$RWT
REDWOOD TRUST INC

2012 Q4 Form 10-Q Financial Statement

#000119312512451810 Filed on November 05, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q3 2012 Q2
Revenue $53.40M $59.72M $59.52M
YoY Change -5.48% 11.85% 12.4%
Cost Of Revenue $32.90M $28.30M $64.20M
YoY Change 961.29% 1032.0% 2575.0%
Gross Profit $20.50M $31.40M -$4.700M
YoY Change -61.54% -38.31% -109.29%
Gross Profit Margin 38.39% 52.58% -7.9%
Selling, General & Admin $14.40M $16.20M $14.40M
YoY Change 20.0% 44.64% 24.14%
% of Gross Profit 70.24% 51.59%
Research & Development $1.225M $1.303M
YoY Change -42.33% -31.96%
% of Gross Profit 3.9%
Depreciation & Amortization $200.0K $100.0K $700.0K
YoY Change -77.78% -66.67% 250.0%
% of Gross Profit 0.98% 0.32%
Operating Expenses -$5.300M $17.10M $15.17M
YoY Change -110.23% 48.62% 25.47%
Operating Profit $25.80M $14.30M -$19.87M
YoY Change 1620.0% -63.7% -151.58%
Interest Expense $32.97M $28.29M $28.88M
YoY Change 13.24% 16.32% 22.21%
% of Operating Profit 127.79% 197.82%
Other Income/Expense, Net $0.00 $110.5M
YoY Change
Pretax Income $42.30M $40.22M $20.12M
YoY Change -1726.92% 3015.18% 94.56%
Income Tax $200.0K $516.0K $592.0K
% Of Pretax Income 0.47% 1.28% 2.94%
Net Earnings $42.08M $39.70M $19.53M
YoY Change -1744.96% 2960.99% 106.88%
Net Earnings / Revenue 78.8% 66.48% 32.81%
Basic Earnings Per Share $0.50 $0.48 $0.24
Diluted Earnings Per Share $0.50 $0.48 $0.24
COMMON SHARES
Basic Shares Outstanding 81.52M shares 79.69M shares 78.82M shares
Diluted Shares Outstanding 80.76M shares 78.82M shares

Balance Sheet

Concept 2012 Q4 2012 Q3 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.190B $1.352B $1.381B
YoY Change -4.74% 916.34% 1626.56%
Cash & Equivalents $81.08M $39.38M $69.52M
Short-Term Investments $1.109B $1.312B $1.312B
Other Short-Term Assets $2.000M $2.000M $1.000M
YoY Change 0.0% 0.0% 0.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $88.00M $46.00M $81.00M
YoY Change -68.0% -67.61% -6.9%
LONG-TERM ASSETS
Property, Plant & Equipment $494.0K $515.0K $559.0K
YoY Change -75.88% -82.83% -81.37%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.114B $1.613B $1.573B
YoY Change -3.3% 41.0% 40.32%
Other Assets $10.00M $49.00M $25.00M
YoY Change -56.52% 88.46% -40.48%
Total Long-Term Assets $4.356B $5.251B $5.165B
YoY Change -20.34% -2.98% 1.72%
TOTAL ASSETS
Total Short-Term Assets $88.00M $46.00M $81.00M
Total Long-Term Assets $4.356B $5.251B $5.165B
Total Assets $4.444B $5.297B $5.246B
YoY Change -22.62% -4.64% 1.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $31.00M $48.00M $22.00M
YoY Change 93.75% 200.0% 37.5%
Deferred Revenue
YoY Change
Short-Term Debt $551.9M $522.2M $455.4M
YoY Change 28.94% 1010.78%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $583.0M $570.0M $477.0M
YoY Change 31.31% 1483.33% 519.48%
LONG-TERM LIABILITIES
Long-Term Debt $2.669B $3.569B $3.703B
YoY Change -37.63% -19.49% -6.94%
Other Long-Term Liabilities $51.00M $109.0M $114.0M
YoY Change -60.16% -14.17% 37.35%
Total Long-Term Liabilities $2.720B $3.678B $3.817B
YoY Change -38.28% -19.34% -6.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $583.0M $570.0M $477.0M
Total Long-Term Liabilities $2.720B $3.678B $3.817B
Total Liabilities $3.304B $4.247B $4.295B
YoY Change -31.89% -7.58% 3.79%
SHAREHOLDERS EQUITY
Retained Earnings $633.1M $591.0M $551.3M
YoY Change 26.29%
Common Stock $1.745B $1.741B $1.707B
YoY Change 2.74%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.140B $1.050B $951.2M
YoY Change
Total Liabilities & Shareholders Equity $4.444B $5.297B $5.246B
YoY Change -22.62% -4.63% 1.57%

Cashflow Statement

Concept 2012 Q4 2012 Q3 2012 Q2
OPERATING ACTIVITIES
Net Income $42.08M $39.70M $19.53M
YoY Change -1744.96% 2960.99% 106.88%
Depreciation, Depletion And Amortization $200.0K $100.0K $700.0K
YoY Change -77.78% -66.67% 250.0%
Cash From Operating Activities -$144.7M -$199.0M $14.10M
YoY Change -6391.3% 1037.14% -10.76%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $202.1M $265.4M $63.90M
YoY Change -287.65% -184.28% -208.31%
Cash From Investing Activities $202.1M $265.4M $63.90M
YoY Change -287.65% -184.28% -208.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -15.80M -96.50M -157.9M
YoY Change -106.61% -125.01% 62.62%
NET CHANGE
Cash From Operating Activities -144.7M -199.0M 14.10M
Cash From Investing Activities 202.1M 265.4M 63.90M
Cash From Financing Activities -15.80M -96.50M -157.9M
Net Change In Cash 41.60M -30.10M -79.90M
YoY Change -68.89% -156.37% -43.05%
FREE CASH FLOW
Cash From Operating Activities -$144.7M -$199.0M $14.10M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$144.7M -$199.0M
YoY Change

Facts In Submission

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dei Entity Registrant Name
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<div> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>Note 1. Redwood Trust</b></font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:3%" align="justify"><font style="font-family:Times New Roman" size="2">Redwood Trust, Inc., together with its subsidiaries (&#x201C;Redwood,&#x201D; &#x201C;we,&#x201D; or &#x201C;us&#x201D;), invests in, finances, and manages real estate-related assets. We seek to invest in assets that have the potential to generate sufficient cash flow returns to support our goal of distributing an attractive level of dividends per share to shareholders over time. We also seek to generate fee and gain on sale income primarily through mortgage banking activities conducted at certain of our subsidiaries.</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:3%" align="justify"><font style="font-family:Times New Roman" size="2">The assets we primarily invest in are (i)&#xA0;residential mortgage loans, (ii)&#xA0;commercial mortgage loans and other forms of commercial real estate financing (which we generally refer to as commercial loans), and (iii)&#xA0;securities collateralized by mortgage loans or other real estate-related debt.</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:3%" align="justify"><font style="font-family:Times New Roman" size="2">Redwood was incorporated in the State of Maryland on April&#xA0;11, 1994, and commenced operations on August&#xA0;19, 1994. Our executive offices are located at One Belvedere Place, Suite 300, Mill Valley, California 94941.</font></p> </div>
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<div> <p style="MARGIN-TOP: 16px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Use of Estimates</i></b></font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 3%; MARGIN-BOTTOM: 0px" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">The preparation of financial statements requires us to make a number of significant estimates. These include estimates of fair value of&#xA0;certain assets and liabilities, amount and timing of credit losses, prepayment rates, and other estimates that affect the reported amounts of&#xA0;certain assets and liabilities as of the date of the consolidated financial statements and the reported amounts of certain revenues and expenses during the reported period. It is likely that changes in these estimates (e.g., valuation changes due to supply and demand, credit performance, prepayments, interest rates, or other reasons) will occur in the near term. Our estimates are inherently subjective in nature and actual results could differ from our estimates and the differences could be material.</font></p> </div>
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