Origen Financial Announces Preliminary Unaudited Third Quarter 2009 Results
November 05 2009 - 9:00AM
PR Newswire (US)
SOUTHFIELD, Mich., Nov. 5 /PRNewswire-FirstCall/ -- Origen
Financial, Inc. (Pink Sheets: ORGN), a real estate investment trust
that manages residual interests in securitized manufactured housing
loan portfolios, today announced a preliminary unaudited net loss
of $4.3 million, or $0.17 per share, for the third quarter of 2009.
Sun Communities, Inc., an owner of approximately 19 percent of
Origen's outstanding common stock, is required to report certain
financial results and information of Origen as part of its
accelerated SEC reporting obligation. Origen has provided Sun with
the preliminary information reflected in this release to assist Sun
in meeting its filing obligation. Origen is issuing this press
release of preliminary information to assure broad availability to
all shareholders and the trading markets of the same preliminary
information it has provided to Sun. Ronald A. Klein, Origen's Chief
Executive Officer, stated, "Our portfolio performance continues to
be impacted by the ongoing increase in the unemployment rate and
issues in the housing market, requiring us to continue to increase
our loan loss reserves. Nevertheless, our cash flow continues to be
strong, significantly exceeding our monthly cash expenses, which
has allowed us to repay an additional $6.3 million of our related
party debt since the end of the second quarter 2009." Origen will
release final earnings results for the third quarter on Thursday,
November 12, 2009. Management will host a conference call and
webcast on Friday, November 13, 2009, at 11:00 a.m. Eastern Time.
The call may be accessed by dialing 888-747-4626. A replay will be
available through February 13, 2009, by dialing 888-203-1112,
passcode 1090634. Forward-Looking Statements This press release
contains various "forward-looking statements" within the meaning of
the Securities Act of 1933 and the Securities Exchange Act of 1934,
and Origen intends that such forward-looking statements will be
subject to the safe harbors created thereby. The words "will,"
"may," "could," "expect," "anticipate," "believes," "intends,"
"should," "plans," "estimates," "approximate" and similar
expressions identify these forward-looking statements. These
forward-looking statements reflect Origen's current views with
respect to future events and financial performance, but involve
known and unknown risks and uncertainties, both general and
specific to the matters discussed in this press release. These
risks and uncertainties may cause Origen's actual results to be
materially different from any future results expressed or implied
by such forward-looking statements. Such risks and uncertainties
include, among others, the foregoing assumptions and those risks
referenced under the headings entitled "Factors That May Affect
Future Results" or "Risk Factors" contained in Origen's filings
with the Securities and Exchange Commission. The forward-looking
statements contained in this press release speak only as of the
date hereof and Origen expressly disclaims any obligation to
provide public updates, revisions or amendments to any forward-
looking statements made herein to reflect changes in Origen's
expectations or future events. About Origen Financial, Inc. Origen
is an internally managed and internally advised company that has
elected to be taxed as a real estate investment trust. Origen is
based in Southfield, Michigan. For more information about Origen,
please visit http://www.origenfinancial.com/ or
http://www.pinksheets.com/. DATASOURCE: Origen Financial, Inc.
CONTACT: W. Anderson Geater, Chief Financial Officer of Origen,
+1-248-746-7010, ; or Leslie Loyet of Financial Relations Board,
+1-312-640-6672, , for Origen Web Site:
http://www.origenfinancial.com/
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