Tiptree Financial Inc (TIPT) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $5.90 million, or $ 0.19 a share in the quarter, against a net loss of $4.55 million, or $0.13 a share in the last year period.
Revenue during the quarter grew 10.96 percent to $134.12 million from $120.87 million in the previous year period.
Total expenses were $126.60 million for the quarter, up 4.44 percent or $5.38 million from year-ago period. Operating margin for the quarter period stood at positive 5.61 percent as compared to a negative 0.30 percent for the previous year period.
Operating income for the quarter was $7.52 million, compared with an operating loss of $0.36 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $20.13 million compared with $4.94 million in the prior year period. At the same time, adjusted EBITDA margin improved 1092 basis points in the quarter to 15.01 percent from 4.09 percent in the last year period.
Revenue from real estate activities during the quarter surged 31.66 percent or $4.43 million to $18.44 million.
Income from operating leases during the quarter surged 30.13 percent or $3.36 million to $14.53 million.
Revenue from other real estate activities during the quarter was $3.92 million, up 37.66 percent or $1.07 million from year-ago period.
Gain on sale of assets was $20.04 million for the quarter, compared with gain of $14.86 million in the previous year period. Other income during the quarter was $89.53 million, up 2.53 percent or $2.21 million from year-ago period.
Net receivables were at $641.76 million as on Sep. 30, 2016.
Investments stood at $137.20 million as on Sep. 30, 2016, down 59.07 percent or $197.98 million from year-ago.
Total assets declined 18.06 percent or $632.04 million to $2,866.74 million on Sep. 30, 2016. On the other hand, total liabilities were at $2,485.40 million as on Sep. 30, 2016, down 19.62 percent or $606.61 million from year-ago.
Return on assets was at 0.27 percent in the quarter against a negative 0.18 percent in the last year period. Return on equity was at 1.55 percent in the quarter against a negative 1.12 percent in the last year period.
Debt moves up
Total debt was at $774.10 million as on Sep. 30, 2016, up 23.76 percent or $148.60 million from year-ago. Shareholders equity stood at $381.34 million as on Sep. 30, 2016, down 6.25 percent or $25.43 million from year-ago. As a result, debt to equity ratio went up 49 basis points to 2.03 percent in the quarter.
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