Origen Financial Announces Final Third Quarter 2009 Results

SOUTHFIELD, Mich., Nov. 12 /PRNewswire-FirstCall/ -- Origen Financial, Inc. (Pink Sheets: ORGN - News), a real estate investment trust that manages residual interests in securitized manufactured housing loan portfolios, today announced a net loss of approximately $4.3 million or $0.17 per share, for the quarter ended September 30, 2009, as compared to a net loss of approximately $1.2 million, or $0.04 cents per share, for the third quarter of 2008. For the nine months year to date, Origen realized a net loss of approximately $6.3 million, or $0.24 per share, as compared to a net loss of approximately $30.9 million, or $1.21 per share, for the same period in 2008. Origen's Board of Directors did not declare a dividend on its common stock for the third quarter of 2009. The third quarter 2009 provision for loan losses was approximately $6.8 million versus approximately $4.6 million for the prior year quarter, an increase of 48 percent. Year to date, the loan loss provision totaled approximately $15.7 million as compared to a provision of approximately $11.0 million for the first nine months of 2008, an increase of 43 percent. The aging of Origen's static loan portfolio as loans enter the peak years for delinquencies and defaults, as well as overall economic conditions, especially the increased unemployment rate, has increased the level of loan loss reserves needed, and has resulted in increased loan loss provisions.As previously reported, we ceased originating loans for own account in March 2008, and pursuant to the ...
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Q3 2009 ORIGEN FINL INC Earnings Release - Time Not Supplied

Earnings Announcements for Thursday, November 12CompanySymbolTimeConferenceCall3i Group plcIII.LBefore Market Open3SBIO INCSSRXAfter Market CloseListenA.D.A.M., Inc.ADAMTime Not SuppliedListenA2A SpAA2A.MITime Not SuppliedAcciona, S.A.ACXIF.PKBefore Market OpenACSM S P AACS.MITime Not SuppliedADDUS HOMECARE CORPADUSBefore Market OpenListenAdvanSource Biomaterials CorporationASBTime Not SuppliedADVANTAGE OIL & GAS LTDAAVAfter Market CloseAECOMACMBefore Market OpenListenAEFFE SPAAEF.MITime Not SuppliedAEGON N.V.AEGOF.PK01:30 am ETAFC Enterprises, Inc.AFCEAfter Market CloseListenAG GROWTH INTL INCAFN.TOBefore Market OpenAir Transport Services Group, Inc.ATSGTime Not SuppliedListenAldila, Inc.ALDAAfter Market CloseALEO SOLAR AG...
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Origen Financial Announces Preliminary Unaudited Third Quarter 2009 Results

SOUTHFIELD, Mich., Nov. 5 /PRNewswire-FirstCall/ -- Origen Financial, Inc. (Pink Sheets: ORGN - News), a real estate investment trust that manages residual interests in securitized manufactured housing loan portfolios, today announced a preliminary unaudited net loss of $4.3 million, or $0.17 per share, for the third quarter of 2009. Sun Communities, Inc., an owner of approximately 19 percent of Origen's outstanding common stock, is required to report certain financial results and information of Origen as part of its accelerated SEC reporting obligation. Origen has provided Sun with the preliminary information reflected in this release to assist Sun in meeting its filing obligation. Origen is issuing this press release of preliminary information to assure broad availability to all shareholders and the trading markets of the same preliminary information it has provided to Sun. Ronald A. Klein, Origen's Chief Executive Officer, stated, "Our portfolio performance continues to be impacted by the ongoing increase in the unemployment rate and issues in the housing market, requiring us to continue to increase our loan loss reserves. Nevertheless, our cash flow continues to be strong, significantly exceeding our monthly cash expenses, which has allowed us to repay an additional $6.3 million of our related party debt since the end of the second quarter 2009."Origen will release final earnings results for the third quarter on Thursday, November 12, 2009. Management will host a conference call and webcast on Frid...
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ORIGEN FINANCIAL INC Financials

PERIOD ENDING31-Dec-0830-Sep-0830-Jun-0831-Mar-08Total Revenue24,514  23,469  16,895  28,835  Cost of Revenue -   -   -   -  Gross Profit24,514  23,469  16,895  28,835  Operating ExpensesResearch Development -   -   -   -  Selling General and Administrative6,851  11,780  5,382  9,253  Non Recurring153  329  19  248  Others6,044  6,173  3,338  27,806  Total Operating Expenses -   -   -   -  Operating Income or Loss11,466  5,187  8,156  (8,472)Income from Continuing OperationsTotal Other Income/Expenses Net -   -   -   -  Earnings Before Interest And Taxes11,466  5,187  8,156  (8,472)Interest Expense13,993  14,222  16,043  16,474  Income Before Tax(2,527)(9,035)(7,887)(24,946)Income Tax Expense(14)13  16  46  Minority Interest -   -   -   -  Net Income From Continuing Ops(2,513)(9,048)(7,903)(24,992)Non-recurring EventsDiscontinued Operations(1,912)7,875  3,129   -  Extraordinary Items -   -   -   -  Effect Of Accounting Changes -   -   -   -...
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ORIGEN FINANCIAL INC Files SEC form 10-K, Annual Report

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of the consolidated financial condition and results of operations should be read in conjunction with the consolidated financial statements and the notes thereto. Management's discussion and analysis of financial condition and results of operations and liquidity and capital resources contained within this Form 10-K is more clearly understood when read in conjunction with our historical financial statements and the related notes. The notes to the financial statements provide information about us, as well as the basis for presentation used in this Form 10-K. Overview In October 2003, we began operations upon the acquisition of all of the equity interests of Origen Financial L.L.C. We also took steps to qualify Origen Financial, Inc. as a REIT. In the second quarter of 2004, we completed the initial public offering of our common stock. Through March 2008 our business was to originate, purchase and service manufactured housing loans. In March 2008, because of the lack of a reliable source for a loan warehouse facility and the unavailability of a profitable exit in the securitization market, we ceased originating loans for our own account and sold our portfolio of unsecuritized loans at a substantial loss. On July 1, 2008, we completed a transaction for the sale of our loan servicing platform assets and ceased all loan servicing operations. In July 2008, we completed the sale of certain assets of our loan origination and insurance business. In December 2008, we voluntarily delisted our common stock from the NASDAQ Global Market and deregistered the stock under the Securities Exchange Act of 1934. After the sale of the servicing and origination assets as described above, our business essentially consists of actively managing our residual interests in our securitized loan portfolios. Developments Based on Current Adverse Market Conditions Rece...
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ORIGEN FINANCIAL INC Files SEC form 8-K, Change in Directors or Principal Officers, Financial Statements and Exhibits

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (e) On December 15, Origen Financial, Inc. ("Origen") amended its split-dollar life insurance plan pursuant to the terms set forth in the First Amendment to the Origen Financial, LLC Endorsement Split-Dollar Plan ("Amended Split-Dollar Plan"). Additionally, on that same date, Origen amended its non-qualified deferred compensation plan pursuant to the terms set forth in the Second Amendment to the Origen Financial, LLC Capital Accumulation Plan ("Amended Accumulation Plan," and together with the Amended Split-Dollar Plan, the "Amendments"). The following brief description of the Amendments is qualified in its entirety by reference to the full text of the Amendments, copies of which are attached as Exhibits 10.1 and 10.2. Under the split-dollar life insurance plan, Origen, through individual life insurance policies, provides death benefits to a participant's beneficiaries and coordinates with the deferred compensation plan (described in the paragraph below). Origen is the sole owner of each life insurance policy and pays all premiums due under the policies. One purpose of the plan was to fund the payment of benefits under Origen's deferred compensation plan with the cash build-up in the policies. Origen has decided to discontinue premium payments on all of these life insurance policies immediately. Pursuant to the Amended Split-Dollar Plan, an employee's participation under the split-dollar life insurance plan terminates if Origen fails to make a required payment on that employee's life insurance policy within sixty (60) days of the date such payment is due. Because Origen is no longer going to make any premium payments under the split-dollar life insurance plan, the Amended Split Dollar Plan effectively terminates the participation of all employees under Origen's split-dollar life insurance pla...
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ORIGEN FINANCIAL INC Financials

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