Downey Financial (DSL) Reports Wider Than Expected Loss; Names Interim CEO
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Downey Financial Corp. (NYSE: DSL) reported a net loss for second quarter 2008 of $7.86 per share on a diluted basis vs. consensus for loss of $4.60.
(The $309.5 million unfavorable change in pre-tax income/(loss) was primarily due to A $249.4 million increase in the provision for credit losses; A $28.5 million or 25.6% decline in net interest income due to a lower level of interest-earning; A $26.2 million increase in operating expense primarily due to higher
costs related to the operation of real estate acquired in settlement of loans; and A $5.2 million unfavorable change in income from real estate and joint ventures held for investment)
Downey separately announced today that its Board of Directors has appointed Thomas E. Prince, currently Downey's Executive Vice President and Chief Operating Officer, as the Company's interim Chief Executive Officer, replacing Daniel D. Rosenthal, who has retired. [SM]
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