BOCA RATON, Fla., March 29, 2011 (GLOBE NEWSWIRE) -- Imperial Holdings, Inc. (NYSE:IFT) ("Imperial"), a specialty finance company providing liquidity solutions with a focus on individual life insurance policies and purchasing structured settlement payments, today announced financial results for its fiscal year ended December 31, 2010.
For fiscal 2010, Imperial reported total revenue of $76.9 million, compared to 2009 revenue of $96.6 million. The Company recorded a net loss of $15.7 million in 2010, compared with a net loss of $8.6 million in 2009. Agency fee income, fees that are paid by the referring life insurance agencies, was $10.1 million in 2010, compared to $26.1 million a year earlier. Other significant sources of revenue are interest income and origination fees on premium finance loans, which totaled $38.6 million, compared to $51.3 million in 2009.
Antony Mitchell, Chairman and Chief Executive Officer, commented, "With our recent Initial Public Offering (IPO), our visibility in the marketplace has greatly increased and we are witnessing a steady demand for liquidity in the unique asset classes in which we operate. While historically our cost of financing has impacted our bottom line, the IPO has afforded us the opportunity to make significant strides in the way we operate our business. We are now able to deploy capital to our core premium finance and structured settlement businesses quickly and effectively at a significantly lower cost."
On an operating segment basis, the Premium Finance business generated $67.4 million of revenue in 2010, representing 87.6% of total revenues for the year. In the Structured Settlements segment, revenue was $9.5 million, representing 12.4% of total revenues for the year.
Mr. Mitchell concluded, "As we look at the landscape of the business today, we see demand for liquidity outpacing available capital, which affords us a tremendous opportunity. Since receiving the full proceeds of the IPO on February 15, we have been able to put capital to work and build on the strong momentum during the first quarter. Now, as we prepare for the second quarter of 2011, our first full quarter as a public company, we stand a very well capitalized company with minimal debt levels and ample funds to deploy in the high credit quality asset classes we manage. We believe this bodes well for our future growth plans and in turn enhances the value to our shareholders."
Conference Call Information
Imperial will host a conference call today, March 29, 2011, at 5:00 p.m. ET to discuss full-year 2010 results. To listen to the live call, please dial (888) 200-2794, passcode "53693929" or log on to the investor relations page of the company's website at . In addition, an audio replay of the call will be available two hours after its conclusion and archived through April 12, 2011. This archived call may be accessed by dialing (800) 642-1687; passcode "53693929".
About Imperial Holdings, Inc.
Imperial is a leading specialty finance company that, through its operating subsidiaries, provides customized liquidity solutions to owners of illiquid financial assets. Imperial's primary operating units are Premium Finance and Structured Settlements. Imperial provides loans to policyholders for the payment of premiums and purchases life insurance policies. In its Structured Settlements unit, Imperial purchases from individuals long-term annuity payments issued by highly rated U.S. domestic insurance companies. More information about Imperial can be found at www.imperial.com.
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of Imperial Holdings, Inc. and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, and involve known and unknown risks and uncertainties. Although Imperial believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Imperial's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Imperial's periodic reports that are filed with the Securities and Exchange Commission and available on its website at . All forward-looking statements attributable to Imperial or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, Imperial does not assume a duty to update these forward-looking statements.
CONTACT: Imperial Holdings, Inc. David Sasso, 561.672.6114 Director- Investor Relations IR@imperial.com www.imperial.com