Summary
Capital One Financial Corporation (COF) filed an 8-K on July 23, 2009, to announce its financial results for the second quarter ended June 30, 2009. The report includes a press release detailing these results and an accompanying earnings presentation. A key aspect highlighted in the filing is the company's use of both 'reported' GAAP financial statements and 'managed' financial statements. The 'managed' statements provide a more comprehensive view by incorporating the effects of securitization transactions that qualify as sales under GAAP, allowing investors to better understand the earnings generated from the entire loan portfolio, both on and off the balance sheet. Investors are encouraged to review the detailed financial results and the accompanying presentation for a full understanding of Capital One's performance during the second quarter. The filing also includes a comprehensive list of risk factors and cautionary statements that investors should consider when evaluating the company's future prospects, particularly in the context of the prevailing economic conditions.
Key Highlights
- 1Capital One announced its financial results for the second quarter ended June 30, 2009, via an 8-K filing.
- 2The filing includes a press release (Exhibit 99.1) and a Second Quarter Earnings Presentation (Exhibit 99.2).
- 3The company utilizes both 'reported' GAAP financial statements and 'managed' financial statements for reporting.
- 4'Managed' financial statements adjust for securitization transactions treated as sales under GAAP to provide a view of the entire loan portfolio's earnings.
- 5The company believes 'managed' metrics are useful for stakeholders to understand earnings from both on-balance sheet and off-balance sheet loans.
- 6A detailed list of risk factors and cautionary statements is provided, relevant to the company's forward-looking statements.
- 7An earnings conference call and webcast were scheduled for July 23, 2009, with replays available on the company's website.