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READY CAPITAL CORPORATION ANNOUNCES THIRD QUARTER 2018 RESULTS
New York, New York, November 7, 2018 / PRNewswire / – Ready Capital Corporation (“Ready Capital” or the “Company”) (NYSE: RC) today reported financial results for the quarter ended September 30, 2018.
Third Quarter Highlights:
A summary of Ready Capital’s operating results for the quarter ended September 30, 2018 is presented below. Ready Capital reported U.S. GAAP net income for the three months ended September 30, 2018 of $17.6 million, or $0.53 per share of common stock, and Core Earnings (a non-GAAP financial measure) of $16.1 million, or $0.48 per share of common stock.
“For the third consecutive quarter, our diversified multi-pronged platform enabled us to outperform our stated goal of a return on equity of at least 10%,” commented Thomas Capasse, Chairman and Chief Executive Officer. “Our focus on growing our earnings from our stable small balance commercial origination franchise, along with our robust origination and acquisition platform, also continued to contribute to our strong results and our efforts to provide strong value for our shareholders.”
The Company issued a supplemental presentation of its third quarter 2018 results, which can be viewed in the investor relations section at www.readycapital.com.
Use of Non-GAAP Financial Information
In addition to the results presented in accordance with U.S. GAAP, this press release includes Core Earnings which is a non-U.S. GAAP financial measure. The Company defines Core Earnings as net income adjusted for unrealized or realized gains (losses) related to certain mortgage backed securities, unrealized gains (losses) related to residential mortgage servicing rights, and one-time non-recurring gains or losses, such as gains or losses on discontinued operations, bargain purchase gains or merger related expenses.
The Company believes that providing investors with this non-U.S. GAAP financial information, in addition to the related U.S. GAAP measures, gives investors greater transparency into the information used by management in its financial and operational decision-making. However, because Core Earnings is an incomplete measure of the Company's financial performance and involves differences from net income computed in accordance with U.S. GAAP, it should be considered along with, but not as an alternative to, the Company's net income computed in accordance with U.S. GAAP as a measure of the Company's financial performance. In addition, because not all companies use identical calculations, the Company's presentation of Core Earnings may not be comparable to other similarly-titled measures of other companies.
The following information was filed by Ready Capital Corp (RC) on Wednesday, November 7, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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