Walter Investment Management Corp. (WAC) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $1.89 million, or $ 0.05 a share in the quarter, against a net loss of $172.70 million, or $4.85 a share in the last year period. On an adjusted basis, net loss for the quarter was $41 million, when compared with $39.52 million in the last year period.
Revenue during the quarter surged 267.35 percent to $245.28 million from $66.77 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $43.30 million compared with $87.08 million in the prior year period.
"We are focused on building out our leadership and management team, our capital efficiency, including our debt restructuring and core and legacy initiatives, and improving our process efficiency and operational effectiveness," said Anthony Renzi, chief executive officer and president of Walter. "We continue to be confident that the changes underway will put Walter in the best position to succeed but it will take time to implement and realize the benefits of these changes."
Assets, liabilities fall
Total assets stood at $16,199.98 million as on Mar. 31, 2017, down 11.38 percent compared with $18,279.94 million on Mar. 31, 2016. On the other hand, total liabilities stood at $15,917 million as on Mar. 31, 2017, down 9.81 percent from $17,647.90 million on Mar. 31, 2016.
Shareholders equity stood at $282.97 million as on Mar. 31, 2017, down 55.23 percent or $349.07 million from year-ago.
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