Exhibit 99.1

 

READY CAPITAL CORPORATION ANNOUNCES THIRD QUARTER 2019 RESULTS

-  Net Income of $0.27 per share of common stock in the third quarter   -

-  Core Earnings of $0.40 per share of common stock in the third quarter   -

-  Originated and acquired over $590 million of Small Balance Commercial (SBC) loans in Q3 2019   -

 

New York, New York, November 6, 2019 / PRNewswire / – Ready Capital Corporation (“Ready Capital” or the “Company”) (NYSE: RC), a multi-strategy real estate finance company that originates, acquires, finances, and services small to medium-sized balance commercial loans, today reported financial results for the quarter ended September 30, 2019.  A summary of Ready Capital’s operating results for the quarter ended September 30, 2019 is presented below. Ready Capital reported U.S. GAAP Net Income for the three months ended September 30, 2019 of $12.4 million, or $0.27 per share of common stock, and Core Earnings (a non-GAAP financial measure) of $18.2 million, or $0.40 per share of common stock.

   Third Quarter Highlights:

·

U.S. GAAP Net Income of $12.4 million, or $0.27 per diluted share of common stock

·

Core Earnings of $18.2 million, or $0.40 per diluted share of common stock

·

Adjusted net book value of $16.16 per share of common stock as of September 30, 2019

·

Originated $465.4 million and acquired $77.9 million of small balance commercial (“SBC”) loans

·

Originated $48.2 million of loans guaranteed by the U.S. Small Business Administration (the “SBA”) under its Section 7(a) loan program

·

Originated $656.8 million of residential mortgage loans

·

Declared and paid dividend of $0.40 per share

·

Subsequent to quarter end, completed the acquisition of Knight Capital LLC

 

Thomas Capasse, Chairman and Chief Executive Officer commented, “We are pleased with the quarter’s financial results which mark continued progress in providing our shareholders with a stable and attractive risk adjusted return. Record origination levels in both our small balance commercial and residential operating businesses are indicative of the operating leverage we anticipated with increased scale.”

 

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 gains and losses related to certain mortgage backed securities (“MBS”),  realized gains and losses on sales of certain MBS, unrealized gains and 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 this non-U.S. GAAP financial information, in addition to the related U.S. GAAP measures, provides 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.

In calculating Core Earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude unrealized gains and losses on MBS acquired by the Company in the secondary market, but is not adjusted to exclude unrealized gains and losses on MBS retained by Ready Capital as part of its loan origination businesses, where the Company transfers originated loans into an MBS securitization and the Company retains an interest in the securitization. In calculating Core Earnings, the Company does not adjust Net Income (in accordance with U.S. GAAP) to take into account unrealized gains and losses on MBS retained by us as part of the loan origination businesses because the unrealized gains and losses that are generated in the loan origination and securitization process are considered to be a fundamental part of this business and an indicator of the ongoing performance and credit quality of the Company’s historical loan originations. In calculating Core Earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude realized gains and losses

on certain MBS securities considered to be non-core.  Certain MBS positions are considered to be non-core due to a variety of reasons which may include collateral type, duration, and size.

In addition, in calculating Core Earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude unrealized gains or losses on residential MSRs, held at fair value.  The Company treats its commercial MSRs and residential MSRs as two separate classes based on the nature of the underlying mortgages and the treatment of these assets as two separate pools for risk management purposes.  Servicing rights relating to the Company’s small business commercial business are accounted for under ASC 860, Transfer and Servicing, while the Company’s residential MSRs are accounted for under the fair value option under ASC 825, Financial Instruments.  In calculating Core Earnings, the Company does not exclude realized gains or losses on either commercial MSRs or residential MSRs, held at fair value, as servicing income is a fundamental part of Ready Capital’s business and is an indicator of the ongoing performance.

The following table reconciles net income computed in accordance with U.S. GAAP to Core Earnings for the three months ended September 30, 2019:  

 

 

 

 

 

Three Months Ended

(In Thousands)

 

September 30, 

Net Income

$

12,427

Reconciling items:

 

 

Unrealized loss on mortgage-backed securities

 

85

Realized loss on mortgage-backed securities

 

 -

Unrealized loss on mortgage servicing rights

 

7,582

Merger transaction costs

 

51

Non-recurring expenses

 

 -

Total reconciling items

$

7,718

Core earnings before income taxes

$

20,145

     Income tax adjustments

 

(1,896)

Core earnings

$

18,249

U.S. GAAP Return on Equity is based on U.S. GAAP Net Income, while Core Return on Equity is based on Core Earnings, which adjusts GAAP Net Income for the items in the Core reconciliation above.

Webcast and Earnings Conference Call

Management will host a webcast and conference call on Thursday,  November 7, 2019 at 8:30 am ET to provide a general business update and discuss the financial results for the quarter ended September 30, 2019.  The webcast will be available on the Company’s website at www.readycapital.com. To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register and download and install any necessary audio software.

 

To Participate in the Telephone Conference Call:

 

Dial in at least five minutes prior to start time.

 

Domestic: 1-877-300-8521

International: 1-412-317-6026

Conference ID #: 10136503

 

Conference Call Playback:

 

Domestic: 1-844-512-2921

International: 1-412-317-6671

Replay Pin #: 10136503

 

The playback can be accessed through November  21, 2019.

 

 

 

Safe Harbor Statement

This press release contains statements that constitute "forward-looking statements," as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements; the Company can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, applicable regulatory changes; general volatility of the capital markets; changes in the Company’s investment objectives and business strategy; the availability of financing on acceptable terms or at all; the availability, terms and deployment of capital; the availability of suitable investment opportunities; changes in the interest rates or the general economy; increased rates of default and/or decreased recovery rates on investments; changes in interest rates, interest rate spreads, the yield curve or prepayment rates; changes in prepayments of Company’s assets; the degree and nature of competition, including competition for the Company's target assets; and other factors, including those set forth in the Risk Factors section of the Company's most recent Annual Report on Form 10-K filed with the SEC, and other reports filed by the Company with the SEC, copies of which are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

 

 

About Ready Capital Corporation

Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services small- to medium-sized balance commercial loans. Ready Capital specializes in loans backed by commercial real estate, including agency multifamily, investor and bridge as well as SBA 7(a) business loans. Headquartered in New York, New York, Ready Capital employs over 400 lending professionals nationwide. The company is externally managed and advised by Waterfall Asset Management, LLC.

 

 

Contact

Investor Relations
Ready Capital Corporation
212-257-4666
InvestorRelations@readycapital.com

 

Additional information can be found on the Company’s website at www.readycapital.com 

 

 

READY CAPITAL CORPORATION

UNAUDITED CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

 

 

(In Thousands)

    

September 30, 2019

    

December 31, 2018

Assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

52,727

 

$

54,406

Restricted cash

 

 

45,303

 

 

28,921

Loans, net (including $20,434 and $22,664 held at fair value)

 

 

1,380,359

 

 

1,193,392

Loans, held for sale, at fair value

 

 

203,110

 

 

115,258

Mortgage backed securities, at fair value

 

 

96,181

 

 

91,937

Loans eligible for repurchase from Ginnie Mae

 

 

71,528

 

 

74,180

Investment in unconsolidated joint ventures

 

 

55,663

 

 

33,438

Derivative instruments

 

 

4,181

 

 

2,070

Servicing rights (including $84,638 and $93,065 held at fair value)

 

 

114,480

 

 

120,062

Receivable from third parties

 

 

705

 

 

8,888

Real estate acquired in settlement of loans, held for sale

 

 

60,807

 

 

7,787

Other assets

 

 

76,848

 

 

55,447

Assets of consolidated VIEs

 

 

1,961,127

 

 

1,251,057

Total Assets

 

$

4,123,019

 

$

3,036,843

Liabilities

 

 

 

 

 

 

Secured borrowings

 

 

1,315,534

 

 

834,547

Securitized debt obligations of consolidated VIEs, net

 

 

1,465,539

 

 

905,367

Convertible notes, net

 

 

110,773

 

 

109,979

Senior secured notes, net

 

 

179,189

 

 

178,870

Corporate debt, net

 

 

104,441

 

 

48,457

Guaranteed loan financing

 

 

25,571

 

 

229,678

Liabilities for loans eligible for repurchase from Ginnie Mae

 

 

71,528

 

 

74,180

Derivative instruments

 

 

11,906

 

 

3,625

Dividends payable

 

 

18,292

 

 

13,346

Accounts payable and other accrued liabilities

 

 

81,235

 

 

74,719

Total Liabilities

 

$

3,384,008

 

$

2,472,768

Stockholders’ Equity

 

 

 

 

 

 

Common stock, $0.0001 par value, 500,000,000 shares authorized, 44,421,815 and 32,105,112 shares issued and outstanding, respectively

 

 

 4

 

 

 3

Additional paid-in capital

 

 

720,823

 

 

540,478

Retained earnings

 

 

9,173

 

 

5,272

Accumulated other comprehensive loss

 

 

(10,253)

 

 

(922)

Total Ready Capital Corporation equity

 

 

719,747

 

 

544,831

Non-controlling interests

 

 

19,264

 

 

19,244

Total Stockholders’ Equity

 

$

739,011

 

$

564,075

Total Liabilities and Stockholders’ Equity

 

$

4,123,019

 

$

3,036,843

 

READY CAPITAL CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 

 

Nine Months Ended September 30, 

 

(In Thousands, except share data)

    

2019

    

2018

    

2019

    

2018

 

Interest income

 

$

59,723

 

$

44,287

 

$

165,510

 

$

123,295

 

Interest expense

 

 

(39,390)

 

 

(28,925)

 

 

(110,919)

 

 

(77,996)

 

Net interest income before provision for loan losses

 

$

20,333

 

$

15,362

 

$

54,591

 

$

45,299

 

Provision for loan losses

 

 

(693)

 

 

(800)

 

 

(2,559)

 

 

(571)

 

Net interest income after provision for loan losses

 

$

19,640

 

$

14,562

 

$

52,032

 

$

44,728

 

Non-interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage banking activities

 

 

29,013

 

 

17,011

 

 

64,621

 

 

48,290

 

Net realized gain on financial instruments and real estate owned

 

 

7,377

 

 

6,946

 

 

20,914

 

 

27,796

 

Net unrealized gain (loss) on financial instruments

 

 

(7,881)

 

 

8,500

 

 

(21,799)

 

 

15,964

 

Servicing income, net of amortization and impairment of $1,609 and $4,225 for the three and nine months ended September 30, 2019, and $1,425 and $5,252 for the three and nine months ended September 30, 2018, respectively

 

 

7,449

 

 

6,922

 

 

22,012

 

 

19,959

 

Other income

 

 

2,979

 

 

1,204

 

 

6,671

 

 

4,364

 

Income on unconsolidated joint ventures

 

 

1,047

 

 

2,178

 

 

6,059

 

 

9,420

 

Gain on bargain purchase

 

 

 —

 

 

 —

 

 

30,728

 

 

 —

 

Total non-interest income

 

$

39,984

 

$

42,761

 

$

129,206

 

$

125,793

 

Non-interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee compensation and benefits

 

 

(13,438)

 

 

(14,163)

 

 

(37,395)

 

 

(43,755)

 

Allocated employee compensation and benefits from related party

 

 

(1,500)

 

 

(1,200)

 

 

(3,603)

 

 

(3,600)

 

Variable expenses on residential mortgage banking activities

 

 

(17,318)

 

 

(8,337)

 

 

(39,995)

 

 

(18,120)

 

Professional fees

 

 

(2,030)

 

 

(2,294)

 

 

(5,445)

 

 

(7,343)

 

Management fees – related party

 

 

(2,495)

 

 

(2,070)

 

 

(6,987)

 

 

(6,118)

 

Incentive fees – related party

 

 

 —

 

 

 —

 

 

 —

 

 

(676)

 

Loan servicing expense

 

 

(4,866)

 

 

(4,247)

 

 

(13,085)

 

 

(11,340)

 

Merger related expenses

 

 

(51)

 

 

 —

 

 

(6,121)

 

 

 —

 

Other operating expenses

 

 

(8,144)

 

 

(6,548)

 

 

(23,091)

 

 

(23,475)

 

Total non-interest expense

 

$

(49,842)

 

$

(38,859)

 

$

(135,722)

 

$

(114,427)

 

Income before provision for income taxes

 

$

9,782

 

$

18,464

 

$

45,516

 

$

56,094

 

Benefit (provision) for income taxes

 

 

2,645

 

 

(895)

 

 

8,604

 

 

(4,123)

 

Net income

 

$

12,427

 

$

17,569

 

$

54,120

 

$

51,971

 

Less: Net income attributable to non-controlling interest

 

 

323

 

 

638

 

 

1,580

 

 

1,890

 

Net income attributable to Ready Capital Corporation

 

$

12,104

 

$

16,931

 

$

52,540

 

$

50,081

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share - basic

 

$

0.27

 

$

0.53

 

$

1.29

 

$

1.57

 

Earnings per common share - diluted

 

$

0.27

 

$

0.53

 

$

1.29

 

$

1.57

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

44,438,652

 

 

32,109,642

 

 

40,517,231

 

 

32,073,665

 

Diluted

 

 

44,467,801

 

 

32,130,262

 

 

40,546,380

 

 

32,090,126

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per share of common stock

 

$

0.40

 

$

0.40

 

$

1.20

 

$

1.17

 

 

 

READY CAPITAL CORPORATION

 UNAUDITED SEGMENT REPORTING

fOR THE THREE MONTHS ENDED SEPTEMBER 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

 

    

SBA Originations,

    

Residential

    

 

    

 

 

 

Loan

 

SBC

 

Acquisitions,

 

Mortgage

 

Corporate-

 

 

(In Thousands)

 

Acquisitions

 

Originations

 

and Servicing

 

Banking

 

Other

 

Consolidated

Interest income

 

$

18,880

 

$

32,354

 

$

7,235

 

$

1,254

 

$

 —

 

$

59,723

Interest expense

 

 

(11,076)

 

 

(23,835)

 

 

(2,739)

 

 

(1,740)

 

 

 —

 

 

(39,390)

Net interest income before provision for loan losses

 

$

7,804

 

$

8,519

 

$

4,496

 

$

(486)

 

$

 —

 

$

20,333

Provision for loan losses

 

 

(94)

 

 

(33)

 

 

(566)

 

 

 —

 

 

 —

 

 

(693)

Net interest income after provision for loan losses

 

$

7,710

 

$

8,486

 

$

3,930

 

$

(486)

 

$

 —

 

$

19,640

Non-interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage banking activities

 

$

 —

 

$

 —

 

$

 —

 

$

29,013

 

$

 —

 

$

29,013

Net realized gain on financial instruments

 

 

(437)

 

 

5,065

 

 

2,749

 

 

 —

 

 

 —

 

 

7,377

Net unrealized gain on financial instruments

 

 

(206)

 

 

(865)

 

 

772

 

 

(7,582)

 

 

 —

 

 

(7,881)

Other income

 

 

925

 

 

1,118

 

 

812

 

 

80

 

 

44

 

 

2,979

Servicing income

 

 

 —

 

 

488

 

 

1,180

 

 

5,781

 

 

 —

 

 

7,449

Income from unconsolidated joint ventures

 

 

1,047

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

1,047

Gain on bargain purchase

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

Total non-interest income

 

$

1,329

 

$

5,806

 

$

5,513

 

$

27,292

 

$

44

 

$

39,984

Non-interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee compensation and benefits

 

 

(26)

 

 

(1,420)

 

 

(4,070)

 

 

(7,091)

 

 

(831)

 

 

(13,438)

Allocated employee compensation and benefits from related party

 

 

(150)

 

 

 —

 

 

 —

 

 

 —

 

 

(1,350)

 

 

(1,500)

Variable expenses on residential mortgage banking activities

 

 

 —

 

 

 —

 

 

 —

 

 

(17,318)

 

 

 —

 

 

(17,318)

Professional fees

 

 

(195)

 

 

(571)

 

 

(279)

 

 

(344)

 

 

(641)

 

 

(2,030)

Management fees – related party

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(2,495)

 

 

(2,495)

Incentive fees – related party

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

Loan servicing expense

 

 

(1,461)

 

 

(1,495)

 

 

(205)

 

 

(1,672)

 

 

(33)

 

 

(4,866)

Merger related expenses

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(51)

 

 

(51)

Other operating expenses

 

 

(770)

 

 

(3,369)

 

 

(1,508)

 

 

(1,691)

 

 

(806)

 

 

(8,144)

Total non-interest expense

 

$

(2,602)

 

$

(6,855)

 

$

(6,062)

 

$

(28,116)

 

$

(6,207)

 

$

(49,842)

Net income (loss) before provision for income taxes

 

$

6,437

 

$

7,437

 

$

3,381

 

$

(1,310)

 

$

(6,163)

 

$

9,782

Total assets

 

$

1,165,470

 

$

2,266,076

 

$

273,217

 

$

327,162

 

$

91,094

 

$

4,123,019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

READY CAPITAL CORPORATION

 UNAUDITED SEGMENT REPORTING

fOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

 

    

SBA Originations,

    

Residential

    

 

    

 

 

 

Loan

 

SBC

 

Acquisitions,

 

Mortgage

 

Corporate-

 

 

(In Thousands)

 

Acquisitions

 

Originations

 

and Servicing

 

Banking

 

Other

 

Consolidated

Interest income

 

$

47,761

 

$

91,182

 

$

23,468

 

$

3,099

 

$

 —

 

$

165,510

Interest expense

 

 

(29,383)

 

 

(65,903)

 

 

(11,529)

 

 

(4,104)

 

 

 —

 

 

(110,919)

Net interest income before provision for loan losses

 

$

18,378

 

$

25,279

 

$

11,939

 

$

(1,005)

 

$

 —

 

$

54,591

Provision for loan losses

 

 

(771)

 

 

(342)

 

 

(1,446)

 

 

 —

 

 

 —

 

 

(2,559)

Net interest income after provision for loan losses

 

$

17,607

 

$

24,937

 

$

10,493

 

$

(1,005)

 

$

 —

 

$

52,032

Non-interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage banking activities

 

$

 —

 

$

 —

 

$

 —

 

$

64,621

 

$

 —

 

$

64,621

Net realized gain on financial instruments

 

 

(33)

 

 

10,232

 

 

10,715

 

 

 —

 

 

 —

 

 

20,914

Net unrealized gain on financial instruments

 

 

(886)

 

 

(131)

 

 

268

 

 

(21,050)

 

 

 —

 

 

(21,799)

Other income

 

 

1,950

 

 

3,565

 

 

865

 

 

182

 

 

109

 

 

6,671

Servicing income

 

 

 —

 

 

1,386

 

 

4,013

 

 

16,613

 

 

 —

 

 

22,012

Income from unconsolidated joint ventures

 

 

6,059

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

6,059

Gain on bargain purchase

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

30,728

 

 

30,728

Total non-interest income

 

$

7,090

 

$

15,052

 

$

15,861

 

$

60,366

 

$

30,837

 

$

129,206

Non-interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee compensation and benefits

 

 

(53)

 

 

(5,454)

 

 

(12,262)

 

 

(17,131)

 

 

(2,495)

 

 

(37,395)

Allocated employee compensation and benefits from related party

 

 

(360)

 

 

 —

 

 

 —

 

 

 —

 

 

(3,243)

 

 

(3,603)

Variable expenses on residential mortgage banking activities

 

 

 —

 

 

 —

 

 

 —

 

 

(39,995)

 

 

 —

 

 

(39,995)

Professional fees

 

 

(412)

 

 

(1,185)

 

 

(635)

 

 

(809)

 

 

(2,404)

 

 

(5,445)

Management fees – related party

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(6,987)

 

 

(6,987)

Incentive fees – related party

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

Loan servicing expense

 

 

(3,379)

 

 

(4,185)

 

 

(322)

 

 

(5,089)

 

 

(110)

 

 

(13,085)

Merger related expenses

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(6,121)

 

 

(6,121)

Other operating expenses

 

 

(2,073)

 

 

(8,198)

 

 

(4,635)

 

 

(5,818)

 

 

(2,367)

 

 

(23,091)

Total non-interest expense

 

$

(6,277)

 

$

(19,022)

 

$

(17,854)

 

$

(68,842)

 

$

(23,727)

 

$

(135,722)

Net income (loss) before provision for income taxes

 

$

18,420

 

$

20,967

 

$

8,500

 

$

(9,481)

 

$

7,110

 

$

45,516

Total assets

 

$

1,165,470

 

$

2,266,076

 

$

273,217

 

$

327,162

 

$

91,094

 

$

4,123,019

 

 


The following information was filed by Ready Capital Corp (RC) on Wednesday, November 6, 2019 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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