PR Newswire
EMERYVILLE, Calif., Oct. 27, 2015
EMERYVILLE, Calif., Oct. 27, 2015 /PRNewswire/ -- NMI Holdings, Inc. (Nasdaq: NMIH) today reported results for the third quarter ended Sep. 30, 2015. The company reported a net loss for the third quarter of $4.8 million, or $0.08 per share, which compares with a net loss of $10.4 million, or $0.18 per share, in the prior quarter, and a net loss of $11.0 million, or $0.19 per share, in the third quarter of 2014.
Bradley Shuster, chairman and CEO of National MI, said, "In the third quarter, we continued to execute on our growth plan, as our 43% sequential increase in new insurance written significantly exceeded estimated market growth for the quarter. Strength in our flow business drove the majority of the gains. For the quarter, we grew cash and investments by approximately $13 million, signed up 64 new customers to master policies, and achieved record premiums earned. We expect to end the year in a solid competitive position, and look forward to continued growth and becoming profitable in 2016."
Conference Call and Webcast Details
NMI Holdings, Inc. will hold a conference call today, Oct. 27, 2015, at 2:00 p.m. Pacific / 5:00 p.m. Eastern to discuss results for the quarter. The conference call will be broadcast live on the company's website, on the "Events and Presentations" page of the "Investors" section at http://ir.nationalmi.com. The call may also be accessed by dialing (888) 734-0328 inside the U.S., or (914) 495-8578 for international callers using Conference ID: 60950406, or by referencing NMI Holdings, Inc. Investors and analysts are asked to dial-in ten minutes before the conference call begins.
About National MI
National Mortgage Insurance Corporation (National MI), a subsidiary of NMI Holdings, Inc. (NASDAQ: NMIH), is a U.S.-based, private mortgage insurance company enabling low down payment borrowers to realize home ownership while protecting lenders and investors against losses related to a borrower's default. To learn more, please visit www.nationalmi.com.
Cautionary Note Regarding Forward-Looking Statements
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Certain statements contained in this press release or any other written or oral statements made by or on behalf of the Company in connection therewith may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act), and the U.S. Private Securities Litigation Reform Act of 1995 (PSLRA). The PSLRA provides a "safe harbor" for any forward-looking statements. All statements other than statements of historical fact included in or incorporated by reference in this release are forward-looking statements, including any statements about our expectations, outlook, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance. These statements are often, but not always, made through the use of words or phrases such as "anticipate," "believe," "can," "could," "may," "predict," "assume," "potential," "should," "will," "estimate," "plan," "project," "continuing," "ongoing," "expect," "intend" and similar words or phrases. All forward-looking statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that may turn out to be inaccurate and could cause actual results to differ materially from those expressed in them. Many risks and uncertainties are inherent in our industry and markets. Others are more specific to our business and operations. Important factors that could cause actual events or results to differ materially from those indicated in such statements include, but are not limited to: our ability to implement our business strategy, including our ability to attract and retain a diverse customer base and to achieve a diversified mix of business across the spectrum of our product offerings; changes in the business practices of the GSEs that may impact the use of private mortgage insurance; our ability to comply with the financial requirements of the PMIERs, once effective; our ability to maintain sufficient holding company liquidity to meet our short- and long-term liquidity needs; heightened competition for our mortgage insurance business from other private mortgage insurers and the FHA; adoption of new or changes to existing laws and regulations or their enforcement and implementation by regulators, including changes to the GSEs' role in the secondary mortgage market or other changes that could affect the residential mortgage industry generally or mortgage insurance in particular and potential future lawsuits, investigations or inquiries or resolution of current inquiries, including a June 2015 letter from the Wisconsin Office of the Commissioner of Insurance requesting that each MI company, including us, respond to a number of inquiries related to whether the company has offered customized terms or rates; and general economic downturns and volatility. These risks and uncertainties also include, but are not limited to, those set forth under the heading "Risk Factors" detailed in Item 1A of Part I of our Annual Report on Form 10-K for the year ended December 31, 2014 as updated in Part II, Item 1A of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 and as subsequently updated through other reports we file with the SEC. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. We caution you not to place undue reliance on any forward-looking statement, which speaks only as of the date on which it is made, and we undertake no obligation to publicly update or revise any forward-looking statement to reflect new information, future events or circumstances that occur after the date on which the statement is made or to reflect the occurrence of unanticipated events except as required by law.
Investor Contact
John M. Swenson
Vice President, Investor Relations and Treasury
(510) 788-8417
john.swenson@nationalmi.com
Press Contact
Mary McGarity
Strategic Vantage Mortgage Public Relations
(203) 513-2721
MaryMcGarity@StrategicVantage.com
Consolidated statements of operations (unaudited) | For the three months ended September 30, | | For the nine months ended September 30, | ||||||||||||
| 2015 | | 2014 | | 2015 | | 2014 | ||||||||
Revenues | (In Thousands) | ||||||||||||||
Net premiums written | $ | 35,360 | | | $ | 9,661 | | | $ | 68,629 | | | $ | 19,890 | |
Increase in unearned premiums | (22,526) | | | (5,761) | | | (40,003) | | | (11,993) | | ||||
Net premiums earned | 12,834 | | | 3,900 | | | 28,626 | | | 7,897 | | ||||
Net investment income | 1,884 | | | 1,342 | | | 5,168 | | | 4,299 | | ||||
Net realized investment (losses) gains | (15) | | | 134 | | | 952 | | | 134 | | ||||
Total revenues | 14,703 | | | 5,376 | | | 34,746 | | | 12,330 | | ||||
Expenses | | | | | | | | ||||||||
Insurance claims and claims expenses | 181 | | | (26) | | | 279 | | | 2 | | ||||
Underwriting and operating expenses | 19,653 | | | 17,895 | | | 58,912 | | | 55,833 | | ||||
Total expenses | 19,834 | | | 17,869 | | | 59,191 | | | 55,835 | | ||||
Other income | | | | | | | | ||||||||
Gain from change in fair value of warrant liability | 332 | | | 1,240 | | | 1,473 | | | 3,009 | | ||||
Gain from settlement of warrants | — | | | — | | | — | | | 37 | | ||||
Loss before income taxes | (4,799) | | | (11,253) | | | (22,972) | | | (40,459) | | ||||
Income tax benefit | — | | | (277) | | | — | | | (1,574) | | ||||
Net loss | $ | (4,799) | | | $ | (10,976) Werbung Mehr Nachrichten zur NMI Holdings Inc. Aktie kostenlos abonnieren
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