PHH Corporation (PHH) saw its loss widen to $67 million, or $1.26 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $30 million, or $0.56 a share. On the other hand, adjusted core net loss for the quarter widened to $66 million, or $1.24 a share from a loss of $24 million or $0.45 a share, a year ago.
Revenue during the quarter dropped 27.39 percent to $114 million from $157 million in the previous year period. Non-interest income for the quarter fell 27.11 percent over the last year period to $121 million.
Glen A. Messina, president and chief executive officer of PHH Corporation, said, "In 2017, we are focused on maximizing the amount of excess cash and the opportunity for near-term cash distributions to shareholders. Consistent with this objective, the Board has authorized a $100 million share repurchase program, which is not subject to the completion of our asset sale transactions, as the initial action in our capital return plan. Based on the progress we made on our operational priorities of closing our announced asset sales, minimizing cash usage in the business, obtaining greater clarity into the exact timing of our PLS client exits, and resolving our remaining legacy regulatory matters, we have increased our estimate of potential excess cash(1) by $105 million to $655 million."
Assets, liabilities fall
Total assets stood at $2,851 million as on Mar. 31, 2017, down 17.36 percent compared with $3,450 million on Mar. 31, 2016. On the other hand, total liabilities stood at $1,800 million as on Mar. 31, 2017, down 16.43 percent from $2,154 million on Mar. 31, 2016.
Shareholders equity stood at $1,051 million as on Mar. 31, 2017, down 18.90 percent or $245 million from year-ago.
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