NEW YORK -- (Business Wire)
Chimera Investment Corporation (NYSE: CIM) today filed with the U.S.
Securities and Exchange Commission ("SEC") its Annual Report on Form
10-K for the year ended December 31, 2011 (“2011 10-K”). In the 2011
10-K, Chimera restated its previously issued (i) consolidated statement
of financial condition included in its Annual Report on Form 10-K for
the year ended December 31, 2010 and (ii) consolidated statements of
operations and comprehensive income (loss), consolidated statements of
changes in stockholders’ equity, and consolidated statements of cash
flows for the years ending December 31, 2010 and 2009, including the
cumulative effect of the restatement on retained earnings (accumulated
deficit) as of the earliest period presented (the “Restatement”).
The Restatement has no material effect on the Company’s previously
reported GAAP or economic book values, the net increase (decrease) in
cash and cash equivalents as presented in its historical Consolidated
Statements of Cash Flows, nor any effect on taxable income.
The Company continues to work diligently to complete the ongoing work on
becoming current on all of its filings required under applicable
securities laws. The Company expects to file its Quarterly Report on
Form 10-Q for the quarterly period ending March 31, 2012 within 60 days
of filing this 2011 10-K and any subsequent unfiled Quarterly Reports
and the 2012 10-K will be filed as soon as practicable.
For a complete discussion of the Restatement, see the Explanatory Note,
Notes 16 and 17 of the Notes to the Consolidated Financial Statements,
“Item 6 – Selected Financial Data” and “Item 7 – Management’s Discussion
and Analysis of Financial Condition and Results of Operations” in the
Chimera Investment Corporation invests in residential mortgage loans,
residential mortgage-backed securities, real estate-related securities
and various other asset classes. The Company’s principal business
objective is to generate income from the spread between yields on its
investments and its cost of borrowing and hedging activities. The
Company is a Maryland corporation that has elected to be taxed as a real
estate investment trust (“REIT”).
This news release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These
statements are based on the current beliefs and expectations of the
Company’s management and are subject to significant risks and
uncertainties. Because these forward-looking statements involve risks
and uncertainties, there are important factors that could cause our
actual results, as well as our expectations regarding materiality or
significance, the Restatement’s quantitative effects, the effectiveness
of our disclosure controls and procedures, material weaknesses in
internal control over financial reporting and the filing of our untimely
SEC reports, to differ materially from those in the forward-looking
statements. The Company does not undertake to update the forward-looking
statements to reflect the impact of circumstances or events that may
arise after the date of the forward-looking statements. For a discussion
of a variety of risk factors affecting our business and prospects, see
“Item 1A — Risk Factors” in our 2011 10-K, as supplemented by the
reports we have filed since the 2011 10-K.
Chimera Investment Corporation
Investor Relations, 646-454-3759
Source: Chimera Investment Corporation
© 2017 Canjex Publishing Ltd. All rights reserved.