
---------------------------------------------------------------------
Intasys Corporation
Condensed Unaudited Consolidated Statements of Operations
(expressed in US dollars in accordance with generally accepted
accounting principles in Canada)
For the three months ended
March 31
---------------------------------------------------------------------
2003 2002
$ $
Revenue 3,557,789 2,639,692
---------------------------------------------------------------------
Expenses
Cost of goods sold, selling and
administrative 2,969,092 2,447,381
Net research and development 474,631 293,462
Amortization and impairment of
property, plant and equipment 98,858 109,018
Amortization of intangible assets 39,870 -
Interest expense 65 1,410
Interest income (7,965) (19,728)
Share of results of companies
subject to significant influence - 49,605
Realized gain on disposal of
marketable securities - (73,383)
Unrealized loss on marketable
securities, investments and
write-down of advances - 31,004
---------------------------------------------------------------------
3,574,551 2,838,769
---------------------------------------------------------------------
Loss before income taxes (16,762) (199,077)
Provision for current income
taxes (Note 1) 74,704 -
---------------------------------------------------------------------
Net loss for the period (91,466) (199,077)
---------------------------------------------------------------------
---------------------------------------------------------------------
---------------------------------------------------------------------
Basic and diluted net loss per
share (0.02) (0.05)
---------------------------------------------------------------------
---------------------------------------------------------------------
Weighted average number of
shares outstanding 6,091,972 4,058,858
---------------------------------------------------------------------
---------------------------------------------------------------------
1 Future Income Taxes
As at December 31, 2002, a future income tax asset of $270,254 was
recorded, representing the potential income tax recovery for Mamma.com
for the subsequent twelve months. During the three month period ended
March 31, 2003, future income tax expense in the amount of $74,704 has
been recognized in the consolidated statement of operations,
reflecting the tax losses used during the period to offset income
taxes which would have otherwise been payable.
Intasys Corporation
Condensed Unaudited Consolidated Statements of Cash Flows
(expressed in US dollars in accordance with generally accepted
accounting principles in Canada)
For the three months ended
March 31
---------------------------------------------------------------------
2003 2002
Cash flows from operating
activities $ $
Net loss for the period (91,466) (199,077)
Adjustments for:
Amortization and impairment of
property, plant and equipment 98,858 109,018
Amortization of intangible
assets 39,870 -
Realized loss on disposal of
property, plant and equipment 177 340
Realized gain on disposal of
marketable securities - (73,383)
Interest income on investments - (7,880)
Share of results of companies
subject to significant
influence - 49,605
Unrealized loss on marketable
securities, investments and
write-down of advances - 31,004
Financial fees paid through
issuance of capital stock 50,154 11,509
Decrease (increase) in non-cash
working capital items (963,597) 249,883
---------------------------------------------------------------------
Cash flows provided by (used
in) operating activities (866,004) 171,019
---------------------------------------------------------------------
Investing activities
Investments - (1,289)
Purchase of property, plant
and equipment (22,410) (22,770)
---------------------------------------------------------------------
Cash flows used in investing
activities (22,410) (24,059)
---------------------------------------------------------------------
Effect of foreign exchange rate
changes on cash and cash
equivalents (35,655) (1,733)
---------------------------------------------------------------------
Change in cash and cash
equivalents (924,069) 145,227
Cash and cash equivalents -
Beginning of period 3,804,323 2,314,072
---------------------------------------------------------------------
Cash and cash equivalents -
End of period 2,880,254 2,459,299
---------------------------------------------------------------------
---------------------------------------------------------------------
Cash and cash equivalents
comprise:
Cash 2,862,206 840,343
Short-term deposits 18,048 1,618,956
---------------------------------------------------------------------
2,880,254 2,459,299
---------------------------------------------------------------------
---------------------------------------------------------------------
Supplemental disclosure of cash
flow information
Cash paid for interest 65 20,989
---------------------------------------------------------------------
---------------------------------------------------------------------
Non-cash working capital items:
Decrease (increase) in
assets
Marketable securities - 314,026
Accounts receivable (671,403) (499,804)
Prepaid expenses and other
assets 6,507 (9,060)
Future income taxes 74,704 -
Increase (decrease) in
liabilities:
Accounts payable and accrued
liabilities (326,876) 445,465
Deferred revenue (44,295) 68,304
Reserve for restructuring (2,234) (69,048)
---------------------------------------------------------------------
Total decrease (increase) in
non-cash working capital
items (963,597) 249,883
---------------------------------------------------------------------
---------------------------------------------------------------------
Segment Information
The Company has three reportable segments: Investment Management,
Internet Media and Billing Systems. The Company evaluates each
operating segment`s performance based on revenue, expenses and net
earnings (loss) for the period.
A summary of the results by reportable segment for the period ended
March 31, 2003 and 2002 is as follows. In addition, the table which
follows summarizes revenues by country. Revenues have been allocated
to individual countries-regions based upon the country of residence of
the subsidiary providing the product or service.
For the three months ended March 31
---------------------------------------------------------------------
Investment Management Internet Media
---------------------------------------------------------------------
2003 2002 2003 2002
$ $ $ $
Revenue - - 1,789,244 757,154
---------------------------------------------------------------------
Cost of goods
sold, selling and
administrative 461,936 224,008 1,248,020 552,066
Net research and
development - - 243,958 197,989
Amortization and
impairment of
property, plant
and equipment 1,286 2,101 31,760 33,800
Amortization of
intangible assets - - 39,870 -
Interest expense - 317 - 286
Interest income (4,789) (17,020) (603) (1,258)
Share of result of
companies subject
to significant
influence - 49,605 - -
Realized gain on
disposal
marketable
securities - (73,383) - -
Unrealized loss on
marketable
securities,
investments and
write-down of
advances - 31,004 - -
---------------------------------------------------------------------
458,433 216,632 1,563,005 782,883
---------------------------------------------------------------------
Loss for the
period before
income taxes (458,433) (216,632) 226,239 (25,729)
Provision for
current income
taxes - - 74,704 -
---------------------------------------------------------------------
Net earnings
(loss) for the
period (458,433) (216,632) 151,535 (25,729)
---------------------------------------------------------------------
Revenue:
Canada - - 1,789,244 757,154
United Kingdom - - - -
Australia - - - -
---------------------------------------------------------------------
- - 1,789,244 757,154
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---------------------------------------------------------------------
Billing Systems Total
---------------------------------------------------------------------
2003 2002 2003 2002
---- ---------- ---------- ---------- -----------
Total Assets $8,172,063 $7,007,772 $5,674,302 $3,689,782 $2,739,838
Short-Term
Debt $475,717 $99,714 $834,081 $1,005,003 $1,122,513
Long-Term Debt 7,170,691 6,397,020 4,365,281 2,241,600 1,234,459
Working
Capital and
Other
Liabilities 40,253 38,005 29,212 25,249 18,422
Preferred
Equity 26,517 26,517 26,517 26,517 26,517
Common Equity 458,885 446,516 419,211 391,413 337,927
-------------- ---------- ---------- ---------- ---------- -----------
Total
Liabilities
and Equity $8,172,063 $7,007,772 $5,674,302 $3,689,782 $2,739,838
Total Reported
Equity $485,402 $473,033 $445,728 $417,930 $364,444
Less: Mark-to-
Market
Adjustments (68,077) (69,146) (54,148) (35,826) (11,015)
---------- ---------- ---------- ---------- -----------
Core Equity $417,325 $403,887 $391,580 $382,104 $353,429
Common Shares
Outstanding
at Period End 16,604,910 16,277,285 15,886,421 15,624,012 14,624,647
Reported
Equity (Book
Value) per
Common Share $27.64 $27.43 $26.39 $25.05 $23.11
Core Equity
per Common
Share $23.54 $23.18 $22.98 $22.76 $22.35
Net Premium /
(Discount)
Balance $(33,319) $(9,662) $(446) $(9,147) $(9,095)
Average Total
Assets $7,553,726 $6,158,898 $4,234,477 $3,158,751 $2,564,847
Average
Earning
Assets $7,393,566 $6,042,042 $4,131,870 $3,080,165 $2,498,565
Average
Interest
Bearing
Liabilities $7,036,183 $5,680,238 $3,781,717 $2,752,215 $2,211,927
Average Total
Reported
Equity
(Common and
Preferred) $489,086 $450,464 $432,310 $385,887 $341,766
REDWOOD TRUST, INC.
(All dollars in thousands)
LEVERAGE 31-Mar 31-Dec 30-Sep 30-Jun 31-Mar
RATIOS (1) 2003 2002 2002 2002 2002
-------------- ---------- ---------- ---------- ---------- ----------
Total Report
Assets $8,172,063 $7,007,772 $5,674,302 $3,689,782 $2,739,838
Less: Non-
Recourse
Assets (7,210,944)(6,435,025)(4,394,493)(2,266,849)(1,252,881)
---------- ---------- ---------- ---------- ----------
Recourse
Assets $961,119 $572,747 $1,279,809 $1,422,933 $1,486,957
Total Reported
Debt $7,646,408 $6,496,734 $5,199,362 $3,246,603 $2,356,972
Less: Non-
Recourse Debt (7,170,691)(6,397,020)(4,365,281)(2,241,600)(1,234,459)
---------- ---------- ---------- ---------- ----------
Recourse Debt $475,717 $99,714 $834,081 $1,005,003 $1,122,513
Reported Debt
to Reported
Equity 15.8 13.7 11.7 7.8 6.5
Reported
Equity/Total
Reported
Assets 6% 7% 8% 11% 13%
Recourse Debt
to Reported
Equity 1.0 0.2 1.9 2.4 3.1
Reported
Equity/Recourse
Assets 51% 83% 35% 29% 25%
(1) The majority of our debt is non-recourse debt. Holders of
non-recourse debt can look only to the pledged assets -- and not to
Redwood -- for repayment. Therefore, management believes that another
useful measure of the leverage we employ is to compute leverage ratios
comparing our equity base to our recourse debt (reported debt less
non-recourse debt) and to our recourse assets (our assets for which we
are "at-risk", i.e., excluding those assets pledged to non-recourse
debt).
REDWOOD TRUST, INC.
(All dollars in thousands, except per share data)
First Fourth Third Second First
Residential Quarter Quarter Quarter Quarter Quarter
Real Estate 2003 2002 2002 2002 2002
Loans ----------- ---------- ---------- ---------- ----------
--------------
Start of
Period
Balances $6,215,179 $4,761,893 $2,803,556 $1,794,260 $1,474,862
Acquisitions 1,338,920 1,616,400 2,075,296 1,146,621 417,276
Sales Proceeds (73,137) 0 (2,960) (46,683) 0
Principal
Paydowns (152,768) (155,915) (109,896) (89,582) (95,924)
Net
Amortization
Expense (6,156) (5,754) (3,502) (1,060) (1,672)
Net Charge
Offs
(Recoveries) 31 0 236 0 0
Credit
Provisions (1,756) (1,660) (894) (472) (282)
Mark-to-Market
- Balance Sheet 0 0 0 0 0
Mark-to-Market
- Income Statement 726 215 57 472 0
-------------- ----------- ---------- ---------- ---------- ----------
End of Period
Balances $7,321,039 $6,215,179 $4,761,893 $2,803,556 $1,794,260
Average
Amortized
Cost During
Period $6,625,540 $5,318,910 $3,262,462 $2,201,384 $1,544,924
Yield 2.55% 2.80% 3.00% 3.56% 3.66%
Principal
Value of
Loans $7,297,515 $6,190,674 $4,736,646 $2,795,628 $1,790,239
Credit Reserve (9,996) (8,271) (6,611) (5,953) (5,481)
Net Premium
(Discount) to
be Amortized 33,520 32,776 31,858 13,881 9,502
Market
Valuation
Adjustments 0 0 0 0 0
-------------- ----------- ---------- ---------- ---------- ----------
Residential
Real Estate
Loans $7,321,039 $6,215,179 $4,761,893 $2,803,556 $1,794,260
Credit
Reserve,
Start of
Period $8,271 $6,611 $5,953 $5,481 $5,199
Net Charge-
Offs (NCO) (31) 0 (236) 0 0
Credit
Provisions 1,756 1,660 894 472 282
-------------- ----------- ---------- ---------- ---------- ----------
Credit
Reserve, End
of Period $9,996 $8,271 $6,611 $5,953 $5,481
Delinquencies
(90 days + FC
+ BK + REO) $1,159 $4,127 $1,387 $3,257 $4,926
Delinquencies
as % of
Residential
Loans 0.02% 0.07% 0.03% 0.12% 0.27%
NCO as % of
Residential
Loans
(annualized) 0.01% 0.00% 0.01% 0.00% 0.00%
Reserve as %
of Residential
Loans 0.14% 0.13% 0.14% 0.21% 0.31%
Reserve as %
of Delinquencies 862% 200% 477% 183% 111%
REDWOOD TRUST, INC.
(All dollars in thousands, except per share data)
First Fourth Third
Quarter Quarter Quarter
2003 2002 2002
------------- ----------- ----------
Residential Loan Credit-
Enhancement Securities
----------------------------
Start of Period Balances $352,479 $324,130 $284,759
Acquisitions 37,077 13,442 28,983
Sales Proceeds 0 0 0
Principal Paydowns (23,212) (13,573) (9,437)
Net Amortization Income 5,545 3,275 2,722
Mark-to-Market - Balance
Sheet 998 25,205 17,351
Mark-to-Market - Income
Statement 275 0 (248)
---------------------------- ------------- ----------- ----------
End of Period Balances $373,162 $352,479 $324,130
Average Amortized Cost
During Period $278,339 $271,016 $257,844
Yield 19.68% 16.65% 16.20%
Principal Value of Redwood`s
Securities $614,111 $559,186 $542,669
Redwood`s Credit Reserve (234,060) (224,891) (220,735)
Net Premium (Discount) to be
Amortized (84,648) (58,578) (49,360)
---------------------------- ------------- ----------- ----------
Net Investment in Credit-
Enhancement Securities $295,403 $275,717 $272,574
Market Valuation Adjustments 77,759 76,762 51,556
---------------------------- ------------- ----------- ----------
Residential Loan Credit-
Enhancement Securities $373,162 $352,479 $324,130
Securities Senior to
Redwood`s Interests $60,072,291 $58,036,745 $67,876,543
Principal Value of Redwood`s
Credit-Enhancement
Securities 614,111 559,186 542,669
Securities Junior to
Redwood`s Interests 61,814 63,179 64,147
---------------------------- ------------- ----------- ----------
Underlying Mortgage Loan
Balances $60,748,216 $58,659,110 $68,483,359
Redwood`s Credit Reserve $234,060 $224,891 $220,735
Securities Junior to
Redwood`s Interests 61,814 63,179 64,147
---------------------------- ------------- ----------- ----------
Redwood`s Total Credit
Protection $295,874 $288,070 $284,882
Delinquencies (90 days + FC
+ BK + REO) $161,498 $146,226 $151,507
Redwood`s Net Charge-Offs $(684) $(214) $(47)
Losses to Securities Junior
to Redwood`s Interests (456) (163) (103)
---------------------------- ------------- ----------- ----------
Total Underlying Loan Credit
Losses $(1,140) $(377) $(150)
Delinquencies as % of
Underlying Loans 0.27% 0.25% 0.22%
Total Pool Credit
Losses/Underlying Loans
(Annualized) 0.01% 0.01% 0.01%
Total Credit Protection as %
of Underlying Loans 0.49% 0.49% 0.42%
Total Credit Protection as %
of Delinquencies 183% 197% 188%
Second First
Quarter Quarter
2002 2002
------------ ------------
Residential Loan Credit-Enhancement
Securities
-------------------------------------------
Start of Period Balances $249,832 $190,813
Acquisitions 25,849 59,157
Sales Proceeds (898) (5,037)
Principal Paydowns (15,801) (4,270)
Net Amortization Income 1,767 366
Mark-to-Market - Balance Sheet 21,795 8,758
Mark-to-Market - Income Statement 2,215 45
------------------------------------------- ------------ ------------
End of Period Balances $284,759 $249,832
Average Amortized Cost During Period $238,282 $201,540
Yield 15.12% 13.29%
Principal Value of Redwood`s Securities $492,642 $460,035
Redwood`s Credit Reserve (206,343) (194,556)
Net Premium (Discount) to be Amortized (35,745) (28,058)
------------------------------------------- ------------ ------------
Net Investment in Credit-Enhancement
Securities $250,554 $237,421
Market Valuation Adjustments 34,205 12,411
------------------------------------------- ------------ ------------
Residential Loan Credit-Enhancement
Securities $284,759 $249,832
Securities Senior to Redwood`s Interests $65,503,415 $64,286,646
Principal Value of Redwood`s
Credit-Enhancement Securities 492,642 460,035
Securities Junior to Redwood`s Interests 65,102 79,924
------------------------------------------- ------------ ------------
Underlying Mortgage Loan Balances $66,061,159 $64,826,605
Redwood`s Credit Reserve $206,343 $194,556
Securities Junior to Redwood`s Interests 65,102 79,924
------------------------------------------- ------------ ------------
Redwood`s Total Credit Protection $271,445 $274,480
Delinquencies (90 days + FC + BK + REO) $149,960 $129,849
Redwood`s Net Charge-Offs $74 $166
Losses to Securities Junior to Redwood`s
Interests (189) (618)
------------------------------------------- ------------ ------------
Total Underlying Loan Credit Losses $(115) $(452)
Delinquencies as % of Underlying Loans 0.23% 0.20%
Total Pool Credit Losses/Underlying Loans
(Annualized) 0.01% 0.01%
Total Credit Protection as % of Underlying
Loans 0.41% 0.42%
Total Credit Protection as % of
Delinquencies 181% 211%
REDWOOD TRUST, INC.
(All dollars in thousands, except per share data)
First Fourth Third
COMBINED RESIDENTIAL LOAN Quarter Quarter Quarter
PORTFOLIOS 2003 2002 2002
---------------------------- ---------------- ----------- ------------
Residential Real Estate
Loans Owned $7,321,039 $6,215,179 $4,761,893
Residential Loans Credit-
Enhanced 60,748,216 58,659,110 68,483,359
---------------------------- ---------------- ----------- ------------
Total Residential Loans $68,069,255 $64,874,289 $73,245,252
Credit Reserve on
Residential Real Estate
Loans Owned $9,996 $8,271 $6,611
Internal Credit Reserve on
Loans Credit-Enhanced 234,060 224,891 220,735
---------------------------- ---------------- ----------- ------------
Redwood`s Total Residential
Credit Reserve $244,056 $233,162 $227,346
External Credit Enhancement
on Loans Credit-Enhanced 61,814 63,179 64,147
---------------------------- ---------------- ----------- ------------
Redwood`s Total Credit
Protection $305,870 $296,341 $291,493
Total Credit Protection as %
of Total Residential Loans 0.45% 0.46% 0.40%
Residential Real Estate
Loans Owned Delinquencies $1,159 $4,127 $1,387
Residential Loans Credit-
Enhanced Delinquencies 161,498 146,226 151,507
---------------------------- ---------------- ----------- ------------
Total Residential Loan
Delinquencies $162,657 $150,353 $152,894
Delinquencies as % of Total
Residential Loans 0.24% 0.23% 0.21%
Total Credit Protection as %
of Delinquencies 188% 197% 191%
Net Charge-Offs on
Residential Real Estate
Loans Owned $(31) $0 $(236)
Net Charge-Offs on
Residential Loan Credit-
Enhanced (684) (214) (47)
---------------------------- ---------------- ----------- ------------
Redwood`s Shares of Net
Credit (Losses) Recoveries $(715) $(214) $(283)
Credit Losses to External
Credit Enhancement (456) (163) (103)
---------------------------- ---------------- ----------- ------------
Total Credit Losses $(1,171) $(377) $(386)
Total Credit Losses as % of
Total Residential Loans 0.01% 0.01% 0.01%
Second First
Quarter Quarter
COMBINED RESIDENTIAL LOAN PORTFOLIOS 2002 2002
--------------------------------------------- ----------- ------------
Residential Real Estate Loans Owned $2,803,556 $1,794,260
Residential Loans Credit-Enhanced 66,061,159 64,826,605
--------------------------------------------- ----------- ------------
Total Residential Loans $68,864,715 $66,620,865
Credit Reserve on Residential Real Estate
Loans Owned $5,953 $5,481
Internal Credit Reserve on Loans Credit-
Enhanced 206,343 194,556
--------------------------------------------- ----------- ------------
Redwood`s Total Residential Credit Reserve $212,296 $200,037
External Credit Enhancement on Loans Credit-
Enhanced 65,102 79,924
--------------------------------------------- ----------- ------------
Redwood`s Total Credit Protection $277,398 $279,961
Total Credit Protection as % of Total
Residential Loans 0.40% 0.42%
Residential Real Estate Loans Owned
Delinquencies $3,257 $4,926
Residential Loans Credit-Enhanced
Delinquencies 149,960 129,849
--------------------------------------------- ----------- ------------
Total Residential Loan Delinquencies $153,217 $134,775
Delinquencies as % of Total Residential Loans 0.22% 0.20%
Total Credit Protection as % of Delinquencies 181% 208%
Net Charge-Offs on Residential Real Estate
Loans Owned $0 $0
Net Charge-Offs on Residential Loan Credit-
Enhanced 74 166
--------------------------------------------- ----------- ------------
Redwood`s Shares of Net Credit (Losses)
Recoveries $74 $166
Credit Losses to External Credit Enhancement (189) (618)
--------------------------------------------- ----------- ------------
Total Credit Losses $(115) $(452)
Total Credit Losses as % of Total Residential
Loans 0.01% 0.01%
REDWOOD TRUST, INC.
(All dollars in thousands, except per share data)
First Fourth Third Second First
Commercial Real Estate Quarter Quarter Quarter Quarter Quarter
Loans 2003 2002 2002 2002 2002
------------------------ -------- -------- -------- -------- ---------
Start of Period Balances $29,270 $50,664 $49,798 $49,380 $51,084
Acquisitions 2,011 0 919 470 140
Sales Proceeds 0 0 0 0 0
Principal Paydowns (68) (21,068) (54) (53) (1,873)
Net Amortization Income 0 24 0 0 28
Mark-to-Market
- Balance Sheet 0 0 0 0 0
Mark-to-Market
- Income Statement 1 (350) 1 1 1
------------------------ -------- -------- -------- -------- ---------
End of Period Balances $31,214 $29,270 $50,664 $49,798 $49,380
Average Amortized Cost
During Period $30,889 $47,935 $50,102 $49,369 $50,170
Yield 10.57% 10.15% 9.99% 10.22% 10.12%
Principal Value of Loans $32,223 $30,250 $51,318 $50,436 $50,057
Net Premium (Discount)
to be Amortized (1,009) (980) (654) (638) (677)
Market Valuation
Adjustments 0 0 0 0 0
------------------------ -------- -------- -------- -------- ---------
Commercial Mortgage
Loans $31,214 $29,270 $50,664 $49,798 $49,380
Commercial Mortgage
Delinquencies $650 $650 $0 $0 $0
Commercial Mortgage Net
Charge-Offs $0 $0 $0 $0 $0
Commercial Mortgage
Credit Provisions $0 $0 $0 $0 $0
Commercial Mortgage
Credit Reserves $0 $0 $0 $0 $0
First Fourth Third Second First
Quarter Quarter Quarter Quarter Quarter
Securities Portfolio 2003 2002 2002 2002 2002
------------------------ -------- -------- -------- -------- ---------
Start of Period Balances $335,697 $491,756 $512,489 $609,432 $683,482
Acquisitions 42,955 196,279 6,811 23,026 76,701
Sales Proceeds 0 (315,308) 0 (56,802) (89,395)
Principal Paydowns (11,329) (31,009) (31,830) (65,618) (60,040)
Net Amortization Income
(Expense) 3 (24) (1,051) (1,249) (1,701)
Mark-to-Market -
Balance Sheet (944) (7,128) 970 3,017 (444)
Mark-to-Market - Income
Statement (75) 1,131 4,367 683 829
------------------------ -------- -------- -------- -------- ---------
End of Period Balances $366,307 $335,697 $491,756 $512,489 $609,432
Average Amortized Cost
During Period $360,084 $320,154 $493,997 $529,843 $676,692
Yield 4.66% 4.93% 4.63% 4.70% 5.03%
Principal Value of
Securities $370,187 $335,402 $477,950 $502,684 $601,926
Net Premium (Discount)
to be Amortized 1,597 4,828 11,214 8,183 8,901
Market Valuation
Adjustments (5,477) (4,533) 2,592 1,622 (1,395)
------------------------ -------- -------- -------- -------- ---------
Securities Portfolio $366,307 $335,697 $491,756 $512,489 $609,432

SOURCE: Redwood Trust, Inc.


Redwood Trust, Inc.
Doug Hansen/George Bull, 415/389-7373

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[e-trader]

Hallo,

Inta hat Potenzial zur Zeit nur noch 1 Cent Verlust, ich erwarte noch in diesem Jahr einen dicken Gewinn! Positiv ist die Umsatzsteigerung im 1. Quartal (sonst das schlechteste)!
Wir stehen aktuell bei 0,26 $ (vor Reversesplitt) also immernoch billig!

gruß
e-trader

[ustrading]

heute steigt das Volumen wieder an.

http://www.twst.com/notes/articles/rag613.html