BALTIMORE, March 15, 2016 /PRNewswire/ -- MMA Capital
Management, LLC (NASDAQ: MMAC) ("MMA Capital" or
"the Company") today reported financial results for the
quarter ended December 31, 2015,
including common shareholders' equity of $116.2 million, or $17.43 per diluted common share. The
Company will hold an investor call on Thursday, March 17,
2016 at 8:30 a.m. ET.
Common shareholders' equity increased $11.3 million for the quarter to $116.2 million at December
31, 2015 from $104.9 million
at September 30, 2015. The
Company reported a 12.1% increase in diluted common shareholders'
equity per share representing an increase of $1.88 to $17.43 at
December 31, 2015 from $15.55 at September
30, 2015. For the full year common shareholders'
equity increased $24.7 million from
$91.5 million at December 31, 2014 to $116.2 million at December
31, 2015. In this regard, the Company reported a 39.3%
increase in diluted common shareholders' equity per share, which
increased from $12.51 at December 31, 2014 to $17.43 at December
31, 2015. The majority of the Company's reported
growth per share, or $4.37 per share,
was driven by a net increase in the fair value of our bond
portfolio and by net income generated during 2015 from net gains on
assets, derivatives and extinguishment of liabilities. The
balance of such growth, or $0.55 per
share, was attributable to repurchases in 2015 of our common shares
at prices below our book value per share.
Michael Falcone, MMA Capital's
Chief Executive Officer stated, "2015 was a very strong year for
the Company. We continued to recycle capital from less
productive assets and further developed our core business
lines. In raising capital for a new tax credit fund in
December, we increased our commitment to managing investments in
affordable housing while we also took steps in 2015 to
significantly expand our footprint in the renewable energy finance
space. All told, we were able to put to work over
$50 million of previously
underinvested or recycled capital, mainly through our subsidiary,
MMA Energy Capital, and are exploring various alternatives to
increase the scale of that business. We also continued to
provide significant value for our shareholders through our share
buyback plan. In 2015, we bought back approximately 680,000
shares at a discount to book value, resulting in immediate
accretion for our shareholders, and the Board authorized the
Company to repurchase up to 600,000 additional shares in 2016. In
addition, we are increasing the maximum price used for our buyback
plan to $17.43 per share upon the
opening of our trading window."
Tax Reporting
As a reminder to our shareholders, the Company converted from a
partnership to a taxable corporation during calendar year
2013. As a result, shareholders should not expect any tax
forms for purposes of preparing their 2015 tax returns.
Shareholders should consult their tax advisors should they have any
additional questions.
Conference Call Information
The Company plans to host a conference call on Thursday,
March 17, 2016 at 8:30 a.m. ET to provide a business
update and review financial results for the year ended December 31, 2015. The conference call with
investors will be webcast. All interested parties are welcome
to join the live webcast, which can be accessed through the
Company's web site at
http://mmacapitalmanagement.investorroom.com/webcasts.
Participants may also join the conference call by dialing toll free
1-888-346-6987 or 1-412-902-4268 for international participants and
1-866-605-3851 for Canadian participants.
For purposes of the conference call, the Company will reference
select tables from Item 7 (Management's Discussion & Analysis)
of the Company's 2015 Annual Report reported on Form 10-K.
An archived replay of the event will be available one hour after
the event through 8:30 a.m. on
March 24, 2016, toll free at
1-877-344-7529, or 1-412-317-0088 for international participants
and 1-855-669-9658 for Canadian participants (Passcode:
10082522).
The 2015 Annual Report is posted to MMA Capital's web site at
http://mmacapitalmanagement.investorroom.com/index.php?s=127,
under Investor Relations, and is also available at the SEC's web
site at www.sec.gov.
Cautionary Statement Regarding Forward-Looking
Statements
This Release contains forward-looking statements intended to
qualify for the safe harbor contained in Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements often include words such as "may," "will," "should,"
"anticipate," "estimate," "expect," "project," "intend," "plan,"
"believe," "seek," "would," "could," and similar words or are made
in connection with discussions of future operating or financial
performance.
Forward-looking statements reflect our management's
expectations at the date of this Release regarding future
conditions, events or results. They are not guarantees of future
performance. By their nature, forward-looking statements are
subject to risks and uncertainties. Our actual results and
financial condition may differ materially from what is anticipated
in the forward-looking statements. There are many factors that
could cause actual conditions, events or results to differ from
those anticipated by the forward-looking statements contained in
this Release. These factors include changes in market conditions
that affect the willingness of potential investors or lenders to
provide us with debt or equity, changes in market conditions that
affect the value or marketability of assets we own, changes in
market conditions or other factors that affect our access to cash
that we may need to meet our commitments to other persons, changes
in interest rates or other conditions that affect the value of
mortgage loans we have made, changes in interest rates that affect
our cost of funds, tax laws, environmental laws or other conditions
that affect the value of the real estate underlying mortgage loans
we own, and changes in tax laws or other things beyond our control
that affect the tax benefits available to us and our investors.
Readers are cautioned not to place undue reliance on
forward-looking statements. We have not undertaken to update any
forward-looking statements in this Release.
MMA CAPITAL MANAGEMENT: INTEGRITY. INNOVATION.
SERVICE.
www.mmacapitalmanagement.com
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SOURCE MMA Capital Management, LLC