Resource Bancshares Mortgage Group said Thursday that it lost $4.2 million in the second quarter, or 24 cents per share, compared to a profit of $3.3 million in the same period last year.
The Columbia, S.C., company said its operating loss was only $2.3 million, or 13 cents per share. The operating loss excludes noncash charges for the planned sale of Resource's commercial mortgage unit, Laureate Capital Inc. of Charlotte, N.C.
The First Call/Thomson Financial consensus estimate had forecast a per-share loss of 7 cents, though this was based on just one analyst's work.
Resource lost $10 million in the first quarter. "The reduction in our operating loss is proof that this new course that we charted during the first quarter is one that promises to lead to profitability and long-term shareholder value," said Douglas K. Freeman, chief executive officer.
Mr. Freeman took the helm at Resource in February.
At midafternoon Thursday, Resource's stock price was unchanged at $4, off more than 50% from its 52-week high.