Summary
Capital One Financial Corporation (COF) filed an 8-K on October 16, 2008, to report its third quarter 2008 financial results. The filing emphasizes the company's "managed" financial statements, which present a view of its entire loan portfolio, including securitized assets that are removed from the "reported" balance sheet under GAAP. This "managed" perspective is highlighted as a key metric for investors to understand the company's earnings generation across both on-balance sheet and off-balance sheet loans. The report also includes a comprehensive list of cautionary factors that could impact future performance, reflecting the volatile economic environment of late 2008.
Key Highlights
- 1Company reported third quarter 2008 financial results via press release.
- 2Introduces and emphasizes the use of "managed" financial statements and metrics to provide a holistic view of the loan portfolio, including securitized assets.
- 3The "managed" approach presents revenue and expenses from securitized portfolios within appropriate income statement line items.
- 4Company believes the "managed" consolidated financial statements are useful for stakeholders in understanding earnings generation.
- 5Includes a detailed section of cautionary factors and risks that could materially affect future financial performance.
- 6Press release and earnings presentation for Q3 2008 are attached as exhibits.
- 7Scheduled an earnings conference call and webcast for October 16, 2008.