Fieldstone Investment Corp. / FICC

About Fieldstone Investment Corp.

11000 Broken Land Pkwy., Suite 600, Columbia, Md. 21044
www.fieldstoneinvestment.com | 410-772-7200 | Founded: 1995

Industry: Financial Services | Category: Public Companies

Columbia-based Fieldstone Investment went public last year; the company's common stock is now traded on the Nasdaq Stock Market. The company was founded by mortgage banker Michael J. Sonnenfeld with money from wealthy Texan brothers Lee and Sid Bass in 1995. The Bass brothers decided to sell their interest in the company in 2003. Since then, the company has been locked in legal squabbles with the brothers, who claim they didn't get their rightful share when the company was valued. Fieldstone is also the subject of an ongoing lawsuit from nine former employees in Arizona who accused the company of gender and racial discrimination.
The company continued to shift away from "conforming" mortgages by selling some of its offices and assets to Wausau Mortgage Corp., a move the companies finalized in March. The company projects its portfolio is on track to reach a target of $6.6 billion in 2006, up from $5.3 billion in 2005. For the third quarter of 2005, the company had net income of $23.4 million, up from $19.4 million the year before.
In March of this year, Fieldstone said it would delay filing its 2005 annual report because it was looking at whether it properly recognized "its income tax expense on inter-company transactions in 2003 and 2005." On April 3, the company announced a restatement for 2003, 2004 and the first three quarters of 2005 that increased shareholders' equity by $1.7 million.

2005 Financial Data

Revenues: $237,271,000 | Net Income: $99,390,000
Asssets: $6,423,614,000 | Earnings Per Share: $2.04
Stockholder Equity: $526,643,000 | Annual Dividend: $2.03
Total employees: 1,320 | Local employees: 320