Attached files
| file | filename |
|---|---|
| 8-K - 8-K - FIRST MARBLEHEAD CORP | a09-31694_28k.htm |
| EX-99.2 - EX-99.2 - FIRST MARBLEHEAD CORP | a09-31694_2ex99d2.htm |
| EX-99.4 - EX-99.4 - FIRST MARBLEHEAD CORP | a09-31694_2ex99d4.htm |
| EX-99.1 - EX-99.1 - FIRST MARBLEHEAD CORP | a09-31694_2ex99d1.htm |
Exhibit 99.3
THE FIRST MARBLEHEAD CORPORATION AND SUBSIDIARIES
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited)
(in thousands, except per share amounts)
|
|
|
Actual |
|
|
|
Proforma |
|
|||
|
|
|
12 Months |
|
|
|
12 Months |
|
|||
|
|
|
Ended |
|
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|
Ended |
|
|||
|
|
|
6/30/2009 |
|
Entries |
|
6/30/2009 |
|
|||
|
Service revenues: |
|
|
|
|
|
|
|
|||
|
Up-front structural advisory fees |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
Additional structural advisory fees - trust updates |
|
(57,157 |
) |
|
|
(57,157 |
) |
|||
|
Asset servicing fees: |
|
|
|
|
|
|
|
|||
|
Fee income |
|
2,350 |
|
|
|
2,350 |
|
|||
|
Fee update |
|
35 |
|
|
|
35 |
|
|||
|
Total asset servicing fees |
|
2,385 |
|
— |
|
2,385 |
|
|||
|
Residuals - trust updates |
|
(283,295 |
) |
|
|
(283,295 |
) |
|||
|
Processing fees from TERI |
|
3,050 |
|
|
|
3,050 |
|
|||
|
Administrative and other fees |
|
19,908 |
|
— |
|
19,908 |
|
|||
|
Net interest income |
|
25,103 |
|
(18,989 |
) |
6,114 |
|
|||
|
Total revenues |
|
(290,006 |
) |
(18,989 |
) |
(308,995 |
) |
|||
|
Non-interest expenses: |
|
|
|
|
|
|
|
|||
|
Compensation and benefits |
|
42,232 |
|
— |
|
42,232 |
|
|||
|
General and administrative expenses |
|
80,438 |
|
(446 |
) |
79,992 |
|
|||
|
Unrealized loss on loans held for sale |
|
138,163 |
|
(59,118 |
) |
79,045 |
|
|||
|
Total non-interest expenses |
|
260,833 |
|
(59,564 |
) |
201,269 |
|
|||
|
Income (loss) from operations |
|
(550,839 |
) |
40,575 |
|
(510,264 |
) |
|||
|
Other income |
|
— |
|
— |
|
— |
|
|||
|
Income (loss) before income taxes |
|
(550,839 |
) |
40,575 |
|
(510,264 |
) |
|||
|
Income tax expense (benefit) |
|
(187,819 |
) |
13,836 |
|
(173,983 |
) |
|||
|
Net income (loss) |
|
$ |
(363,020 |
) |
$ |
26,739 |
|
$ |
(336,281 |
) |
|
|
|
|
|
|
|
|
|
|||
|
Net income (loss) per share, basic |
|
$ |
(3.66 |
) |
|
|
$ |
(3.39 |
) |
|
|
Net income (loss) per share, diluted |
|
$ |
(3.66 |
) |
|
|
$ |
(3.39 |
) |
|
|
Weighted average shares outstanding, basic |
|
99,081 |
|
|
|
99,081 |
|
|||
|
Weighted average shares outstanding, diluted |
|
99,081 |
|
|
|
99,081 |
|
|||
THE FIRST MARBLEHEAD CORPORATION AND SUBSIDIARIES
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
(unaudited)
(in thousands)
|
|
|
Actual |
|
|
|
Pro Forma |
|
|||
|
|
|
June 30, |
|
|
|
June 30, |
|
|||
|
|
|
2009 |
|
Entries |
|
2009 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
ASSETS |
|
|
|
|
|
|
|
|||
|
Cash and cash equivalents |
|
$ |
158,770 |
|
$ |
121,481 |
|
$ |
280,251 |
|
|
Federal funds sold |
|
14,326 |
|
— |
|
14,326 |
|
|||
|
Investments |
|
8,450 |
|
— |
|
8,450 |
|
|||
|
Loans held for sale |
|
350,960 |
|
(169,058 |
) |
181,902 |
|
|||
|
Service receivables: |
|
67,522 |
|
— |
|
67,522 |
|
|||
|
Property and equipment, net |
|
19,929 |
|
— |
|
19,929 |
|
|||
|
Intangible assets, net |
|
1,931 |
|
— |
|
1,931 |
|
|||
|
Other prepaid expenses |
|
3,571 |
|
— |
|
3,571 |
|
|||
|
Mortgage loans held to maturity, net |
|
9,515 |
|
— |
|
9,515 |
|
|||
|
Income tax assets |
|
179,534 |
|
16,443 |
|
195,977 |
|
|||
|
Other assets |
|
6,822 |
|
— |
|
6,822 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Total assets |
|
$ |
821,330 |
|
$ |
(31,134 |
) |
$ |
790,196 |
|
|
|
|
|
|
|
|
|
|
|||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|||
|
Liabilities: |
|
|
|
|
|
|
|
|||
|
Deposits |
|
$ |
154,462 |
|
$ |
— |
|
$ |
154,462 |
|
|
Accounts payable and accrued expenses |
|
21,512 |
|
3,044 |
|
24,556 |
|
|||
|
Education loan warehouse facility |
|
230,137 |
|
— |
|
230,137 |
|
|||
|
Other liabilities |
|
9,754 |
|
— |
|
9,754 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Total liabilities |
|
415,865 |
|
3,044 |
|
418,909 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Commitments and Contingencies |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Total stockholders’ equity |
|
405,465 |
|
(34,178 |
) |
371,287 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Total liabilities and stockholders’ equity |
|
$ |
821,330 |
|
$ |
(31,134 |
) |
$ |
790,196 |
|
|
|
|
DR |
|
CR |
|
Description |
|
|
Balance Sheet Entries |
|
|
|
|
|
|
|
|
Cash |
|
121,481 |
|
|
|
Cash Receipts |
|
|
Student Loans |
|
|
|
169,058 |
|
Net Loans sold as of 6/30/09 |
|
|
Taxes Receivable |
|
16,443 |
|
|
|
Effective Rate of 34.10% |
|
|
Accrued Other |
|
|
|
3,044 |
|
Accrual for transaction costs and other items |
|
|
Total Stockholder’s Equity |
|
34,178 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of Operations Entries |
|
|
|
|
|
|
|
|
Net Interest Income |
|
|
|
522 |
|
Add interest income on invested proceeds |
|
|
Net Interest Income |
|
19,511 |
|
|
|
Remove Student Loan interest income |
|
|
G&A |
|
|
|
446 |
|
Remove Student loan expense in P&L |
|
|
Unrealized loss on loans held for sale |
|
|
|
59,118 |
|
Remove Student loan expense in P&L |
|
|
Income Tax Benefit |
|
13,836 |
|
|
|
Effective Rate of 34.10% |
|
|
|
|
|
|
|
|
|
|
Note: The unaudited pro forma financial information presented reflect the adjustments to the historical financial statements as described under Item 2.01 of the attached current report on Form 8-K (in thousands).