UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
(mark one)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarter ended: September 30, 2003 |
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OR |
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TRANSITION REPORT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
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Commission File Number: 001-13637 |
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APEX MORTGAGE CAPITAL, INC.
(Exact name of Registrant as specified in its Charter)
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Maryland |
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95-4650863 |
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(State or other jurisdiction of incorporation or |
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(I.R.S. Employer Identification |
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865 South Figueroa Street, Suite 1800 |
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90017 |
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(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code (213) 244-0000
Securities registered pursuant to Section 12(b) of the Act:
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Title of Each Class |
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Name of Exchange Which Registered |
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Common Stock ($.01 par value) |
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American Stock Exchange |
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
Indicate by check mark whether the Registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
Yes ý No o
On November 4, 2003 the number of shares of our common stock outstanding was 29,857,000.
APEX MORTGAGE CAPITAL, INC.
FORM 10-Q
INDEX
PART I. |
FINANCIAL INFORMATION |
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ITEM 1. |
FINANCIAL STATEMENTS |
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BALANCE SHEETS AT SEPTEMBER 30, 2003 AND DECEMBER 31, 2002 (UNAUDITED) |
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STATEMENT OF STOCKHOLDERS’ EQUITY FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003 (UNAUDITED) |
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
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PART II. |
OTHER INFORMATION |
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CERTIFICATIONS |
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1
Apex Mortgage Capital, Inc.
(Unaudited)
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September 30, 2003 |
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December 31, 2002 |
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Assets |
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Cash and cash equivalents |
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$ |
8,708,000 |
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$ |
1,456,000 |
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Fixed income trading securities, at fair value |
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22,083,000 |
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606,014,000 |
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Fixed income securities available-for-sale, at fair value |
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1,343,636,000 |
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1,818,893,000 |
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Equity securities available-for-sale, at fair value |
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— |
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4,168,000 |
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Accrued interest receivable |
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5,444,000 |
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12,012,000 |
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Principal payments receivable |
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5,335,000 |
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248,000 |
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Other assets |
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5,080,000 |
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2,587,000 |
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$ |
1,390,286,000 |
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$ |
2,445,378,000 |
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Liabilities and Stockholders’ Equity |
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Liabilities |
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Reverse repurchase agreements |
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$ |
927,079,000 |
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$ |
2,112,444,000 |
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Payable for unsettled securities |
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237,750,000 |
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— |
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Accrued interest payable |
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1,744,000 |
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2,444,000 |
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Dividend payable |
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— |
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13,509,000 |
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Interest rate swaps, at fair value |
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58,105,000 |
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120,098,000 |
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Accrued expenses and other liabilities |
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1,512,000 |
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2,224,000 |
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1,226,190,000 |
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2,250,719,000 |
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Commitments and contingencies (Note 6) |
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Stockholders’ Equity |
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Preferred stock, par value $0.01 per share; 50,000,000 shares authorized; no shares outstanding |
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— |
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— |
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Common stock, par value $0.01 per share; 100,000,000 shares authorized; 29,857,000 shares outstanding as of September 30, 2003 and December 31, 2002 |
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299,000 |
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299,000 |
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Additional paid-in-capital |
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331,521,000 |
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331,499,000 |
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Accumulated other comprehensive loss |
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(55,414,000 |
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(95,880,000 |
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Accumulated deficit |
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(112,310,000 |
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(41,259,000 |
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164,096,000 |
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194,659,000 |
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$ |
1,390,286,000 |
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$ |
2,445,378,000 |
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See accompanying notes to financial statements
2
Apex Mortgage Capital, Inc.
(Unaudited)
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Three Months |
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Three Months |
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Nine Months |
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Nine Months |
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Interest Income: |
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Fixed income securities |
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$ |
14,923,000 |
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$ |
53,701,000 |
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$ |
72,520,000 |
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$ |
126,206,000 |
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Cash and cash equivalents |
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45,000 |
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14,000 |
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92,000 |
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87,000 |
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14,968,000 |
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53,715,000 |
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72,612,000 |
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126,293,000 |
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Interest Expense |
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14,927,000 |
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29,237,000 |
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60,629,000 |
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63,331,000 |
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Net Interest Income |
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41,000 |
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24,478,000 |
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11,983,000 |
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62,962,000 |
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Dividend Income |
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34,000 |
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106,000 |
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236,000 |
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341,000 |
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Net Interest and Dividend Income |
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75,000 |
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24,584,000 |
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12,219,000 |
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63,303,000 | |||||