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
Woes in the housing industry have not spared Fieldstone. In February of this year, it announced it was being bought for $260 million by Credit-Based Asset Servicing and Securitization of New York, a company that services and securitizes residential mortgages. But just a month later, as troubles in the risky subprime mortgage industry mounted, C-BASS reduced the purchase price by 28 percent, to $4 per share from $5.53. In announcing the lower purchase price, Fieldstone's chief executive, Michael J. Sonnenfeld, said "severe deterioration" of the subprime loan market had "sharply reduced our liquidity." Fieldstone avoided another 20 cents per share reduction in the purchase price when it reached a $10.6 million settlement in February in a securities lawsuit with former shareholders.
Last month, Fieldstone said it would embark on a cost-cutting effort to be completed in the second quarter. The company said it would reduce the number of branches and cut staff, including some in its Columbia headquarters, by 14 percent.
2006 Financial Data
Revenues: $63,901,000 | Net Income: $-68,385,000Asssets: $6,390,785,000 | Earnings Per Share: $-1.45
Stockholder Equity: $381,329,000 | Annual Dividend: $1.31
Total employees: 1,000 | Local employees: None
Did You Know
Fieldstone Investment Corp. owns and manages a portfolio of mortgages, most of which are made through its subsidiary, Fieldstone Mortgage Co., one of the largest mortgage lenders in the country. It specializes in "non-conforming" mortgages, which are loans that do not qualify for purchase by government enterprises such as Fannie Mae or Freddie Mac.
