(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Exhibit No. | Description | |||||||
Press Release of Altisource Asset Management Corporation dated March 3, 2021 |
Altisource Asset Management Corporation | ||||||||
March 3, 2021 | By: | /s/ Indroneel Chatterjee | ||||||
Indroneel Chatterjee Chairman and Chief Executive Officer |
FOR IMMEDIATE RELEASE | FOR FURTHER INFORMATION CONTACT: | ||||
Investor Relations | |||||
T: 1-704-275-9113 | |||||
E: IR@AltisourceAMC.com |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Salaries and employee benefits | $ | 3,896 | $ | 2,733 | $ | 11,977 | $ | 11,367 | |||||||||||||||
Legal and professional fees | 1,524 | 1,480 | 6,205 | 3,444 | |||||||||||||||||||
General and administrative | 619 | 644 | 2,328 | 2,334 | |||||||||||||||||||
Total expenses | 6,039 | 4,857 | 20,510 | 17,145 | |||||||||||||||||||
Other income: | |||||||||||||||||||||||
Change in fair value of Front Yard common stock | 12,118 | 1,267 | 6,270 | 5,864 | |||||||||||||||||||
Dividend income on Front Yard common stock | — | — | 244 | 731 | |||||||||||||||||||
Other income | 16 | 28 | 45 | 158 | |||||||||||||||||||
Total other income | 12,134 | 1,295 | 6,559 | 6,753 | |||||||||||||||||||
Net income (loss) from continuing operations before income taxes | 6,095 | (3,562) | (13,951) | (10,392) | |||||||||||||||||||
Income tax expense | 1,860 | 136 | 769 | 165 | |||||||||||||||||||
Net income (loss) from continuing operations | 4,235 | (3,698) | (14,720) | (10,557) | |||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||
Income from operations related to Front Yard, net of tax | 35,526 | 2,159 | 54,643 | 7,944 | |||||||||||||||||||
Loss on disposal of operation related to Front Yard | (102) | — | (102) | — | |||||||||||||||||||
Net gain on discontinued operations | 35,424 | 2,159 | 54,541 | 7,944 | |||||||||||||||||||
Net income (loss) | 39,659 | (1,539) | 39,821 | (2,613) | |||||||||||||||||||
Amortization of preferred stock issuance costs | — | (51) | (42) | (206) | |||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | 39,659 | $ | (1,590) | $ | 39,779 | $ | (2,819) | |||||||||||||||
Net earnings (loss) per share of common stock – basic: | |||||||||||||||||||||||
Continuing operations – basic | $ | 2.57 | $ | (2.35) | $ | (9.05) | $ | (6.77) | |||||||||||||||
Discontinued operations – basic | 21.49 | 1.35 | 33.43 | 5.00 | |||||||||||||||||||
Earnings (loss) per basic common share | $ | 24.06 | $ | (1.00) | $ | 24.38 | $ | (1.77) | |||||||||||||||
Weighted average common stock outstanding – basic | 1,648,000 | 1,597,384 | 1,631,326 | 1,589,952 | |||||||||||||||||||
Net earnings (loss) per share of common stock – diluted: | |||||||||||||||||||||||
Continuing operations – diluted | $ | 2.17 | $ | (2.35) | $ | (9.05) | $ | (6.77) | |||||||||||||||
Discontinued operations – diluted | 18.18 | 1.35 | 33.43 | 5.00 | |||||||||||||||||||
Earnings (loss) per diluted common share | $ | 20.35 | $ | (1.00) | $ | 24.38 | $ | (1.77) | |||||||||||||||
Weighted average common stock outstanding – diluted | 1,948,704 | 1,597,384 | 1,631,326 | 1,589,952 |
December 31, 2020 | December 31, 2019 | ||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 41,623 | $ | 18,906 | |||||||
Front Yard common stock, at fair value | 47,355 | 20,046 | |||||||||
Receivable from Front Yard | 3,414 | 5,014 | |||||||||
Prepaid expenses and other assets | 3,328 | 1,009 | |||||||||
Current assets held for sale | 894 | 2,176 | |||||||||
Total current assets | 96,614 | 47,151 | |||||||||
Non-current assets: | |||||||||||
Right-of-use lease assets | 656 | 732 | |||||||||
Other non-current assets | 503 | 1,470 | |||||||||
Non-current assets held for sale | 1,979 | 3,895 | |||||||||
Total non-current assets | 3,138 | 6,097 | |||||||||
Total assets | 99,752 | 53,248 | |||||||||
Current liabilities: | |||||||||||
Accrued salaries and employee benefits | $ | 2,539 | $ | 3,762 | |||||||
Accounts payable and accrued liabilities | 9,152 | 1,165 | |||||||||
Short-term lease liabilities | 75 | 71 | |||||||||
Current liabilities held for sale | 1,338 | 2,002 | |||||||||
Total current liabilities | 13,104 | 7,000 | |||||||||
Non-current liabilities | |||||||||||
Long-term lease liabilities | 600 | 675 | |||||||||
Other non-current liabilities | 1,027 | — | |||||||||
Non-current liabilities held for sale | 1,599 | 3,543 | |||||||||
Total non-current liabilities | 3,226 | 4,218 | |||||||||
Total liabilities | 16,330 | 11,218 | |||||||||
Commitments and contingencies | — | — | |||||||||
Redeemable preferred stock: | |||||||||||
Series A preferred stock, $0.01 par value, 250,000 shares issued and outstanding as of December 31, 2020 and 2019; redemption value $250,000 | 250,000 | 249,958 | |||||||||
Stockholders' deficit: | |||||||||||
Common stock, $.01 par value, 5,000,000 authorized shares; 2,966,207 and 1,650,212 shares issued and outstanding, respectively, as of December 31, 2020 and 2,897,177 and 1,598,512 shares issued and outstanding, respectively, as of December 31, 2019 | 30 | 29 | |||||||||
Additional paid-in capital | 46,574 | 44,646 | |||||||||
Retained earnings | 63,426 | 23,662 | |||||||||
Accumulated other comprehensive loss | (65) | (33) | |||||||||
Treasury stock, at cost, 1,315,995 and 1,298,665 shares as of December 31, 2020 and 2019, respectively | (276,543) | (276,232) | |||||||||
Total stockholders' deficit | (166,578) | (207,928) | |||||||||
Total liabilities and equity | $ | 99,752 | $ | 53,248 |
Cover Cover |
Mar. 03, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Mar. 03, 2021 |
Entity Registrant Name | ALTISOURCE ASSET MANAGEMENT CORPORATION |
Entity Incorporation, State or Country Code | VI |
Entity File Number | 001-36063 |
Entity Tax Identification Number | 66-0783125 |
Entity Address, Address Line One | 5100 Tamarind Reef |
Entity Address, City or Town | Christiansted |
Entity Address, Country | VI |
Entity Address, Postal Zip Code | 00820 |
City Area Code | 704 |
Local Phone Number | 275-9113 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Title of 12(b) Security | Common stock, par value $0.01 per share |
Trading Symbol | AAMC |
Security Exchange Name | NYSEAMER |
Entity Central Index Key | 0001555074 |
Amendment Flag | false |
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