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CORRECTING and REPLACING Bimini Capital Management Announces Second Quarter 2023 Results

Headline of release should read: Bimini Capital Management Announces Second Quarter 2023 Results (instead of Bimini Capital Management Announces First Quarter 2023 Results).

The updated release reads:

BIMINI CAPITAL MANAGEMENT ANNOUNCES SECOND QUARTER 2023 RESULTS

Bimini Capital Management, Inc. (OTCQB: BMNM), (“Bimini Capital,” “Bimini,” or the “Company”), today announced results of operations for the three-month period ended June 30, 2023.

Second Quarter 2023 Highlights

  • Net income of $0.3 million, or $0.03 per common share
  • Book value per share of $1.34
  • Company to discuss results on Friday, August 11, 2023, at 10:00 AM ET

Management Commentary

Commenting on the second quarter results, Robert E. Cauley, Chairman and Chief Executive Officer, said, “A few key developments drove macro-economic conditions during the second quarter of 2023. In turn, these developments drove performance in the Agency RMBS markets. The economic backdrop consisted of continued strong readings on core services inflation and a tight labor market. During May, an impasse developed between the Republican controlled House of Representatives and the Biden administration over the debt ceiling limit. As the deadline to resolve the impasse approached, risk markets suffered and the Agency RMBS market was not spared. Spread levels on the current-coupon 30-year RMBS benchmark reached the widest level of the cycle – at least to date. Once the impasse was resolved, the Agency RMBS market recovered and posted strong returns for the month of June. With the crisis averted, the market’s attention turned to the incoming economic data. Central bankers across the globe were all fighting the same battle, yet none seem to have been able to reign in inflation, including the Federal Reserve (the "Fed"). The Fed raised rates 25 basis points on May 3, 2023 and again on July 26, 2023, skipping the June meeting. Unless the incoming data presents clear evidence inflation is headed back toward the target inflation rate of 2%, the Fed and other central banks appear poised to maintain tight monetary policy with the possibility of additional firming later this year. The final development that was critical for the Agency RMBS market was the FDIC liquidation auctions stemming from the failed regional banks in March. At this point they are almost 90% of their way through the pass-through auctions and the execution of the auctions has gone far better than feared.

“Orchid Island Capital ("Orchid") reported second quarter 2023 net income $10.2 million, and its shareholders equity increased from $451.4 million to $490.1 million. The market conditions described below led to Orchid reporting gains on its derivatives of $93.4 million, exceeding MBS losses of $69.5 million. Further, Orchid raised additional equity capital of approximately $47.6 million during the second quarter of 2023. Bimini 's advisory services revenue for the quarter was approximately $3.5 million, a 5.5% increase over the comparable quarter in 2022, reflecting Orchid's increased equity. Orchid is also obligated to reimburse us for direct expenses paid on its behalf and to pay to us Orchid’s pro rata share of overhead as defined in the management agreement.

“With respect to the MBS portfolio at Royal Palm, we added to the MBS portfolio during the second quarter of 2023, increasing the market value from $45.6 million at March 31, 2023 to $63.8 million at June 30, 2023. While the portfolio was increased during the quarter, and the combination of portfolio interest and dividend income from our shares of Orchid Island increased 13% over the comparable quarter of 2022, interest expense on our repurchase obligations continues to rise and increased from $73 thousand for the second quarter of 2022 to $564 thousand for the second quarter of 2023. Net interest and dividend income for the quarter of $276 thousand was down significantly from $670 thousand for the same quarter of 2022.

“Mark to market gains and losses on our MBS portfolio, hedge positions and shares of Orchid netted to a net loss of $621 thousand, and net income for the quarter was $286 thousand versus a loss of $1.2 million for the second quarter of 2022. Market conditions continue to be volatile so far in the third quarter, but we have been able to continue to build our cash positions and are likely to increase the MBS portfolio again.”

Details of Second Quarter 2023 Results of Operations

The Company reported net income of $0.3 million for the three-month period ended June 30, 2023. Advisory service revenue for the quarter was $3.5 million. We recorded interest and dividend income of $0.8 million and interest expense on repurchase agreements of $0.6 million and on long-term debt of $0.6 million. We recorded an unrealized $0.2 million mark to market loss on our shares of Orchid common stock and unrealized mark to market losses of $0.9 million on our MBS portfolio. The results for the quarter also included operating expenses of $2.2 million and an income tax provision of $0.1 million.

Management of Orchid Island Capital, Inc.

Orchid is managed and advised by Bimini. As Manager, Bimini is responsible for administering Orchid’s business activities and day-to-day operations. Pursuant to the terms of the management agreement, Bimini Advisors provides Orchid with its management team, including its officers, along with appropriate support personnel. Bimini also maintains a common stock investment in Orchid which is accounted for under the fair value option, with changes in fair value recorded in the statement of operations for the current period. For the three months ended June 30, 2023, Bimini’s statement of operations included a fair value adjustment of $(0.2) million and dividends of $0.3 million from its investment in Orchid’s common stock. Also during the three months ended June 30, 2023, Bimini recorded $3.5 million in advisory services revenue for managing Orchid’s portfolio consisting of $2.7 million of management fees, $0.6 million in overhead reimbursement and $0.2 million in repurchase, clearing and administrative fees.

Book Value Per Share

The Company's Book Value Per Share at June 30, 2023 was $1.34. The Company computes Book Value Per Share by dividing total stockholders' equity by the total number of shares outstanding of the Company's Class A Common Stock. At June 30, 2023, the Company's stockholders’ equity was $13.4 million, with 10,019,888 Class A Common shares outstanding.

Capital Allocation and Return on Invested Capital

The Company allocates capital between two MBS sub-portfolios, the pass-through MBS portfolio (“PT MBS”) and the structured MBS portfolio, consisting of interest only (“IO”) and inverse interest-only (“IIO”) securities. The table below details the changes to the respective sub-portfolios during the quarter.

Portfolio Activity for the Quarter

 

 

 

 

 

Structured Security Portfolio

 

 

 

 

 

Pass-Through

 

Interest-Only

 

Inverse Interest

 

 

 

 

 

 

 

 

Portfolio

 

Securities

 

Only Securities

 

Sub-total

 

Total

Market Value - March 31, 2023

 

$

42,849,182

 

 

$

2,785,378

 

 

$

5,372

 

 

$

2,790,750

 

 

$

45,639,932

 

Securities purchased

 

 

20,045,750

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

20,045,750

 

Return of investment

 

 

n/a

 

 

 

(86,588

)

 

 

(160

)

 

 

(86,748

)

 

 

(86,748

)

Pay-downs

 

 

(907,707

)

 

 

n/a

 

 

 

n/a

 

 

 

n/a

 

 

 

(907,707

)

Discount accreted due to pay-downs

 

 

25,687

 

 

 

n/a

 

 

 

n/a

 

 

 

n/a

 

 

 

25,687

 

Mark to market losses

 

 

(853,965

)

 

 

(90,914

)

 

 

(1,561

)

 

 

(92,475

)

 

 

(946,440

)

Market Value - June 30, 2023

 

$

61,158,947

 

 

$

2,607,876

 

 

$

3,651

 

 

$

2,611,527

 

 

$

63,770,474

 

The tables below present the allocation of capital between the respective portfolios at June 30, 2023 and March 31, 2023, and the return on invested capital for each sub-portfolio for the three-month period ended June 30, 2023. Capital allocation is defined as the sum of the market value of securities held, less associated repurchase agreement borrowings, plus cash and cash equivalents and restricted cash associated with repurchase agreements. Capital allocated to non-portfolio assets is not included in the calculation.

Capital Allocation

 

 

 

 

 

Structured Security Portfolio

 

 

 

 

 

Pass-Through

 

Interest-Only

 

Inverse Interest

 

 

 

 

 

 

 

 

Portfolio

 

Securities

 

Only Securities

 

Sub-total

 

Total

June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Market value

 

$

61,158,947

 

 

$

2,607,876

 

 

$

3,651

 

 

$

2,611,527

 

 

$

63,770,474

 

Cash equivalents and restricted cash

 

 

5,567,383

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

5,567,383

 

Repurchase agreement obligations

 

 

(60,694,589

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(60,694,589

)

Total(1)

 

$

6,031,741

 

 

$

2,607,876

 

 

$

3,651

 

 

$

2,611,527

 

 

$

8,643,268

 

% of Total

 

 

69.8

%

 

 

30.2

%

 

 

0.0

%

 

 

30.2

%

 

 

100.0

%

March 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Market value

 

$

42,849,182

 

 

$

2,785,378

 

 

$

5,372

 

 

$

2,790,750

 

 

$

45,639,932

 

Cash equivalents and restricted cash

 

 

5,088,842

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

5,088,842

 

Repurchase agreement obligations

 

 

(43,091,999

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(43,091,999

)

Total(1)

 

$

4,846,025

 

 

$

2,785,378

 

 

$

5,372

 

 

$

2,790,750

 

 

$

7,636,775

 

% of Total

 

 

63.5

%

 

 

36.5

%

 

 

0.1

%

 

 

36.5

%

 

 

100.0

%

(1)

Invested capital includes the value of the MBS portfolio and cash equivalents and restricted cash, reduced by repurchase agreement borrowings.

The returns on invested capital in the PT MBS and structured MBS portfolios were approximately (7.6)% and (1.2)%, respectively, for the second quarter of 2023. The combined portfolio generated a return on invested capital of approximately (5.3)%.

Returns for the Quarter Ended June 30, 2023

 

 

 

 

 

Structured Security Portfolio

 

 

 

 

 

Pass-Through

 

Interest-Only

 

Inverse Interest

 

 

 

 

 

 

 

 

Portfolio

 

Securities

 

Only Securities

 

Sub-total

 

Total

Interest income (net of repo cost)

 

$

(55,571

)

 

$

57,889

 

 

$

127

 

 

$

58,016

 

 

$

2,445

 

Realized and unrealized losses

 

 

(828,278

)

 

 

(90,914

)

 

 

(1,561

)

 

 

(92,475

)

 

 

(920,753

)

Hedge gains

 

 

515,547

 

 

 

n/a

 

 

 

n/a

 

 

 

n/a

 

 

 

515,547

 

Total Return

 

$

(368,302

)

 

$

(33,025

)

 

$

(1,434

)

 

$

(34,459

)

 

$

(402,761

)

Beginning capital allocation

 

$

4,846,025

 

 

$

2,785,378

 

 

$

5,372

 

 

$

2,790,750

 

 

$

7,636,775

 

Return on invested capital for the quarter(1)

 

 

(7.6

)%

 

 

(1.2

)%

 

 

(26.7

)%

 

 

(1.2

)%

 

 

(5.3

)%

(1)

Calculated by dividing the Total Return by the Beginning Capital Allocation, expressed as a percentage.

Prepayments

For the second quarter of 2023, the Company received approximately $1.0 million in scheduled and unscheduled principal repayments and prepayments, which equated to a 3-month constant prepayment rate (“CPR”) of approximately 9.6% for the second quarter of 2023. Prepayment rates on the two MBS sub-portfolios were as follows (in CPR):

 

 

PT

 

 

Structured

 

 

 

 

 

 

MBS Sub-

 

 

MBS Sub-

 

 

Total

 

Three Months Ended

 

Portfolio

 

 

Portfolio

 

 

Portfolio

 

June 30, 2023

 

8.0

 

 

13.0

 

 

9.6

 

March 31, 2023

 

2.4

 

 

10.3

 

 

5.0

 

December 31, 2022

 

8.2

 

 

8.4

 

 

8.3

 

September 30, 2022

 

13.1

 

 

7.5

 

 

10.8

 

June 30, 2022

 

17.2

 

 

22.9

 

 

20.0

 

March 31, 2022

 

18.5

 

 

25.6

 

 

20.9

 

Portfolio

The following tables summarize the MBS portfolio as of June 30, 2023 and December 31, 2022:

($ in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

Percentage

 

 

 

 

Average

 

 

 

 

 

 

 

 

of

 

Weighted

 

Maturity

 

 

 

 

Fair

 

Entire

 

Average

 

in

 

Longest

Asset Category

 

Value

 

Portfolio

 

Coupon

 

Months

 

Maturity

June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Rate MBS

 

$

61,159

 

 

 

95.9

%

 

 

4.52

%

 

 

335

 

1-May-53

Structured MBS

 

 

2,611

 

 

 

4.1

%

 

 

2.84

%

 

 

293

 

15-May-51

Total MBS Portfolio

 

$

63,770

 

 

 

100.0

%

 

 

4.12

%

 

 

333

 

1-May-53

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Rate MBS

 

$

42,974

 

 

 

93.6

%

 

 

4.07

%

 

 

329

 

1-Aug-52

Structured MBS

 

 

2,919

 

 

 

6.4

%

 

 

2.84

%

 

 

300

 

15-May-51

Total MBS Portfolio

 

$

45,893

 

 

 

100.0

%

 

 

3.67

%

 

 

327

 

1-Aug-52

($ in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2023

 

December 31, 2022

 

 

 

 

 

 

Percentage of

 

 

 

 

 

Percentage of

Agency

 

Fair Value

 

Entire Portfolio

 

Fair Value

 

 

Entire Portfolio

Fannie Mae

 

$

32,502

 

 

 

51.0

%

 

$

33,883

 

 

 

73.8

%

Freddie Mac

 

 

31,268

 

 

 

49.0

%

 

 

12,010

 

 

 

26.2

%

Total Portfolio

 

$

63,770

 

 

 

100.0

%

 

$

45,893

 

 

 

100.0

%

 

 

June 30, 2023

 

 

December 31, 2022

 

Weighted Average Pass Through Purchase Price

 

$

104.23

 

 

$

105.30

 

Weighted Average Structured Purchase Price

 

$

4.48

 

 

$

4.48

 

Weighted Average Pass Through Current Price

 

$

96.78

 

 

$

95.58

 

Weighted Average Structured Current Price

 

$

13.03

 

 

$

13.37

 

Effective Duration (1)

 

 

4.130

 

 

 

4.323

 

(1)

Effective duration is the approximate percentage change in price for a 100 basis point change in rates. An effective duration of 4.130 indicates that an interest rate increase of 1.0% would be expected to cause a 4.130% decrease in the value of the MBS in the Company’s investment portfolio at June 30, 2023. An effective duration of 4.323 indicates that an interest rate increase of 1.0% would be expected to cause a 4.323% decrease in the value of the MBS in the Company’s investment portfolio at December 31, 2022. These figures include the structured securities in the portfolio but not the effect of the Company’s hedges. Effective duration quotes for individual investments are obtained from The Yield Book, Inc.

Financing and Liquidity

As of June 30, 2023, the Company had outstanding repurchase obligations of approximately $60.7 million with a net weighted average borrowing rate of 5.28%. These agreements were collateralized by MBS with a fair value, including accrued interest, of approximately $63.9 million. At June 30, 2023, the Company’s liquidity was approximately $5.2 million, consisting of unpledged MBS and cash and cash equivalents.

We may pledge more of our structured MBS as part of a repurchase agreement funding, but retain cash in lieu of acquiring additional assets. In this way, we can, at a modest cost, retain higher levels of cash on hand and decrease the likelihood we will have to sell assets in a distressed market in order to raise cash. Below is a list of outstanding borrowings under repurchase obligations at June 30, 2023.

($ in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase Agreement Obligations

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

Weighted

 

 

 

Total

 

 

 

 

 

 

Average

 

 

 

 

 

 

Average

 

 

 

Outstanding

 

 

% of

 

 

Borrowing

 

 

Amount

 

 

Maturity

 

Counterparty

 

Balances

 

 

Total

 

 

Rate

 

 

at Risk(1)

 

 

(in Days)

 

Mirae Asset Securities (USA) Inc.

 

$

22,854

 

 

 

37.6

%

 

 

5.36

%

 

 

1,083

 

 

 

69

 

Mitsubishi UFJ Securities, Inc.

 

 

13,751

 

 

 

22.7

%

 

 

5.22

%

 

 

926

 

 

 

24

 

Marex

 

 

11,322

 

 

 

18.7

%

 

 

5.22

%

 

 

495

 

 

 

27

 

Citigroup Global Markets, Inc.

 

 

9,118

 

 

 

15.0

%

 

 

5.23

%

 

 

456

 

 

 

24

 

South Street Securities, LLC

 

 

3,649

 

 

 

6.0

%

 

 

5.35

%

 

 

141

 

 

 

80

 

 

 

$

60,694

 

 

 

100.0

%

 

 

5.28

%

 

$

3,101

 

 

 

45

 

(1)

Equal to the fair value of securities sold (including accrued interest receivable) and cash posted as collateral, if any, minus the sum of repurchase agreement liabilities, accrued interest payable and securities posted by the counterparty (if any).

Summarized Consolidated Financial Statements

The following is a summarized presentation of the unaudited consolidated balance sheets as of June 30, 2023, and December 31, 2022, and the unaudited consolidated statements of operations for the six and three months ended June 30, 2023 and 2022. Amounts presented are subject to change.

BIMINI CAPITAL MANAGEMENT, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited - Amounts Subject to Change)

 

 

 

June 30, 2023

 

 

December 31, 2022

 

ASSETS

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

$

63,770,474

 

 

$

45,893,436

 

Cash equivalents and restricted cash

 

 

5,567,383

 

 

 

6,773,799

 

Orchid Island Capital, Inc. common stock, at fair value

 

 

5,889,885

 

 

 

5,975,248

 

Accrued interest receivable

 

 

285,513

 

 

 

204,018

 

Deferred tax assets, net

 

 

22,741,823

 

 

 

23,178,243

 

Other assets

 

 

4,375,532

 

 

 

4,292,207

 

Total Assets

 

$

102,630,610

 

 

$

86,316,951

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Repurchase agreements

 

$

60,694,589

 

 

$

43,817,999

 

Long-term debt

 

 

27,404,399

 

 

 

27,416,239

 

Other liabilities

 

 

1,116,563

 

 

 

2,958,634

 

Total Liabilities

 

 

89,215,551

 

 

 

74,192,872

 

Stockholders' equity

 

 

13,415,059

 

 

 

12,124,079

 

Total Liabilities and Stockholders' Equity

 

$

102,630,610

 

 

$

86,316,951

 

Class A Common Shares outstanding

 

 

10,019,888

 

 

 

10,019,888

 

Book value per share

 

$

1.34

 

 

$

1.21

 

BIMINI CAPITAL MANAGEMENT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited - Amounts Subject to Change)

 

 

 

Six Months Ended June 30,

 

Three Months Ended June 30,

 

 

2023

 

2022

 

2023

 

2022

Advisory services

 

$

6,898,860

 

 

$

6,407,741

 

 

$

3,516,450

 

 

$

3,332,379

 

Interest and dividend income

 

 

1,670,104

 

 

 

1,636,110

 

 

 

839,562

 

 

 

742,441

 

Interest expense

 

 

(2,183,490

)

 

 

(663,720

)

 

 

(1,129,285

)

 

 

(376,412

)

Net revenues

 

 

6,385,474

 

 

 

7,380,131

 

 

 

3,226,727

 

 

 

3,698,408

 

Other income (expense)

 

 

(106,205

)

 

 

(9,223,396

)

 

 

(621,397

)

 

 

(2,865,092

)

Expenses

 

 

4,551,869

 

 

 

4,138,351

 

 

 

2,223,012

 

 

 

2,112,872

 

Net income (loss) before income tax provision (benefit)

 

 

1,727,400

 

 

 

(5,981,616

)

 

 

382,318

 

 

 

(1,279,556

)

Income tax provision (benefit)

 

 

436,420

 

 

 

(1,315,458

)

 

 

96,811

 

 

 

(92,982

)

Net income (loss)

 

$

1,290,980

 

 

$

(4,666,158

)

 

$

285,507

 

 

$

(1,186,574

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted Net Income (Loss) Per Share of:

 

 

 

 

 

 

 

 

 

 

 

 

CLASS A COMMON STOCK

 

$

0.13

 

 

$

(0.44

)

 

$

0.03

 

 

$

(0.11

)

CLASS B COMMON STOCK

 

$

0.13

 

 

$

(0.44

)

 

$

0.03

 

 

$

(0.11

)

 

 

Three Months Ended June 30,

Key Balance Sheet Metrics

 

2023

 

2022

Average MBS(1)

 

$

54,705,200

 

 

$

46,607,126

 

Average repurchase agreements(1)

 

 

51,893,294

 

 

 

45,870,344

 

Average stockholders' equity(1)

 

 

13,272,305

 

 

 

28,513,181

 

 

 

 

 

 

 

 

 

 

Key Performance Metrics

 

 

 

 

 

 

 

 

Average yield on MBS(2)

 

 

4.14

%

 

 

3.36

%

Average cost of funds(2)

 

 

4.35

%

 

 

0.63

%

Average economic cost of funds(3)

 

 

4.49

%

 

 

2.25

%

Average interest rate spread(4)

 

 

(0.21

)%

 

 

2.73

%

Average economic interest rate spread(5)

 

 

(0.35

)%

 

 

1.11

%

(1)

Average MBS, repurchase agreements and stockholders’ equity balances are calculated using two data points, the beginning and ending balances.

(2)

Portfolio yields and costs of funds are calculated based on the average balances of the underlying investment portfolio/repurchase agreement balances and are annualized for the quarterly periods presented.

(3)

Represents interest cost of our borrowings and the effect of derivative agreements attributed to the period related to hedging activities, divided by average repurchase agreements.

(4)

Average interest rate spread is calculated by subtracting average cost of funds from average yield on MBS.

(5)

Average economic interest rate spread is calculated by subtracting average economic cost of funds from average yield on MBS.

About Bimini Capital Management, Inc.

Bimini Capital Management, Inc. invests primarily in, but is not limited to investing in, residential mortgage-related securities issued by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Government National Mortgage Association (Ginnie Mae). Its objective is to earn returns on the spread between the yield on its assets and its costs, including the interest expense on the funds it borrows. In addition, Bimini generates a significant portion of its revenue serving as the manager of the MBS portfolio of, and providing certain repurchase agreement trading, clearing and administrative services to, Orchid Island Capital, Inc.

Forward Looking Statements

Statements herein relating to matters that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The reader is cautioned that such forward-looking statements are based on information available at the time and on management's good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in such forward-looking statements. Important factors that could cause such differences are described in Bimini Capital Management, Inc.'s filings with the Securities and Exchange Commission, including Bimini Capital Management, Inc.'s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Bimini Capital Management, Inc. assumes no obligation to update forward-looking statements to reflect subsequent results, changes in assumptions or changes in other factors affecting forward-looking statements.

Earnings Conference Call Details

An earnings conference call and live audio webcast will be hosted Friday, August 11, 2023, at 10:00 AM ET. The conference call may be accessed by dialing toll free (888) 330-2214. The conference ID is 5305210. A live audio webcast of the conference call can be accessed via the investor relations section of the Company's website at https://ir.biminicapital.com or at https://events.q4inc.com/attendee/747750119.

Contacts

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