Capmark Financial Group reported unaudited consolidated financial results that include its wholly-owned subsidiary, Bluestem Brands, and its subsidiaries, for the first quarter ended May 1, 2015.
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Consolidated adjusted EBITDA was $8.1 million compared to a loss of $0.1 million in Q1 2014.
Consolidated results
Net loss for the first quarter of fiscal 2015 was $23.5 million compared to a net loss of $6.6 million for the first quarter of fiscal 2014.
Included in the first quarter net loss was an $8.2 million loss on derivatives in company's own equity related to outstanding warrants, $7.7 million amortization of acquired intangible assets related to Capmark’s acquisition of Bluestem last Fall, and $1.8 million in expenses related to the Orchard Brands acquisition.
Diluted loss per share was $0.17 for the first quarter of fiscal 2015, compared to diluted loss per share of $0.04 for the same period in fiscal 2014.
Cash and cash equivalents were $233.5 million as of May 1, 2015, and net commercial real estate assets were approximately $108 million.
During the quarter Capmark received $21.8 in cash from asset collections and revenue on commercial real estate-related assets and businesses, including $3.6 million from the partial redemption of the equity investment in the Federal Home Loan Bank of Seattle.
First quarter 2015 Bluestem stand-alone highlights
Net sales for the first quarter of fiscal 2015 were $206.2 million, a 20% increase over net sales of $171.2 million for the same period in fiscal 2014.
Adjusted EBITDA was $6.9 million in the first quarter of fiscal 2015, a 13% increase compared to adjusted pro forma EBITDA of $6.1 million for the first quarter of fiscal 2014.
Net loss for the first quarter of fiscal 2015 was $11.3 million, compared to net income of $4.1 million for the first quarter of fiscal 2014.
Revolving new customer credit accounts were 143 thousand, a 4% increase over 138 thousand in the first quarter of fiscal 2014.
FreshStart new customer credit accounts were 60 thousand, a 22% increase over 49 thousand in the first quarter of fiscal 2014.
Active accounts increased to 1,686 thousand as of the end of the first quarter 2015, a 15% increase over the end of first quarter 2014.
30+ day delinquent balances on the revolving portfolio were 15.4% for first quarter 2015 compared to 16.0% for first quarter 2014. ■