Walter Investment Management Corp. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2016
Walter Investment Management Corp. reported unaudited consolidated earnings results for the first quarter ended March 31, 2016. For the quarter, the company's total revenues were $66,771,000 compared to $310,857,000 a year ago. Loss before income taxes was $278,891,000 compared to $49,678,000 a year ago. Net loss was $172,702,000 compared to $31,008,000 a year ago. Diluted loss per common and common equivalent share was $4.85 compared to $0.82 a year ago. Adjusted loss was $28,662,000 compared to adjusted earnings of $61,792,000 a year ago. Adjusted EBITDA was $87,080,000 compared to $162,696,000 a year ago. Adjusted loss after taxes per common and common equivalent share was $0.50 compared to earnings per share of $1.02 a year ago. First quarter performance was significantly impacted by the challenging rate environment. The decline in rates drove a volatile MSR market and negatively impacted results through the revaluation of mortgage servicing rights and accelerated prepayments.