IonTuition Partners with APA to Help Members With Student Loan Debt

ROLLING MEADOWS, Ill. and WASHINGTON, April 20, 2017 /PRNewswire/ – IonTuition, Inc., the leading education-fintech company specializing in helping borrowers manage and repay their student loans, and the American Psychological Association (APA), America’s largest scientific and professional organization representing psychology, today announced that the IonTuition™ student loan platform is now available to all APA members.

Psychologists have become burdened with student loan debt. In 2016, APA found that 91 percent of PsyD students graduate with a median student loan debt of $200,000. It is not surprising that 56 percent of early career psychologists reported delaying retirement planning. APA is helping its members by providing student loan management benefits. IonTuition’s platform manages student loans using a range of tools that include a refreshable loan dashboard, repayment optimization calculators, loan alerts, and access to expert counselors via phone and webchat.

“As always, our goal is to provide members with the best financial and educational resources available,” said Ian King, MBA, Executive Director of Membership for the American Psychological Association. “By partnering with IonTuition, we provide valuable assistance to our members with college loan obligations.”

“We welcome APA’s 110,000+ membership of students and professionals,” said Balaji “Raj” Rajan, CEO of IonTuition. “Our financial wellness platform is ready, and our counselors look forward to being of service.”

About American Psychological Association
The American Psychological Association, in Washington, D.C., is the largest scientific and professional organization representing psychology in the United States. APA’s membership includes more than 117,500 researchers, educators, clinicians, consultants and students. Through its divisions in 54 subfields of psychology and affiliations with 60 state, territorial and Canadian provincial associations, APA works to advance the creation, communication and application of psychological knowledge to benefit society and improve people’s lives.

About IonTuition™
IonTuition is an industry leader in student loan management solutions. We’re involved in the entire lifecycle of student loan repayment, from providing prospective college students with ROI analysis on their higher education to helping organizations run student loan repayment assistance and contribution programs. For years we’ve delivered interactive, user-friendly loan tools to users of all kinds. Our mission has always been to help student loan borrowers at every stage, at any age.

Learn more at IonTuition.com. Like us on Facebook and follow us on Twitter.

All trademarks and product names are the property of their respective companies.

Media Contact:
Mishelle Fiebiger
FortyThree, Inc.
831.401.3175
ceannate@43pr.com

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/iontuition-partners-with-apa-to-help-members-with-student-loan-debt-300442468.html

SOURCE IonTuition, Inc.

Related Links

http://www.iontuition.com

Sandstorm Gold Announces Completion of Luna Gold/JDL Gold Combination, Files Early Warning Report

VANCOUVER, April 5, 2017 /PRNewswire/ - Sandstorm Gold Ltd. (“Sandstorm” or the “Company”) (NYSE MKT: SAND, TSX: SSL) is pleased to announce that Luna Gold Corp. (“Luna Gold”) and JDL Gold Corp. (“JDL Gold”) have combined their businesses to create Trek Mining Inc. (“Trek”). As part of the business combination, a non-brokered private placement financing was completed for gross proceeds of C$83,419,172.   

Trek is well-funded with approximately C$113 million in cash and no cash debt, and is advancing the Aurizona gold project (“Aurizona” or the “Aurizona Project”) to production. A feasibility study is nearing completion and the first gold pour at Aurizona is targeted for year-end 2018. Near-mine and district-scale exploration is also underway with a focus on the drill-ready targets directly along strike of the existing reserves and resources at Aurizona’s past producing Piaba open pit. The greenfields exploration ground adjacent to the Aurizona Project is under option to AngloGold Ashanti Holdings plc (“AngloGold”).

Sandstorm holds a 3% to 5% sliding scale net smelter returns (“NSR”) royalty on Aurizona and at gold prices less than or equal to $1,500 per ounce, the royalty is a 3% NSR. In addition to the sliding scale royalty on Aurizona, Sandstorm holds a 2% NSR royalty on the greenfields property optioned to AngloGold.

EARLY WARNING REPORT

Pursuant to National Instrument 62-103 - The Early Warning System and Related Take Over Bid and Insider Reporting Issues, the Company is announcing the acquisition of an aggregate of 27,660,694 common shares (“Trek Shares”) and 11,739,332 warrants (the “Trek Warrants”) of Trek. Sandstorm acquired the Trek Shares and Trek Warrants upon the completion of the aforementioned business combination of Luna Gold and JDL Gold, and pursuant to the terms of a debt settlement agreement.

With the acquired Trek Shares and Trek Warrants, Sandstorm now holds an aggregate of 28,035,693 Trek Shares, representing 15.77% of the issued and outstanding Trek Shares. If you assume the exercise in the future of all of the Trek Warrants currently held by the Company into Trek Shares, Sandstorm would then hold 37,095,940 Trek Shares, representing approximately 19.86% of the then issued and outstanding Trek Shares, on a partially diluted basis.

The early warning report, as required under National Instrument 62-103, contains additional information with respect to the foregoing matters and will be filed by the Company on Trek’s SEDAR profile at www.sedar.com.

ABOUT SANDSTORM GOLD

Sandstorm Gold Ltd. is a gold streaming and royalty company. Sandstorm provides upfront financing to gold mining companies that are looking for capital and in return, receives the right to a percentage of the gold produced from a mine, for the life of the mine. Sandstorm has acquired a portfolio of 155 streams and royalties, of which 20 of the underlying mines are producing. Sandstorm plans to grow and diversify its low cost production profile through the acquisition of additional gold streams and royalties.

For more information visit: www.sandstormgold.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

This press release contains “forward-looking statements”, within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, the Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of Sandstorm. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold, the estimation of mineral reserves and resources, realization of mineral reserve estimates, and the timing and amount of estimated future production. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans”, or similar terminology.

Forward-looking statements are made based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performances or achievements of Sandstorm to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Sandstorm will operate in the future, including the price of gold and anticipated costs. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, gold price volatility, discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries, mining operational and development risks relating to the parties which produce the gold Sandstorm will purchase, regulatory restrictions, activities by governmental authorities (including changes in taxation), currency fluctuations, the global economic climate, dilution, share price volatility and competition.

Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of Sandstorm to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the impact of general business and economic conditions, the absence of control over mining operations from which Sandstorm will purchase gold and risks related to those mining operations, including risks related to international operations, government and environmental regulation, actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined, risks in the marketability of minerals, fluctuations in the price of gold, fluctuation in foreign exchange rates and interest rates, stock market volatility, as well as those factors discussed in the section entitled “Risks to Sandstorm” in Sandstorm’s annual report for the financial year ended December 31, 2016 available at www.sedar.com. Although Sandstorm has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Sandstorm does not undertake to update any forward looking statements that are contained or incorporated by reference, except in accordance with applicable securities laws.

SOURCE Sandstorm Gold Ltd.

Related Links

sandstormgold.com

T. Rowe Price: Parents Are Likely To Pass Down Good And Bad Financial Habits To Their Kids

“We know that kids’ money habits are formed before they get to high school and that their parents are often their most influential teachers. It’s unsurprising, but still saddening, that parents with troubling money habits seem to be passing them on to their kids. These parents are hit with the double consequences of their own financial mistakes and the prospect that their kids may be set up to relive them.

“To prevent this, parents may want to consider openly discussing their finances with their kids—the good, the bad, and the ugly. Kids who are aware of their parents’ bankruptcy are more than twice as likely to say that they are very or extremely smart about money compared with those who weren’t aware of it (68% vs. 30%). So I don’t think they are destined to follow in their parents’ footsteps,” says Mr. Young.

T. Rowe Price encourages parents to invest in their kids’ futures by talking to them about money matters weekly. The survey found that parents who discuss financial topics with their kids at least once a week are significantly more likely to have kids who say they are smart about money (64% vs. 41%). Frequent topics parents have used to initiate money conversations have included:

  • Back to school shopping on a budget (47%)
  • Figuring out how much was saved by purchasing sale items (45%)
  • Going into a physical bank (41%)
  • Discussing the cost of college (41%)
  • Discussing why they didn’t take a bigger vacation (34%)

To help parents have money conversations, the firm created MoneyConfidentKids.com, which provides free online games for kids; tips for parents that are focused on financial concepts such as goal setting, spending versus saving, inflation, asset allocation, and investment diversification; as well as lessons for educators.

KIDS’ GOOD MONEY HABITS START WITH CONVERSATIONS AND MANAGING THEIR OWN MONEY

  • Kids who manage their own money have better money habits: 44% of parents let kids decide how to save and spend their money on their own. Compared with parents who do not give their kids that control, those who do let them manage their money are less likely to have kids who:
    • Spend their money as soon as they get it (40% vs. 53%)
    • Have lied to their parents about what they spent their money on (29% vs. 49%)
    • Expect their parents to buy them what they want (52% vs. 65%)
    • Feel ashamed because they have less than other kids (30% vs. 50%)
  • Kids who manage their own money discuss money more: They are more likely to say that:
    • They talk to their parents about money (76% vs. 70%)
    • They have learned about money from their grandparents (55% vs. 44%), teachers (45% vs. 37%), or other family members (32% vs. 22%)
  • Many parents still have some reluctance to discuss financial matters: 69% of parents have some reluctance to discuss money matters. And 61% of parents only discuss money with their kids when their kids ask about it.
  • When parents model good money habits, kids notice: 39% of parents have at least three types of savings (i.e., retirement savings, emergency fund, college savings, or money saved for another goal). These parents are more likely to have kids who have money saved (98% vs. 86%) and have talked to their parents about money (83% vs. 66%). They are also less likely to:
    • Spend their money as soon as they get it (40% vs. 52%)
    • Have lied to their parents about what they spent their money on (34% vs. 43%)

BAD MONEY HABITS GET PASSED DOWN

  • Parents’ bankruptcy affects kids: 19% of survey respondents have declared personal bankruptcy at some point in their lives. Compared with parents who have not declared bankruptcy, those who have are more likely to have kids who:
    • Do not save any money they receive (16% vs. 6%)
    • Usually spend money as soon as they get it (71% vs. 42%)
    • Expect their parents to buy them what they want (72% vs. 56%)
  • Money is a difficult topic for parents who have declared bankruptcy: 69% of their kids know that their parents have declared bankruptcy. But the parents are more than twice as likely to say that they are very or extremely reluctant to discuss finances with their kids compared with those who have not declared bankruptcy (44% vs. 20%). Additionally, their kids are more likely to say:
    • Their parents sometimes confuse them when they talk about money (76% vs. 51%)
    • What their parents tell them about money is sometimes different than what they hear at school (70% vs. 53%)
  • Significant credit card debt affects kids too: 53% of all respondents have credit card debt, and within that group, 48% have $5,000 or more in credit card debt. While the effects are less pronounced compared with families who have experienced bankruptcy, similar trends are seen. Compared with parents who do not have at least $5,000 in credit card debt, those who do are more likely to have kids who:
    • Usually spend money as soon as they get it (58% vs. 44%)
    • Expect their parents to buy them what they want (65% vs. 57%)
  • Parents with significant credit card debt are also more reluctant to discuss money: Compared with parents who do not have more than $5,000 in credit card debt, parents with $5,000 or more in credit card debt are more likely to say that they are very or extremely reluctant to discuss finances with kids (35% vs. 21%). Additionally, their kids are more likely to say:
    • Their parents sometimes confuse them when they talk about money (67% vs. 51%)
    • What their parents tell them about money is sometimes different than what they hear at school (65% vs. 53%)

THE COMPOUNDING EFFECT OF BAD MONEY HABITS

  • Parents with troubling financial habits are more likely to have pulled money from retirement savings: 44% of all respondents have pulled money from their retirement savings during the past two years. But parents who have declared bankruptcy at some point in their lives are twice as likely to have recently pulled from retirement savings (74% vs. 37%). Similarly, parents with $5,000 or more in credit card debt are significantly more likely to have pulled money from retirement (62% vs. 37%).
  • They are also more likely to have pulled money from their kids’ college savings: Parents who have at some point declared bankruptcy are more than twice as likely to have pulled money from their kids’ college savings in the past two years (69% vs. 25%). Likewise, parents who have more than $5,000 in credit card debt are significantly more likely to have pulled money from their kids’ college savings recently (50% vs. 26%).
  • Parents with troubling financial habits are more likely to have other kinds of debt: Parents who have declared personal bankruptcy at some point in their life are significantly more likely to currently have over $5,000 in credit card debt (68% vs. 42%). They are also more than twice as likely to have payday loans (22% vs. 10%).

ABOUT THE SURVEY

The ninth annual T. Rowe Price Parents, Kids & Money Survey, conducted by Research Now, aimed to understand the basic financial knowledge, attitudes, and behaviors of both parents of kids ages 8 to 14 and their kids ages 8 to 14. The survey was fielded from January 18, 2017, through January 26, 2017, with a sample size of 1,014 parents and 1,014 kids ages 8 to 14. The margin of error is +/- 3.1 percentage points. All statistical testing done among subgroups (e.g., boys versus girls) is conducted at the 95% confidence level. Reporting includes only findings that are statistically significant at this level.    

ABOUT T. ROWE PRICE

Founded in 1937, Baltimore-based T. Rowe Price Group, Inc. (troweprice.com) is a global investment management organization with $810.8 billion in assets under management as of December 31, 2016. The organization provides a broad array of mutual funds, subadvisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries. The company also offers a variety of sophisticated investment planning and guidance tools. T. Rowe Price’s disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research. For more information, visit troweprice.com or our Twitter, YouTube, LinkedIn, and Facebook sites.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/t-rowe-price-parents-are-likely-to-pass-down-good-and-bad-financial-habits-to-their-kids-300428414.html

SOURCE T. Rowe Price Group, Inc.

Related Links

http://www.troweprice.com

CentSai’s Latest Survey Finds Debt of $25k Spells Trouble for Millennial Relationships

NEW YORK, Feb. 21, 2017 /PRNewswire/ — CentSai, a financial wellness community, found that $25,000 or more of debt is a relationship “deal-breaker” based on a survey of 2,000 millennials aged 25 to 34.

However, some respondents don’t necessarily hold themselves to the same standard to which they hold their significant other. One-quarter (25%) of respondents said that it would be a deal breaker if their partner had the same amount of debt as them—regardless of the amount.

Nearly two-thirds (63%) stated that they were more likely to accept their partners’ debt if it were from student loans. But more than one-third (37%) of respondents said that student loan debt would not change their opinion. 

Debt can also impact relationships from sexual attractiveness to making long-term commitments. Fourteen percent (14%) of respondents said that debt has caused a decrease in sexual attraction between them and their partner. Almost two-thirds (65%) of respondents said that debt is important or very important when considering someone as a life partner.

“As a Gen Xer, I don’t remember debt ever being a deal-breaker in a relationship. Love and money were not interlinked,” said Doria Lavagnino, CentSai co-founder & president. “But many millennials are saddled with so much debt that they are forced to be more pragmatic about it in their relationships.”

Debt and relationships is one of the topics covered in CentSai’s first ebook, Real Money Confessions, which is available to download at centsai.com/real-money-confessions. The ebook is a compilation of CentSai stories covering taboo financial issues, from financial infidelity and abuse to money and sex.

“At CentSai, we believe in breaking the taboo surrounding money and encouraging open and honest conversations,” Lavagnino said. “In Real Money Confessions, you will read stories about money that you’ll find nowhere else.”

About CentSai, Inc.
CentSai’s mission is to make learning personal finance skills approachable and fun for young adults. CentSai provides financial wellness communities through its two platforms: CentSai, which serves millennials (those born 1980 and 2000), and CentSai Adulting, which is for teens. Both platforms spread invaluable personal finance information through storytelling, using tools such as blogs, expert commentary, vlogs, podcasts and quizzes.

About the Survey

This survey was conducted using randomized participants who are between 25 and 34 years old and who live in the United States. No particular state or region was targeted. The survey was formulated to ask participants the effects of debt on their relationships.

Media Contact:
Kelly Bailey
147334@email4pr.com 
347-556-5985

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/centsais-latest-survey-finds-debt-of-25k-spells-trouble-for-millennial-relationships-300410626.html

SOURCE CentSai

Equal Justice Works Receives Grant to Launch New Mexico Immigration Corps

There are more than 200,000 immigrants living in New Mexico, making up approximately 10 percent of the state’s population. According to national Census data, these individuals are less likely to have graduated from high school, more likely to be employed in low-wage service occupations, and more likely to be living in poverty than native-born individuals. Despite these challenges, “immigrants help increase the vibrancy of our communities and play a crucial role in fortifying our work force and stimulating economic growth” said Jennifer Landau, Executive Director of the NMILC. “It is in the best interest of our state to develop solutions to help immigrant families thrive.”

Unfortunately, language barriers and unfamiliarity with the U.S. legal system can complicate successful assimilation. As a result, many immigrants do not take advantage of available public support systems, and are exposed to a myriad of legal problems such as the threat of unjustified deportation, unfair work practices, and other predatory practices.

“Access to legal counsel is the key to protecting against unwarranted deportation and creating a path to personal and financial security for immigrants and their families,” said David Stern, Executive Director of Equal Justice Works. NMILC, whose Executive Director, Jennifer Landau, is a former Equal Justice Works Fellow, is the only non-profit in the state that represents New Mexicans in Immigration Court, and one of few sources of other immigrant legal services. Throughout the grant period, the Equal Justice Works New Mexico Immigration Corps will provide capacity at NMILC to serve low-income immigrants who would otherwise go unrepresented.

Beyond filling the immediate void in legal representation, this program will expand the pipeline of pre-law students, current law students, and young attorneys committed to serving New Mexicans. Over the grant period, Equal Justice Works will partner with UNMSOL to share best practices, promote public interest curricula, present internship and postgraduate employment options, and counsel students on debt relief. These sessions will help UNMSOL attract and retain top quality law students committed to public interest practice, and also create a larger pool of lawyers committed to working in public interest in New Mexico.

About Equal Justice Works
Equal Justice Works is a 501(c)(3) nonprofit organization dedicated to creating a just society by mobilizing the next generation of lawyers committed to equal justice. In collaboration with the nation’s leading law schools, law firms, corporate legal departments, and nonprofit organizations, Equal Justice Works offers a continuum of opportunities that provide the training and skills that enable attorneys to provide effective representation to underserved communities and causes. Visit www.equaljusticeworks.org for more information.

About the W.K. Kellogg Foundation
The W.K. Kellogg Foundation (WKKF), founded in 1930 as an independent, private foundation by breakfast cereal pioneer, Will Keith Kellogg, is among the largest philanthropic foundations in the United States. Guided by the belief that all children should have an equal opportunity to thrive, WKKF works with communities to create conditions for vulnerable children so they can realize their full potential in school, work and life.

The Kellogg Foundation is based in Battle Creek, Mich., and works throughout the United States and internationally, as well as with sovereign tribes. Special emphasis is paid to priority places where there are high concentrations of poverty and where children face significant barriers to success. WKKF priority places in the U.S. are in Michigan, Mississippi, New Mexico and New Orleans; and internationally, are in Mexico and Haiti. For more information, visit www.wkkf.org.

CONTACT: Claire Shanley, Communications and Marketing Manager
Email: cshanley@equaljusticeworks.org

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/equal-justice-works-receives-grant-to-launch-new-mexico-immigration-corps-300389569.html

SOURCE Equal Justice Works

Related Links

http://www.equaljusticeworks.org

5 Tips for Setting 2017 Personal Finance Goals

The successes and milestones reached in 2016 are learning experiences that can help you, as you set some succinct, specific goals in 2017.

Once you list successes, flip the coin and think about areas where you may have come up short.

AREAS TO REVIEW

  • What could have gone better? 
  • Where are the areas for improvement? 
  • What held you back? 
  • What changes can you make? 
  • Is your savings where you wanted it? 
  • Were you too aggressive with your savings goals?
  • Should you try again with a more realistic amount?

Don’t beat yourself up on any shortcomings. Use them as learning experiences to improve your position in 2017. Consider trying something new if things didn’t go according to plan in 2016.

“If you promised yourself you would save receipts and forgot half way through the first week, maybe try an app,” said Katie Bossler, GreenPath financial wellness expert. “Or, if you have an app you never used, maybe try putting pen to paper and keeping a spending journal.”

Once you have your financial resolutions set, start thinking of the small things you can do right away.  “Maybe it means not getting that cup of coffee, or deciding against that online order,” said Bossler.  “Maybe it means deciding to cook something for dinner with food you already have, rather than eating out.”

By taking time to reflect and setting realistic goals, you might be on your way to reviewing a long list of financial successes on December 31, 2017!

GreenPath also has put together five ideas to consider in the New Year:

5 Quick Financial Resolutions for 2017

  1. Open a separate savings account to force yourself to build an emergency savings fund. Make it separate from your main financial institution, with no ATM card, so you will be forced to go into a branch to withdraw money.
  2. Educate yourself. Check out some books on personal finance or subscribe to a magazine or personal finance blog. GreenPath is offering a special webinar on January 11 at noon ET on “Prioritizing Your Debt in 2017″. To learn more or sign-up, log on to www.greenpath.org/calendar.
  3. Pull your credit score and report. A good way to start the year is to find out exactly where you stand financially. Download your credit report (one free each year from each of the three main reporting bureaus) at www.annualcreditreport.com.
  4. Plan ahead. Get in the habit each night of preparing for the next day: Packing lunches, prepping breakfast and dinner.  That way you will not be tempted to buy convenience food on the run, because you are rushed.
  5. Unsubscribe. Remove the temptation of impulse buying online by unsubscribing from retail email.  This can take some time, but, ultimately, you will save time and money by not being bombarded with emails “deals”, tempting you to buy.

GreenPath provides in-person credit counseling, financial education and debt management services in more than 60 locations in 18 states.  The company also offers licensed services by phone and Internet throughout the United States.  For more information about GreenPath, visit www.greenpath.org or call (866) 648-8122.

Keep up with GreenPath Financial Wellness online:  www.facebook.com/greenpathdebt and www.twitter.com/greenpath.

About GreenPath Financial Wellness
GreenPath Financial Wellness is a nationwide, non-profit financial counseling and education organization, empowering people to lead financially healthy lives since 1961.  Their financial experts partner with consumers to ease financial stress, manage debt, save for the future, make smart financial decisions, and achieve their financial goals.  Headquartered in Farmington Hills, Michigan, GreenPath operates about 60 branch offices in 17 states.  They also deliver licensed services throughout the United States over the Internet and telephone.  GreenPath is a member of the National Foundation for Credit Counseling (NFCC), and is accredited by the Council on Accreditation (COA).  The organization has an A+ rating with the Better Business Bureau.  For more information, visit www.greenpath.org.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/5-tips-for-setting-2017-personal-finance-goals-300383824.html

SOURCE GreenPath Financial Wellness

Related Links

http://www.greenpath.org

States Sorted by Credit Card Debt Burden

AUSTIN, Texas, Dec. 22, 2016 /PRNewswire/ — The Sun Belt isn’t so bright for debtors: Florida, Texas, Georgia and New Mexico have four of the nation’s five highest credit card debt burdens, according to a new CreditCards.com analysis. Click here for more information:

http://www.creditcards.com/credit-card-news/states-debt-burden.php

The study compared the average credit card debt and the median income in each state. The southern states at the bottom of the list suffered more from low incomes than high debts. For example, Florida’s average credit card debt per bank cardholder ranks a respectable 18th among the 50 states, but its median income is 41st.

“It’s very hard to get out of debt if you’re already stretching every dollar to pay for food, housing and other essentials,” said Matt Schulz, CreditCards.com’s senior industry analyst. “If you’re in this position, consider a 0% balance transfer credit card – these interest-free periods last as long as 21 months. Another idea is to dedicate as much extra money as you can towards your credit card debt, certainly much more than the minimum that’s due each month.”

Making only minimum payments, it would take the typical Florida cardholder almost 13 years to retire the state’s average credit card debt of $5,603. And he/she would pay over $3,600 in interest. CreditCards.com recommends dedicating at least 15% of gross monthly income towards credit card debt. In that scenario, the typical Florida resident’s payoff time drops to just 18 months and costs $678 in interest.

Highest Credit Card Debt Burdens*
1. Alaska (20 months, $992 interest)
2. New Mexico (20 months, $743 interest)
3. Georgia (18 months, $716 interest)
4. Texas (18 months, $712 interest)
5. Florida (18 months, $678 interest)

Lowest Credit Card Debt Burdens
46. Wisconsin (14 months, $421 interest)
47. Massachusetts (13 months, $482 interest)
48. Minnesota (13 months, $458 interest)
49. Iowa (13 months, $379 interest)
50. North Dakota (12 months, $370 interest)

* CreditCards.com calculated these payoff times and interest charges using the average credit card debt per bank cardholder (according to Experian) and the median income per resident with earnings (courtesy of the U.S. Census) in each state. CreditCards.com assumed that 15% of gross monthly income would go towards credit card debt. For the average credit card interest rate, CreditCards.com used 15%, the average charged by 100 popular cards that it surveyed on December 7, 2016.

About CreditCards.com:

CreditCards.com is a leading online credit card marketplace, bringing consumers and credit card issuers together. At its free website, consumers can compare hundreds of credit card offers from America’s leading issuers and banks and apply securely, online. CreditCards.com is also a destination site for consumers wanting to learn more about credit cards. Offering advice, news, features, statistics and tools, CreditCards.com helps consumers make smart choices about credit cards. In 2015, over 27 million unique visitors used CreditCards.com to find the right credit card to suit their needs.

For More Information:

Ted Rossman
Public Relations Director
ted.rossman@bankrate.com 
917-368-8635

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/states-sorted-by-credit-card-debt-burden-300382727.html

SOURCE CreditCards.com

College Students Can Expect Highest Off-Campus Housing Costs in Palo Alto and Princeton, Lowest in St. Louis

“As students and their parents are filling out applications this fall and are crunching the numbers on financial aid and student loans, they should also factor in cost of housing,” said Jeremy Wacksman, Zillow chief marketing officer. “Looking at both on-and off-campus housing prices, and thinking through whether they’ll likely live with roommates or alone will help them gauge an accurate picture of the student loans and financial aid they will need in order to obtain their degree.”

Students attending top-ranked national universities Stanford, Princeton and University of California, Berkeley will pay the most in off-campus housingii. University of Notre Dame, Carnegie Mellon University and Washington University in St. Louis, MO are among the highest ranked schools with the lowest off-campus housing costs.

In more than three-quarters of the top 35 national universities for 2017, including all schools located in Chicago, Boston, Los Angeles, San Francisco, New York and Washington D.C., the median rent is higher than the nation as a whole.

Stanford students can expect to pay nearly five times the median national rent for a rental in Palo Alto, without a university subsidy for their off-campus rent. At the other extreme, University of Notre Dame students can expect more affordable housing, as the median rent in South Bend is $748, close to half of the national median rent.

Most Expensive Off-Campus Housing for 2017 Highest Ranked National Universitiesiii:

  1. Stanford University, Stanford/Palo Alto CA
  2. Princeton University, Princeton NJ
  3. University of CaliforniaBerkeley, Berkeley CA
  4. California Institute of Technology, Pasadena CA
  5. University of Southern California & University of CaliforniaLos Angeles, Los Angeles CA

Least Expensive Off-Campus Housing for 2017 Highest Ranked National Universitiesiv:

  1. University of Notre Dame, Notre Dame/South Bend IN
  2. Washington UniversitySt Louis, St. Louis MO
  3. University of Rochester, Rochester NY
  4. Wake Forest University, Winston-Salem NC
  5. Carnegie Mellon University, Pittsburgh PA

In addition to current costs, students should consider how rents may rise during the years they attend the university, or even beyond, should they enter the workforce near their alma mater. Rents are appreciating rapidly in many of the major markets across the U.S., especially on the West Coast. Student renters in the Bay Area or the greater Los Angeles region can expect to see the highest annual rental appreciation, which is anticipated to grow by more than 6 percent over the coming yearv.

“Whether you’re an in-state or out-of-state student, college is expensive,” said Anita Narayan, managing editor of Education at U.S. News. “Best Colleges provides a wealth of data and information for prospective students to identify schools that suit their specific needs. Factors like location and cost are especially important to consider.”

College & Location (City of Off-Campus Housing)

Ranking on U.S.

News & World Report’s 2017

Best Colleges

Zillow Rental Index by City (ZRI)vi

% Change in ZRI, Year over Year

ZRI Forecast for 2017vii

Princeton University,

Princeton NJ

1

$4,529

6.3%

4.0%

Harvard University,

Cambridge MA

2

$2,594

-0.5%

3.7%

University of Chicago,

Chicago IL

3 (tie)

$1,687

1.0%

1.2%

Yale University,          

New Haven CT

3 (tie)

$1,428

3.3%

5.6%

Columbia University,

New York NY

5 (tie)

$2,347

4.4%

3.1%

Stanford University, Palo

Alto CA

5(tie)

$6,139

-3.1%

7.6%

Massachusetts Institute of Technology,       

Cambridge MA

7

$2,594

-0.5%

3.7%

Duke University,  

Durham NC

8 (tie)

$1,286

2.1%

2.3%

University of Pennsylvania, Philadelphia PA

8  (tie)

$1,223

3.7%

3.0%

Johns Hopkins University

Baltimore MD

10

$1,335

0.8%

1.4%

Dartmouth College,

Hanover NH

11

$2,447

-5.2%

-3.7%

California Institute of Technology,

Pasadena CA

12 (tie)

$2,720

7.0%

6.4%

Northwestern University,

Evanston IL

12 (tie)

$1,909

1.0%

2.0%

Brown University,

Providence RI

14

$1,425

5.2%

3.8%

Cornell University,   

Ithaca NY

15 (tie)

$1,793

-1.0%

2.0%

Rice University,   

Houston TX

15 (tie)

$1,444

1.7%

3.0%

University of Notre Dame,

South Bend IN

15 (tie)

$723

2.6%

0.8%

Vanderbilt University,

Nashville TN

15 (tie)

$1,520

6.7%

4.8%

Washington University,

St. Louis MO

19

$881

2.6%

3.3%

Emory University,

Atlanta, GA

20 (tie)

$1,448

6.2%

5.2%

Georgetown University, Washington DC

20 (tie)

$2,568

2.8%

3.1%

University of California – Berkeley,   

Berkeley CA

20 (tie)

$3,534

7.1%

6.9%

University of Southern California,

Los Angeles CA

23

$2,701

7.2%

8.8%

Carnegie Mellon University, Pittsburg PA

24 (tie)

$1,141

5.3%

3.4%

University of California – Los Angeles

Los Angeles CA

24 (tie)

$2,701

7.2%

8.8%

University of Virginia, Charlottesville VA

24 (tie)

$1,526

1.0%

0.9%

Tufts University,

Medford MA

27 (tie)

$2,379

2.0%

2.9%

University of Michigan – Ann Arbor

Ann Arbor MI

27 (tie)

$1,846

-4.5%

3.7%

Wake Forest University, Winston-Salem NC

27 (tie)

$994

3.2%

2.2%

University of North Carolina – Chapel Hill,

Chapel Hill NC

30

$1,950

4.5%

3.3%

Boston College,

Boston MA

31

$2,497

2.5%

3.6%

College of William and Mary,

Williamsburg, VA

32 (tie)

$1,756

-1.6%

-1.7%

University of Rochester, Rochester NY

32 (tie)

$945

-1.3%

-0.4%

Brandeis University, Waltham MA

34 (tie)

$2,426

1.0%

0.9%

Georgia Institute of Technology,

Atlanta GA

34 (tie)

$1,448

6.2%

5.2%

Zillow

Zillow® is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place they call home, and connecting them with the best local professionals who can help. Zillow serves the full lifecycle of owning and living in a home: buying, selling, renting, financing, remodeling and more. In addition to Zillow.com®, Zillow operates the most popular suite of mobile real estate apps, with more than two dozen apps across all major platforms. Launched in 2006, Zillow is owned and operated by Zillow Group (NASDAQ: Z and ZG), and headquartered in Seattle.

Zillow and Zillow.com are registered trademarks of Zillow, Inc.

U.S. News & World Report

U.S. News & World Report is a digital news and information company that empowers people to make better, more informed decisions about important issues affecting their lives. Focusing on Education, Health, Personal Finance, Travel, Cars and News & Opinion, provides consumer advice, rankings, news and analysis to serve people making complex decisions throughout all stages of life. More than 37 million people visit USNews.com each month for research and guidance. Founded in 1933, U.S. News is headquartered in Washington, D.C.

i A “pricey rental market” is defined as a city with the median rent higher than the national media rent of $1408
ii This data does not take into account any housing subsidies or financial aid that may be provided from the university to offset housing costs.
iii Of top 35 colleges listed on the 2017 Best College list from U.S. News & World Report, announced Sept 13, 2016.
iv Of top 35 colleges listed on the 2017 Best College list from U.S. News & World Report, announced Sept 13, 2016.
v The Zillow Rent Index forecast is based on recent and historical trends in rents, and is calculated using ARIMA times series models. It is adjusted to account for seasonality and geographic consistency.
vi The Zillow Rent Index (ZRI) is the median Rent Zestimate® (estimated monthly rental price) for a given geographic area on a given day, and includes the value of all single-family residences, condominiums, cooperatives and apartments in Zillow’s database, regardless of whether they are currently listed for rent. It is expressed in dollars.
vii The Zillow Rent Index forecast is based on recent and historical trends in rents, and is calculated using ARIMA time series models. It is adjusted to account for seasonality and geographic consistency.

 

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SOURCE Zillow

Related Links

http://www.zillow.com

LendingTree, Inc. to Participate in the Goldman Sachs 6th Annual Financial Technology Conference

CHARLOTTE, N.C., Sept. 7, 2016 /PRNewswire/ – LendingTree, Inc. (NASDAQ: TREE), operator of LendingTree.com, the nation’s leading online loan marketplace, today announced its participation in the Goldman Sachs Annual Financial Technology Conference held on Thursday, September 8, 2016 at The Goldman Sachs Conference Center.

LendingTree’s Founder and Chief Executive Officer, Doug Lebda, will participate in a Fireside Chat Thursday, September 8th at 2:45p.m. ET, and will participate in one-on-one meetings throughout the course of the day. The presentation will be available via webcast at https://cc.talkpoint.com/gold006/090816a_as/?entity=6_H0KDCXE.  Additionally, the company’s latest investor presentation will be available on its investor relations site at investors.lendingtree.com.

About LendingTree, Inc.

LendingTree, Inc. (NASDAQ: TREE) operates the nation’s leading online loan marketplace and provides consumers with an array of online tools and information to help them find the best loan for their needs.  LendingTree’s online marketplace connects consumers with multiple lenders that compete for their business, empowering consumers as they comparison-shop across a full suite of loans and credit-based offerings.  Since inception, LendingTree has facilitated more than 55 million loan requests.  LendingTree provides consumers with access to lenders offering home loans, home equity loans/lines of credit, personal loans, auto loans, student loans and more.

LendingTree, Inc. is headquartered in Charlotte, NC and maintains operations solely in the United States. For more information, please visit www.lendingtree.com.

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SOURCE LendingTree, Inc.

Related Links

http://www.lendingtree.com

Peer-to-Peer Lending Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024

LONDON, Aug. 29, 2016 /PRNewswire/ — This report aims to provide a detailed and vital analysis of the global peer-to-peer market along with revenue and growth forecasts for the period from 2014 to 2024. The global financial crisis, subsequently resulted in the emergence of the peer-to-peer lending outside of the traditional financial system especially in countries such as the U.S., the U.K. and Europe. Typically, the peer-to-peer lending business provides a unique and transparent platform to individuals, small businesses, and start-ups to invest or borrow money in few clicks

The report offers an in-depth study of the market drivers, restraints, and growth opportunities. Using these factors, the report identifies various trends expected to impact the market during the forecast period from 2016 to 2024. It includes a comprehensive coverage of the underlying economic, environmental, and technological factors influencing the peer-to-peer market. It provides the competitive landscape and analysis of key players in the global peer-to-peer market in order to highlight the state of competition and to identify the various business strategies adopted by them. In this report, the global peer-to-peer lending market is segmented on the basis of end-users and business models and geographies and explains the penetration of each market segment within various geographies, and how these segments have accelerated the growth of the market as a whole.

The end-users segment of the peer-to-peer lending market is classified into consumer credit, small business, student loans, and real estate and the business models segment is classified into traditional P2P model and marketplace lending model. Geographically, the global market for peer-to-peer lending has been segmented into five regions: North America, Europe, Asia Pacific, and Rest of the World (Middle East and Africa and Latin America). The market size and forecast for each region has been provided for the period from 2014 to 2024 along with the CAGR (%) for the forecast period from 2016 to 2024. The study also includes qualitative analysis of the competitive scenario for major countries/regions in these geographical segments.

The report includes an overview of the market strategies, annual revenues, and the recent developments of key companies operating in the market. The key market participants profiled in this study include LendingClub Corporation, Prosper Marketplace, Inc., CommonBond Inc., Upstart Network Inc., Funding Circle Limited, CircleBack Lending, Inc., Peerform, Social Finance Inc., Pave, Inc., and Daric Inc.

Market segmentation:

Global Peer-to-Peer Lending Market Analysis, By End-Users, 2014 – 2024 (US$ Bn)

Consumer Credit
Small Business
Student Loans
Real Estate
Global Peer-to-Peer Lending Market Analysis, By Business Model, 2014 – 2024 (US$ Bn)

Traditional P2P Model
Marketplace Lending Model
In addition, the report provides cross-sectional analysis of the peer-to-peer market with respect to the following geographical segments along with select country market estimates:

North America
The U.S.
Rest of North America
Europe
The U.K.
France
Germany
Rest of Europe
Asia-Pacific
China
Australia
Rest of Asia Pacific
Rest of the World
Middle East and Africa (MEA)
Latin America
Download the full report: https://www.reportbuyer.com/product/3999907/

About Reportbuyer
Reportbuyer is a leading industry intelligence solution that provides all market research reports from top publishers
http://www.reportbuyer.com

For more information:
Sarah Smith
Research Advisor at Reportbuyer.com
Email: query@reportbuyer.com  
Tel: +44 208 816 85 48
Website: www.reportbuyer.com

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AmeriTech Financial Launches AmeriTechFinancial.org and AmeriTechFinancial.info

EL DORADO HILLS, Calif., Aug. 16, 2016 /PRNewswire/ — AmeriTech Financial continues to expand and is excited to announce their two new websites. The goal of unveiling these sites will be to inform both clients and industry professionals about AmeriTech beyond the services they offer.

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The first of these two sites will be at the AmeriTechFinancial.info website and will expand upon everything AmeriTech Financial will be doing within the growing student loan industry. On this website, you will be able to learn in-depth industry news as well as company news and responses related to the ever-changing student loan environment.

Also on the AmeriTechFinancial.info website, they will be releasing informative articles informing future clients of the pitfalls of student loan debt and potential opportunities borrowers can take advantage of. As many of you already know, the information available online about student loans can be confusing and convoluted, so AmeriTech’s goal is to provide clear and informative information to student loan borrowers. A. However, AmeriTech’s mission doesn’t stop there.

AmeriTech Financial has also launched AmeriTechFinancial.org this week. One of AmeriTech Financial’s key values is helping others. This website will present all of the work AmeriTech Financial does with non-profits and charities. For example, AmeriTech Financial’s commitment to the “Hiring 500,000 Heroes” initiative to ensure that the brave and highly skilled men and women that have served our country receive employment opportunities once they’ve completed their service to their country. One of AmeriTech Financial’s finest contributions comes from their referral program. AmeriTech has partnered with Tango Card to give back to clients for referring AmeriTech’s services. Tango Card also offers the ability to donate the reward to charity. If one of AmeriTech’s clients chooses to donate AmeriTech will happily match their donation dollar for dollar.

Previously, AmeriTech Financial, in conjunction with Tango Card, worked with 14 charities on their rewards platform. This week it was announced by Tango Card that another charity was added to the rewards program, Huntsman Cancer Institute. AmeriTech Financial is very excited about this new non-profit as they believe that Huntsman Cancer Institute embodies AmeriTech’s core values, in addition to, working toward an extremely important cause. “Jon Huntsman, Sr., has had cancer four times. So he’s spent enough time in cancer hospitals to know what he’d do differently when he designed one from scratch. That’s why Huntsman Cancer Institute is unlike any other. It looks different. Feels different.” AmeriTech echoes the same sentiment of their industry as well when it comes to student loans. Many of those employed with the company have signed up for the service or have referred their own friends. Other employees have learned so much from working with AmeriTech that they are able to help themselves with their own unique situation. Just like any of the charities and non-profits, if our clients use their referral reward to donate to a fantastic cause, AmeriTech Financial will match that donation.

Furthermore, AmeriTech Financial will be talking about their non-profit and charity work as well as expanding upon each non-profit they are working with. This week, AmeriTechFinancial.org has released a spotlight on Hire Our Heroes. This not only informs on what AmeriTech is doing in the field but gives the readers and clients a chance to learn about a new special cause that may speak to them. Spreading the positivity through AmeriTech’s clients and through the charities they work with will help create a foundation upon which, AmeriTech Financial can make good on their statement that, “We’re in the business of helping people – it’s the backbone of our business.”

About AmeriTechFinancial

AmeriTech Financial is located in El Dorado Hills, California, right next to the California state capital of Sacramento. AmeriTech Financial has already helped thousands of people with financial analysis and student loan document preparation services for federal loan forgiveness programs offered through the Department of Education.

Each representative on the phone is certified through the International Association of Professional Debt Arbitrators (IAPDA) and has received the Certified Student Loan Professional certification through the Association for Student Loan Relief (AFSLR).

AmeriTech Financial prides themselves on their exceptional 24/7 Client Service.

Contact

To learn more about AmeriTech Financial, please contact:

AmeriTech Financial

1101 Investment Blvd Ste. 290

El Dorado Hills, CA 95762

1-800-792-8621

client.service@ameritechfinancial.com

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SOURCE AmeriTech Financial

Cascades Continues to Improve its Results for the Second Quarter of 2016

 

Mr. Mario Plourde, President and Chief Executive Officer, commented on the second quarter results: “We are pleased with the overall performance of our operations during the second quarter. Results in North America were in line with expectations, and highlight how our strategic investment in new equipment over the last few years is translating into improved efficiency, and a greater operational capacity to adapt to changing market dynamics.

We made important headway this quarter, and completed several relevant transactions. The first was in our Containerboard Packaging Group, which acquired a corrugated packaging plant in Connecticut. The move strengthens our position in the Northeastern United States by increasing our converting capacity, while also providing us with the platform to execute our longer-term development strategy of upgrading our asset base and growing our presence in this area. Our Tissue Products Group also announced plans to build a new converting plant in Oregon that will house state-of-the-art converting lines, slated to begin operating at the end of the first quarter of next year. In addition to providing us with a new strategically positioned base to service the Western US market, this new facility will be fed by our nearby mill, providing secured off-take for this operation and increasing our overall integration rate in Tissue. 

As for our financial results, the 9% increase in OIBD compared to 2015, was largely driven by the strong performance of our Tissue Papers Group, which increased its OIBD by 70%. In addition, our Containerboard Packaging and Specialty Products Groups also had a strong performance and successfully increased their OIBD by 9% and 14%, respectively. Quarterly sales and OIBD levels in North America benefited from a 5% decrease in the value of the Canadian dollar against the US dollar. The results of our European division were slightly weaker for the quarter, largely due to the ongoing challenging market dynamics, as well as some scheduled downtime at our German mill. On a sequential basis, consolidated OIBD increased 6% as each of our business segments improved their contribution.

Finally, we continue to work on our debt reduction objective. Sequentially, the decrease in our debt was mainly the result of stronger cash flows from operations which were partially utilized to make seasonal investments in working capital and capital investments. Our net debt to OIBD ratio now stands at 3.6x, bringing us closer to our targeted range of 3.0x to 3.5x.”

 

Financial Summary








Segmented OIBD excluding specific items 1








(in millions of Canadian dollars) (unaudited)

Q2 2016

Q1 2016

Q2 2015

Packaging Products





Containerboard

60

55

55


Boxboard Europe

17

16

19


Specialty Products

16

14

14





Tissue Papers

39

34

23





Corporate Activities

(20)

(13)

(8)

OIBD excluding specific items

112

106

103

1 – Refer to the “Supplemental Information on Non-IFRS Measures” section.



Selected consolidated information





(in millions of Canadian dollars, except amounts per share) (unaudited)

Q2 2016

Q1 2016

Q2 2015

Sales

998

1,003

950

Excluding specific items1





Operating income before depreciation and amortization (OIBD)

112

106

103


Operating income

65

59

59


Net earnings

35

34

24



per common share

$

0.38

$

0.35

$

0.25


Margin (OIBD)

11.2%

10.6%

10.8%

As reported





Operating income before depreciation and amortization (OIBD)

112

120

105


Operating income

65

73

61


Net earnings

36

75

24



per common share

$

0.38

$

0.79

$

0.25

1 – Refer to the “Supplemental Information on Non-IFRS Measures” section.

 

Analysis of results for the three-month period ended June 30, 2016 (compared to the same period last year)

Sales increased by 5% to $998 million compared to the same period last year, reflecting higher average selling prices combined with the positive financial impact of the lower Canadian dollar.

Operating income, excluding specific items, increased from $59 million in the second quarter of 2015 to $65 million in the second quarter of 2016. This improvement is attributable to the above-mentioned factors and favorable energy costs. Partially offsetting these benefits were higher corporate costs as well as production and maintenance costs, in addition to some production downtimes that were taken during the quarter, most notably at our recycled boxboard plant in Germany where we upgraded a section of the machine. When including specific items, operating income amounted to $65 million compared to $61 million for the same period last year.

In the second quarter of 2016, the main specific items, before income taxes, that impacted our operating income and/or net earnings were:

  • a $5 million unrealized gain on derivative financial instruments (operating income and net earnings);
  • a $9 million impairment and restructuring charge (operating income and net earnings);
  • a $4 million gain on the sale of assets following the closure of the Auburn, Maine, plant (operating income and net earnings);
  • a $6 million loss on share of results of associated and joint ventures on our portion of the Greenpac refinancing fees (net earnings);
  • a $6 million foreign exchange gain on long-term debt and financial instruments (net earnings);
  • a $2 million income tax expense related to assets sales in past years (net earnings).

Net earnings excluding specific items amounted to $35 million ($0.38 per share) in the second quarter of 2016 compared to $24 million ($0.25 per share) for the same period in 2015. Including specific items, net earnings amounted to $36 million ($0.38 per share) in the second quarter of 2016 compared to $24 million ($0.25 per share) in the same period in 2015.

Analysis of results for the three-month period ended June 30, 2016 (compared to the previous quarter)

On a sequential basis, sales remained relatively stable at $998 million, as higher shipments in all segments except Boxboard Europe were offset by the strengthening of the Canadian dollar and a decrease in our average selling prices, mainly in our tissue activities.

Operating income, excluding specific items, increased from $59 million in the first quarter of 2016 to $65 million in the second quarter of 2016. This improvement is attributable to a combination of the factors mentioned above and lower energy costs, which were slightly counterbalanced by higher depreciation expense and corporate costs.

For further details, see the tables on IFRS and non-IFRS measures reconciliation, included herewith.

Near-Term Outlook

Commenting on the near-term outlook for Cascades, Mr. Plourde added: “We are committed to delivering a solid operational performance through the end of 2016. Despite recent North American price decreases in Containerboard and the volatility in regards to fibre costs and the Canadian dollar, we expect that our Containerboard Packaging and Specialty products Groups will perform well through the third quarter, which is a seasonally strong period for these operations. In regards to our Tissue Group, we anticipate that sales and cost reduction initiatives will translate into a solid performance through the seasonally strong third quarter, followed by a cyclically softer fourth quarter. In Europe, we expect market conditions to remain soft, and order intake to continue to lag last year’s levels, with additional market and exchange rate uncertainty following recent events in different parts of Europe. While the fourth quarter is a cyclically slower period, the increased generation of waste paper following the end of summer vacations should contribute to positive supply dynamics and our sourcing teams are focused on the strategic management of our input material in order to reduce delivered cost to our mills.                   

In the near-term, we do not expect our third quarter results to match the record performance we achieved during the third quarter of last year, but we will continue to carefully manage our financial situation in order to direct a significant portion of our free cash flow to debt reduction, which is normally the case in the second half of the year. Longer-term, we remain committed to improving the efficiency and competitiveness of our operations through strategic investments, and the successful execution of our strategic action plan. By doing so, we will continue to build on our capacity to adapt to market dynamics, reinforce our operational foundation, and deliver improved productivity and overall performance. “

Dividend on common shares and normal course issuer bid

The Board of Directors of Cascades declared a quarterly dividend of $0.04 per share to be paid September 2, 2016, to shareholders of record at the close of business on August 26, 2016. This dividend paid by Cascades is an “eligible dividend” as per the Income Tax Act (Bill C-28, Canada).

In the second quarter of 2016, Cascades purchased for cancellation 315,069 shares at an average price of $8.56 representing an aggregate amount of approximately $2.7 million.

Conference call information

Management will discuss the financial results for the second quarter of 2016 during a conference call to be held today at 10:00 a.m. EST.

The call can be accessed by dialing 1-888-231-8191. The conference call, including the investor presentation, will also be broadcast live on the Cascades corporate website (www.cascades.com, Investors tab on the Home page). The broadcast replay will be available on the Cascades corporate website and by phone until September 5, 2016 by dialing 1-855-859-2056 and by using the access code 42826663.

Founded in 1964, Cascades produces, converts and markets packaging and tissue products that are composed mainly of recycled fibres. The Corporation employs 11,000 employees, who work in close to 90 units located in North America and Europe. With its management philosophy, half a century of experience in recycling, and continuous efforts in research and development as driving forces, Cascades continues to serve its clients with innovative products. Cascades’ shares trade on the Toronto Stock Exchange, under the ticker symbol CAS.

Certain statements in this release, including statements regarding future results and performance, are forward-looking statements (as such term is defined under the Private Securities Litigation Reform Act of 1995) based on current expectations. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the effect of general economic conditions, decreases in demand for the Corporation’s products, increases in raw material costs, fluctuations in selling prices and adverse changes in general market and industry conditions and other factors listed in the Corporation’s Securities and Exchange Commission filings.

 

CONSOLIDATED BALANCE SHEETS




(in millions of Canadian dollars) (unaudited)

June 30, 2016

December 31, 2015

Assets



Current assets



Cash and cash equivalents

29

60

Accounts receivable

599

540

Current income tax assets

13

30

Inventories

487

494

Financial assets

1

1


1,129

1,125




Long-term assets



Investments in associates and joint ventures

308

322

Property, plant and equipment

1,583

1,608

Intangible assets with finite useful life

174

174

Financial assets

16

12

Other assets

43

80

Deferred income tax assets

179

181

Goodwill and other intangible assets with indefinite useful life

348

346


3,780

3,848

Liabilities and Equity



Current liabilities



Bank loans and advances

34

37

Trade and other payables

591

613

Current income tax liabilities

1

1

Current portion of long-term debt

34

34

Current portion of provisions for contingencies and charges

11

5

Current portion of financial liabilities and other liabilities

13

37


684

727




Long-term liabilities



Long-term debt

1,625

1,710

Provisions for contingencies and charges

32

34

Financial liabilities

35

47

Other liabilities

189

178

Deferred income tax liabilities

198

189


2,763

2,885

Equity attributable to Shareholders



Capital stock

486

490

Contributed surplus

16

17

Retained earnings

463

387

Accumulated other comprehensive loss

(40)

(27)


925

867

Non-controlling interest

92

96

Total equity

1,017

963


3,780

3,848

 

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)





For the 3-month periods ended June 30,

For the 6-month periods ended June 30,

(in millions of Canadian dollars, except per-common share amounts and number of common shares) (unaudited)

2016

2015

2016

2015

Sales

998

950

2,001

1,860

Cost of sales and expenses





Cost of sales (including depreciation and amortization of $47 million for 3-month period (2015 — $44 million) and $94 million for 6-month period (2015 — $88 million))

834

801

1,680

1,585

Selling and administrative expenses

98

88

191

174

Gain on acquisitions, disposals and others

(4)

(4)

Impairment charges and restructuring costs

9

4

9

4

Foreign exchange loss (gain)

(1)

(2)

Loss (gain) on derivative financial instruments

(3)

(4)

(13)

10


933

889

1,863

1,771

Operating income

65

61

138

89

Financing expense

20

23

44

47

Interest expense on employee future benefits

2

1

3

3

Loss on refinancing of long-term debt

19

19

Foreign exchange loss (gain) on long-term debt and financial instruments

(6)

(13)

(42)

32

Share of results of associates and joint ventures

(1)

(5)

(15)

(9)

Earnings (loss) before income taxes

50

36

148

(3)

Provision for income taxes

13

8

34

4

Net earnings (loss) from continuing operations including non-controlling interest for the period

37

28

114

(7)

Net loss from discontinued operations

(2)

Net earnings (loss) including non-controlling interest for the period

37

26

114

(7)

Net earnings attributable to non-controlling interest

1

2

3

4

Net earnings (loss) attributable to Shareholders for the period

36

24

Peer-to-Peer Lending Market (End User – Consumer Credit, Small Business, Student Loans and Real Estate; Business Model -Traditional P2P Model and Marketplace Lending Model) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 -

LONDON, July 22, 2016 /PRNewswire/ — This report aims to provide a detailed and vital analysis of the global peer-to-peer market along with revenue and growth forecasts for the period from 2014 to 2024. The global financial crisis, subsequently resulted in the emergence of the peer-to-peer lending outside of the traditional financial system especially in countries such as the U.S., the U.K. and Europe. Typically, the peer-to-peer lending business provides a unique and transparent platform to individuals, small businesses, and start-ups to invest or borrow money in few clicks

The report offers an in-depth study of the market drivers, restraints, and growth opportunities. Using these factors, the report identifies various trends expected to impact the market during the forecast period from 2016 to 2024. It includes a comprehensive coverage of the underlying economic, environmental, and technological factors influencing the peer-to-peer market. It provides the competitive landscape and analysis of key players in the global peer-to-peer market in order to highlight the state of competition and to identify the various business strategies adopted by them. In this report, the global peer-to-peer lending market is segmented on the basis of end-users and business models and geographies and explains the penetration of each market segment within various geographies, and how these segments have accelerated the growth of the market as a whole.

The end-users segment of the peer-to-peer lending market is classified into consumer credit, small business, student loans, and real estate and the business models segment is classified into traditional P2P model and marketplace lending model. Geographically, the global market for peer-to-peer lending has been segmented into five regions: North America, Europe, Asia Pacific, and Rest of the World (Middle East and Africa and Latin America). The market size and forecast for each region has been provided for the period from 2014 to 2024 along with the CAGR (%) for the forecast period from 2016 to 2024. The study also includes qualitative analysis of the competitive scenario for major countries/regions in these geographical segments.

The report includes an overview of the market strategies, annual revenues, and the recent developments of key companies operating in the market. The key market participants profiled in this study include LendingClub Corporation, Prosper Marketplace, Inc., CommonBond Inc., Upstart Network Inc., Funding Circle Limited, CircleBack Lending, Inc., Peerform, Social Finance Inc., Pave, Inc., and Daric Inc.

Market segmentation:

Global Peer-to-Peer Lending Market Analysis, By End-Users, 2014 – 2024 (US$ Bn)

Consumer Credit
Small Business
Student Loans
Real Estate
Global Peer-to-Peer Lending Market Analysis, By Business Model, 2014 – 2024 (US$ Bn)

Traditional P2P Model
Marketplace Lending Model
In addition, the report provides cross-sectional analysis of the peer-to-peer market with respect to the following geographical segments along with select country market estimates:

North America
The U.S.
Rest of North America
Europe
The U.K.
France
Germany
Rest of Europe
Asia-Pacific
China
Australia
Rest of Asia Pacific
Rest of the World
Middle East and Africa (MEA)
Latin America
Download the full report: https://www.reportbuyer.com/product/3990240/

About Reportbuyer
Reportbuyer is a leading industry intelligence solution that provides all market research reports from top publishers
http://www.reportbuyer.com

For more information:
Sarah Smith
Research Advisor at Reportbuyer.com
Email: query@reportbuyer.com  
Tel: +44 208 816 85 48
Website: www.reportbuyer.com

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/peer-to-peer-lending-market-end-user—consumer-credit-small-business-student-loans-and-real-estate-business-model–traditional-p2p-model-and-marketplace-lending-model—global-industry-analysis-size-share-growth-trends-a-300302767.html

SOURCE ReportBuyer

Related Links

http://www.reportbuyer.com

Complete Credit Repair Only $1,499.00 by Credit Restoration Consultants

FORT LAUDERDALE, FL — Experts are talking recession and families are wondering how to protect their financial security. With the foreclosure epidemic, unemployment at an all time high, and Congress scrambling to bail out the financial industry, many consumers are experiencing severe stress as it relates to their economic stability and general well being. Although gasoline prices have fallen into the low $2.30 range, the economy is struggling with food prices and professional services that have increased at alarming rates. As a result, many families have scaled back on their spending to include only the necessities. 

In an ever worsening economy your good name and reputation within the community is becoming more important. Creditors have tightened their guidelines effectively barring millions of Americans from borrowing money. Even those with excellent credit are experiencing reduced credit limits and closed equity lines. Mortgage lenders, auto finance companies, credit card issuers and banks have all raised the bar. Borrowers with low credit scores can expect to be denied or to pay significantly higher interest rates than those with excellent credit. Long gone are the days of obtaining credit, goods, benefits, services and/or employment with a 620 credit score. In more instances than not, a consumer will be denied if they maintain a credit score lower than 720. 

The terms credit repair, credit restoration and/or credit rehabilitation are somewhat synomous. Those with bad credit cannot afford to ignore the potential benefits of credit repair. In today’s society, credit repair is more important than ever. Approximately 78% of credit profiles contain some sort of error or omission materially impacting credit worthiness. As such, one would be wise to at least explore retaining a reputable credit service organization in the restoration of their own good name and reputation within the community. With that said, Credit Restoration Consultants may be that credit service organization. 

Credit Restoration Consultants is a credit service organization specializing in the restoration of consumer credit worthiness as well as identity theft. We assist consumers in achieving a favorable financial credit profile. Everything we do is legal utilizing laws enacted by Congress to dispute negative, erroneous, obsolete, and/or fraudulent information contained within your consumer credit profile.

Utilizing the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Fair Credit Billing Act, and the Fair and Accurate Credit Transactions Act, Credit Restoration Consultants will assist a consumer in the submission of disputes electronically, verbally and in writing to the Equifax, Experian and Trans Union consumer reporting agencies in addition to creditors, collection agencies, third-party record providers and state/federal/private regulatory authorities. Keep in mind that anything Credit Restoration Consultants can do – you can do yourself. Where Credit Restoration Consultants has the edge is the fact that we possess the education, knowledge and a source proven method which yields results.
 
Unlike most credit service organizations that submit the same written dispute letters monthly, Credit Restoration Consultants has devised a strategy whereby disputes are submitted electronically, verbally and in writing over a six month period to the credit reporting agencies, creditors, collectors, and third-party record providers reporting negative, inaccurate, obsolete and/or erroneous information. Utilizing the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Fair Credit Billing Act, the Fair and Accurate Credit Transactions Act, in addition to laws applicable to a particular state, Credit Restoration Consultants has obtained thousands of deletions and updates for its clients. Credit Restoration Consultants can help remove erroneous and/or inaccurate judgments, liens, bankruptcies, student loans, inquiries, derogatory tradelines, personal identifiers and more! While the credit restoration process can take anywhere from 30 days to six months, most clients see dramatic results in 45-60 days.
 
Credit repair, credit restoration and/or credit rehabilitation is as legal as pleading “not guilty” in a court of law. With that said, one must understand that as a credit service organization Credit Restoration Consultants is not a law firm and that none of its employees is an attorney licensed to practice law in the state of Florida. As such, Credit Restoration Consultants cannot provide legal advice nor represent any individual before any court or in any legal proceeding. In the event that legal representation is required, Credit Restoration Consultants may provide an appropriate attorney referral for consultation. 

Still not convinced as to the benefit of utilizing Credit Restoration Consultants in the restoration of your good name and reputation within the community? You should tune into the Credit Restoration Consultants Hour with credit repair expert Bill Lewis. Bill can be heard weekday’s on the 9′s – both 9:00 a.m. and 9:00 p.m. eastern time – on AM 1470 WWNN in south Florida. For those listening online, streaming audio can be accessed at www.WWNNRadio.com by clicking on the listen live link.
 
For more information on Credit Restoration Consultants or to discuss the $1,499.00 Internet special, please contact us at (954) 581-5050 or online at www.TalkAboutCredit.com.

GreenPath Financial Wellness receives $300,000 grant from the Texas Veterans Commission

AUSTIN, Texas, June 23, 2016 /PRNewswire-USNewswire/ — GreenPath Financial Wellness, a nationwide non-profit financial counseling and education organization, with eight locations across Texas, has received a $300,000 grant from the Texas Veterans Commission Fund for Veterans’ Assistance. The one-year grant will provide free financial counseling to Texas veterans and their families.

“We thank the Texas Veterans Commission’s Fund for Veterans’ Assistance for this grant, which will expand GreenPath’s opportunity to assist Texas Veterans and their families,” said Kristen Holt, president and CEO, GreenPath Financial Wellness. “We can reduce some of the daily stress they are experiencing, while empowering them to make strong personal finance decisions.”

Veterans may participate in a free GreenPath financial coaching session, in which they will develop short- and long-term financial goals, a personal budget, and a plan for reducing debt, if needed.

“We look forward to continuing to support Texas veterans and their families to resolve financial concerns and achieve financial goals,” said Bill Druliner, GreenPath community engagement manager.

This is the third year that GreenPath has received a grant from the Texas Veterans Commission Fund for Veterans’ Assistance. Last year, thanks to the generosity of the Fund, GreenPath was able to assist more than 1,000 Veterans across Texas.

GreenPath offers in-person counseling at eight Texas locations including: Austin, McKinney, Plano, Corpus Christi, Brownsville, Harlingen, and two locations in San Antonio. They also deliver licensed services throughout the United States over the Internet and telephone.

Texas veterans and their families are encouraged to contact GreenPath for a free counseling session. For more information or to schedule a session, call GreenPath at (866) 648-8122.

About Texas Veterans Commission Fund for Veterans’ Assistance
The Fund for Veterans’ Assistance grant program was established in 2007 by the 80th Legislature and funded in late 2009.  The program awards reimbursement grants in four categories: General Assistance, Housing4TexasHeroes, Veterans Mental Health, and Veterans Treatment Court Grants. These grants offer funding to non-profit and local government organizations which, in turn, provide direct services to Texas Veterans and their families. For more information, visit www.tvc.texas.gov.

About GreenPath Financial Wellness
GreenPath Financial Wellness is a nationwide, non-profit financial counseling and education organization.  GreenPath has been empowering people to lead financially healthy lives since 1961.  Their financial experts partner with consumers to ease financial stress, manage debt, save for the future, make smart financial decisions, and achieve their financial goals.  Headquartered in Farmington Hills, Michigan, GreenPath operates about 60 branch offices in 16 states.  They also deliver licensed services throughout the United States over the Internet and telephone.  GreenPath is a member of the National Foundation for Credit Counseling (NFCC), and is accredited by the Council on Accreditation (COA).  The organization has an A+ rating with the Better Business Bureau.  For more information, visit www.greenpath.org.

Logo – http://photos.prnewswire.com/prnh/20160404/350873LOGO

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/greenpath-financial-wellness-receives-300000-grant-from-the-texas-veterans-commission-300289361.html

SOURCE GreenPath Financial Wellness

Related Links

http://www.greenpath.org

RCI Continues Rebound with 2Q16 EPS at $0.54 GAAP & $0.40 Non-GAAP

Cash Dividend & Share Buy Backs

  • RCI accelerated its share buyback program in FY16, taking advantage of its strong FCF to return capital to shareholders.
  • Through April 30, 2016, the company purchased 566,921 common shares to date in FY16 at a cost of $5.4 million, reducing shares outstanding to 9.889 million from 10.348 million a year ago.
  • RCI yesterday announced a $5.0 million increase in its authorization to repurchase common shares, resulting in a total of $6.2 million available to buy back stock.
  • RCI also announced yesterday the company’s 3Q16 $0.03 dividend will be paid June 27, 2016 to shareholders of record June 10, 2016.

Conference Call

  • A conference call to discuss these results, outlook and related matters will be held today at 4:30 PM ET
  • Dial In: 877-407-9210 (toll free) or 201-689-8049 (domestic or international)
  • Webcast URL: http://www.investorcalendar.com/event/174973

Meet Management Tonight

Eric Langan, President & CEO, invites investors to meet management and tour one of the company’s top clubs.

  • When: Tonight, May 10, 2016, 6:00 PM to 8:00 PM ET
  • Where: Rick’s Cabaret New York, at 50 W. 33rd Street, between Fifth Avenue and Broadway
  • RSVP: With your contact information to gary.fishman@anreder.com

CEO Comment

“We are pleased 2Q16 revenues, margins, profits and free cash flow performed better than our original expectations,” Mr. Langan said.

“This is especially encouraging as we were up against our largest sales quarter ever in the year ago period. Moreover, two clubs were closed in 2Q16 undergoing reformatting and remodeling.

“Our FY16 plan is to continue to grow margins, EPS and FCF on what we expect to be flattish revenues on an annual basis, while adhering to our capital allocation policy.

“Costs as a percentage of revenues are going down. Operating margin has improved two quarters in a row.

“Sales are moving in the right direction. Same store sales were nearly level with the year-ago quarter. 3Q16 should benefit from reopening of the two reformatted clubs, and we anticipate opening the first sports-themed club in Manhattan in 4Q16.

“As a result of our first six months’ performance, we have increased our FY16 free cash flow target to $16-$19 million.

“The company remains committed to our capital allocation policy of using FCF to enhance shareholder value through share repurchases and dividends. As part of this policy, we will continue to evaluate the risk adjusted returns on capital expenditures or acquisitions relative to the after tax yield on free cash flow we can obtain by repurchasing our own shares.

“While opportunities may arise to acquire or open new units or pay down debt ahead of schedule, we generally believe the best allocation of our capital is the risk-adjusted, after-tax, FCF yield of buying our own shares as long as our stock stays at this low valuation relative to RCI’s cash flow generation.”

2Q16 Analysis

Total Revenues

  • Total revenues of $34.4 million increased $0.9 million or 2.8% from 1Q16, reflecting improvements in almost all major categories.
  • High-margin service revenues increased $0.6 million or 4.5% from 1Q16 as club customers began to spend more per visit and new marketing strategies started to prove effective. Food sales increased $0.3 million or 6.3% from 1Q16 due to Bombshells’ growing business.
  • Same store sales of $32.9 million declined only 0.9% year over year, representing a significant increase from our performance in 1Q16 and 4Q15.

Operating Income & Margin

  • Income from operations was $7.6 million, or 22.0% of revenues, up from 17.1% in 1Q16.
  • Excluding non-recurring items, non-GAAP operating income was $7.9 million, or 23.1% of revenues, up from 19.7% in 1Q16.
  • The improvement in operating income as compared to 1Q16 reflects the increase in sales, in particular service revenues, as well as reduced costs as a percentage of revenues.

2Q16 Segment Analysis

Nightclubs

  • Sales of $29.1 million compared to $29.9 in the year ago quarter, with 36 units in operation compared to 40.
  • Operating income was $9.7 million, or 33.5% of revenues, compared to a loss of ($0.8) million, or (2.7%), in 2Q15.
  • Non-GAAP operating income was $9.8 million, or 33.7% of revenues, compared to $9.5 million, or 31.7%, in 2Q15.

Bombshells

  • Sales of $4.6 million compared to $4.4 million in the year ago quarter, with five units in operation in both periods.
  • Operating income was $0.64 million compared to $0.46 million in 2Q15.
  • Operating margin was 13.9% compared to 10.3% in 2Q15.

2Q16 Other Metrics

  • Occupancy Costs: Occupancy costs, which the company measures as a combination of rent plus interest expense, declined to 8.2% of revenues compared to 8.5% in 2Q15. The decline reflects significantly lower rent due to the acquisitions of club real estate in New York City in early 2Q16 and of Miami Gardens in 4Q15.
  • Effective Tax Rate: $1.75 million was deducted from income tax expense, due to the benefit of certain FICA credits not previously claimed. Excluding this deduction, RCI would have paid an effective tax rate of 36.6%.
  • Adjusted EBITDA & Free Cash Flow: RCI’s cash generating power, as reflected by adjusted EBITDA, amounted to $9.7 million compared to $8.2 million in 1Q16. As a result, RCI generated FCF of $6.4 million compared to $3.9 million in 1Q16.
  • Balance Sheet (March 31, 2016 compared to December 31, 2015): Total stockholders’ equity increased to $131.9 million from $128.2 million due to the increase in retained earnings partially offset by share buy backs.

*Non-GAAP Financial Measures

In addition to our financial information presented in accordance with GAAP, management uses certain “non-GAAP financial measures” within the meaning of the SEC Regulation G, to clarify and enhance understanding of past performance and prospects for the future. Generally, a non-GAAP financial measure is a numerical measure of a company’s operating performance, financial position or cash flows that excludes or includes amounts that are included in or excluded from the most directly comparable measure calculated and presented in accordance with GAAP. We monitor non-GAAP financial measures because it describes the operating performance of the company and helps management and investors gauge our ability to generate cash flow, excluding some non-recurring charges that are included in the most directly comparable measures calculated and presented in accordance with GAAP. Relative to each of the non-GAAP financial measures, we further set forth our rationale as follows:

  • Non-GAAP Operating Income and Non-GAAP Operating Margin. We exclude from non-GAAP operating income and non-GAAP operating margin amortization of intangibles, gain on settlement of patron tax case, pre-opening costs, gains and losses from asset sales, gain on settlement of patron tax issue, impairment of assets, pre-opening costs, stock-based compensation charges, litigation and other one-time legal settlements and acquisition costs. We believe that excluding these items assists investors in evaluating period-over-period changes in our operating income and operating margin without the impact of items that are not a result of our day-to-day business and operations. While we were in litigation in the patron tax case, we also included patron taxes as an exclusion, but after settlement of the case, we no longer exclude patron taxes from operating income.
  • Non-GAAP Net Income and Non-GAAP Net Income per Basic Share and per Diluted Share. We exclude from non-GAAP net income and non-GAAP net income per diluted share and per basic share amortization of intangibles, gain on settlement of patron tax case, pre-opening costs, income tax expense, impairment charges, gains and losses from asset sales, stock-based compensation, litigation and other one-time legal settlements, gain on contractual debt reduction and acquisition costs, and include the Non-GAAP provision for income taxes, calculated as the tax-effect at 35% effective tax rate of the pre-tax non-GAAP income before taxes less stock-based compensation, because we believe that excluding such measures helps management and investors better understand our operating activities. While we were in litigation in the patron tax case, we also included patron taxes as an exclusion, but after settlement of the case, we no longer exclude patron taxes from net income.
  • Adjusted EBITDA. We exclude from Adjusted EBITDA depreciation expense, amortization of intangibles, income tax, interest expense, interest income, gains and losses from asset sales, pre-opening costs, acquisition costs, litigation and other one-time legal settlements, gain on settlement of patron tax case, gain on contractual debt reduction and impairment charges because we believe that adjusting for such items helps management and investors better understand operating activities. Adjusted EBITDA provides a core operational performance measurement that compares results without the need to adjust for Federal, state and local taxes which have considerable variation between domestic jurisdictions. Also, we exclude interest cost in our calculation of Adjusted EBITDA. The results are, therefore, without consideration of financing alternatives of capital employed. We use Adjusted EBITDA as one guideline to assess our unleveraged performance return on our investments. Adjusted EBITDA is also the target benchmark for our acquisitions of nightclubs.

Other Notes

  • Starting with 1Q16, total revenues (including prior comparable periods) are being reported net of sales taxes and other revenue related taxes, RCI having chosen to early adopt new revenue accounting standards.
  • Free cash flow is defined as cash flows from operating activities less maintenance capex.
  • Unit counts are at period end.

About RCI Hospitality Holdings, Inc. (Nasdaq: RICK)

With 43 units, RCI Hospitality Holdings, Inc., through its subsidiaries, is the country’s leading company in gentlemen clubs and sports bars/restaurants. Clubs in New York City, Miami, Philadelphia, Charlotte, Dallas/Ft. Worth, Houston, Minneapolis, Indianapolis and other cities operate under brand names, such as “Rick’s Cabaret,” “XTC,” “Club Onyx,” “Vivid Cabaret,” “Jaguars” and “Tootsie’s Cabaret.” Sports bars/restaurants operate under the brand name “Bombshells.” Please visit http://www.rcihospitality.com/

Forward-Looking Statements

This press release may contain forward-looking statements that involve a number of risks and uncertainties that could cause the company’s actual results to differ materially from those indicated in this press release, including the risks and uncertainties associated with operating and managing an adult business, the business climates in cities where it operates, the success or lack thereof in launching and building the company’s businesses, risks and uncertainties related to cybersecurity, conditions relevant to real estate transactions, and numerous other factors such as laws governing the operation of adult entertainment businesses, competition and dependence on key personnel. The company has no obligation to update or revise the forward-looking statements to reflect the occurrence of future events or circumstances.

 

RCI HOSPITALITY HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF INCOME



















FOR THE THREE MONTHS



FOR THE SIX MONTHS


ENDED MARCH 31,

ENDED MARCH 31,

(in thousands, except per share data)


2016



2015



2016



2015



(UNAUDITED)



(UNAUDITED)

Revenues:
















  Sales of alcoholic beverages


$

14,581



$

14,311



$

29,178



$

28,316

  Sales of food and merchandise



4,609




4,837




8,943




9,670

  Service revenues



13,205




13,847




25,846




27,376

  Other



2,001




1,994




3,904




3,832

    Total revenues



34,396




34,989




67,871




69,194

















Operating expenses:
















  Cost of goods sold



5,227




5,381




10,411




10,492

  Salaries and wages



7,917




8,115




16,052




16,147

  Stock compensation



120




120




240




240

  Other general and administrative:
















    Taxes and permits



3,274




3,288




6,501




6,399

    Charge card fees



557




544




1,170




1,091

    Rent



859




1,184




1,807




2,325

    Legal and professional



982




1,064




2,087




2,023

    Advertising and marketing



1,225




1,312




2,530




2,679

    Insurance



907




801




1,781




1,621

    Utilities



694




708




1,404




1,442

    Depreciation and amortization



1,826




1,886




3,643




3,531

    (Gain) loss on sale of property and marketable securities



(127)




(18)




(127)




(18)

    Impairment of assets



-




-




-




1,358

    Settlement of lawsuits and other one-time costs



62




10,303




602




10,550

    Other



3,323




2,917




6,503




5,790

    Total operating expenses



26,846




37,605




54,604




65,670

Operating income (loss)



7,550




(2,616)




13,267




3,524

















Other income (expense):
















  Interest income



1




26




3




39

  Interest expense



(1,965)




(1,783)




(3,878)




(3,402)

  Gain from acquisition of controlling interest in subsidiary



-




-




-




577

Income (loss) before income taxes



5,586




(4,373)




9,392




738

Income taxes (benefit)



293




(1,265)




1,660




581

Net income (loss)



5,293




(3,108)




7,732




157

Less: net loss attributable to noncontrolling interests



212




267




325




362

Net income (loss) attributable to RCI Hospitality Holdings, Inc.


$

5,505



$

(2,841)



$

8,057



$

519

















Basic earnings (loss) per share attributable to RCIHH shareholders:
















  Net income


$

0.55



$

(0.28)



$

0.79



$

0.05

Diluted earnings (loss) per share attributable to RCIHH shareholders:
















  Net income


$

0.54



$

(0.28)



$

0.78



$

0.05

















Weighted average number of common shares outstanding:
















  Basic



10,013




10,275




10,154




10,269

  Diluted



10,215




10,275




10,356




10,273

















Dividends per share


$

0.03



$

-



$

0.03



$

-

 

RCI HOSPITALITY HOLDINGS, INC.

NON-GAAP FINANCIAL MEASURES














FOR THE THREE MONTHS


FOR THE SIX MONTHS


FOR THE THREE MONTHS



ENDED MARCH 31,


ENDED MARCH 31,


ENDED DECEMBER 31,

($ in thousands, except per share data)


2016


2015


2016


2015


2015












Reconciliation of GAAP net income to Adjusted EBITDA 











GAAP net income (loss)


$5,505


($2,841)


$8,057


$519


$2,552

Income tax expense


293


(1,265)


1,660


581


1,367

Interest expense and income and gain on Drink Robust investment


1,964


1,757


3,875


2,786


1,911

Litigation and other one-time legal settlements


62


10,303


602


10,550


540

Pre-opening costs


-


268


-


328


-

Acquisition costs


-


95


-


178


-

Impairment of assets


-


-


-

Florida Bar Foundation Receives $23 Million under Bank of America Mortgage Settlement

The distributions – totaling more than $490 million nationwide – were triggered in December by President Obama’s signing into law an act extending federal tax relief through 2016 to homeowners who otherwise would have incurred income-tax liability from mortgage debt forgiveness they received under consumer-relief provisions of the settlement. The money being distributed to the nonprofit organizations is from a fund established under the settlement to provide federal tax assistance to homeowners in case Congress failed to extend the tax-relief legislation.

With the signing of the legislation, the tax-relief fund became surplus. Under the terms of the settlement, Professor Green is required to distribute 75 percent ($367.62 million) of the fund to eligible legal-assistance organizations in each state and the remaining 25 percent ($122.54 million) to NeighborWorks America.

The settlement provides that in each state, the District of Columbia, and each U.S. territory or possession, to the extent practicable, the legal-assistance organizations are to receive a distribution of $200,000 from the fund, with the remainder to be allocated among the states and other eligible jurisdictions based on poverty population data collected by the U.S. Census Bureau, in the manner used for funding distribution by the Legal Services Corporation. As specified in the settlement, these recipients are state-based Interest on Lawyers Trust Account (IOLTA) organizations or other state bar association affiliated intermediaries that fund legal aid organizations in their jurisdictions.

Co-signatories to the settlement, besides the bank and the Department of Justice, were the Attorneys General of the States of California, Delaware, Illinois, Maryland and New York, and the Commonwealth of Kentucky. Eligible legal-assistance organizations in all six “settling states” have received their distributions, as have organizations in a number of other jurisdictions.

The remaining distributions will be made in the coming days upon completion of appropriate documentation by the recipient organizations.

Professor Green, a Boston-based professional mediator and retired Boston University law professor, was hired as independent Monitor to oversee the tax-relief fund and the bank’s compliance with its ongoing consumer-relief obligations under the settlement.

A full list of recipient organizations and more information about the settlement is available at the Monitor’s website: http://bankofamerica.mortgagesettlementmonitor.com. The Monitor’s mailing address is: Monitor of the Bank of America Mortgage Settlement, P.O. Box 10134, Dublin, OH 43017-3134, and the e-mail address is info@mortgagesettlementmonitor.com.

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/florida-bar-foundation-receives-23-million-under-bank-of-america-mortgage-settlement-300257732.html

SOURCE Monitor Eric D. Green

Pennsylvania Legal-Assistance Group Receives $12.1 Million under Bank of America Mortgage Settlement

The distributions – totaling more than $490 million nationwide – were triggered in December by President Obama’s signing into law an act extending federal tax relief through 2016 to homeowners who otherwise would have incurred income-tax liability from mortgage debt forgiveness they received under consumer-relief provisions of the settlement. The money being distributed to the nonprofit organizations is from a fund established under the settlement to provide federal tax assistance to homeowners in case Congress failed to extend the tax-relief legislation.

With the signing of the legislation, the tax-relief fund became surplus. Under the terms of the settlement, Professor Green is required to distribute 75 percent ($367.62 million) of the fund to eligible legal-assistance organizations in each state and the remaining 25 percent ($122.54 million) to NeighborWorks America.

The settlement provides that in each state, the District of Columbia, and each U.S. territory or possession, to the extent practicable, the legal-assistance organizations are to receive a distribution of $200,000 from the fund, with the remainder to be allocated among the states and other eligible jurisdictions based on poverty population data collected by the U.S. Census Bureau, in the manner used for funding distribution by the Legal Services Corporation. As specified in the settlement, these recipients are state-based Interest on Lawyers Trust Account (IOLTA) organizations or other state bar association affiliated intermediaries that fund legal aid organizations in their jurisdictions.

Co-signatories to the settlement, besides the bank and the Department of Justice, were the Attorneys General of the States of California, Delaware, Illinois, Maryland and New York, and the Commonwealth of Kentucky. Eligible legal-assistance organizations in all six “settling states” have received their distributions, as have organizations in a number of other jurisdictions.

The remaining distributions will be made in the coming days upon completion of appropriate documentation by the recipient organizations.

Professor Green, a Boston-based professional mediator and retired Boston University law professor, was hired as independent Monitor to oversee the tax-relief fund and the bank’s compliance with its ongoing consumer-relief obligations under the settlement.

A full list of recipient organizations and more information about the settlement is available at the Monitor’s website: http://bankofamerica.mortgagesettlementmonitor.com. The Monitor’s mailing address is: Monitor of the Bank of America Mortgage Settlement, P.O. Box 10134, Dublin, OH 43017-3134, and the e-mail address is info@mortgagesettlementmonitor.com.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/pennsylvania-legal-assistance-group-receives-121-million-under-bank-of-america-mortgage-settlement-300257737.html

SOURCE Monitor Eric D. Green

Huron Law Group Welcomes Industry Veteran to Staff

SOUTHFIELD, Mich., March 23, 2016 /PRNewswire/ – Huron Law Group is pleased to announce the newest edition to our leadership team, Kevin St. Pierre.  Kevin has come on board as Manager of Client Services and brings over 25 years of experience in the financial services and collection industry.  Huron Law Group knows Kevin will help us continue delivering best-in class customer service, while building strong creditor relationships.

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Prior to joining Huron Law Group, Kevin most recently served as general manager overseeing operations for one of the largest collection agencies in the world, NCO Financial Systems. It is this experience that gives him the unique ability to see how problems look from both sides of the table. Kevin is deeply committed to ensuring a successful outcome for every client and has a reputation for excellence in client satisfaction.  

“My decision to join the firm was based on my trust in the leadership currently in place, coupled with the ability to advance rapidly through the organization.  I am committed to making a positive impact that contributes to the overall success of the company and feel I have found both professional and personal satisfaction working with Huron Law Group.” – Kevin St. Pierre        

About Huron Law Group 

Huron Law Group is a national law firm focused on providing cost-effective legal representation to the customer.  If you have ever considered a debt reduction program such as credit card refinancing, Huron Law Group’s debt mediation program is typically less expensive and offers piece of mind with our network and debt resolution attorneys.  Huron Law Group’s legal representation levels the playing field for its clients when dealing with banks and debt collectors for a fee that consumers can afford and in a way that provides real savings.

Contact

To learn more about Kevin St. Pierre or Huron Law Group, please contact

Shawn Burdick, Media Relations
26711 Northwestern Hwy. Suite 300
Southfield, MI 48033
Office: 248-809-4982
sburdick@huronlawgroup.com

This content was issued through the press release distribution service at Newswire.com. For more info visit: http://www.newswire.com

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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/huron-law-group-welcomes-industry-veteran-to-staff-300240484.html

SOURCE Huron Law Group

Where Are The Nation’s Young Homebuyers? Boston, Pittsburgh and DC

CHARLOTTE, N.C., March 17, 2016 /PRNewswire/ – Millennials in Boston, Pittsburgh and Washington D.C. pursue home ownership more than their counterparts in any of the nation’s top 50 cities, according to a new study by LendingTree®, the nation’s leading online loan marketplace. They’re at the forefront of a growing nationwide trend of young buyers returning to the housing market.

LendingTree analyzed mortgage requests for consumers 34 years and under in the past 12 months, along with requests from the total population of mortgage-seekers based on the location of the property to be mortgaged. The city ranking is created from the percentage of all purchase mortgage requests that were submitted by consumers in the millennial generation.

Boston, MA tops the list with 52.5% of all purchase mortgage requests coming from millennials, followed by Pittsburgh, PA (48.96%) and Washington, D.C. (48.17%). Average mortgage loans to young borrowers in those cities are $343,783.11, $161,083.33 and $352,719.90 respectively.

On average, 41.36% of all mortgage requests through LendingTree come from applicants under 35 years old. The average age for a home buyer in that age group is twenty-nine. Their mortgage loans average $220,949.02, and their down payments $32,759.66.

“The under-35 crowd had been, for some years, hesitant to enter the housing market, but we’re seeing that start to shift,” said Doug Lebda, CEO of LendingTree. ”The data all points to the fact that millennials are increasingly eager to own rather than rent, and even the incredibly high real estate prices in some markets don’t necessarily deter them.”

While San Francisco millennials signed on for the highest average mortgage loans in the country ($505,160.60), requiring the biggest average down payments ($162,474.11), the city also sees a relatively large percent of home loan requests coming from millennials (42.32%), underscoring the fact that San Francisco is home to top-earning young professionals well-positioned to afford expensive housing costs.

Mortgage loans made to millennials in Buffalo, New York, meanwhile, are the nation’s lowest at just $131,232.06 (down payments average $21,915.93 for this age group). The city also boasts the overall lowest monthly mortgage payment for young homeowners, at just $747.86, helping explain why the city has seen an upswing in young people moving there.

“Overall, we’ve seen a 28.5% increase in loan requests from millennials this past year over the prior one, evidence that the appeal of home ownership is strong – and growing- for young buyers,” said Lebda.

Rank

City

 % of
Purchase
Requests
from  <35
Yrs

Avg Credit
Score (<35
Yrs)

Avg Age
of buyer
(35 Yrs)

Avg Down
Pmt (<35
Yrs)

Avg Loan Amt
(<35 Yrs)

Avg
Monthly
Pmt (<35
Yrs)

1

Boston MA

52.46%

727

28

$56,947.94

$343,783.11

$1,911.77

2

Pittsburgh PA

48.96%

718

29

$21,787.38

$161,083.33

$929.75

3

Washington DC

48.17%

739

30

$69,348.98

$352,719.90

$2,014.06

4

Des Moines IA

48.15%

708

29

$17,669.19

$136,276.74

$785.78

5

Minneapolis MN

47.34%

715

29

$28,652.93

$198,834.31

$1,140.44

6

Columbus OH

45.57%

717

29

$26,236.45

$170,434.04

$973.06

7

Chicago IL

45.48%

731

30

$44,597.48

$259,863.04

$1,476.97

8

Milwaukee WI

45.12%

714

29

$22,501.73

$166,315.19

$956.53

9

Omaha NE

44.64%

710

28

$21,381.27

$184,036.70

$1,026.89

10

Rochester NY

44.51%

718

30

$24,590.07

$137,213.09

$789.23

METHODOLOGY: LendingTree analyzed mortgage requests for consumers 34 years and under in the past 12 months, along with requests from the total population of mortgage-seekers based on the location of the property to be mortgaged. The city ranking is created from the percentage of all purchase mortgage requests that were submitted by consumers ages 18 to 34.

About LendingTree

LendingTree (NASDAQ: TREE) is the nation’s leading online loan marketplace, empowering consumers as they comparison-shop across a full suite of loan and credit-based offerings.  LendingTree provides an online marketplace which connects consumers with multiple lenders that compete for their business, as well as an array of online tools and information to help consumers find the best loan. Since inception, LendingTree has facilitated more than 55 million loan requests. LendingTree provides free monthly credit scores through My LendingTree and access to its network of over 350 lenders offering home loans, personal loans, credit cards, student loans, business loans, home equity loans/lines of credit, auto loans and more. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.

MEDIA CONTACT:
Megan Greuling
704-943-8208
Megan.Greuling@LendingTree.com

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SOURCE LendingTree

RELATED LINKS
http://www.lendingtree.com

Walter Investment Management Corp. Announces Full Year And Fourth Quarter 2015 Highlights And Financial Results

TAMPA, Fla., Feb. 29, 2016 /PRNewswire/ – Walter Investment Management Corp. (NYSE: WAC) (“Walter Investment” or the “Company”) today announced operational highlights and financial results for the full year and quarter ended December 31, 2015.

2015 Operational Highlights and Recent Developments

  • Net loss of $7.00 per share; Adjusted Earnings of $1.98 per share after tax
  • Non-cash goodwill and fair value charges drove $6.36 of the per share net loss
  • 4% growth in the serviced portfolio to $266.6 billion of UPB as compared to 2014; ranked nationally as the 8th largest servicer(1)
  • Servicing segment delivered full-year AEBITDA margin of 16 bps
  • 36% growth in Originations funded volumes to $25.1 billion as compared to 2014; ranked nationally as the 14th largest originator(1)
  • Assisted approximately 53,200 homeowners in obtaining modifications and originated approximately 38,300 HARP loans
  • Recently executed agreements to add approximately $13.4 billion in UPB to our servicing portfolio with minimal capital outlays

2015 Financial Results

GAAP net loss for the year ended December 31, 2015 was ($263.2) million, or ($7.00) per share, as compared to a GAAP net loss of ($110.3) million, or ($2.93) per share for 2014. Included in the 2015 net loss are pre-tax, non-cash charges of  $207.6 million for goodwill impairment, or $4.00 per share after tax(2) and $143.3 million resulting from changes in valuation inputs and other assumptions used in the fair value of assets and liabilities carried at fair value, or $2.36 per share after tax(2). Adjusted Earnings for the year was $74.3 million after tax(2), or $1.98 per share(2), and Adjusted EBITDA (“AEBITDA”) for the full year 2015 was $549.7 million.

The goodwill impairment includes a charge of $151.0 million incurred in the fourth quarter related to the Servicing segment and a charge of $56.6 million incurred in the second quarter related to the Reverse Mortgage segment. The goodwill impairment charge related to the Servicing segment was primarily the result of higher discount rates applied to forecasted cash flows driven by the decline in the Company’s stock price which has been impacted by continued challenges in the Company’s industry, market developments, as well as the impact these factors have had on certain Company specific matters.


(1) Source: Inside Mortgage Finance


(2) This calculation assumes an Effective tax rate of 38% and 39% for 2015 and 2014, respectively.  Note, the goodwill impairment charge in the Servicing segment is tax deductible for GAAP while the goodwill impairment charge recorded by the Reverse segment is not.

The Company reported a GAAP net loss for the fourth quarter of 2015 of ($117.1) million, or ($3.16) per diluted share, as compared to a GAAP net loss of ($44.0) million, or ($1.17) per diluted share, for the fourth quarter of 2014.  The current quarter includes a pre-tax, non-cash charge of $151.0 million, or $2.53 per share after tax(1), for goodwill impairment in the Servicing segment. Adjusted Loss for the fourth quarter of 2015 was ($5.0) million after tax(1), or ($0.14) per share(1), relatively flat as compared to the prior year quarter. Adjusted EBITDA for the quarter was $101.2 million, an increase of approximately 19% when compared to the prior year quarter primarily driven by lower levels of operating expenses. These lower levels of expenses were driven in part, by actions taken throughout 2015 to improve operating efficiency.


(1) This calculation assumes an effective tax rate of 38% and 39% for 2015 and 2014, respectively.  Note, the goodwill impairment charge in the Servicing segment is tax deductible for GAAP while the goodwill impairment charge recorded by the Reverse segment is not.

“We are embarking on a transformation of our businesses to create a best-in-class experience for homeowners. The ambition of this transformation is to make us the partner of choice for homeowners, regulators and other stakeholders. As we undertake this mission, the Company is pleased to have added significant shareholder representation to the Board,” said Denmar J. Dixon, Walter Investment’s Vice Chairman, Chief Executive Officer and President.

Earlier this year, Walter launched a company-wide project to transform processes and identify and deploy technology solutions to drive substantial improvement in costs, revenues and compliance.  Mr. Dixon continued, “Our goal is to improve the overall customer experience dramatically, help us drive down our cash costs of operations and at the same time drive long-term growth in per-share intrinsic value.”

The Company is intently focused on lowering cash costs, and has initiated a comprehensive review of its cost structure and operations. During this process, we are evaluating investments and other uses of cash against return hurdles and opportunity costs, and are planning to repurchase or pay down debt during the year ahead. Improving Walter’s financial strength is a key objective over the near term. Walter’s cash flows, focus on expanding our sub-servicing business and disciplined requirements for new cash investments should lead to a stronger balance sheet. Under the Company’s 2016 debt reduction plan, Walter is targeting a leverage ratio of 3.4X to 3.6X by the end of the year.

The Company is actively pursuing potential business opportunities with the goal of significantly increasing its mix of sub-servicing business. In 2015, the Company grew its Servicing segment’s portfolio by 4% through its originations efforts and opportunistic portfolio purchases without raising capital. The Originations segment capitalized on an attractive rate environment and delivered strong results from both the retention and correspondent channels.

Mr. Dixon noted that the Reverse Mortgage segment encountered significant operational challenges during the year, resulting in a disappointing financial result, “We are taking steps which we believe will drive meaningful improvement in the business in 2016.”

Full Year and Fourth Quarter 2015 Financial and Operating Overview

Total revenue for the year ended December 31, 2015 was $1.3 billion, a decline of $212.9 million or 14% as compared to the year ended December 31, 2014, primarily related to a $107.2 million decline in net servicing revenues and fees driven by a $128.5 million decrease in the fair value of mortgage servicing rights. Additionally, the current year had $60.2 million lower interest income on loans primarily due to the sale of the residual interests in seven of the Residual Trusts and $23.8 million lower insurance revenue driven by the loss of commissions earned on GSE lender-placed policies. Total expense of $1.7 billion for the year ended December 31, 2015 increased $86.7 million or 5% as compared to the year ended December 31, 2014, primarily due to a $125.3 million higher goodwill impairment charge in the current year, partially offset by $29.5 million lower interest expense primarily due to the sale of the residual interests in seven of the Residual Trusts and $5.5 million lower other expenses.

Total revenue for the fourth quarter of 2015 was $331.6 million, a slight increase as compared to the prior year quarter, driven by $56.9 million higher net servicing revenue and fees primarily related to favorable fair value gains on mortgage servicing rights, partially offset by $32.5 million lower fair value gains on reverse loans and liabilities and $20.6 million lower interest income on loans primarily due to the sale of the residual interests in the seven Residual Trusts in April 2015. Total expenses for the fourth quarter of 2015 were $548.3 million, 28% higher as compared to the fourth quarter of 2014. Results reflect a goodwill impairment charge of $151.0 million related to the Servicing business and $11.6 million higher curtailment expense in the Reverse Mortgage business, partially offset by $31.6 million lower accruals for loss contingencies and legal expenses due to legal and regulatory matters outside of the normal course of business, $15.3 million lower Servicing advance loss provisions and $13.5 million lower interest expense primarily due to the sale of the residual interests in seven of the Residual Trusts.

Fourth Quarter 2015 Segment Results

Results for the Company’s segments are presented below.

Servicing

During the fourth quarter of 2015 the Servicing segment added approximately $10.0 of UPB to the serviced book of business through a combination of MSR acquisitions, sub-servicing arrangements, originated MSR and co-issue relationships, ending the quarter with approximately 2.1 million total accounts serviced with a UPB of approximately $246.6 billion. Ditech ended the year ranked as the 8th largest servicer in the nation by UPB. During the quarter, the Company experienced a net disappearance rate of 13.3% which was aided by the retention performance of the Originations segment.

The Servicing segment generated total revenue of $220.4 million in the fourth quarter of 2015, a 20% increase as compared to fourth quarter 2014 revenue of $183.3 million. The increase was primarily comprised of $42.5 million favorable fair value changes on our mortgage servicing rights and $12.5 million higher servicing fees, partially offset by $20.6 million lower interest income on loans resulting primarily from the sale of the residual interests in seven of the Residual Trusts. Servicing revenues for the quarter ended December 31, 2015 included $179.3 million of servicing fees, $23.9 million of incentive and performance-based fees and $28.4 million of ancillary and other fees.The segment recorded a favorable change in fair value resulting from changes in valuation inputs and other assumptions used in the fair value of assets and liabilities carried at fair value of $20.1 million for the quarter.

Expense for the Servicing segment was $369.6 million, an increase of 46% or $116.5 million as compared to the prior year quarter. The change was driven by a $151.0 million goodwill impairment charge partially offset by a $22.2 million decrease in operational expenses including $12.5 million lower accruals for loss contingencies and legal expenses and $15.3 million lower advance loss provisions, as well as $12.2 million lower interest expense primarily as a result of the sale of the residual interests in seven of the Residual Trusts. Expenses also included $11.1 million of depreciation and amortization costs. 

The segment generated AEBITDA of $90.4 million, an increase of 22% as compared to the fourth quarter of 2014, primarily due to lower expenses driven by cost-cutting initiatives implemented throughout 2015. The segment generated Adjusted Earnings of $18.7 million for the fourth quarter of 2015, a decline of 22% as compared to the prior year quarter primarily driven by lower revenues, which include a $23.9 million unfavorable change in the fair value of servicing rights attributable to higher realization of cash flows reflecting the impact of accelerated prepayments, partially offset by lower expenses. 

The Company recently made progress on its goals, executing agreements to add approximately $13.4 billion in UPB to the Servicing segment’s portfolio with minimal capital outlays.

Originations

Total pull-through adjusted locked volume for the fourth quarter increased to $5.5 billion, as compared to $5.1 billion for the fourth quarter of 2014, driven by volume growth in the correspondent lending channel. Funded loans in the current quarter totaled $5.6 billion, an increase of 10.8% from the prior year quarter, with approximately 31% of that volume in the consumer lending channel and approximately 69% generated by the correspondent lending channel. Ditech ended the year ranked as the 14th largest originator in the nation by UPB. The combined direct margin for the current quarter was 63 bps, an overall increase of 13 bps from the prior year quarter, consisting of a weighted average of 97 bps direct margin in the consumer lending channel and 33 bps direct margin in the correspondent lending channel.  The Originations business delivered a recapture rate of 25% for the year.

The Originations segment generated revenue of $102.8 million in the fourth quarter of 2015, a 15% increase as compared to the prior year quarter primarily due to a $9.4 million increase in other revenues driven by higher origination fees and a $3.9 million increase in net gains on sales of loans.  Expenses for the Originations segment of $90.6 million, which include $8.5 million of interest expense and $2.7 million of depreciation and amortization, were relatively flat as compared to the prior year quarter.

The segment generated Adjusted Earnings of $17.0 million and AEBITDA of $20.5 million for the fourth quarter of 2015, an increase of $9.9 million and $10.9 million, respectively as compared to the prior year quarter, driven by the higher origination fee income in the current quarter.

Reverse Mortgage

The Reverse Mortgage business grew its serviced portfolio 11% year over year to $20.1 billion of UPB at December 31, 2015. During the year, the business securitized $1.5 billion of HECM loans ranking it as the third largest issuer of HMBS in the nation by UPB. Additionally, during the first quarter the business entered into a new $100 million GNMA buy-out facility enhancing its liquidity position.

The Reverse Mortgage segment generated revenue of $18.1 million for the quarter, a 66% decline as compared to the prior year quarter reflecting lower net fair value gains on reverse loans and related HMBS obligations of $32.5 million, driven primarily by unfavorable changes in non-cash fair value adjustments due to a higher interest rates at December 31, 2015 as compared to the prior year period. Current quarter revenues included a gain of $8.0 million due to the net impact of HECM loan and related HMBS obligation fair value adjustments, $8.1 million in net servicing revenue and fees and $2.0 million of other revenues. Total expenses for the fourth quarter of $48.6 million were 13% lower as compared to the prior year period, primarily driven by $18.2 million lower expenses related to legal and regulatory matters partially offset by $11.6 million higher curtailment expenses, primarily related to regulatory developments in 2015 which led to additional charges around curtailable events.

The segment reported an Adjusted Loss of ($10.2) million and AEBITDA of ($9.0) million for the fourth quarter of 2015 as compared to Adjusted Earnings of $0.4 million and AEBITDA of $1.5 million in the fourth quarter of 2014 due primarily to lower levels of earnings from the origination, purchase and securitization of HECM loans, a reduction in net servicing revenue and fees and higher expenses primarily driven by normal course of business curtailment charges.

Securitized and funded originations volumes decreased as compared to the prior year quarter as volumes were negatively impacted by the financial assessment rules, operational disruption in the Company’s retail channel and a decision to reduce participation in the correspondent market based on current pricing levels.

Other Non-Reportable Segment

The Other Non-Reportable segment generated revenue of $0.5 million for the fourth quarter of 2015 as compared to revenue of $1.1 million in the prior year quarter. Total expenses in the current quarter were $49.7 million compared to $42.8 million the prior year quarter, and included $35.6 million related to corporate debt.

The Other non-reportable segment generated Adjusted Loss of ($33.6) million and AEBITDA of ($0.7) million for the fourth quarter of 2015 as compared to Adjusted Loss of ($34.9) million and AEBITDA of ($0.4) million in the fourth quarter of 2014.

About Walter Investment Management Corp.

Walter Investment Management Corp. is a diversified mortgage banking firm focused primarily on the servicing and origination of residential loans, including reverse loans. Based in Tampa, Fla., the Company has approximately 5,900 employees and services a diverse loan portfolio.  For more information about Walter Investment Management Corp., please visit the Company’s website at www.walterinvestment.com. The information on our website is not a part of this release.

Conference Call Webcast

Members of the Company’s leadership team will discuss Walter Investment’s full year and fourth quarter results and other general business matters during a conference call and live webcast to be held on Monday, February 29, 2016, at 10 a.m. Eastern Time. To listen to the event live or in an archive, and to access presentation slides (which include supplemental information) which will be available for at least 30 days, visit the Company’s website at www.walterinvestment.com.

This press release and the accompanying reconciliations include non-GAAP financial measures.  For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP, please see the reconciliations as well as “Non-GAAP Financial Measures” at the end of this press release.

Disclaimer and Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not historical fact are forward-looking statements. Certain of these forward-looking statements can be identified by the use of words such as “believes,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “estimates,” “assumes,” “may,” “should,” “will,” “targets,” or other similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors, and our actual results, performance or achievements could differ materially from future results, performance or achievements expressed in these forward-looking statements. These forward-looking statements are based on our current beliefs, intentions and expectations. These statements are not guarantees or indicative of future performance. Important assumptions and other important factors that could cause actual results to differ materially from those forward-looking statements include, but are not limited to, those factors, risks and uncertainties described below and in more detail under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2015 and in our other filings with the SEC.

In particular (but not by way of limitation), the following important factors, risks and uncertainties could affect our future results, performance and achievements and could cause actual results, performance and achievements to differ materially from those expressed in the forward-looking statements:

  • our ability to operate our business in compliance with existing and future rules and regulations affecting our business, including those relating to the origination and servicing of residential loans, the management of third-party assets and the insurance industry (including lender-placed insurance), and changes to, and/or more stringent enforcement of, such rules and regulations;
  • increased scrutiny and potential enforcement actions by federal and state authorities;
  • the substantial resources (including senior management time and attention) we devote to, and the significant compliance costs we incur in connection with, regulatory compliance and regulatory examinations and inquiries, and any consumer redress, fines, penalties or similar payments we make in connection with resolving such matters;
  • uncertainties relating to interest curtailment obligations and any related financial and litigation exposure (including exposure relating to false claims);
  • potential costs and uncertainties, including the effect on future revenues, associated with and arising from litigation, regulatory investigations and other legal proceedings;
  • our dependence on U.S. government-sponsored entities (especially Fannie Mae) and agencies and their residential loan programs and our ability to maintain relationships with, and remain qualified to participate in programs sponsored by, such entities, our ability to satisfy various existing or future GSE, agency and other capital, net worth, liquidity and other financial requirements applicable to our business, and our ability to remain qualified as a GSE approved seller, servicer or component servicer, including the ability to continue to comply with the GSEs’ respective residential loan and selling and servicing guides;
  • uncertainties relating to the status and future role of GSEs, and the effects of any changes to the origination and/or servicing requirements of the GSEs or various regulatory authorities or the servicing compensation structure for mortgage servicers pursuant to programs of GSEs or various regulatory authorities;
  • our ability to maintain our loan servicing, loan origination, insurance agency or collection agency licenses, or any other licenses necessary to operate our businesses, or changes to, or our ability to comply with, our licensing requirements;
  • our ability to comply with the servicing standards required by the National Mortgage Settlement;
  • our ability to comply with the terms of the stipulated order resolving allegations arising from an FTC and CFPB investigation of Ditech Financial;
  • operational risks inherent in the mortgage servicing and mortgage originations businesses, including reputational risk;
  • risks related to our substantial levels of indebtedness, including our ability to comply with covenants contained in our debt agreements, generate sufficient cash to service such indebtedness and refinance such indebtedness on favorable terms, as well as our ability to incur substantially more debt;
  • our ability to renew advance financing facilities or warehouse facilities and maintain borrowing capacity under such facilities;
  • our ability to maintain or grow our servicing business and our residential loan originations business;
  • our ability to achieve our strategic initiatives, particularly our ability to: execute and complete balance sheet management activities; complete the sale of our insurance business; make arrangements with potential capital partners; complete sales of assets to, and enter into other arrangements with, WCO; increase the mix of our fee-for-service business; reduce our debt; and develop new business, including acquisitions of MSRs or entering into new subservicing arrangements;
  • changes in prepayment rates and delinquency rates on the loans we service or sub-service;
  • the ability of our clients and credit owners to transfer or otherwise terminate our servicing or sub-servicing rights;
  • a downgrade of, or other adverse change relating to, our servicer ratings or credit ratings;
  • our ability to collect reimbursements for servicing advances and earn and timely receive incentive payments and ancillary fees on our servicing portfolio;
  • our ability to collect indemnification payments and enforce repurchase obligations relating to mortgage loans we purchase from our correspondent clients and our ability to collect in a timely manner indemnification payments relating to servicing rights we purchase from prior servicers;
  • local, regional, national and global economic trends and developments in general, and local, regional and national real estate and residential mortgage market trends in particular, including the volume and pricing of home sales and uncertainty regarding the levels of mortgage originations and prepayments;
  • uncertainty as to the volume of originations activity we will benefit from prior to, and following, the expiration of HARP, which is scheduled to occur on December 31, 2016, including uncertainty as to the number of “in-the-money” accounts we may be able to refinance;
  • risks associated with the origination, securitization and servicing of reverse mortgages, including changes to reverse mortgage programs operated by FHA, HUD or Ginnie Mae, our ability to accurately estimate interest curtailment liabilities, continued demand for HECM loans and other reverse mortgages, our ability to fund HECM repurchase obligations, our ability to fund principal additions on our HECM loans, and our ability to securitize our HECM loans and tails;
  • our ability to realize all anticipated benefits of past, pending or potential future acquisitions or joint venture investments;
  • the effects of competition on our existing and potential future business, including the impact of competitors with greater financial resources and broader scopes of operation;
  • changes in interest rates and the effectiveness of any hedge we may employ against such changes;
  • risks and potential costs associated with technology and cybersecurity, including: the risks of technology failures and of cyber-attacks against us or our vendors; our ability to adequately respond to actual or alleged cyber-attacks; and our ability to implement adequate internal security measures and protect confidential borrower information;
  • risks and potential costs associated with the implementation of new technology such as MSP,  the use of new vendors or the transfer of our servers or other infrastructure to new data center facilities;
  • our ability to comply with evolving and complex accounting rules, many of which involve significant judgment and assumptions;
  • uncertainties regarding impairment charges relating to our goodwill or other intangible assets;
  • our ability to maintain effective internal controls over financial reporting and disclosure controls and procedures;
  • our ability to manage conflicts of interest relating to our investment in WCO and maintain our relationship with WCO; and
  • risks related to our relationship with Walter Energy and uncertainties arising from or relating to its bankruptcy filings, including potential liability for any taxes, interest and/or penalties owed by the Walter Energy consolidated group for the full or partial tax years during which certain of the Company’s former subsidiaries were a part of such consolidated group and certain other tax risks allocated to us in connection with our spin-off from Walter Energy.

All of the above factors, risks and uncertainties are difficult to predict, contain uncertainties that may materially affect actual results and may be beyond our control. New factors, risks and uncertainties emerge from time to time, and it is not possible for our management to predict all such factors, risks and uncertainties.

Although we believe that the assumptions underlying the forward-looking statements (including those relating to our outlook) contained herein are reasonable, any of the assumptions could be inaccurate, and therefore any of these statements included herein may prove to be inaccurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved. We make no commitment to revise or update any forward-looking statements in order to reflect events or circumstances after the date any such statement is made, except as otherwise required under the federal securities laws. If we were in any particular instance to update or correct a forward-looking statement, investors and others should not conclude that we would make additional updates or corrections thereafter except as otherwise required under the federal securities laws.

Amounts or metrics that relate to future earnings projections are forward-looking and subject to significant business, economic, regulatory and competitive uncertainties, many of which are beyond the control of us and our management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual results will vary and those variations may be material. Nothing in this release should be regarded as a representation by any person that any target will be achieved and we undertake no duty to update any target. Please refer to the disclosures in this press release, in our Annual Report on Form 10-K for the year ended December 31, 2015 and our other filings with the SEC for important information regarding forward-looking statements and the use and limitations of non-GAAP financial measures. Because we do not predict special items that might occur in the future, and our outlook is developed at a level of detail different than that used to prepare GAAP financial measures, we are not providing a reconciliation to GAAP of any forward-looking financial measures presented herein.

In addition, this press release may contain statements of opinion or belief concerning market conditions and similar matters. In certain instances, those opinions and beliefs could be based upon general observations by members of our management, anecdotal evidence and/or our experience in the conduct of our business, without specific investigation or statistical analyses. Therefore, while such statements reflect our view of the industries and markets in which we are involved, they should not be viewed as reflecting verifiable views and such views may not be shared by all who are involved in those industries or markets.

Walter Investment Management Corp. and Subsidiaries
Consolidated Statements of Comprehensive Income (Loss)
(in thousands, except per share data)




For the Years Ended December 31,



2015


2014


2013

REVENUES







Net servicing revenue and fees


$

494,267



$

601,510



$

783,389


Net gains on sales of loans


453,840



462,172



598,974


Interest income on loans


74,365



134,555



144,651


Net fair value gains on reverse loans and related HMBS obligations


98,265



109,972



120,382


Insurance revenue


47,201



71,010



84,478


Other revenues


106,321



107,934



70,625


Total revenues


1,274,259



1,487,153



1,802,499









EXPENSES







Salaries and benefits


576,817



578,627



549,799


General and administrative


574,091



577,506



480,377


Interest expense


273,606



303,103



272,655


Depreciation and amortization


69,128



72,721



71,027


Goodwill impairment


207,557



82,269




Other expenses, net


10,557



10,803



9,395


Total expenses


1,711,756



1,625,029



1,383,253









OTHER GAINS (LOSSES)







Gains (losses) on extinguishments


4,660





(12,489)


Other net fair value gains


7,398



19,280



6,061


Other


21,013



(744)




Total other gains (losses)


33,071



18,536



(6,428)









Income (loss) before income taxes


(404,426)



(119,340)



412,818


Income tax expense (benefit)


(141,236)



(9,012)



159,351


Net income (loss)


$

(263,190)



$

(110,328)



$

253,467









OTHER COMPREHENSIVE INCOME (LOSS) BEFORE TAXES







Change in postretirement benefits liability


193



138



58


Amortization of realized losses on closed hedges




(145)



(127)


Unrealized gain on available-for-sale security in other assets


503



77



75


Other comprehensive income before taxes


696



70



6


Income tax expense for other comprehensive income items


278



173



1


Other comprehensive income (loss)


418



(103)



5


Total comprehensive income (loss)


$

(262,772)



$

(110,431)



$

253,472









Net income (loss)


$

(263,190)



$

(110,328)



$

253,467


Basic earnings (loss) per common and common equivalent share


$

(7.00)



$

(2.93)



$

6.75


Diluted earnings (loss) per common and common equivalent share


(7.00)



(2.93)



6.63


Weighted-average common and common equivalent shares outstanding — 
     basic


37,578



37,631



37,003


Weighted-average common and common equivalent shares outstanding — 
     diluted


37,578



37,631



37,701


 

 

Walter Investment Management Corp. and Subsidiaries
Consolidated Balance Sheets
(in thousands, except share and per share data)




December 31,


Author and Financial Activist Launches Website for Grass Roots Finance Reform

SPRINGFIELD, Ill., Feb. 18, 2016 /PRNewswire/ – Author and financial historian Michael Piontkowski, also known as Piont, has launched a new website portal to serve as the anchor for a grass roots movement to encourage elected officials to enact better finance options for U.S. citizens. 

The site sells no services, and asks for no funds, but instead provides background information in a rolling prose style that is both fun and educational.

The website was inspired by what Piont cites as a constitutional right to interest-free money, first established and used by President Abraham Lincoln, utilizing the United States Constitution, Article One Section Eight Clause Two: “The Congress shall have power … To borrow money on the credit of the United States.” 

With his grass roots effort website called “Interest Free Banking” he hopes to get the word out on how every U.S. citizen can convert all their debt-interest money loans into zero percent, interest-free loans, if such a new finance reform bill was passed.    

“What people don’t know is that President Abraham Lincoln proved that U.S. citizens have a constitutional right to interest-free money,” Piont says. ”If finance reform is enacted, people could save hundreds of thousands of dollars by not having to pay interest on home mortgages, auto and other vehicle loans, personal and business loans, student loans and more.”

“The interest-free money history with President Lincoln is important because it sets legal precedent (stare decisis) for the nationwide return of constitutional interest-free money for us U.S. citizens.” 

Piont proposes that citizens can take action to take back ownership of their Government’s money printing presses by getting “The Abraham Lincoln Banking Act” passed in the U.S. Congress.

“The plan is simple,” explains Piont. ”People spread the name and news of this grass roots effort over their social networks and by word-of-mouth. And they contact their U.S. Congressman/Congresswoman and two U.S. Senators requesting passage of ‘The Abraham Lincoln Banking Act.’” 

Piont makes it quick and easy for people to contact their elected representatives via his website. 

For more information about President Lincoln’s constitutional interest-free money visit: http://www.interestfreebanking.com/

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This release was issued through Send2Press®, a unit of Neotrope®. For more information, visit Send2Press Newswire at https://www.Send2Press.com   

 

SOURCE Michael Piontkowski

RELATED LINKS
http://www.interestfreebanking.com

$8,300,000 Hotel Construction Loan Closed by Hyde Park Commercial Group

CINCINNATI, Feb. 16, 2016 /PRNewswire/ — Hyde Park Commercial Group, a commercial real estate advisory firm is pleased to announce the closing of a $8,300,000 construction loan for a Hampton Inn.  The proposed subject property will feature four stories, 85 rooms, breakfast dining area, indoor pool, indoor whirlpool, an outdoor sundeck, fitness room, lobby workstation, sundries counter, guest laundry room and vending areas.

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Hyde Park CG advised and arranged a bank loan facility with the local economic development fund’s participation. The loan featured a construction to perm amortizing debt facility that provided construction capital, converting to a permanent loan upon completion and stabilization. The debt was structured in two tranches, $6,800,000 conventional and $1,500,000 provided by the local economic development fund. The conventional debt pricing was WSJ Prime +50 basis points during construction, converting to a 25 year amortizing permanent loan at 175 basis points above the Boston Federal Home Loan Classic Rate Option. The local economic development fund provided the second tranche that featured debt pricing at Economic Development Fund Prime rate minus -0.75% or 2.75% floating, with a 138-month term and 20-year amortization. Hyde Park was able to arrange the full request through an east coast bank and local economic development fund.

Hyde Park Commercial Group arranges capital through a broad range of sources from hedge funds, life companies, CMBS, private investors, SBA, to regional and national banks. Hyde Park focuses on debt placement for improved commercial real estate properties, with a specialization in hospitality properties, and business finance transactions nationwide.

For more information, call Daniel Redlinger or Jerry Dehner, Managing Partners at 513-792-2940 or visit: http://www.hydeparkcg.com.

This content was issued through the press release distribution service at Newswire.com. For more info visit: http://www.newswire.com

 

SOURCE Hyde Park Commercial Group

Related Links

http://www.hydeparkcg.com

Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against Navient Corporation

NEW YORK, Feb. 12, 2016 /PRNewswire/ – Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) (http://www.rgrdlaw.com/cases/navient/) today announced that a class action has been commenced in the United States District Court for the District of Delaware on behalf of purchasers of Navient Corporation (“Navient” or the “Company”) (NASDAQ: NAVI) publicly traded securities during the period between April 17, 2014 and December 28, 2015 (the “Class Period”).

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from February 11, 2016.  If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Samuel H. Rudman or David A. Rosenfeld of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at djr@rgrdlaw.com.  If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/navient/.  Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The complaint charges Navient and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Navient is the nation’s largest loan servicer, servicing more than $300 billion in student loans. Navient holds the largest portfolio of education loans insured or guaranteed under the Federal Family Education Loan Program, as well as the largest portfolio of Private Education Loans.

The complaint alleges that during the Class Period, defendants materially misstated the Company’s business metrics and financial prospects by failing to disclose that: (a) an increased number of higher risk Private Education Loan borrowers were not timely repaying their loans; (b) Navient’s loan loss reserves were materially understated; (c) the Company was engaged in unsound business practices; (d) the Company’s operating structure was bloated; (e) a significant portion of the Company’s low-rate credit facilities were at risk of being reduced or eliminated, which would cause the Company to face higher borrowing costs; and (f) based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company’s prospects and growth, including its ability to report core earnings of $2.10 per share and $2.20 per share in 2014 and 2015, respectively.  As the truth about the Company’s business and prospects was revealed through a series of partial disclosures, the price of Navient’s publicly traded securities declined precipitously, erasing hundreds of millions of dollars in market capitalization. 

Plaintiff seeks to recover damages on behalf of all purchasers of Navient publicly traded securities during the Class Period (the “Class”).  The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud.

Robbins Geller, with 200 lawyers in ten offices, represents U.S. and international institutional investors in contingency-based securities and corporate litigation.  The firm has obtained many of the largest securities class action recoveries in history and was ranked first in both the amount and number of shareholder class action recoveries in ISS’s SCAS Top 50 report for 2014.  Please visit http://www.rgrdlaw.com/cases/navient/ for more information.

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SOURCE Robbins Geller Rudman & Dowd LLP

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http://www.rgrdlaw.com/?utm_source=PRNewswire&utm_medium=Press%20Release&utm_campaign=Site%20Preview

United Way and the Campaign for Working Families Kick Off Tax Season

PHILADELPHIA, Feb. 1, 2016 /PRNewswire-USNewswire/ – United Way of Greater Philadelphia and Southern New Jersey (UWGPSNJ) and the Campaign for Working Families (CWF) kicked off the 2016 tax season and the Volunteer Income Tax Assistance Program (VITA) by opening nearly 40 free tax preparation sites across the region.

“At United Way, we’re focused on ensuring our local families have access to the resources, assets and education they need to thrive,” said Jim Cawley, president and CEO of UWGPSNJ. “Through programs like VITA, we help put additional dollars back into the pockets of our families living paycheck-to-paycheck, so they are able to pay down debt, save for a home or continue their education. Thanks to our Impact Partners like the Campaign for Working Families, we’re changing lives and strengthening communities – one child, one adult and one family at a time.”

To celebrate the 42nd anniversary of the enactment of the Earned Income Tax Credit (EITC) and recent legislation that made the federal EITC permanent, eligible community members are invited to file their taxes for free at nearly 40 tax sites in Philadelphia, Montgomery and Delaware Counties and southern New Jersey.

According to the IRS, taxpayers are often unaware of the important credits they may be eligible for and leave valuable dollars on the table. The IRS estimates that one in five taxpayers does not claim one of the biggest boosters to family incomes – the EITC, a refundable credit that can return up to $6,269 per qualifying family – simply because they are unaware that they are eligible or do not file their taxes. VITA not only provides assistance for taxes, but also helps residents make connections to other financial resources such as budgeting, credit counseling and financial literacy programs.

“Our goal is to ensure every eligible taxpayer has access to free and accurate tax preparation services, where the tax filer can be assured they receive all eligible credits they are entitled to in an effort to maximize their refund,” says Mary Arthur, executive director of CWF. “We are honored to have the opportunity to continue this work thanks to the significant support and contributions from United Way’s Impact Fund.”

Families earning $54,000 or less, or individuals earning $20,000 or less, will be eligible to receive free tax assistance. Last year, VITA volunteers filed nearly 29,000 tax returns across the region, which returned more $41 million to local communities. For eligibility requirements and a list of VITA tax sites, please visit UnitedForImpact.org/VITA or CWFPhilly.org.

 

SOURCE United Way of Greater Philadelphia and Southern New Jersey

RELATED LINKS
http://www.UnitedForImpact.org