Resource America, Inc. Reports Operating Results for the Third Fiscal Quarter Ended June 30, 2008
SOURCE:
Resource America, Inc.
2008-08-06 19:24:00
Resource America, Inc. Reports Operating Results for the Third Fiscal Quarter Ended June 30, 2008
PHILADELPHIA, PA–(EMWNews – August 6, 2008) – Resource America, Inc. (
“Company”) reported operating results for the third fiscal quarter and nine
months ended June 30, 2008.
The Company noted the following events during the quarter ended June 30,
2008 or thereafter:
-- Collection of Legacy Portfolio Loan. On July 31, 2008, the Company
collected approximately $18.4 million in connection with the substantial
settlement of a discounted loan, which was secured by the Evening Star
Building in Washington, D.C. As a result of this repayment, the Company
anticipates recognizing a pre-tax gain in the quarter ending September 30,
2008 of approximately $7.5 million. The Company's remaining investment is
a discounted mezzanine note with a carrying value of $3.6 million, which is
secured by a 5% interest in the property. This investment was not
generating material cash flow or income, thus the Company expects that this
transaction will be immediately accretive to both net income and cash flow.
-- Distressed Real Estate Venture. The Company entered into a $500.0
million joint venture with Varde Investment Partners, a Minnesota based
alternative asset manager. The Company intends to originate, invest in and
manage distressed real estate assets for the venture. To date, the Company
and Varde have purchased or entered into letters of intent to purchase
approximately $63.0 million of assets. The Company will be paid origination
fees, asset management fees and incentive fees.
-- Guidance. The Company projects that its earnings from continuing
operations (excluding non-recurring items) will be approximately $1.00 per
common share-diluted in fiscal 2009, which begins October 1, 2008.
-- Adjusted Income from Continuing Operations. The Company reported
adjusted income from continuing operations, a non-GAAP measure, of $1.4
million, or $0.08 per common share-diluted and $10.4 million, or $0.56 per
common share-diluted for the third fiscal quarter and nine months ended
June 30, 2008, respectively, as compared to $5.7 million, or $0.29 per
common share-diluted and $16.2 million, or $0.84 per common share-diluted
for the third fiscal quarter and nine months ended June 30, 2007,
respectively. A reconciliation of the Company's reported (loss) income
from continuing operations to adjusted income from continuing operations, a
non-GAAP measure, is included as Schedule I to this release.
-- Net (Loss) Income. The Company recorded non-cash charges of $14.2
million primarily related to residual interests underlying some of its
funds. In conjunction therewith, the Company reported a net loss of $8.0
million, or ($0.46) per common share for the quarter ended June 30, 2008,
and a net loss of $17.0 million, or ($0.97) per common share for the nine
months ended June 30, 2008, as compared to net income of $4.2 million or
$0.22 per common share-diluted for the quarter ended June 30, 2007, and
$14.7 million, or $0.76 per common share-diluted for the nine months ended
June 30, 2007.
-- Retail Capital Fundraising. The Company continued to see strong
demand from this channel, resulting in the completion of both LEAF
Equipment Leasing Income Fund III, L.P. ("LEAF III") ($120.0 million
raised) and Resource Real Estate Investors 6, L.P. ($35.0 million raised).
Since March 31, 2008, the Company has launched four funds through this
channel with targeted fundraising of approximately $300.0 million focused
on leasing, real estate, banks, and commercial debt.
-- Adjusted Revenue and Adjusted Operating Income. For the third quarter
and nine months ended June 30, 2008, the Company reported adjusted revenues
of $39.1 million and $141.4 million, respectively, as compared to $39.1
million and $95.7 million for the third quarter and nine months ended June
30, 2007, respectively. For the third quarter and nine months ended June
30, 2008, the Company reported adjusted operating income of $8.5 million
and $51.9 million, respectively, as compared to $19.5 million and $44.8
million for the third quarter and nine months ended June 30, 2007,
respectively. Adjusted revenues and adjusted operating income, both non-
GAAP measures, include $9.7 million and $17.5 million of pre-tax mark-to-
market adjustments on investments reported under the equity method of
accounting, for the third quarter and nine months ended June 30, 2008,
respectively. A reconciliation of the Company's reported revenues and
operating income to adjusted revenues and adjusted operating income is
included as Schedule II to this release.
-- Increased Assets Under Management. The Company increased its assets
under management to $18.8 billion, a $1.1 billion increase (6.1%) from the
quarter ended March 31, 2008 and a $2.0 billion increase (11.8%) from the
quarter ended June 30, 2007.
-- Acquired Management Contracts. The Company was successfully assigned
the management contracts of four Collateralized Loan Obligations totaling
approximately $1.3 billion, bringing the Company's total bank loan
portfolio to approximately $4.4 billion.
-- Reduced Balance Sheet Exposure. As of June 30, 2008, the Company
reduced its total borrowings outstanding to $574.5 million from $884.1
million at March 31, 2008, a decrease of 35%. Of that amount, $213.2
million is net liabilities consolidated under FIN 46-R as to which the
Company has no recourse, $274.8 million is non-recourse revolving credit
facilities at LEAF and $26.4 million is other debt, which includes a $9.9
million loan that was assumed by a real estate investment partnership after
June 30, 2008 and mortgage debt secured by properties owned by the
Company's subsidiaries. With proceeds from the repayment of the Evening
Star Building loan, the Company will continue to reduce its corporate level
secured revolving credit facilities which had $60.1 million outstanding at
June 30, 2008.
-- The Company continued to adjust its operations in light of market
conditions and, after valuation adjustments taken through June 30, 2008,
has materially reduced its exposure to future valuation adjustments to
approximately $3.9 million (net of tax) for trust preferred securities
reported as investments in unconsolidated entities and $7.6 million (net of
tax) for direct investments in collateralized debt obligations reported as
investment securities available-for-sale. The Company has no exposure to
valuation adjustments for residential mortgage-backed securities.
Jonathan Cohen, President and CEO of the Company, commented, “We continue
to make progress in reducing our balance sheet exposure to risk from the
2005-2007 financial fund management residuals. We are proud of our
accomplishments, which we have discussed in this earnings release, in that
we continue to: (1) raise assets under management in our core management
sectors; (2) expand our distressed real estate business which we think can
grow substantially over the next 24 months; (3) form new funds in our
retail channel where we launched four funds in the recent period targeted
to raise over $300 million; (4) pursue reductions in general and
administrative areas; and (5) target balance sheet reductions. During our
third quarter that ended on June 30, we continued to position Resource
America for changing opportunities and economic circumstances. In future
periods you can expect to see the Company’s costs dropping significantly.
We thank you for your patience during fiscal 2008 and look forward to
returning to the previously high growing asset management firm we were in
previous years.”
Assets Under Management
The following table details the Company’s assets under management by
operating segment:
At June 30,
-----------------------------
2008 2007
-------------- --------------
Financial fund management $ 15.4 billion $ 14.2 billion
Real estate 1.8 billion 1.5 billion
Commercial finance 1.6 billion 1.1 billion
-------------- --------------
$ 18.8 billion $ 16.8 billion
============== ==============
A description of how the Company calculates assets under management is set
forth in Item 1 of the Company’s Annual Report on Form 10-K/A for the
fiscal year ended September 30, 2007.
Book Value
As of June 30, 2008, the Company’s GAAP book value per common share was
$8.91 per share. Total stockholders’ equity was $156.6 million as of June
30, 2008 as compared to $185.3 million as of September 30, 2007. Total
common shares outstanding were 17,575,599 as of June 30, 2008 as compared
to 17,417,307 as of September 30, 2007.
Other Highlights for the Third Fiscal Quarter Ended June 30, 2008 and
Recent Developments
-- On April 25, 2008 LEAF announced that it had successfully completed
the public offering of its third public investment partnership, LEAF III,
which raised approximately $120.0 million. LEAF III closed within 14
months, 42% ahead of the original two year projected offering period, and
utilized a syndicate of more than 70 broker dealers that participated in
the offering. This is LEAF's third fund; the first, LEAF I raised
approximately $17.1 million in gross offering proceeds; the second, LEAF II
raised approximately $60.0 million in gross offering proceeds.
-- LEAF's assets under management at June 30, 2008 were $1.6 billion, an
increase of $561.0 million (52%) from June 30, 2007.
-- Resource Real Estate Holdings, Inc. ("Resource Real Estate"), the
Company's real estate asset manager that invests in and manages real estate
investment vehicles on behalf of itself and for outside investors and
operates the Company's commercial real estate debt platform, increased its
assets under management to $1.8 billion at June 30, 2008, an increase of
$253.0 million (17%) from June 30, 2007. Since October 1, 2007, Resource
Real Estate has acquired $112.2 million in real estate assets for its
investment vehicles.
-- Resource Real Estate increased its apartment units under management to
15,758 at June 30, 2008, an increase of 3,293 units (26%) from June 30,
2007. This includes a portfolio of 39 multi-family properties representing
approximately 9,800 apartment units managed by Resource Residential,
Resource Real Estate's wholly-owned subsidiary.
-- In the third fiscal quarter ended June 30, 2008, Resource Real Estate
acquired one distressed note for $9.25 million and three multi-family
residential apartment properties for its portfolio with an aggregate
acquisition cost of $41.7 million. In addition Resource Real Estate entered
into a purchase and sale agreement on August 1, 2008, to acquire two
distressed multi-family assets of $15.4 million.
-- The Company's financial fund management operating segment increased
its assets under management at June 30, 2008 to $15.4 billion, an increase
of $1.2 billion (8%) from June 30, 2007.
-- The Company's Board of Directors authorized the payment of a cash
dividend to be paid on August 29, 2008 in the amount of $0.07 per share of
the Company's common stock to all holders of record at the close of
business on August 15, 2008.
-- Resource Capital Corp. (NYSE : RSO), a real estate investment trust for
which the Company is the external manager, announced a dividend
distribution of $0.41 per common share for the quarter ended June 30, 2008,
unchanged from the quarter ended March 31, 2008.
The Company generated $35.9 million of cash from operating activities from
continuing operations as adjusted during the nine months ended June 30,
2008. A reconciliation of net cash provided by (used in) operating
activities of continuing operations to net cash provided by operating
activities of continuing operations as adjusted, a non-GAAP measure, is
included as Schedule III to this release.
Resource America, Inc. is a specialized asset management company that uses
industry specific expertise to generate and administer investment
opportunities for its own account and for outside investors in the
commercial finance, real estate and financial fund management sectors.
For more information, please visit our website at www.resourceamerica.com
or contact investor relations at [email protected].
Statements made in this release include forward-looking statements, which
involve substantial risks and uncertainties. The Company’s actual results,
performance or achievements could differ materially from those expressed or
implied in this release. For information pertaining to risks relating to
these forward-looking statements, reference is made to the section “Risk
Factors” contained in Item 1A of the Company’s Annual Report on Form
10-K/A. The Company undertakes no obligation to update or revise any
forward-looking statements to reflect new or changing information or
events.
The remainder of this release contains the Company’s unaudited consolidated
balance sheets, consolidated statements of operations, consolidated
statements of cash flows, reconciliation of GAAP (loss) income from
continuing operations to adjusted income from continuing operations,
reconciliation of GAAP revenue to adjusted revenue and a reconciliation of
GAAP operating (loss) income to adjusted operating income and
reconciliation of net cash provided by (used in) operating activities of
continuing operations to net cash provided by operating activities of
continuing operations as adjusted.
RESOURCE AMERICA, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
June 30, September 30,
2008 2007
----------- -----------
(unaudited) (restated)
ASSETS
Cash $ 7,797 $ 14,624
Restricted cash 24,270 19,340
Receivables 3,692 21,255
Receivables from managed entities 32,321 20,177
Loans sold, not settled 1,990 152,706
Loans held for investment, net 222,123 285,928
Investments in commercial finance, net 305,501 243,391
Investments in real estate, net 49,563 49,041
Investment securities available-for-sale, at
fair value 30,481 51,777
Investments in unconsolidated entities 20,942 39,342
Property and equipment, net 28,167 12,286
Deferred income taxes 38,822 29,877
Goodwill 7,969 7,941
Intangible assets, net 4,474 4,774
Other assets 23,701 18,664
----------- -----------
Total assets $ 801,813 $ 971,123
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accrued expenses and other liabilities $ 53,801 $ 60,546
Payables to managed entities 1,003 1,163
Borrowings 574,496 706,372
Deferred income tax liabilities 11,124 11,124
Minority interests 4,829 6,571
----------- -----------
Total liabilities 645,253 785,776
----------- -----------
Commitments and contingencies - -
Stockholders' equity:
Preferred stock, $1.00 par value, 1,000,000
shares authorized; none outstanding - -
Common stock, $.01 par value, 49,000,000
shares authorized; 27,480,825 and 26,986,975
shares issued, respectively (including
nonvested restricted stock of 582,655 and
199,708, respectively) 269 268
Additional paid-in capital 268,038 264,747
Retained earnings 6,476 27,171
Treasury stock, at cost; 9,322,571 and
9,369,960 shares, respectively (101,553) (102,014)
ESOP loan receivable (205) (223)
Accumulated other comprehensive loss (16,465) (4,602)
----------- -----------
Total stockholders' equity 156,560 185,347
----------- -----------
$ 801,813 $ 971,123
=========== ===========
RESOURCE AMERICA, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
June 30, June 30,
-------------------- --------------------
2008 2007 2008 2007
--------- --------- --------- ---------
(restated) (restated)
REVENUES
Commercial finance $ 21,803 $ 12,808 $ 82,434 $ 28,461
Real estate 5,626 7,008 18,790 18,580
Financial fund management 2,017 18,635 22,662 48,065
--------- --------- --------- ---------
29,446 38,451 123,886 95,106
COSTS AND EXPENSES
Commercial finance 10,967 5,416 32,751 13,607
Real estate 5,672 3,971 16,464 10,179
Financial fund management 7,122 5,925 20,020 15,878
General and administrative 3,954 3,413 11,169 8,956
Provision for credit losses 1,550 113 5,770 158
Depreciation and amortization 1,309 728 3,264 2,156
--------- --------- --------- ---------
30,574 19,566 89,438 50,934
--------- --------- --------- ---------
OPERATING (LOSS) INCOME (1,128) 18,885 34,448 44,172
Interest expense (9,776) (10,176) (39,048) (22,461)
Minority interest income
(expense), net 2,590 (980) (677) (2,255)
Other (expense) income, net (5,530) 2,079 (22,606) 6,418
--------- --------- --------- ---------
(12,716) (9,077) (62,331) (18,298)
--------- --------- --------- ---------
(Loss) income from continuing
operations before taxes (13,844) 9,808 (27,883) 25,874
(Benefit) provision for income
taxes (5,820) 4,119 (10,874) 9,704
--------- --------- --------- ---------
(Loss) income from continuing
operations (8,024) 5,689 (17,009) 16,170
Loss from discontinued
operations, net of tax (1) (1,450) (10) (1,506)
--------- --------- --------- ---------
NET (LOSS) INCOME $ (8,025) $ 4,239 $ (17,019) $ 14,664
========= ========= ========= =========
Basic (loss) earnings per
common share:
Continuing operations $ (0.46) $ 0.32 $ (0.97) $ 0.93
Discontinued operations - (0.08) - (0.09)
--------- --------- --------- ---------
Net (loss) income $ (0.46) $ 0.24 $ (0.97) $ 0.84
========= ========= ========= =========
Weighted average shares
outstanding 17,549 17,569 17,493 17,463
========= ========= ========= =========
Diluted (loss) earnings per
common share:
Continuing operations $ (0.46) $ 0.29 $ (0.97) $ 0.84
Discontinued operations - (0.07) - (0.08)
--------- --------- --------- ---------
Net (loss) income $ (0.46) $ 0.22 $ (0.97) $ 0.76
========= ========= ========= =========
Weighted average shares
outstanding 17,549 19,210 17,493 19,215
========= ========= ========= =========
Dividends declared per common
share $ 0.07 $ 0.07 $ 0.21 $ 0.20
RESOURCE AMERICA, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Nine Months Ended
June 30,
--------------------
2008 2007
--------- ---------
(restated)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income $ (17,019) $ 14,664
Adjustments to reconcile net (loss) income to net
cash provided by (used in) operating activities, net
of acquisitions:
Impairment charge on collateralized debt
obligation investments 8,123 -
Depreciation and amortization 4,299 2,712
Provision for credit losses 5,770 158
Minority interests 677 2,255
Equity in losses (earnings) of unconsolidated
entities 10,260 (12,191)
Distributions from unconsolidated entities 14,651 12,995
Loss on sales of loans 17,674 -
Gains on sales of assets (2,033) (6,783)
Deferred income tax benefit (13,689) (6,657)
Non-cash compensation on long-term incentive plans 3,808 1,983
Non-cash compensation issued 107 1,630
Non-cash compensation received 359 (1,550)
Decrease (increase) in commercial finance investments 35,842 (137,620)
Changes in operating assets and liabilities (14,627) (42)
--------- ---------
Net cash provided by (used in) operating activities
of continuing operations 54,202 (128,446)
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (5,621) (3,406)
Payments received on real estate loans and real
estate 8,109 15,703
Investments in real estate, including properties (8,380) (16,245)
Purchases of investments (247,067) (19,821)
Proceeds from sale of investments 27,701 6,158
Principal payments received on loans 10,071 -
Net cash paid for acquisitions (8,022) (20,708)
Increase in other assets (17,352) (3,423)
--------- ---------
Net cash used in investing activities of continuing
operations (240,561) (41,742)
--------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in borrowings 780,898 559,278
Principal payments on borrowings (568,617) (395,169)
Minority interest contributions 315 -
Minority interest distributions (1,394) (2,040)
Dividends paid (3,676) (3,533)
Increase in restricted cash (27,948) (7,166)
Proceeds from issuance of stock 182 927
Purchase of treasury stock (237) (2,777)
Tax benefit from the exercise of stock options - 1,887
--------- ---------
Net cash provided by financing activities of
continuing operations 179,523 151,407
--------- ---------
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Operating activities 9 (527)
Financing activities - (1,145)
--------- ---------
Net cash provided by (used in) discontinued
operations 9 (1,672)
--------- ---------
Decrease in cash (6,827) (20,453)
Cash at beginning of period 14,624 37,622
--------- ---------
Cash at end of period $ 7,797 $ 17,169
========= =========
This press release contains supplemental financial information determined
by methods other than in accordance with Accounting Principles Generally
Accepted in the United States of America (“GAAP”). The Company’s
management uses this non-GAAP measure in its anlysis of the exclusion of
certain adjustments recorded in the Company’s nine months ended June 30,
2008. Management believes the presentation of this financial measure
excluding the impact of these items provides useful supplemental
information that is essential to a proper understanding of the financial
results of the Company. This disclosure should not be viewed as a
substitute for results determined in accordance with GAAP, nor is it
necessarily comparable to non-GAAP performance measures that may be
presented by other companies.
SCHEDULE I
RECONCILIATION OF GAAP (LOSS) INCOME FROM CONTINUING OPERATIONS
TO ADJUSTED INCOME FROM CONTINUING OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
June 30, June 30,
-------------------- --------------------
2008 2007 2008 2007
--------- ---------- --------- ----------
(restated) (restated)
(Loss) Income from continuing
operations - GAAP $ (8,024) $ 5,689 $ (17,009) $ 16,170
Adjustments, net of tax:
Resource residential
start-up costs - - 333 -
Impairment charges on CDO
investments 1,971 - 2,776 -
Losses on sales of loans 260 - 11,130 -
Partnership level
adjustments (1) 6,343 - 11,364 -
RCC incentive stock 591 - 1,527 -
Other 288 - 303 -
--------- ---------- --------- ----------
Adjusted income from continuing
operations (2) $ 1,429 $ 5,689 $ 10,424 $ 16,170
========= ========== ========= ==========
Weighted average diluted shares
outstanding (3) 18,434 19,210 18,550 19,215
========= ========== ========= ==========
Adjusted income from continuing
operations per share-diluted $ 0.08 $ 0.29 $ 0.56 $ 0.84
========= ========== ========= ==========
(1) Includes mark-to-market realized and unrealized valuation adjustments
related to trust preferred securities of bank and bank holding
companies and a decrease due to a discount recorded in connection with
subordinate and incentive management fees the Company expects to
receive in the future.
(2) During the three and nine months ended June 30, 2008, in connection
with substantial volatility and reduction in liquidity in the global
credit markets, the Company recorded several significant adjustments.
For comparability purposes, the Company is presenting adjusted income
from continuing operations because it facilitates the evaluation of the
Company without the effect of these adjustments. Adjusted income from
continuing operations should not be considered as an alternative to
(loss) income from continuing operations (computed in accordance with
GAAP). Instead, adjusted income from continuing operations should be
reviewed in connection with (loss) income from continuing operations in
the Company's consolidated financial statements, to help analyze how
the CompanyÂ’s business is performing.
(3) Includes 885,000 and 1,057,000 diluted shares not used in the
calculation of loss from continuing operations per share-diluted for
the three and nine months ended June 30, 2008.
SCHEDULE II
RECONCILIATION OF GAAP REVENUE TO ADJUSTED REVENUE AND RECONCILIATION OF
GAAP OPERATING (LOSS) INCOME TO ADJUSTED OPERATING INCOME
(in thousands)
(unaudited)
Three Months Ended Nine Months Ended
June 30, June 30,
-------------------- ---------------------
2008 2007 2008 2007
--------- ---------- ---------- ----------
(restated) (restated)
Revenues
Commercial finance $ 21,803 $ 12,808 $ 82,434 $ 28,461
Real estate 5,626 7,008 18,790 18,580
Financial fund management 2,017 18,635 22,662 48,065
--------- ---------- ---------- ----------
Total revenue - GAAP 29,446 38,451 123,886 95,106
Adjustments:
Mark-to-market
adjustments (1) 9,674 636 17,501 610
--------- ---------- ---------- ----------
Adjusted revenue (2) $ 39,120 $ 39,087 $ 141,387 $ 95,716
========= ========== ========== ==========
Operating (loss) income - GAAP $ (1,128) $ 18,885 $ 34,448 $ 44,172
Adjustments:
Mark-to-market
adjustments (1) 9,674 636 17,501 610
--------- ---------- ---------- ----------
Adjusted operating income (2) $ 8,546 $ 19,521 $ 51,949 $ 44,782
========= ========== ========== ==========
(1) Includes realized mark-to-market adjustments of ($6.2 million) and $0
for the three month ended June 30, 2008 and 2007, respectively, and
($6.8 million) and $0 for the nine months ended June 30, 2008 and 2007,
respectively.
(2) Management of the Company views adjusted revenues and adjusted
operating income as useful and appropriate supplements to revenues -
GAAP and operating (loss) income - GAAP since they exclude
mark-to-market adjustments related to current credit market conditions
and are not indicative of the CompanyÂ’s current operating performance.
SCHEDULE III
RECONCILIATION OF NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES OF
CONTINUING OPERATIONS TO NET CASH PROVIDED BY OPERATING ACTIVITIES OF
CONTINUING OPERATIONS AS ADJUSTED
(in thousands)
(unaudited)
Net cash provided by operating activities of continuing operations as
adjusted was $35.9 million for the nine months ended June 30, 2008, an
increase of $20.4 million as compared to net cash provided by operating
activities of $15.5 million in the nine months ended June 30, 2007. The
following reconciles net cash provided by (used in) operating activities of
continuing operations to net cash provided by operating activities of
continuing operations as adjusted (in thousands):
Nine Months Ended
June 30,
----------------------
2008 2007
---------- ----------
(restated)
Net cash provided by (used in) operating activities
of continuing operations - GAAP $ 54,202 $ (128,446)
Adjustments:
(Decrease) increase in commercial finance
investments (35,842) 137,620
Changes in operating assets and liabilities 14,627 42
Proceeds from sales of investments 2,933 6,268
---------- ----------
Net cash provided by operating activities of
continuing operations as adjusted (1) $ 35,920 $ 15,484
========== ==========
(1) Management of the Company view net cash provded by operating
activities of continuing operations as adjusted as a useful and
appropriate supplement to GAAP net cash provided by operating
activities of continuing operations since it reflects how management
views its liquidity and working capital requirements.
| Contact: Steven Kessler Chief Financial Officer Resource America, Inc. One Crescent Drive, Suite 203 Philadelphia, PA 19112 215/546-5005 215/546-4785 (fax) |
|
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