2013 Q2 Form 10-Q Financial Statement

#000119312513329341 Filed on August 09, 2013

View on sec.gov

Income Statement

Concept 2013 Q2
Revenue -$974.0K
YoY Change -113.16%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.600M
YoY Change 23.08%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.510M
YoY Change -86.75%
Operating Profit
YoY Change
Interest Expense $3.768M
YoY Change -187.63%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$2.484M
YoY Change -69.71%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$2.484M
YoY Change -69.71%
Net Earnings / Revenue
Basic Earnings Per Share -$0.01
Diluted Earnings Per Share -$0.01
COMMON SHARES
Basic Shares Outstanding 200.4M shares
Diluted Shares Outstanding 200.4M shares

Balance Sheet

Concept 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.000M
YoY Change -72.73%
Cash & Equivalents $8.696M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $9.000M
YoY Change -72.73%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $282.0M
YoY Change -23.78%
Other Assets $1.729M
YoY Change
Total Long-Term Assets $288.3M
YoY Change -23.12%
TOTAL ASSETS
Total Short-Term Assets $9.000M
Total Long-Term Assets $288.3M
Total Assets $297.3M
YoY Change -27.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $1.000M
YoY Change -50.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.000M
YoY Change -50.0%
LONG-TERM LIABILITIES
Long-Term Debt $116.0M
YoY Change -12.78%
Other Long-Term Liabilities $121.0M
YoY Change -40.69%
Total Long-Term Liabilities $237.0M
YoY Change -29.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.000M
Total Long-Term Liabilities $237.0M
Total Liabilities $239.1M
YoY Change -29.46%
SHAREHOLDERS EQUITY
Retained Earnings -$18.65M
YoY Change
Common Stock $2.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $58.18M
YoY Change
Total Liabilities & Shareholders Equity $297.3M
YoY Change -27.13%

Cashflow Statement

Concept 2013 Q2
OPERATING ACTIVITIES
Net Income -$2.484M
YoY Change -69.71%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$8.000M
YoY Change -52.94%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $6.000M
YoY Change -117.14%
Cash From Investing Activities $6.000M
YoY Change -117.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.000M
YoY Change -66.67%
NET CHANGE
Cash From Operating Activities -8.000M
Cash From Investing Activities 6.000M
Cash From Financing Activities 1.000M
Net Change In Cash -1.000M
YoY Change -97.96%
FREE CASH FLOW
Cash From Operating Activities -$8.000M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2012Q4 wmih Fixed Maturity Securities Estimated Fair Value
FixedMaturitySecuritiesEstimatedFairValue
281547000
CY2012Q4 wmih Unrestricted Fixed Held In Maturity Securities Estimated Fair Value
UnrestrictedFixedHeldInMaturitySecuritiesEstimatedFairValue
75809000
CY2012Q4 wmih Fair Market Value Reserve Balance
FairMarketValueReserveBalance
52200000
CY2012Q4 wmih Accrued Ceding Commission
AccruedCedingCommission
136000
CY2012Q4 wmih Loss Payable
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2140000
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PremiumDeficiencyReserves
15100000
CY2012Q4 wmih Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited And Expirations In Period Aggregate Intrinsic Value
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CY2012Q4 wmih Restricted Cash Securitization Notes Payable And Credit Facilities
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25000000
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295000
CY2012Q4 wmih Non Operating Loss Due To Abandon Of Stock
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CY2012Q4 wmih Loss Contract Fair Market Value Reserve
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52217000
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NotesPayablePrincipalAmount
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CY2012Q4 wmih Fixed Maturity Securities Held In Trust Gross Unrealized Gains
FixedMaturitySecuritiesHeldInTrustGrossUnrealizedGains
4701000
CY2012Q4 wmih Cash Equivalents Held In Trust
CashEquivalentsHeldInTrust
17019000
CY2012Q4 wmih Fixed Maturity Securities Held In Trust Gross Unrealized Losses
FixedMaturitySecuritiesHeldInTrustGrossUnrealizedLosses
277000
CY2012Q4 wmih Valuation Allowance Equal To Net Deferred Federal Income Tax Asset
ValuationAllowanceEqualToNetDeferredFederalIncomeTaxAsset
1.00 pure
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407000
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1476000
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550000
us-gaap Related Party Transaction Expenses From Transactions With Related Party
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560000
dei Trading Symbol
TradingSymbol
WMIH
dei Entity Registrant Name
EntityRegistrantName
WMI HOLDINGS CORP.
dei Amendment Flag
AmendmentFlag
false
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2013-06-30
dei Entity Central Index Key
EntityCentralIndexKey
0000933136
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
shares
us-gaap Plan Of Reorganization Date Plans Filed
PlanOfReorganizationDatePlansFiled
2011-12-12
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P3Y
us-gaap Schedule Of Liability For Unpaid Claims And Claims Adjustment Expense
ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
<div> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">The components of the liability for losses and loss adjustment reserves are as follows as of June&#xA0;30, 2013 and December&#xA0;31, 2012:</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 12px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <!-- Begin Table Head --> <tr> <td width="76%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1">June&#xA0;30,<br /> 2013</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1">December&#xA0;31,<br /> 2012</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <!-- End Table Head --><!-- Begin Table Body --> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Case-basis reserves</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">54,295</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">66,173</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">IBNR reserves</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1,022</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1,298</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Premium deficit reserves</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">10,711</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">15,053</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Total</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">66,028</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">82,524</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> </tr> </table> </div>
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Rights
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights
1/3 per year
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
0.0001
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
us-gaap Plan Of Reorganization Dates Plan Is Effective
PlanOfReorganizationDatesPlanIsEffective
2012-03-19
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
385364 shares
us-gaap Income Taxes Paid
IncomeTaxesPaid
0
us-gaap Net Income Loss
NetIncomeLoss
-6300000
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims Prior Years
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaimsPriorYears
-1300000
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
886000
us-gaap Proceeds From Loans
ProceedsFromLoans
75000000
us-gaap Share Based Compensation
ShareBasedCompensation
92000
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Prior Years
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears
15196000
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
wmih Pro Rata Share Of Common Stock Election
ProRataShareOfCommonStockElection
10000000 shares
wmih Percentage Of Pro Rata Share Of Common Stock Election
PercentageOfProRataShareOfCommonStockElection
0.05 pure
wmih Minimum Percentage Of Shares Held By Voter Before Confirmation Of Reorganization
MinimumPercentageOfSharesHeldByVoterBeforeConfirmationOfReorganization
0.50 pure
wmih Percentage Of Interest In Litigation Proceeds
PercentageOfInterestInLitigationProceeds
0.50 pure
wmih Number Of Operations Operated In Runoff
NumberOfOperationsOperatedInRunoff
1 Operations
wmih Fair Market Value Reserve Expenses Decrease
FairMarketValueReserveExpensesDecrease
1000000
wmih Nols Expiration Date
NolsExpirationDate
2029
CY2012 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims Prior Years
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaimsPriorYears
30111000
CY2012 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Prior Years
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears
89706000
CY2012 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
550000
CY2012 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
CY2012 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
wmih Cash From Used In Reorganization Activities
CashFromUsedInReorganizationActivities
75000000
us-gaap Share Based Compensation
ShareBasedCompensation
0
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
385364 shares
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
shares
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
1156078 shares
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.4761
CY2012 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
shares
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
shares
CY2012 us-gaap Income Taxes Paid
IncomeTaxesPaid
0
CY2012 us-gaap Gain Loss On Contract Termination
GainLossOnContractTermination
6200000
CY2012 wmih Fair Market Value Reserve Decrease
FairMarketValueReserveDecrease
10900000
CY2012Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
0
CY2013Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
0

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