SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
-----------------------------------------------
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): JULY 29, 1997
OCWEN ASSET INVESTMENT CORP.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
VIRGINIA 000-22389 65-0736120
(STATE OR OTHER (COMMISSION (I.R.S. EMPLOYER
JURISDICTION FILE NUMBER) IDENTIFICATION NO.)
OF INCORPORATION)
THE FORUM, SUITE 1000
1675 PALM BEACH LAKES BOULEVARD, WEST PALM BEACH, FLORIDA 33401
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICE)
(561) 681-8000
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
N/A
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
PAGE 1 OF 6
EXHIBIT INDEX ON PAGE 4
<PAGE>
ITEM 5. OTHER EVENTS
The news release of Ocwen Asset Investment Corp. dated July 29, 1997, regarding
its financial results for the period of May 19, 1997 through June 30, 1997,
including unaudited consolidated financial statements for the period of May 19,
1997 through June 30, 1997, are attached and filed herewith as Exhibit 99.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
The following exhibit is filed as part of this report:
(99) News release of Ocwen Asset Investment Corp. dated
July 29, 1997.
2
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
OCWEN ASSET INVESTMENT CORP.
(Registrant)
By: /s/ Mark S. Zeidman
---------------------------------
Mark S. Zeidman
Senior Vice President and
Chief Financial Officer
Date: July 29, 1997
3
<PAGE>
INDEX TO EXHIBIT
EXHIBIT NO. DESCRIPTION PAGE
----------- ----------- ----
99 News release of Ocwen Asset Investment Corp. dated 5
July 29, 1997 regarding its financial results
for the period of May 19, 1997 through June 30,
1997.
4
================================================================================
Ocwen Asset Investment Corp.
1675 Palm Beach Lakes Boulevard
West Palm Beach, FL 33401
NASDAQ Symbol: OAIC Exhibit 99
================================================================================
NEWS RELEASE: IMMEDIATE JULY 29, 1997
OCWEN ASSET INVESTMENT CORP. REPORTS ITS INITIAL QUARTERLY RESULTS
Ocwen Asset Investment Corp. ("OAIC") today reported funds from operations of
$0.11 per share for the period from the date of the closing of its initial
public offering on May 19, 1997 to June 30, 1997. Net income for this period was
$2.1 million, or $0.11 per share. Christine Reich, OAIC President stated, "We
are pleased with our earnings per share based on the short period since our
initial public offering, as well as our investments to date of $67.0 million."
FIRST QUARTER RESULTS AT A GLANCE:
For the quarter ended June 30, 1997 (dollars in thousands, except per share
data):
Operating Results:
PER SHARE
-------------
Total Income $ 2,482 --
Expenses 422 --
---------------------------------------------------------------------
Net Income 2,060 $ .11
Funds From Operations (FFO) 2,087 $ .11
Summary of Financial Position:
Cash & Cash Equivalents $220,525
Securities available for sale 58,454
Loan, Net 8,545
Total Shareholders Equity 287,532
RECENT DEVELOPMENTS:
OAIC is currently performing due diligence on a variety of assets including
subordinate securities, mezzanine loans and office, retail and multifamily
properties in San Francisco, Florida, Massachusetts and New York.
OAIC is a newly formed real estate investment trust specializing in
opportunistic real estate investments.
ATTACHED ARE THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
Contacts Christine A. Reich (561) 681-8957
- --------------------------------------------------------------------------------
David A. Holt (561) 681-8603
5
<PAGE>
OCWEN ASSET INVESTMENT CORP.
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
Assets
Cash $ 503,606
Interest bearing deposits 19,518,297
Repurchase agreements 200,000,000
Securities available for sale, at market value 58,545,498
Discount loan portfolio, net 8,545,340
Principal and interest receivable 962,299
Other assets 233,839
------------
$288,308,879
============
Liabilities and Stockholders' Equity
Liabilities:
Accrued Liabilities $ 776,846
Commitments and contingencies
Stockholders' Equity:
Preferred stock, $.01 par value; 25,000,000 shares authorized;
0 shares issued and outstanding --
Common Stock, $.01 par value; 200,000,000 shares authorized;
19,125,000 shares issued and outstanding at June 30, 1997 191,250
Additional paid-in capital 283,496,750
Retained earnings 2,060,224
Unrealized gain on securities available for sale 1,783,809
------------
Total stockholders' equity 287,532,033
------------
$288,308,879
============
OCWEN ASSET INVESTMENT CORP
CONSOLIDATED STATEMENT OF OPERATIONS
for the period May 19, 1997 to June 30, 1997
Revenue:
Repurchase agreements and short term investments $ 1,397,128
Securities available for sale 1,005,184
Discount loans 80,495
------------
Total Revenue 2,482,807
Expenses:
Management fees 341,000
Due Diligence 47,921
Other general and administrative 33,662
------------
Total expenses 422,583
------------
Net Income $ 2,060,224
============
- --------------------------------------------------------------------------------
Contacts Christine A. Reich (561) 681-8957
- --------------------------------------------------------------------------------
David A. Holt (561) 681-8603
6
