Chimera Investment (CIM) Announces Delay to File 10-Q for Q3 2011
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Chimera Investment Corporation (NYSE: CIM) announced today that it would delay the filing of its Form 10-Q for the period ended September 30, 2011.
While the Company has not completed its analysis, the Company expects that it will make immaterial adjustments to its historical financial statements in prior comparable periods. “It is important to recognize that the effect of this analysis will be a non-cash change in the GAAP accounting results of the Company that will not affect the Company’s previously announced GAAP or economic book values, actual cash flows, dividends and taxable income for any period,” said Matthew Lambiase, the Company’s chief executive officer. “Accordingly, the Company’s previously announced second quarter GAAP book value of $3.35 per share and economic book value of $3.08 per share will not change as a result of this analysis. We have determined that as of September 30, 2011, our GAAP and economic book value was $3.27 and $3.01 per share, respectively, and our taxable income for the third quarter was $0.13 per share. The Company’s dividend distributions are based on taxable income, not GAAP income, and the results of this analysis will have no impact on the Company’s prior or future dividend distributions.”
The Company expects to file its 2011 third quarter Form 10-Q as soon as practicable.
While the Company has not completed its analysis, the Company expects that it will make immaterial adjustments to its historical financial statements in prior comparable periods. “It is important to recognize that the effect of this analysis will be a non-cash change in the GAAP accounting results of the Company that will not affect the Company’s previously announced GAAP or economic book values, actual cash flows, dividends and taxable income for any period,” said Matthew Lambiase, the Company’s chief executive officer. “Accordingly, the Company’s previously announced second quarter GAAP book value of $3.35 per share and economic book value of $3.08 per share will not change as a result of this analysis. We have determined that as of September 30, 2011, our GAAP and economic book value was $3.27 and $3.01 per share, respectively, and our taxable income for the third quarter was $0.13 per share. The Company’s dividend distributions are based on taxable income, not GAAP income, and the results of this analysis will have no impact on the Company’s prior or future dividend distributions.”
The Company expects to file its 2011 third quarter Form 10-Q as soon as practicable.
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