-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Hoc47Kn8fkHUStrcJumpesIOP2f/UGMZwHn3BOMN/2XK9knRO5CoFE0kAtbPF0Xr uFCEI7peHpseNEDTyQEfAw== 0000950129-04-000647.txt : 20040217 0000950129-04-000647.hdr.sgml : 20040216 20040217090415 ACCESSION NUMBER: 0000950129-04-000647 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040216 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040217 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRSTCITY FINANCIAL CORP CENTRAL INDEX KEY: 0000828678 STANDARD INDUSTRIAL CLASSIFICATION: SHORT-TERM BUSINESS CREDIT INSTITUTIONS [6153] IRS NUMBER: 760243729 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-19694 FILM NUMBER: 04602804 BUSINESS ADDRESS: STREET 1: 6400 IMPERIAL DRIVE CITY: WACO STATE: TX ZIP: 76712 BUSINESS PHONE: 2547511750 MAIL ADDRESS: STREET 1: 6400 IMPERIAL DRIVE CITY: WACO STATE: TX ZIP: 76712 FORMER COMPANY: FORMER CONFORMED NAME: FIRST CITY BANCORPORATION OF TEXAS INC/ DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FIRST CITY ACQUISITION CORP DATE OF NAME CHANGE: 19880523 8-K 1 h12747e8vk.txt FORM 8-K ================================================================================ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): FEBRUARY 17, 2004 FIRSTCITY FINANCIAL CORPORATION (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) DELAWARE 033-19694 76-0243729 (STATE OF INCORPORATION) (COMMISSION FILE NO.) (IRS EMPLOYER IDENTIFICATION NO.) 6400 IMPERIAL DRIVE WACO, TEXAS 76712 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (254) 751-1750 ================================================================================ ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits 99.1 Text of press release of FirstCity Financial Corporation issued on February 17, 2004. ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. (a) On February 17, 2004, FirstCity Financial Corporation ("FirstCity" or the "Company") issued a press release announcing its financial results for the quarter ended December 31, 2003 and certain other information. A copy of this press release is attached hereto as Exhibit 99.1 and is being furnished, not filed, under Item 12, Results of Operations and Financial Condition, to this Report on Form 8-K. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. FirstCity Financial Corporation Date: February 16, 2004 By: /S/ J. Bryan Baker --------------------------------------- J. Bryan Baker Senior Vice President, and Chief Financial Officer EXHIBIT INDEX
Exhibit No. Description - ----------- ----------- 99.1 - Text of press release of FirstCity Financial Corporation issued on February 17, 2004.
EX-99.1 3 h12747exv99w1.txt TEXT OF PRESS RELEASE EXHIBIT 99.1 NEWS RELEASE (FIRSTCITY FINANCIAL LOGO) Contact: Suzy W. Taylor (866) 652-1810 FIRSTCITY FINANCIAL ANNOUNCES FOURTH QUARTER AND YEAR-END 2003 RESULTS WACO, TEXAS FEBRUARY 17, 2004... FirstCity Financial Corporation (NASDAQ FCFC) today announced net earnings to common stockholders for the quarter ended December 31, 2003 of $3,548,818, or $.31 per share on a diluted basis. For the full year 2003 net earnings to common stockholders were $9,054,285 or $.80 per share on a diluted basis. Components of the results for the three months and year ended December 31, 2003 and 2002, respectively, are detailed below (dollars in thousands):
THREE MONTHS ENDED YEAR ENDED DECEMBER 31, DECEMBER 31, 2003 2002 2003 2002 ---------- ---------- ---------- ---------- Portfolio Asset Acquisition and Resolution $ 5,274 $ 2,114 $ 14,497 $ 11,214 Consumer 1,231 3,950 5,349 3,544 Corporate interest (1,081) (1,250) (4,588) (3,858) Corporate overhead (1,775) (1,102) (5,551) (4,957) ---------- ---------- ---------- ---------- Earnings from continuing operations 3,649 3,712 9,707 5,943 Accrued preferred dividends -- (552) (133) (2,478) Loss from discontinued operations (100) (2,014) (520) (9,714) ---------- ---------- ---------- ---------- Net earnings (loss) to common shareholders $ 3,549 $ 1,146 $ 9,054 $ (6,249) ========== ========== ========== ==========
PORTFOLIO ASSET ACQUISITION Operating contribution for the quarter was $5.3 million, comprised of $10.6 million in revenues, net of $5.4 million of expenses. The business generated 68% of the revenues from domestic investments, 18% from investments in Mexico and 14% from investments in Europe. The major components of revenue for the quarter include servicing fees of $3.9 million, equity earnings in Acquisition Partnerships and servicing entities of $5.7 million and interest income of $.5 million. Operating contribution from the Portfolio Asset Acquisition business for the quarter includes foreign currency losses in Mexico ($.7 million), and foreign currency gains related to cash collections of certain Euro investments ($.5 million). Quarterly results have been, and continue to be impacted by fluctuations in foreign currencies. The following table details these impacts on corporate earnings (dollars in thousands):
FIRST SECOND THIRD FOURTH YEAR TO QUARTER QUARTER QUARTER QUARTER DATE ILLUSTRATION OF THE EFFECTS OF CURRENCY FLUCTUATIONS 2003 2003 2003 2003 2003 - ---------------------------------------------------- ---------- ---------- ---------- ---------- ---------- Net earnings (loss) to Common Stockholders as reported $ (85) $ 3,750 $ 1,840 $ 3,549 $ 9,054 Mexican Peso gains (losses) $ (1,623) $ 1,110 $ (1,040) $ (694) $ (2,247) Euro gains $ 247 $ 143 $ 415 $ 501 $ 1,306 ---------- ---------- ---------- ---------- ---------- Peso exchange rate at valuation date 11.03 10.41 10.93 11.35 Euro exchange rate at valuation date 0.93 0.87 0.86 0.80
(MORE) (2) The Company continues to monitor the foreign currency exposure on a daily basis and evaluate the advisability of hedging these investments through analysis of currency forecasts, the cost of hedging those investments and the available liquidity to do so. As indicated in its third quarter earnings release, the Company experienced an increase in acquisitions in the fourth quarter. FirstCity and its Acquisition Partnerships purchased six portfolios - five domestic portfolios totaling $47 million and one $11 million portfolio in France. The Company invested equity of $5.1 million in the domestic portfolios and $2.5 million in the French portfolio. A summary of acquisitions for the year follows (dollars in millions):
INVESTED DOMESTIC FRANCE MEXICO ITALY TOTAL EQUITY --------- --------- --------- --------- --------- --------- 1st Quarter $ -- $ -- $ -- $ -- $ -- $ -- 2nd Quarter 6.7 20.1 5.4 -- 32.2 11.4 3rd Quarter 39.3 -- -- -- 39.3 3.9 4th Quarter 46.7 11.1 -- -- 57.7 7.6 --------- --------- --------- --------- --------- --------- Total Year 2003 $ 92.6 $ 31.2 $ 5.4 $ -- $ 129.2 $ 22.9* --------- --------- --------- --------- --------- --------- Total Year 2002 $ 61.4 $ 81.8 $ 11.7 $ 16.9 $ 171.8 $ 16.7 --------- --------- --------- --------- --------- ---------
*The Company invested $3.4 million in partnerships during 2003 in addition to the acquisitions above. CONSUMER FirstCity owns a 31% interest in Drive Financial Services L.P., a sub prime auto lending company. Drive originated $102.2 million of receivables during the quarter. Defaults and losses were 22.35% and 11.83%, respectively, at the end of the quarter compared to 20.14% and 10.26%, respectively, for the same period last year. These statistics reflect continued weakness in the economy and the resulting impact on used car prices. Delinquencies were 9.53% for the quarter, up from 7.25% for the same period last year as a result of the same economic trends. During the quarter Drive took a $2 million provision on residual assets and an additional $3.7 million provision on loans receivable in excess of the normal monthly provisions. The provisions are related to higher losses and delinquencies as a result of market and general economic conditions and are more prevalent in pools of loans originated prior to 2002. Drive's management believes that recent market conditions indicate initial signs of improvement and Drive Management continues to monitor trends in cash flow and performance to determine the impact upon the need for additional provisions. Net income from Drive continues to be positive as originations and the volume of portfolio assets grow over time. Based on information provided by Drive, the Company expects that this positive trend will continue. The following table details this trend (dollars in thousands):
INCOME (LOSS) PROVISIONS LOAN TOTAL BEFORE PROVISIONS ON RESIDUAL NET INCOME FIRSTCITY'S ORIGINATIONS INVENTORY ASSETS ON RESIDUAL ASSETS ASSETS (LOSS) 31% SHARE ------------ ------------ ------------ ------------------ ------------ ------------ ------------ 2003 4th Quarter $ 102,228 $ 623,389 $ 738,829 $ 6,308*** $ (2,087) $ 4,221 $ 1,308 3rd Quarter 128,688 577,974 700,760 9,132 (3,904) 5,228 1,621 2nd Quarter 127,706 511,212 619,269 8,251 (1,240) 7,011 2,173 1st Quarter 126,118 443,099 551,412 3,707 (1,217) 2,490 689 2002 4th Quarter 101,102 368,379 472,553 3,207 (3,303) (96) (29) 3rd Quarter 100,430 310,540 416,295 1,025 (112) 913 282 2nd Quarter 100,780 238,096 341,882 1,281 -- 1,281 398 1st Quarter 113,401 159,052 254,647 (3,470) -- (3,470) (1,076)
- ---------- *** Net of $3.7 million of additional provisions related to loans receivable. Note: As of December 31, 2003 Drive holds on its balance sheet residual interests with a book value of $29.0 million compared with $63.2 million as of December 31, 2002. (MORE) (3) DISCONTINUED OPERATIONS The anticipated realizable value of the Company's investment in discontinued operations decreased to $6.2 million at December 31, 2003. The $6.2 million valuation is net of reserves of $ 249,000. The Company recorded a provision during the quarter of $100,000 to adjust reserves for estimated expenses related to liquidation of the residual assets. CONFERENCE CALL FirstCity will host a conference call to discuss the quarterly results today, Tuesday, February 17, 2004 at 9:00 a.m., CST. James T. Sartain, FirstCity's President and Chief Executive Officer will lead the call. To participate, dial toll free 1-888-792-1075 and specify conference I.D. number 384247. International callers should dial 1-703-871-3027. Please dial in five minutes prior to the call. If you are unable to listen to the live conference call, a replay will be available by dialing 1-888-836-6074. For International callers the replay number is 1-703-871-3027.The pass code for the replay is 384247. The replay will be available through Thursday, March 4, 2004. FORWARD LOOKING STATEMENTS Certain statements in this press release, which are not historical in fact, including, but not limited to, statements relating to future performance, may be deemed to be forward-looking statements under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, performance or achievements, and may contain the words "expect", "intend", "plan", "estimate", "believe", "will be", "will continue", "will likely result", and similar expressions. Such statements inherently are subject to a variety of risks and uncertainties that could cause actual results to differ materially from those projected. There are many important factors that could cause FirstCity's actual results to differ materially. These factors include, but are not limited to, the performance of FirstCity's subsidiaries and affiliates, availability of portfolio assets, assumptions underlying portfolio asset performance, risks associated with foreign operations, currency exchange rate fluctuations, interest rate risk, risks of declining value of loans, collateral or assets; the degree to which FirstCity is leveraged, FirstCity's continued need for financing, availability of FirstCity's credit facilities, the impact of certain covenants in loan agreements of FirstCity and its subsidiaries, the ability of FirstCity to utilize net operating loss carryforwards, uncertainties of any litigation arising from discontinued operations, general economic conditions, foreign social and economic conditions, changes (legislative and otherwise) in the asset securitization industry; fluctuation in residential and commercial real estate values, capital markets conditions, including the markets for asset-backed securities; factors more fully discussed and identified under Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," risk factors and other risks identified in FirstCity's Annual Report on Form 10-K, filed with the SEC on April 15, 2003, as well as in FirstCity's other filings with the SEC. Many of these factors are beyond FirstCity's control. In addition, it should be noted that past financial and operational performance of FirstCity is not necessarily indicative of future financial and operational performance. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements. The forward-looking statements in this release speak only as of the date of this release. FirstCity expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in FirstCity's expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based. FirstCity is a diversified financial services company with operations dedicated to portfolio asset acquisition and resolution and consumer lending with offices in the U.S. and with affiliate organizations in France and Mexico. Its common (FCFC) and preferred (FCFCO) stocks are listed on the NASDAQ National Market System. (TABLES FOLLOW) FIRSTCITY FINANCIAL CORPORATION SUMMARY OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)
THREE MONTHS ENDED YEAR ENDED DECEMBER 31, DECEMBER 31, ------------------------- ------------------------- 2003 2002 2003 2002 ---------- ---------- ---------- ---------- Revenues: Servicing fees from affiliates $ 3,884 $ 3,010 $ 15,051 $ 12,665 Gain on resolution of Portfolio Assets 301 213 1,380 1,138 Equity in earnings of investments 7,200 1,989 21,411 8,680 Interest income from affiliates 467 997 2,794 4,060 Interest income - other 90 227 533 1,068 Gain on sale of interest in equity investments -- -- -- 1,779 Gain on sale of interest in subsidiary -- 4,000 -- 4,000 Other income 399 888 1,560 2,598 ---------- ---------- ---------- ---------- Total revenues 12,341 11,324 42,729 35,988 Expenses: Interest and fees on notes payable to affiliates 2,017 2,017 7,567 6,456 Interest and fees on notes payable - other 21 65 155 366 Interest on shares subject to mandatory redemption 67 -- 133 -- Salaries and benefits 4,458 2,904 15,875 12,609 Provision for loan and impairment losses 97 17 98 295 Occupancy, data processing, communication and other 1,599 2,373 7,518 8,962 ---------- ---------- ---------- ---------- Total expenses 8,259 7,376 31,346 28,688 Earnings from continuing operations before income taxes and minority interest 4,082 3,948 11,383 7,300 Provision for income taxes (157) (118) (240) (153) ---------- ---------- ---------- ---------- Earnings from continuing operations before minority interest 3,925 3,830 11,143 7,147 Minority interest (276) (118) (1,436) (1,204) ---------- ---------- ---------- ---------- Earnings from continuing operations 3,649 3,712 9,707 5,943 Loss from discontinued operations (100) (2,014) (520) (9,714) ---------- ---------- ---------- ---------- Net earnings (loss) 3,549 1,698 9,187 (3,771) Accumulated preferred dividends in arrears -- (552) (133) (2,478) ---------- ---------- ---------- ---------- Net earnings (loss) to common shareholders $ 3,549 $ 1,146 $ 9,054 $ (6,249) ========== ========== ========== ========== Basic earnings (loss) per common share are as follows: Earnings from continuing operations $ 0.33 $ 0.36 $ 0.86 $ 0.40 Discontinued operations (0.01) (0.23) (0.05) (1.14) Net earnings (loss) per common share $ 0.32 $ 0.13 $ 0.81 $ (0.74) Wtd. avg. common shares outstanding 11,189 8,866 11,200 8,500 Diluted earnings (loss) per common share are as follows: Earnings from continuing operations $ 0.32 $ 0.36 $ 0.85 $ 0.40 Discontinued operations (0.01) (0.23) (0.05) (1.14) Net earnings (loss) per common share $ 0.31 $ 0.13 $ 0.80 $ (0.74) Wtd. avg. common shares outstanding 11,621 8,866 11,349 8,500
SELECTED UNAUDITED BALANCE SHEET DATA
DECEMBER 31, DECEMBER 31, 2003 2002 ------------ ------------ Cash $ 2,745 $ 4,118 Portfolio acquisition and resolution assets 80,428 77,744 Consumer assets 15,685 9,127 Deferred tax asset 20,101 20,101 Net assets of discontinued operations 6,150 7,764 Total assets 132,139 126,456 Notes payable to affiliates 88,628 95,560 Notes payable other 2,432 1,113 Preferred stock subject to mandatory redemption (including accrued and unpaid dividends) 3,846 3,705 Total common shareholders' equity 28,969 18,752
FIRSTCITY FINANCIAL CORPORATION SUPPLEMENTAL INFORMATION (DOLLARS IN THOUSANDS) (UNAUDITED)
THREE MONTHS ENDED YEAR ENDED DECEMBER 31, DECEMBER 31, --------------------------- --------------------------- 2003 2002 2003 2002 ------------ ------------ ------------ ------------ SUMMARY OPERATING STATEMENT DATA FOR EACH BUSINESS Portfolio Asset Acquisition and Resolution: Revenues $ 10,616 $ 7,069 $ 35,126 $ 32,101 Expenses 5,440 5,188 20,531 20,592 ------------ ------------ ------------ ------------ Operating contribution before provision for loan and impairment losses 5,176 1,881 14,595 11,509 Provision for loan and impairment losses 97 17 98 295 ------------ ------------ ------------ ------------ Operating contribution, net of direct taxes $ 5,079 $ 1,864 $ 14,497 $ 11,214 ============ ============ ============ ============ Consumer Lending: Revenues, net of equity in loss of investment $ 1,635 $ 3,964 $ 7,237 $ 3,469 Expenses, net of minority interest 404 14 1,888 (75) ------------ ------------ ------------ ------------ Operating contribution, net of direct taxes $ 1,231 $ 3,950 $ 5,349 $ 3,544 ============ ============ ============ ============ PORTFOLIO ASSET ACQUISITION AND RESOLUTION: OVERVIEW AGGREGATE PURCHASE PRICE OF PORTFOLIOS ACQUIRED: Acquisition partnerships Domestic $ 46,579 $ 35,864 $ 92,632 $ 61,386 Mexico -- -- 5,400 11,709 France 11,105 15,066 31,160 81,731 Italy -- -- -- 16,943 ------------ ------------ ------------ ------------ Total $ 57,684 $ 50,930 $ 129,192 $ 171,769 ============ ============ ============ ============
PURCHASE FIRSTCITY'S HISTORICAL ACQUISITIONS - ANNUAL: PRICE INVESTMENT ------------ ------------ 2003 $ 129,192 $ 22,944 2002 171,769 16,717 2001 224,927 24,319 2000 394,927 22,140 1999 210,799 11,203 1998 139,691 28,478
DECEMBER 31, DECEMBER 31, 2003 2002 ------------ ------------ PORTFOLIO ACQUISITION AND RESOLUTION ASSETS BY REGION: Domestic $ 42,872 $ 44,610 Mexico 14,468 17,542 France and Italy 23,088 15,592 ------------ ------------ Total $ 80,428 $ 77,744 ============ ============ REVENUES BY REGION: Domestic $ 7,181 $ 4,122 $ 21,084 $ 19,444 Mexico 1,960 2,239 9,049 7,985 France and Italy 1,475 689 4,993 4,646 Other foreign -- 19 -- 26 ------------ ------------ ------------ ------------ Total $ 10,616 $ 7,069 $ 35,126 $ 32,101 ============ ============ ============ ============ REVENUES BY SOURCE: Equity earnings $ 5,565 $ 2,026 $ 14,174 $ 9,212 Servicing fees 3,884 3,010 15,051 12,665 Interest income - loans 548 1,183 3,296 4,980 Gain on sale of interest in equity investment -- -- -- 1,779 Gain on resolution of Portfolio Assets 301 213 1,380 1,138 Other 318 637 1,225 2,327 ------------ ------------ ------------ ------------ Total $ 10,616 $ 7,069 $ 35,126 $ 32,101 ============ ============ ============ ============
FIRSTCITY FINANCIAL CORPORATION SUPPLEMENTAL INFORMATION (DOLLARS IN THOUSANDS) (UNAUDITED)
THREE MONTHS ENDED YEAR ENDED DECEMBER 31, DECEMBER 31, ------------------------------ ------------------------------ 2003 2002 2003 2002 ------------ ------------ ------------ ------------ ANALYSIS OF EQUITY INVESTMENTS IN ACQUISITION PARTNERSHIPS: FIRSTCITY'S AVERAGE INVESTMENT IN ACQUISITION PARTNERSHIPS Domestic $ 36,435 $ 31,600 $ 34,282 $ 32,592 Mexico 1,000 1,065 1,034 1,155 France 13,264 10,724 12,137 9,419 France-Servicing subsidiaries 4,117 3,079 3,765 2,689 ------------ ------------ ------------ ------------ Total $ 54,816 $ 46,468 $ 51,218 $ 45,855 ============ ============ ============ ============ FIRSTCITY SHARE OF EQUITY EARNINGS (LOSS): Domestic $ 5,435 $ 2,171 $ 13,526 $ 9,983 Mexico (1,254) (767) (4,028) (3,493) France 1,272 519 4,090 1,928 France-Servicing subsidiaries 112 103 586 794 ------------ ------------ ------------ ------------ Total $ 5,565 $ 2,026 $ 14,174 $ 9,212 ============ ============ ============ ============ SELECTED OTHER DATA: AVERAGE INVESTMENT IN WHOLLY OWNED PORTFOLIO ASSETS AND LOANS RECEIVABLE: Domestic $ 5,366 $ 11,524 $ 6,785 $ 13,068 Mexico 13,938 17,076 14,656 18,534 France 2,898 -- 2,120 -- ------------ ------------ ------------ ------------ Total $ 22,202 $ 28,600 $ 23,561 $ 31,602 ============ ============ ============ ============ INCOME FROM WHOLLY OWNED PORTFOLIO ASSETS AND LOANS RECEIVABLE: Domestic $ 423 $ 439 $ 2,040 $ 2,208 Mexico 394 957 2,540 3,910 France 32 -- 96 -- ------------ ------------ ------------ ------------ Total $ 849 $ 1,396 $ 4,676 $ 6,118 ============ ============ ============ ============ SERVICING FEE REVENUES: Domestic partnerships: $ Collected $ 54,575 $ 24,936 $ 143,440 $ 187,800 Servicing fee revenue 1,154 1,069 4,857 5,469 Average servicing fee % 2.1% 4.3% 3.4% 2.9% Mexico partnerships: $ Collected $ 10,016 $ 16,058 $ 56,372 $ 85,303 Servicing fee revenue 2,633 1,815 9,860 6,592 Average servicing fee % 26.3% 11.3% 17.5% 7.7% Incentive service fees $ 97 $ 126 $ 334 $ 604 Total Service Fees: $ Collected $ 64,591 $ 40,994 $ 199,812 $ 273,103 Servicing fee revenue 3,884 3,010 15,051 12,665 Average servicing fee % 6.0% 7.3% 7.5% 4.6% SERVICING PORTFOLIO (FACE VALUE) Domestic $ 431,178 $ 431,106 Mexico 1,052,599 1,233,468 France and Italy 1,064,184 814,083 ------------ ------------ Total $ 2,547,961 $ 2,478,657 ============ ============ NUMBER OF PERSONNEL AT PERIOD END: Domestic 91 83 Mexico 176 129 ------------ ------------ Total personnel 267 212 ============ ============
FIRSTCITY FINANCIAL CORPORATION SUPPLEMENTAL INFORMATION (DOLLARS IN THOUSANDS) (UNAUDITED)
THREE MONTHS ENDED YEAR ENDED DECEMBER 31, DECEMBER 31, ------------------------------ ------------------------------ 2003 2002 2003 2002 ------------ ------------ ------------ ------------ CONSUMER LENDING: (1) Retail installment contracts acquired $ 102,228 $ 101,102 $ 484,741 $ 415,713 Origination characteristics: Face value to wholesale value 101.16% 100.38% 98.52% 99.85% Weighted average coupon 21.12% 21.00% 21.01% 21.02% Purchase discount (% of face value) 17.72% 15.95% 17.49% 15.54% Servicing portfolio (face value in $) 833,472 683,272 Defaults (% of original balance at time of default) 22.35% 20.14% Net loss on defaults after recovery 11.83% 10.26% Delinquencies (% of total serviced portfolio) 9.53% 7.25% Equity in earnings (loss) of Drive $ 1,635 $ (37) $ 7,237 $ (532) Minority interest (327) 8 (1,446) 107 ------------ ------------ ------------ ------------ Net equity in earnings (loss) of Drive $ 1,308 $ (29) $ 5,791 $ (425) ============ ============ ============ ============
(1) Auto lending business conducted by Drive Financial Services LP, of which FirstCity owns 31% and accounts for its investment using the equity method of accounting. -----END PRIVACY-ENHANCED MESSAGE-----