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Thursday, February 28 2008 9:00 PM, EST
ECC Capital Corporation Announces Common Stock Cash Distribution of $0.10 Per Share
PR Newswire "US Press Releases "
IRVINE, Calif., Feb. 28 /PRNewswire-FirstCall/ -- ECC Capital Corporation (OTC: ECRO), a mortgage finance real estate investment trust, announced today that its Board of Directors has declared a cash distribution of $0.10 per share of common stock. ECC Capital will make this distribution on Friday, March 21, 2008, to shareholders of record on Friday, March 7, 2008.
ECC Capital recently received approximately $9.5 million from the release of over-collateralization proceeds related to the Encore Credit Receivables Trust 2005-1. The fact that ECC Capital received this distribution is not an indication that it will receive any additional distributions from any of its securitization trusts or, if it does receive a distribution, that those proceeds will be distributed to shareholders. The circumstances of the over-collateralization release from the 2005-1 trust were specific to that trust. These circumstances include, but are not limited to:
-- This trust had more time to season prior to the deterioration of the
lending and housing markets than the Encore Credit Receivables Trust
2005-2, 2005-3 and 2005-4 (the "Remaining Trusts"); and
-- The losses and delinquencies for the 2005-1 trust were lower than the
Remaining Trusts at comparable ages.
ECC Capital continues to experience higher levels of delinquencies and losses on mortgage loans held for investment in its securitization trusts and deterioration in the housing market. Therefore, ECC Capital cannot guaranty it will receive any additional over-collateralization proceeds. The amount and timing of any over-collateralization released from any securitization trusts depends on, among other things, the applicable delinquency and credit loss limits specified in the securitization agreements and loan performance in those trusts. Further, ECC Capital has repeatedly cautioned about the uncertainty of any future distributions to shareholders due to future capital requirements, the adverse, changing and unpredictable environment in which it operates, the continued deterioration of the lending industry and capital markets and the subsequent adverse effects these factors have on ECC Capital's loan portfolio.
Although ECC Capital has issued press releases in the past, in an effort to reduce costs and because of reduced staff and limited operations, ECC Capital limits its use of press releases. Please periodically check ECC Capital's website for information. You may also contact ECC Capital using the toll free number of 866-338-8749 or via email at investorrelations@ecccapital.com.
http://www.otcbb.com/asp/dividend.asp?sym_id=ECRO
ECRO - ECC Capital Corp. comm stock
Declaration Date:
Ex Date: 3/24/2008
Record Date: 3/7/2008
Payment Date: 3/21/2008
Dividend Type: Cash Dividend
Dividend Amount: 0.10
Notes: Due Bill Redeemable Date: 03/26/2008
IRVINE, Calif., Aug. 25 /PRNewswire-FirstCall/ --
This distribution and the prior distribution on March 21, 2008 were the result of one time events and changes in ECC Capital's perspective. These distributions should in no way be viewed as an indicator of future distributions. Several circumstances have contributed to ECC Capital's ability to make a $0.16 distribution on September 22, 2008. These circumstances include, but are not limited to:
-- ECC Capital continues to experience higher levels of delinquency and losses on its mortgage loans held for investment in its securitization trusts. Therefore, ECC Capital estimates that the probability and amount of future cash from over-collateralization has been significantly reduced. Consequently, ECC Capital has significantly reduced the estimate of cash expenditure and investment directed toward maximizing future over-collateralization releases. -- ECC Capital has changed its perspective and reduced the amount of capital that should be retained to invest in its existing and new business opportunities. Management has not found any significant investment opportunities that provide returns that are commensurate with related risk. Therefore, a significant portion of ECC Capital's allocated investment capital will be returned to the shareholders. -- ECC Capital has settled certain liabilities, claims, contractual obligations and restrictions. In addition, ECC Capital sold certain real estate owned properties and collected on certain loans. Collectively, these events provided for a reduction in required cash reserves and an increase in cash. -- ECC Capital has benefited from reduced operating costs.
ECC Capital has evaluated and will continue evaluating several alternatives to facilitate the realization of any remaining shareholder value, which include, but are not limited to:
-- A sale of some or all of its assets. -- A sale of the company. -- Investment in business opportunities that may defray the cost of its remaining operations. -- Use of technology to oversee and maximize the value of its remaining mortgage portfolio or produce revenue from third parties. -- Outsourcing of various functions. -- Partnering and/or joint venturing to reduce cost or increase revenue.
ECC Capital has retained
ECC Capital has previously issued press releases in the past to update shareholders. Going forward, in an effort to reduce costs and because of reduced staff and limited operations, ECC Capital will limit its use of press releases. Please periodically check ECC Capital's website for information. You may also contact ECC Capital using the toll free number of 866-338-8749 or via email at investorrelations@ecccapital.com.
Safe Harbor Regarding Forward-Looking Statements
Certain statements contained in this press release, including those regarding future distributions to shareholders and the release of proceeds related to over-collateralization may be deemed forward-looking statements under federal securities laws and ECC Capital intends that those forward-looking statements be subject to the safe-harbor created thereby. These forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties, which could affect ECC Capital's future plans. ECC Capital cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements. These factors include, but are not limited to: (1) the impact of losses and delinquencies from ECC Capital's residual interests in securitizations (2) the tightening of credit standards, (3) the condition of the U.S. economy and financial system, (4) interest rates and the subsequent effect on the business, (5) ECC Capital's ability to obtain quality loan servicing and default management services, (6) the stability of residential property values, (7) the potential effect of new state or federal laws or regulations, (8) ECC Capital's ability to implement successfully its business plan, (9) continued availability of credit facilities and access to the securitization and capital markets or other sources of capital, (10) ECC Capital's ability and the ability of its subsidiaries to operate effectively within the limitations imposed on REITs by federal tax rules, (11) ECC Capital's ability to qualify for exemptions under any SEC registration requirements; (12) ECC Capital's ability to retain qualified personnel, (13) the outcome of various pending litigation, and (14) other factors and risks discussed in ECC Capital's financial report for the year ended December 31, 2007 and the three months ended March 31, 2008 posted on its webpage and its Annual Report on Form 10-K for the year ended December 31, 2006, which is on file with the
For Further Information: AT THE COMPANY: Roque A. Santi President and Chief Financial Officer (949) 955-8730 rsanti@ecccapital.com
SOURCE
IRVINE, Calif., Sept. 3 /PRNewswire-FirstCall/ --
As ECC Capital continues to assess its cost structure, it cannot provide assurance that it will post third quarter 2008 financial information. In addition, although ECC Capital has issued press releases in the past, in an effort to reduce costs, ECC Capital does not intend to use press releases if it posts quarterly financial information going forward. Please periodically check ECC Capital's website for new postings and other information. You may also contact ECC Capital using the toll free number of 866-338-8749 or via email at investorrelations@ecccapital.com.
AT THE COMPANY: Roque A. Santi President and Chief Financial Officer (949) 955-8730 rsanti@ecccapital.com
SOURCE
