On Friday, Western Asset Mortgage Capital Corp (NYSE:WMC)’s shares declined -5.52% to $13.87.
Western Asset Mortgage Capital Corporation (WMC) stated its results for the second quarter ended June 30, 2015. For the second quarter, the Company recorded a GAAP net loss of $1.7 million, or $0.05 per basic and diluted share. Core earnings plus drop income for the second quarter was $31.7 million, or $0.76 per basic and diluted share1,2. The Company also stated a net book value of $13.89 per share as of June 30, 20153 and formerly declared a $0.64 per share dividend for the quarter.
SECOND QUARTER 2015 HIGHLIGHTS
- Paid a quarterly cash dividend of $0.64 per share
- Recorded a GAAP net loss of $1.7 million, or $0.05 per basic and diluted share
- Net loss comprises $42.8 million of net unrealized loss on mortgage- backed securities (“MBS”), other securities and whole-loans (“Whole-Loans”); $4.3 million of net realized gain on MBS, other securities and Whole-Loans; and $13.2 million of net gain on derivative instruments
- Generated core earnings plus drop income of $31.7 million, or $0.76 per basic and diluted share1,2of which $4.8 million, or about 15% was attributable to dollar roll income associated with the Company’s “to-be-declared” or TBA positions2
Western Asset Mortgage Capital Corporation operates as a real estate investment trust in the United States. It primarily focuses on investing in, financing, and managing agency and non-agency residential mortgage-backed securities and commercial mortgage-backed securities. The company qualifies as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders.
SkyWest, Inc. (NASDAQ:SKYW)’s shares gained 18.37% to $16.56.
SkyWest, Inc. (SKYW) stated financial and operating results for the quarter ended June 30, 2015.
SkyWest generated $31.5 million of net income for Q2 2015, or $0.61 per diluted share. This represents an improvement of $46.2 million from Q2 2014, which had a net loss of $(14.7) million, or $(0.29) per diluted share. Operating income for Q2 2015 was $70 million, which represents SkyWest’s best quarterly operating income since 2008.
SkyWest stated $41 million of net income for the first half of 2015, or $0.79 per diluted share, a $79 million improvement contrast to the first half of 2014 which had a net loss of $(38) million, or $(0.73) per diluted share.
Q2 2015 Financial Highlights
- Pre-tax income raised $58 million in Q2 2015 from Q2 2014, primarily due to improved operating performance, additional flying contracts with improved profitability and a reduction in the number of aircraft operating under unprofitable flying contracts.
- SkyWest generated $135 million in EBITDA in Q2 2015, contrast to $77 million in Q2 2014. For the first half of 2015 EBITDA was $234 million, contrast to $112 million for the first half of 2014.
- Revenue comprised of improvements of $32 million from the additional E175 operations, improved contract rates from renewals of SkyWest’s existing flying contracts and improved contract performance incentives contrast to Q2 2014. Revenue also improved from Q2 2014 by $11 million from higher flight completion rates. These improvements offered a noteworthy offset to the revenue decrease from a reduced fleet size and less planned production for a net decrease in revenue of $28 million year over year.
- Operating expenses were down by $85 million contrast to Q2 2014, primarily driven by operating efficiencies from improved completion rates, a net decrease in production, maintenance cost initiatives and a reduction in fuel costs.
SkyWest, Inc., through its auxiliaries, operates a regional airline in the United States. It provides planned passenger and air freight services with about 3,500 total daily departures to various destinations in the United States, Canada, Mexico, and the Caribbean. The company operates its flights as Delta Connection, United Express, US Airways Express, American Eagle, or Alaska under code-share arrangements.
At the end of Friday’s trade, Ctrip.com International, Ltd. (ADR) (NASDAQ:CTRP)‘s shares surged 1.26% to $71.58.
Ctrip.com International, Ltd. (CTRP), a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours, corporate travel administration and other travel-related services in China (“Ctrip” or the “Company”), recently declared the completion of US$700 million in aggregate principal amount of convertible senior notes due 2020 (the “2020 notes”) and US$400 million in aggregate principal amount of convertible senior notes due 2025 (the “2025 notes” and, together with the 2020 notes, the “notes”). The notes were offered to qualified institutional buyers following Rule 144A under the United States Securities Act of 1933, as amended (the “Securities Act”), and certain non-U.S. persons in compliance with Regulation S under the Securities Act. The Company has granted the initial purchaser a 30-day option to purchase up to an additional US$105 million principal amount of the 2020 notes and an additional US$60 million principal amount of the 2025 notes solely to cover over-allotments, if any. The 2020 notes will be convertible into Ctrip’s American depositary shares (“ADSs”), each representing as of the date of this press release 0.25 of an ordinary share of Ctrip, at the option of the holders, based on an initial conversion rate of 9.1942 of the Company’s ADSs per $1,000 principal amount of notes (which is equivalent to an initial conversion price of about US$108.76 per ADS and represents an about 45.0% conversion premium over the closing trading price of the Company’s ADSs on June 18, 2015, which was US$75.01 per ADS). The 2025 notes will be convertible into Ctrip’s ADSs, at the option of the holders, based on an initial conversion rate of 9.3555 of the Company’s ADSs per $1,000 principal amount of notes (which is equivalent to an initial conversion price of about US$106.89 per ADS and represents an about 42.5% conversion premium over the closing trading price of the Company’s ADSs on June 18, 2015 of US$75.01 per ADS). The conversion rate for each of the 2020 notes and the 2025 notes is subject to adjustment upon the occurrence of certain events.
Ctrip.com International, Ltd., together with its auxiliaries, provides travel services for hotel accommodations, transportation ticketing services, packaged tours, and corporate travel administration in the People’s Republic of China. It also offers independent leisure travelers bundled packaged-tour products, counting group tours, semi-group tours, and private tours or packaged tours with various transportation arrangements, such as cruise, bus, or self-driving.
Wynn Resorts, Limited(NASDAQ:WYNN), ended its Friday’s trading session with -0.85% loss, and closed at $103.23.
Wynn Resorts, Limited ( WYNN) stated financial results for the second quarter ended June 30, 2015.
Net revenues for the second quarter of 2015 were $1,040.5 million, contrast to $1,412.1 million in the second quarter of 2014. The decline was the result of a 35.8% net revenue decrease from our Macau Operations and a 6.2% decrease in net revenues from our Las Vegas Operations. Adjusted property EBITDA (1) was $295.4 million for the second quarter of 2015, a 36.8% decrease from $467.4 million in the second quarter of 2014.
On a US GAAP basis, net income attributable to Wynn Resorts, Limited for the second quarter of 2015 was $56.5 million, or $0.56 per diluted share, contrast to net income attributable to Wynn Resorts, Limited of $203.9 million, or $2.00 per diluted share, in the second quarter of 2014.
Adjusted net income attributable to Wynn Resorts, Limited (2) in the second quarter of 2015 was $75.0 million, or $0.74 per diluted share (adjusted EPS), contrast to an adjusted net income attributable to Wynn Resorts, Limited of $215.1 million, or $2.11 per diluted share, in the second quarter of 2014.
Wynn Resorts, Limited, together with its auxiliaries, develops, owns, and operates destination casino resorts. It operates in two segments, Macau Operations and Las Vegas Operations. The company operates Wynn Macau and Encore at Wynn Macau resort located in the People’s Republic of China.
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