2014 Q2 Form 10-Q Financial Statement

#000119312514303112 Filed on August 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $57.99M $57.72M
YoY Change 0.47% -3.03%
Cost Of Revenue $21.20M $21.50M
YoY Change -1.4% -66.51%
Gross Profit $36.80M $36.30M
YoY Change 1.38% -872.34%
Gross Profit Margin 63.46% 62.89%
Selling, General & Admin $19.30M $20.80M
YoY Change -7.21% 44.44%
% of Gross Profit 52.45% 57.3%
Research & Development $3.977M $2.318M
YoY Change 71.57% 77.9%
% of Gross Profit 10.81% 6.39%
Depreciation & Amortization $100.0K $100.0K
YoY Change 0.0% -85.71%
% of Gross Profit 0.27% 0.28%
Operating Expenses $22.28M -$24.43M
YoY Change -191.21% -261.09%
Operating Profit $14.52M $60.73M
YoY Change -76.09% -405.71%
Interest Expense $21.15M $21.42M
YoY Change -1.24% -25.85%
% of Operating Profit 145.69% 35.26%
Other Income/Expense, Net
YoY Change
Pretax Income $16.35M $68.71M
YoY Change -76.21% 241.53%
Income Tax $333.0K $3.140M
% Of Pretax Income 2.04% 4.57%
Net Earnings $16.02M $65.57M
YoY Change -75.57% 235.81%
Net Earnings / Revenue 27.62% 113.61%
Basic Earnings Per Share $0.19 $0.78
Diluted Earnings Per Share $0.18 $0.71
COMMON SHARES
Basic Shares Outstanding 82.74M shares 82.12M shares
Diluted Shares Outstanding 85.03M shares 96.17M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.002B $1.522B
YoY Change 31.55% 10.19%
Cash & Equivalents $157.1M $207.7M
Short-Term Investments $1.845B $1.314B
Other Short-Term Assets $2.000M $1.000M
YoY Change 100.0% 0.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $220.0M $221.0M
YoY Change -0.45% 172.84%
LONG-TERM ASSETS
Property, Plant & Equipment $1.754M $859.0K
YoY Change 104.19% 53.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.916B $1.357B
YoY Change 41.19% -13.73%
Other Assets $12.00M $16.00M
YoY Change -25.0% -36.0%
Total Long-Term Assets $5.159B $5.214B
YoY Change -1.07% 0.95%
TOTAL ASSETS
Total Short-Term Assets $220.0M $221.0M
Total Long-Term Assets $5.159B $5.214B
Total Assets $5.379B $5.435B
YoY Change -1.05% 3.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $21.00M $93.00M
YoY Change -77.42% 322.73%
Deferred Revenue
YoY Change
Short-Term Debt $1.718B $1.446B
YoY Change 18.84% 217.5%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.740B $1.539B
YoY Change 13.06% 222.64%
LONG-TERM LIABILITIES
Long-Term Debt $2.315B $2.658B
YoY Change -12.9% -28.22%
Other Long-Term Liabilities $67.00M $30.00M
YoY Change 123.33% -73.68%
Total Long-Term Liabilities $2.382B $2.688B
YoY Change -11.38% -29.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.740B $1.539B
Total Long-Term Liabilities $2.382B $2.688B
Total Liabilities $4.130B $4.226B
YoY Change -2.28% -1.61%
SHAREHOLDERS EQUITY
Retained Earnings $834.6M $759.2M
YoY Change 9.93% 37.72%
Common Stock $1.765B $1.755B
YoY Change 0.55% 2.87%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.249B $1.209B
YoY Change
Total Liabilities & Shareholders Equity $5.379B $5.435B
YoY Change -1.05% 3.6%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $16.02M $65.57M
YoY Change -75.57% 235.81%
Depreciation, Depletion And Amortization $100.0K $100.0K
YoY Change 0.0% -85.71%
Cash From Operating Activities -$384.5M -$579.4M
YoY Change -33.64% -4209.22%
INVESTING ACTIVITIES
Capital Expenditures -$2.200M $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $47.70M $159.1M
YoY Change -70.02% 148.98%
Cash From Investing Activities $45.70M $159.1M
YoY Change -71.28% 148.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 346.0M 549.0M
YoY Change -36.98% -447.69%
NET CHANGE
Cash From Operating Activities -384.5M -579.4M
Cash From Investing Activities 45.70M 159.1M
Cash From Financing Activities 346.0M 549.0M
Net Change In Cash 7.200M 128.7M
YoY Change -94.41% -261.08%
FREE CASH FLOW
Cash From Operating Activities -$384.5M -$579.4M
Capital Expenditures -$2.200M $0.00
Free Cash Flow -$382.3M -$579.4M
YoY Change -34.02%

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dei Trading Symbol
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REDWOOD TRUST INC
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dei Entity Filer Category
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dei Document Fiscal Year Focus
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2014
dei Document Type
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10-Q
dei Document Period End Date
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2014-06-30
dei Entity Central Index Key
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<div> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>Note 1. Redwood Trust</b></p> <p style="margin-top:8pt; margin-bottom:0pt; text-indent:3%; font-size:10pt; font-family:Times New Roman" align="justify">Redwood Trust, Inc., together with its subsidiaries, is a specialty finance company focused on investing in mortgage- and other real estate-related assets and engaging in residential and commercial mortgage banking activities. We seek to invest in real estate-related assets that have the potential to generate attractive cash flow returns over time and to generate income through our residential and commercial mortgage banking activities. We operate our business in three segments: residential mortgage banking, residential investments, and commercial mortgage banking and investments.</p> <p style="margin-top:10pt; margin-bottom:0pt; text-indent:3%; font-size:10pt; font-family:Times New Roman" align="justify">Our primary sources of income are net interest income from our investment portfolios and noninterest income from our mortgage banking activities. Net interest income consists of the interest income we earn on investments less the interest expense we incur on borrowed funds and other liabilities. Income from mortgage banking activities consists of the profit we seek to generate through the acquisition or origination of loans and their subsequent sale or securitization. References herein to &#x201C;Redwood,&#x201D; the &#x201C;company,&#x201D; &#x201C;we,&#x201D; &#x201C;us,&#x201D; and &#x201C;our&#x201D; include Redwood Trust, Inc. and its consolidated subsidiaries, unless the context otherwise requires.</p> <p style="margin-top:10pt; margin-bottom:0pt; text-indent:3%; font-size:10pt; font-family:Times New Roman" align="justify">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.</p> </div>
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