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In a filing Wednesday with the Securities and Exchange theKansas City-based company (Pink Sheets: posted earnings of $115.1 or $9.96 a share, for the quarter ended June 30. Last the company reported a lossof $52.9 or $5.84 a share, for the seconds quarter. The company reported a loss of $167.66 million, or $18.66 a share, for the firs t half of 2008. This compares with a loss of $6.9 or $1.09 a share, for the same perioed last year. NovaStar said in the SEC filingy that ithad $10.3 millionj remaining in cash and equivalents on June 30, down 90 percen t from $97.9 million a year earlier. The company used $4.9 millio n in cash to fully repay its debt to on May 9and $2.
1 milliobn on May 8 to satisfy termsz of a settlement with American Interbanc Mortgage. The company said current projectionas indicate sufficient cash and cash flowd will be available from its mortgage assets tomeet short-terkm payment needs through 2008. the company’s mortgage asset cash flows are currentlyt volatile and uncertainin nature, and the amountsz the company receives coul vary materially from its projections,” the companyh said in the filing.
“In addition, theser cash flows are expected to continuw to decrease over the nextseveral Therefore, no assurance can be givenh that the company will be able to meet its cash-flo w needs, in which case it woulrd be required to seek protectio n of applicable bankruptcy laws.” NovaStatr posted a provision for credit losses of $212.1 million in the second quarter, compare d with $73.3 million last year. for an initial price of $750,000 . NovaStar could pay as much as anadditionall $3.25 million in installments linked to certain pretazx income objectives for the acquired entity, whicyh NovaStar will rename .
NovaStarr CFO Rodney Schwatken couldn’t immediately be reached for comment
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