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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
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PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT
(DATE OF EARLIEST EVENT REPORTED): OCTOBER 7, 1998
OCWEN FINANCIAL CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
FLORIDA 0-21341 65-0039856
(STATE OR OTHER (COMMISSION (I.R.S. EMPLOYER
JURISDICTION FILE NUMBER) IDENTIFICATION NO.)
OF INCORPORATION)
THE FORUM, SUITE 1000
1675 PALM BEACH LAKES BOULEVARD, WEST PALM BEACH, FLORIDA 33401
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICE) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (561) 681-8000
N/A
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
PAGE 1 OF 6
EXHIBIT INDEX ON PAGE 4
ITEM 5. OTHER EVENTS
The news release of Ocwen Financial Corporation, dated October 7, 1998,
announcing that it will meet analysts' third quarter earnings estimates and
certain other matters, is attached hereto and filed herewith as Exhibit 99.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
The following exhibit is filed as part of this report:
(99) News release of Ocwen Financial Corporation dated October 7,
1998.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned, hereunto duly authorized.
OCWEN FINANCIAL CORPORATION
(Registrant)
By: /s/ Mark S. Zeidman
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Mark S. Zeidman
Senior Vice President and
Chief Financial Officer
Date: October 9, 1998
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INDEX TO EXHIBIT
EXHIBIT NO. DESCRIPTION PAGE
- ----------- ----------- ----
99 News release of Ocwen Financial Corporation, dated 5
October 7, 1998, announcing that it will meet
analysts' third quarter earnings estimates and
certain other matters.
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Ocwen Financial Corporation
1675 Palm Beach Lakes Boulevard
West Palm Beach, FL 33401
NYSE Symbol: OCN
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NEWS RELEASE: IMMEDIATE OCTOBER 7, 1998
OCWEN FINANCIAL CORPORATION WILL MEET ANALYSTS' THIRD QUARTER EARNINGS ESTIMATES
o OCN ANNOUNCES RECENT FILING OF $250 MILLION SHELF REGISTRATION
West Palm Beach, FL -- Ocwen Financial Corporation (NYSE: OCN) released a
statement by its Chairman and Chief Executive Officer commenting on its third
quarter earnings estimates (which it plans to report later this month), and
announced OCN's recent filing of a $250 million shelf registration statement.
THIRD QUARTER EARNINGS
William C. Erbey, Chairman and Chief Executive Officer, stated, "In light of the
recent trading activity in OCN's common stock and the factors affecting the
financial services sector and the stock market in general, I would like to make
it very clear that OCN will meet analysts' third quarter earnings estimates of
$0.40 to $0.43 per share."
In addition, OCN stated that its book value per share at September 30, 1998 was
in the range of $7.16 to $7.22.
$250 MILLION SHELF REGISTRATION STATEMENT
OCN also announced that it filed with the Securities and Exchange Commission on
Wednesday, September 30, 1998, a shelf registration statement allowing for the
issuance of up to $250 million of common and preferred stock, capital trust
securities, senior and subordinated debt and other securities.
Mark S. Zeidman, Chief Financial Officer, stated, "Since OCN's initial public
offering, we have been planning to file a shelf registration statement once OCN
became eligible under the SEC's regulations in order to take advantage of
capital-raising opportunities if and when they arise in the future. In light of
the SEC's new 'Plain English' rules becoming effective on October 1, 1998, we
thought it best to make this filing now. We do not foresee a need for a takedown
during the balance of 1998."
OTHER
Ocwen Financial Corporation is a $3.5 billion financial institution
headquartered in West Palm Beach, Florida. OCN's primary businesses are the
acquisition, servicing and resolution of subperforming and nonperforming
residential and commercial mortgage loans.
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Contact Christine A. Reich (561) 682-8569
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Ocwen Financial Corporation
Will Meet Analysts' Third Quarter Earnings Estimates
CERTAIN STATEMENTS CONTAINED HEREIN MAY NOT BE BASED ON HISTORICAL FACTS AND ARE
"FORWARD-LOOKING STATEMENTS" WITHIN THE MEANING OF SECTION 27A OF THE SECURITIES
ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE SECURITIES ACT OF 1934, AS
AMENDED. THESE FORWARD-LOOKING STATEMENTS MAY BE IDENTIFIED BY REFERENCE TO A
FUTURE PERIOD(S) OR BY THE USE OF FORWARD-LOOKING TERMINOLOGY, SUCH AS
"ESTIMATE," "EXPECT," "FORESEE," "MAY," "WILL," "WOULD," FUTURE OR CONDITIONAL
VERB TENSES, SIMILAR TERMS, VARIATIONS ON SUCH TERMS OR NEGATIVES OF SUCH TERMS.
ACTUAL RESULTS COULD DIFFER MATERIALLY FROM THOSE INDICATED IN SUCH STATEMENTS
DUE TO A VARIETY OF FACTORS, INCLUDING, BUT NOT LIMITED TO, INTERNATIONAL,
NATIONAL, REGIONAL OR LOCAL ECONOMIC ENVIRONMENTS, GOVERNMENT FISCAL AND
MONETARY POLICIES, PREVAILING INTEREST OR CURRENCY RATES, EFFECTIVENESS OF
INTEREST RATE, CURRENCY AND OTHER HEDGING STRATEGIES, LAWS AND REGULATIONS
AFFECTING FINANCIAL INSTITUTIONS (INCLUDING REGULATORY FEES AND CAPITAL
REQUIREMENTS), CREDIT, PREPAYMENT, BASIS, DEFAULT, SUBORDINATION AND
ASSET/LIABILITY RISKS, LOAN SERVICING EFFECTIVENESS, THE ABILITY TO IDENTIFY
ACQUISITIONS AND INVESTMENT OPPORTUNITIES MEETING OCN'S INVESTMENT STRATEGY, THE
FINANCIAL AND SECURITIES MARKETS, AVAILABILITY OF DISCOUNT LOANS FOR PURCHASE,
THE SIZE OF, NATURE OF AND YIELDS AVAILABLE WITH RESPECT TO THE SECONDARY MARKET
FOR MORTGAGE LOANS AND THE MARKET FOR SECURITIZATIONS, ALLOWANCES FOR LOAN
LOSSES, GEOGRAPHIC CONCENTRATIONS OF ASSETS (TEMPORARY OR OTHERWISE),
AVAILABILITY OF AND COSTS ASSOCIATED WITH OBTAINING ADEQUATE AND TIMELY SOURCES
OF LIQUIDITY, DEPENDENCE ON EXISTING SOURCES OF FUNDING, ABILITY TO REPAY OR
REFINANCE INDEBTEDNESS AT MATURITY, ABILITY TO GENERATE REVENUES SUFFICIENT TO
MEET DEBT SERVICE PAYMENTS AND OTHER OPERATING EXPENSES, YEAR 2000 COMPLIANCE,
OTHER FACTORS GENERALLY UNDERSTOOD TO AFFECT THE REAL ESTATE ACQUISITION,
MORTGAGE AND LEASING MARKETS, AND OTHER RISKS DETAILED FROM TIME TO TIME IN
OCN'S REPORTS AND FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, INCLUDING
ITS REGISTRATION STATEMENTS ON FORMS S-1 AND S-3 AND ITS PERIODIC REPORTS ON
FORMS 10-Q, 8-K AND 10-K.
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