RE: 2009 Financials...Profitable Q4//Proc to BankLots of positives here , the most significant being the fact that the book value remained close to the $3 level and exited 2009 at $2.95 /share.
Xceed's 2009 year coincided with the worst of the economic recession officer. Despite this, Xceed achieved an overall improvement in their financial performance for the year.
Excluding the negative residual securitization income that we previously reported for the third quarter, and valuation writedowns reported for the first and third quarters, Xceed generated modest income for 2009.
More importantly , XMC achieved cash flow from operations of $12.2-million, a 13-per-cent improvement from the 2008 amount of $10.9-million.
In the 2009 fourth quarter, Xceed recorded net income of $800,000 and cash flow from operations of $2.6-million. This means that Xceed has achieved positive net income and cash flow from operations in five of our past six quarters.
The application to become a chartered bank is going well and that should make 2010 a transformational year for XMC.
Charted banks typically pay a dividend and trade above 1.5 times book value.
That means a double or more from here for the value investor..