EARNINGS UPDATE - FREMONT GENERAL
Fremont General reported its Fourth Quarter and full
year results for 2002, which were quite strong. The highlights
of the earnings report were as follows:
· Earnings for the Fourth Quarter were $0.43
per share, which were up 119% over the Fourth Quarter of
2001. For the year ended December 31, 2002, Fremont General
earned $1.40 per share as compared with $0.76 in 2001 (an
· The company increased its quarterly cash dividend
from 2 cents per share to 3 cents per share, which represents
a 50% increase.
· Fremont General announced a 4 million share
buy back. At the present time, the company has about 80
million shares outstanding.
· The company took a $77 million special charge
to completely discharge its financial obligation regarding
the discontinued insurance operations.
The quarterly and year-end reports were very good. We
continue to view Fremont as an undervalued company. For
2003, we estimate the company could earn $1.55-$1.60 per
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