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PHH Corporation Announces First Quarter 2009 Results

MT. LAUREL, N.J.--PHH Corporation today announced results for the three months ended March 31, 2009.

Consolidated Results

First Quarter – 2009

  • Net revenues for the first quarter of 2009 were $587 million, which included negative mortgage servicing rights (“MSRs”) fair value adjustments of $71 million, compared to Net revenues of $642 million for the first quarter of 2008, which included negative MSRs fair value adjustments of $50 million, net of derivative gain related to MSRs. During the first quarter of 2008, Net revenues also included a $30 million benefit of adopting fair value accounting pronouncements and the receipt of a reverse termination fee from Blackstone Capital Partners V L.P. (“Blackstone”) of $50 million.
  • Income before taxes was $5 million for the first quarter of 2009, compared to $44 million for the first quarter of 2008. Income before taxes for the first quarter of 2008 included a $30 million benefit of adopting fair value accounting pronouncements and the receipt of a reverse termination fee from Blackstone, net of terminated merger related expenses, of $42 million.
  • Net income attributable to PHH Corporation for the first quarter of 2009 was $2 million compared to $30 million for the first quarter of 2008.
  • Basic and diluted earnings per share attributable to PHH Corporation was $0.04 and $0.55 for the first quarter of 2009 and 2008, respectively.