This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Ocwen Financial Corporation Announces Third Quarter Financial Results 2009-11-05 07:09 ET - News Release WEST PALM BEACH, Fla., Nov. 5, 2009 (GLOBE NEWSWIRE) -- As a result of a $50.6 million one-time tax expense arising from the separation of Ocwen Solutions, Ocwen Financial Corporation ("Ocwen" or the "Company") (NYSE:OCN) today reported a net loss of $42.0 million or $0.51 per share for the three months ended September 2009. This compares to net income of $15.0 million or $0.23 per share for the third quarter of 2008. Pretax income from continuing operations for the third quarter of 2009 was $23.5 million as compared to $23.4 million for the same period last year. Deferred tax assets offset $24.3 million of the one-time tax expense arising from the separation.
The net loss for the nine months ended September 2009 was $9.1 million or $0.13 per share. This compares to net income of $17.5 million or $0.28 per share for the same period in 2008. As with the three month reporting period, the net loss was solely due to the tax impact of the separation of Ocwen Solutions. Pretax income from continuing operations was $73.1 million for the nine months ended September 2009 as compared to $34.9 million for the nine months ended September 2008.
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