Fremont General Reports Increase in Quarterly Net Income

Santa Monica-based Fremont General Corporation reported net income from continuing operations of $46,787,000 for the second quarter of 2003. This represents an increase of 99 percent, as compared to net income of $23,538,000 for the second quarter of 2002. Diluted net income per share from continuing operations was $0.62 for the second quarter of 2003, as compared to $0.33 per share for the second quarter of 2002.

Net income from continuing operations for the first six months of 2003 was $88,363,000, as compared to $41,595,000 for the first six months of 2002. Diluted net income per share from continuing operations was $1.18 for the first six months of 2003, as compared to $0.58 per share for the first six months of 2002.

The Company’s stockholders’ equity per share was $7.10 at June 30, 2003. During the quarter ended June 30, 2003, the Company extinguished an additional $45.0 million par value of its senior notes outstanding. The Company has now extinguished a total of $211.9 million par value of its original $425 million par value in senior notes outstanding, or approximately 50 percent of the original par value. As of July 31, 2003, the holding company had approximately $78 million in cash and short-term investments.

Topics Profit Loss