Chimera Investment Corporation Files 2011 Annual Report on Form 10-K and Restated Prior Periods
NEW YORK--(BUSINESS WIRE)-- Chimera Investment Corporation (NYS: 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 2011 10-K.
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
KEYWORDS: United States North America New York
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