On Friday, Shares of Ocwen Financial Corp. (NYSE:OCN), lost -28.32% to $8.43.
Ocwen Financial Corporation stated net income of $10 million, or $0.08 per share, for the three months ended June 30, 2015 contrast to net income of $67 million, or $0.48 per share, for the three months ended June 30, 2014. Ocwen generated revenue of $463 million, down 16% contrast to the second quarter of the preceding year. Income from operations was $111 million for the three months ended June 30, 2015 contrast to $208 million for the second quarter of 2014. Cash from Operating Activities was $210 million for the three months ended June 30, 2015, up $196 million over the same period last year.
“The Company made positive strides on many fronts in the second quarter. We continue to work closely with our regulators and monitors, and the environment remains stable. Our efforts to build out a strong ‘bank-like’ risk and compliance infrastructure are taking hold. We were profitable and generated strong operating cash flow. We executed on our asset sale strategy, counting the sale of $3 billion of non-performing agency servicing, and we reduced corporate debt by $264 million while ending the quarter with almost half a billion dollars in accessible liquidity. Additionally, we executed our first servicing advance refinance of 2015 at better than predictable rates, receiving strong support from the financing market,” commented Ron Faris, President and CEO of Ocwen.
Mr. Faris continued, “We have also launched a cost improvement effort to right size our cost structure in line with the reduction in our assets and revenue. Our aim is to reduce our costs by over $150 million, while ongoing to enhance the borrower experience, strengthen our risk and compliance infrastructure and deliver strong loss mitigation results. Similar to our plan to grow our origination capabilities, this cost improvement initiative is aggressive, but it is a critically important step in our transformation and one that is necessary to ensure our long-term success.”
Ocwen Financial Corporation, a financial services holding company, engages in servicing and origination of mortgage loans in the United States. Its Servicing segment provides residential and commercial mortgage loan servicing, special servicing, and asset administration services to owners of mortgage loans and foreclosed real estate.
Shares of Endurance Specialty Holdings Ltd. (NYSE:ENH), inclined 2.21% to $69.49, during its last trading session, hitting its highest level.
Endurance Specialty Holdings declared that it has accomplished its acquisition of Montpelier Re Holdings Ltd. (MRH). The acquisition was originally declared on March 31, 2015.
John R. Charman, Chairman and Chief Executive Officer of Endurance, commented, “Endurance`s planned acquisition of Montpelier combines two strong underwriting businesses resulting in an organization with raised scale, scope and more relevant market presence. The acquisition materially expands our breadth of distribution with the addition of a good-sized and scalable Lloyd`s platform and a third-party capital insurance and reinsurance investment product business. We expect the transaction to enhance the long-term value of our business for shareholders with accretion to earnings per share and return on equity.”
The completion of the acquisition follows the receipt of all necessary regulatory approvals and approval of the transaction by Endurance and Montpelier shareholders, which was obtained at special general meetings of Endurance and Montpelier shareholders held on June 30, 2015. Following the terms of the merger agreement and effective as of the close of trading recently, Montpelier shares have ceased trading.
Endurance Specialty Holdings Ltd., through its auxiliaries, underwrites specialty lines of personal and commercial property and casualty insurance and reinsurance worldwide. It operates in two segments, Insurance and Reinsurance.
Finally, Activision Blizzard, Inc. (NASDAQ:ATVI), ended its last trade with -1.04% loss, and closed at $25.79.
Recently Sierra™, part of Activision Publishing, Inc., a wholly owned partner of Activision Blizzard, Inc. (Nasdaq: ATVI), released the first chapter in its new reimagining of one of adventure gaming’s most treasured franchises, King’s Quest™. Titled King’s Quest: A Knight to Remember, this debut chapter is now accessible as a digital download in North America for $9.99 on Windows PC via Steam. It will be accessible later recently for the same price on the PlayStation®4 and PlayStation®3 computer entertainment systems through the PlayStation®Store, in addition to for Xbox One and Xbox 360 on the Xbox Games Store. It is rated E10+ (Everyone 10 and Up) by the ESRB.
Players may also purchase King’s Quest: The Complete Collection, a bundle containing all five chapters of the new King’s Quest together with an exclusive bonus playable story epilogue*, for $39.99 on the PlayStation®Store, Xbox Games Store and Steam. Alternately, those who buy King’s Quest: A Knight to Remember individually at launch can choose to purchase the King’s Quest Season Pass, securing their access to the remaining four chapters of the game once accessible, but not the bonus epilogue, for $29.99.
Activision Blizzard, Inc. develops and publishes online, personal computer (PC), video game console, handheld, mobile, and tablet games worldwide. The company develops and publishes interactive entertainment software products through retail channels or digital downloads; and downloadable content to a range of gamers.
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