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Resource America, Inc. Reports Operating Results for the Fourth Fiscal Quarter and Fiscal Year Ended September 30, 2012

PHILADELPHIA, PA -- (Marketwire) -- 12/04/12 -- Resource America, Inc. (NASDAQ: REXI) (the "Company") reported adjusted income from continuing operations attributable to common shareholders, net of tax, a non-GAAP measure, of $234,000, or $0.01 per common share-diluted, and $31.0 million, or $1.50 per common share-diluted, for the fourth fiscal quarter and fiscal year ended September 30, 2012, respectively, as compared to an adjusted loss from continuing operations attributable to common shareholders, net of tax, of $1.2 million, or $0.06 per common share-diluted, and adjusted income from continuing operations attributable to common shareholders, net of tax, of $2.4 million, or $0.12 per common share-diluted, for the fourth fiscal quarter and fiscal year ended September 30, 2011, respectively. A reconciliation of the Company's reported GAAP (loss) income from continuing operations before taxes to adjusted income (loss) from continuing operations attributable to common shareholders, net of tax, a non-GAAP measure, is included as Schedule I to this release.

The Company reported a GAAP net loss attributable to common shareholders of $2.3 million, or $0.11 per common share-diluted, and net income attributable to common shareholders of $25.8 million, or $1.25 per common share-diluted, for the fourth fiscal quarter and fiscal year ended September 30, 2012, respectively, as compared to a net loss attributable to common shareholders of $3.0 million, or $0.15 per common share-diluted, and a net loss of $8.2 million, or $0.42 per common share-diluted, for the fourth fiscal quarter and fiscal year ended September 30, 2011, respectively.

Jonathan Cohen, CEO and President, commented, "We are very pleased with the progress we made during the fiscal year ended September 30, 2012. It was a year in which we showed strong growth and positioned ourselves for even more growth. Our income from continuing operations was $25.9 million for the year ended September 30, 2012, a dramatic increase over the loss of $6.0 million for the year ended September 30, 2011. We paid off $17.6 million of debt and restructured the rest at lower interest rates. We closed the transaction creating CVC Credit Partners, which showed the potential value of our asset management platforms, as we realized a $54.5 million gain, received gross cash proceeds of $25.0 million, retained substantial incentive fees and now own 33% of a world-class global credit management business. Our strong liquidity position has allowed us to repurchase our common shares, and we have bought over 558,000 shares at an average price of $5.88 since October 2011. Our real estate businesses are growing significantly, and Resource Capital Corp., Resource Real Estate Opportunity REIT and our real estate institutional joint ventures raised over $266.0 million in new capital, on which we will earn stable and long term future asset management fees, positioning Resource America for continued growth."

Assets Under Management
The following table details the Company's assets under management by operating segment, which increased by $1.6 billion (12%) from September 30, 2011 to September 30, 2012.


                                          At September 30,  At September 30,
                                                2012              2011
                                         ----------------- -----------------
Financial fund management                $  12.7 billion   $  11.1 billion
Real estate                                  1.7 billion       1.6 billion
Commercial finance                           0.5 billion       0.6 billion
                                         -------           -------
                                         $  14.9 billion   $  13.3 billion
                                         =======           =======

A description of how the Company calculates assets under management is set forth in Item 1 of the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2011.

Highlights for the Fourth Fiscal Quarter and Fiscal Year Ended September 30, 2012 and Recent Developments

REAL ESTATE:

  • Fundraising:
    • Resource Real Estate Opportunity REIT, Inc. ("RRE Opportunity REIT") raised a record $33.0 million and $102.9 million during the fourth fiscal quarter and fiscal year ended September 30, 2012, respectively. Through November 30, 2012, RRE Opportunity REIT has raised approximately $192.9 million in total capital.
    • Resource Capital Corp. ("RSO") raised $83.3 million and $138.5 million of common and preferred equity capital for the fourth fiscal quarter and fiscal year ended September 30, 2012.
  • Fiscal 2012 RRE Opportunity REIT Acquisitions: In connection with the following purchases, the Company received $1.7 million in acquisition fees and will receive asset and property management fees in the future:
    • acquired two multifamily rental properties for $52.7 million; and
    • acquired two non-performing loans for $18.6 million, secured by first priority mortgages on various residential apartment buildings.
  • Fiscal 2012 Resource Real Estate, Inc. ("RRE") Acquisitions: In connection with the following purchases and financings, the Company received $783,000 in acquisition and debt financing fees and will receive asset and property management fees in the future:
    • acquired a non-performing note secured by a multifamily rental property for $5.0 million and two condominium properties for $8.1 million, on behalf of an RSO joint venture;
    • acquired a multifamily rental property for $11.5 million on behalf of one of RRE's sponsored limited partnerships; and
    • entered into two mortgage loans to borrow $37.6 million, one on behalf of a joint venture with an existing partner and the other on behalf of one of RRE's sponsored limited partnerships.
  • Fiscal 2012 RRE Dispositions: RRE sold three multifamily properties for $65.8 million for a joint venture with an existing partner, in which RSO is a member. In connection with these sales, the Company earned a promoted return of $1.5 million and disposition fees of $474,000.
  • Fiscal 2012 RRE Equity Interest Resolutions: RRE, along with an existing joint venture partner, sold two equity interests in multifamily properties and received total net proceeds of $766,000.
  • Property Management: Resource Real Estate Management, Inc., the Company's property management subsidiary, increased the apartment units it manages to 17,979 units at 61 properties as of September 30, 2012 from 15,217 units at 54 properties as of September 30, 2011.

FINANCIAL FUND MANAGEMENT:

  • Creation of a Global Credit Manager: On April 17, 2012, the Company closed on its sale of 100% of its common equity interests in Apidos Capital Management, LLC, its bank loan subsidiary ("Apidos"), to CVC Capital Partners SICAV-FIS, S.A. ("CVC"), creating the global credit manager CVC Credit Partners, L.P. ("CCP"), a newly-formed Cayman Islands limited partnership jointly owned by the Company and CVC. Pursuant to the previously reported sale and purchase agreement and related agreements between the Company and CVC dated as of December 29, 2011, the Company sold Apidos in exchange for (i) $25.0 million in cash and (ii) a 33% limited partner interest in CCP and its general partner. Prior to the closing, CVC contributed its existing credit manager, CVC Cordatus, to CCP. The Company recorded a $54.5 million gain on the sale and is retaining certain incentive management fees that may be collected in the future, relating to previously managed portfolios. The Company anticipates that it will begin to collect these fees in fiscal 2013.
  • Award Recognition: In May 2012, CCP, the recently formed global credit management company, won the global award for "Best CLO Manager" at the 2012 Creditflux CLO Manager Awards.
  • New Collateralized Loan Obligation Issuers ("CLO"): In July and November 2012, CCP closed Apidos CLO IX (par value $409.8 million) and Apidos CLO X (par value $450.0 million), respectively. In connection with these CLOs, CCP expects to receive approximately $4.1 million per year in asset management fees in the future.
  • Increased Assets Under Management: The Company's financial fund management operating segment increased its assets under management at September 30, 2012 to $12.7 billion, an increase of $1.6 billion, or 14%, from September 30, 2011.

COMMERCIAL FINANCE:

  • Lease Origination/Platform Growth: LEAF Commercial Capital, Inc. ("LEAF"), the Company's equipment leasing joint venture, continued to grow its lease origination and servicing operations during the fourth fiscal quarter ended September 30, 2012:
    • lease and loan origination volume increased by 48% compared to the fourth fiscal quarter ended September 30, 2011; and
    • LEAF's commercial finance assets as of September 30, 2012 increased by 76% from September 30, 2011.
  • Securitizations: In September 2012, LEAF announced a new securitization transaction, LEAF 2012-1, which securitized a portfolio of approximately $221.0 million of leases and commercial loans through the issuance of equipment contract-backed notes. This transaction is the second securitization of small ticket equipment leases and commercial loans that LEAF has sponsored since its inception. The leases and loans were originated by LEAF and are backed by various equipment, including office equipment such as photocopiers, printers and telecommunications systems, as well as technology, light industrial and healthcare-related equipment.
  • Increased Warehouse Capacity: In September 2012, LEAF expanded its funding capacity with the closing of a $150.0 million revolving credit facility with Credit Suisse AG, New York Branch. This additional $150.0 million of warehouse capacity will be used by LEAF to fund new lease originations through its various vendor channels.

OTHER:

  • Senior Note Repayment/Modification: In November 2011, the Company modified $10.0 million of its original senior notes to extend the maturity to October 2013 from October 2012 and lowered the interest rate from 12% to 9%. In connection with this modification, the Company redeemed $8.82 million of the original senior notes for cash.
  • Decreased Borrowings: At September 30, 2011, the Company had $8.7 million of outstanding borrowings on its corporate credit facility with TD Bank. In June 2012, the Company paid down its outstanding borrowings on this facility.
  • Share Repurchase Plan: In August 2012, the Company's Board of Directors authorized the Company to repurchase up to 5% of our outstanding common shares. Since August 2012, the Company has repurchased 358,000 shares at an average price of $6.51 under this plan.
  • Corporate Credit Facilities Modifications: In October 2012, the Company extended the maturity of its existing $3.5 million revolving credit facility with Republic Bank from December 2013 to December 2014. In November 2012, the Company extended the maturity of its revolving credit facility with TD Bank from August 2013 to December 2014 and eliminated the 6% interest rate floor.
  • Dividends: The Company's Board of Directors authorized the payment on October 31, 2012 of a $0.03 cash dividend per share on the Company's common stock to holders of record as of the close of business on October 19, 2012. RSO declared a cash dividend of $0.20 per common share for its third fiscal quarter ended September 30, 2012.

Resource America, Inc. is a specialized asset management company that uses industry specific expertise to evaluate, originate, service and manage investment opportunities for its own account and for outside investors in the real estate, financial fund management and commercial finance sectors.

For more information, please visit our website at www.resourceamerica.com or contact investor relations at [email protected].

Statements made in this release include forward-looking statements, which involve substantial risks and uncertainties. The Company's actual results, performance or achievements could differ materially from those expressed or implied in this release and its other reports filed with the Securities and Exchange Commission. For information pertaining to risks relating to these forward-looking statements, reference is made to the section "Risk Factors" contained in Item 1A of the Company's Annual Report on Form 10-K and in other of its public filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statements to reflect new or changing information or events except as may be required by law.

A registration statement relating to securities offered by RRE Opportunity REIT was declared effective by the SEC on June 16, 2010. A written prospectus relating to these securities may be obtained by contacting Resource Securities, Inc., 2005 Market Street, 15th Floor, Philadelphia, PA 19103.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The remainder of this release contains the Company's unaudited consolidated balance sheets, consolidated statements of operations and consolidated statements of cash flows and reconciliation of GAAP (loss) income from continuing operations before taxes to adjusted income (loss) from continuing operations attributable to common shareholders, net of tax.


                           RESOURCE AMERICA, INC.
                        CONSOLIDATED BALANCE SHEETS
                     (in thousands, except share data)

                                                         September 30,
                                                   ------------------------
                                                       2012         2011
                                                   -----------  -----------
ASSETS
  Cash                                             $    19,393  $    24,455
  Restricted cash                                          642       20,257
  Receivables                                            3,554        1,981
  Receivables from managed entities and related
   parties, net                                         40,338       54,815
  Investments in commercial finance, net                    --      192,012
  Investments in real estate, net                       19,149       19,942
  Investment securities, at fair value                  22,532       15,124
  Investments in unconsolidated loan manager            36,356           --
  Investments in unconsolidated entities                12,993       12,710
  Property and equipment, net                            2,732        6,998
  Deferred tax assets, net                              34,565       51,581
  Goodwill                                                  --        7,969
  Other assets                                           3,776       14,662
                                                   -----------  -----------
    Total assets                                   $   196,030  $   422,506
                                                   ===========  ===========

LIABILITIES AND EQUITY
Liabilities:
  Accrued expenses and other liabilities           $    22,329  $    40,887
  Payables to managed entities and related parties       4,380        1,232
  Borrowings                                            23,020      222,659
                                                   -----------  -----------
    Total liabilities                                   49,729      264,778
                                                   -----------  -----------

Commitments and contingencies

Equity:
  Preferred stock, $1.00 par value, 1,000,000
   shares authorized; none outstanding                      --           --
  Common stock, $.01 par value, 49,000,000 shares
   authorized; 29,866,664 and 28,779,998 shares
   issued (including nonvested restricted stock of
   403,195 and 649,007), respectively                      294          281
  Additional paid-in capital                           285,844      281,686
  Accumulated deficit                                  (24,508)     (48,032)
  Treasury stock, at cost; 9,756,955 and 9,126,966
   shares, respectively                               (102,457)     (98,954)
  Accumulated other comprehensive loss                 (13,080)     (14,613)
                                                   -----------  -----------
    Total stockholders' equity                         146,093      120,368
  Noncontrolling interests                                 208       37,360
                                                   -----------  -----------
    Total equity                                       146,301      157,728
                                                   -----------  -----------
                                                   $   196,030  $   422,506
                                                   ===========  ===========



                           RESOURCE AMERICA, INC.
                   CONSOLIDATED STATEMENTS OF OPERATIONS
                   (in thousands, except per share data)

                                  Three Months Ended       Years Ended
                                     September 30,        September 30,
                                  ------------------  ---------------------
                                    2012      2011       2012        2011
                                  --------  --------  ----------  ---------
                                      (unaudited)     (unaudited)
REVENUES:
Real estate                       $  9,101  $  9,375  $   38,404  $  38,380
Financial fund management            5,370     4,647      21,244     25,841
Commercial finance                    (167)    7,378       1,884     21,795
                                  --------  --------  ----------  ---------
                                    14,304    21,400      61,532     86,016
                                  --------  --------  ----------  ---------
COSTS AND EXPENSES:
Real estate                          7,773     6,189      29,758     24,465
Financial fund management            3,196     3,648      16,373     20,562
Commercial finance                     103     3,532       2,414     15,207
Restructuring expenses                  --        --         365         --
General and administrative           2,530     2,895      10,460     11,522
Gain on sale of leases and loans        --      (302)        (37)      (659)
Provision for credit losses          6,336     2,860      17,246     10,661
Depreciation and amortization          529     3,534       3,653     10,739
                                  --------  --------  ----------  ---------
                                    20,467    22,356      80,232     92,497
                                  --------  --------  ----------  ---------
OPERATING LOSS                      (6,163)     (956)    (18,700)    (6,481)
                                  --------  --------  ----------  ---------

OTHER INCOME (EXPENSE):
(Loss) gain on deconsolidation
 and sale of subsidiaries             (140)       --      63,291         --
Loss on extinguishment of debt          --        --      (2,190)        --
Gain on sale of management
 contract                               --        --          --      6,520
Gain on extinguishment of
 servicing and repurchase
 liabilities                            --        --          --      4,426
Gain (loss) on sale of investment
 securities, net                        --        84          63     (1,198)
Other-than-temporary impairment
 on investments                         --        --         (74)        --
Interest expense                      (544)   (4,531)     (4,741)   (15,343)
Other income, net                      557       257       2,103      2,242
                                  --------  --------  ----------  ---------
                                      (127)   (4,190)     58,452     (3,353)
                                  --------  --------  ----------  ---------
(Loss) income from continuing
 operations before taxes            (6,290)   (5,146)     39,752     (9,834)
Income tax (benefit) provision      (3,984)   (2,826)     13,512     (4,607)
                                  --------  --------  ----------  ---------
(Loss) income from continuing
 operations                         (2,306)   (2,320)     26,240     (5,227)
Loss from discontinued
 operations, net of tax                 (8)      (26)        (58)    (2,202)
                                  --------  --------  ----------  ---------
Net (loss) income                   (2,314)   (2,346)     26,182     (7,429)
Add: net loss (income)
 attributable to noncontrolling
 interests                              36      (638)       (348)      (799)
                                  --------  --------  ----------  ---------
Net (loss) income attributable to
 common shareholders              $ (2,278) $ (2,984) $   25,834  $  (8,228)
                                  ========  ========  ==========  =========

Amounts attributable to common
 shareholders:
(Loss) income from continuing
 operations                       $ (2,270) $ (2,958) $   25,892  $  (6,026)
Discontinued operations                 (8)      (26)        (58)    (2,202)
                                  --------  --------  ----------  ---------
Net (loss) income                 $ (2,278) $ (2,984) $   25,834  $  (8,228)
                                  ========  ========  ==========  =========

Basic (loss) earnings per share:
Continuing operations             $  (0.11) $  (0.15) $     1.31  $   (0.31)
Discontinued operations                 --        --          --      (0.11)
                                  --------  --------  ----------  ---------
Net (loss) income                 $  (0.11) $  (0.15) $     1.31  $   (0.42)
                                  ========  ========  ==========  =========
Weighted average shares
 outstanding                        20,102    19,793      19,740     19,525
                                  ========  ========  ==========  =========

Diluted (loss) earnings per
 share:
Continuing operations             $  (0.11) $  (0.15) $     1.25  $   (0.31)
Discontinued operations                 --        --          --      (0.11)
                                  --------  --------  ----------  ---------
Net (loss) income                 $  (0.11) $  (0.15) $     1.25  $   (0.42)
                                  ========  ========  ==========  =========
Weighted average shares
 outstanding                        20,102    19,793      20,634     19,525
                                  ========  ========  ==========  =========

Dividends declared per common
 share                            $   0.03  $   0.03  $     0.12  $    0.12
                                  ========  ========  ==========  =========



                           RESOURCE AMERICA, INC.
                   CONSOLIDATED STATEMENTS OF CASH FLOWS
                               (in thousands)
                                (unaudited)

                                                  Years Ended September 30,
                                                 --------------------------
                                                     2012          2011
                                                 ------------  ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)                                $     26,182  $     (7,429)
  Adjustments to reconcile net income (loss) to
   net cash used in operating activities:
  Depreciation and amortization                         4,875        15,780
  Provision for credit losses                          17,246        10,661
  Unrealized gain on trading securities                (1,108)           --
  Equity in earnings of unconsolidated entities        (1,248)      (10,377)
  Distributions from unconsolidated entities            3,463         4,522
  Gain on sale of leases and loans                        (37)         (659)
  Other-than-temporary impairment losses
   recognized in earnings                                  74            --
  (Gain) loss on sale of loans and investment
   securities, net                                       (972)        1,198
  Gain on sale of assets                                  (84)         (196)
  Gain on sale and deconsolidation of
   subsidiaries                                       (63,291)           --
  Loss on extinguishment of debt                        2,190            --
  Gain on sale of management contract                      --        (6,520)
  Gain on extinguishment of servicing and
   repurchase liabilities                                  --        (4,426)
  Deferred income tax provision (benefit)              13,393        (5,657)
  Equity-based compensation issued                      1,286         2,525
  Equity-based compensation received                     (153)         (463)
Trading securities purchases and sales, net            (1,048)           --
Loss from discontinued operations                          58         2,202
Changes in operating assets and liabilities            (2,822)       (2,624)
                                                 ------------  ------------
Net cash used in operating activities                  (1,996)       (1,463)
                                                 ------------  ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures                                     (222)       (1,165)
Payments received on real estate loans and real
 estate                                                 1,726        16,487
Investments in unconsolidated real estate
 entities                                              (1,608)       (2,371)
Purchase of commercial finance assets                 (18,483)     (105,777)
Principal payments received on leases and loans         9,043        29,056
Cash divested on deconsolidation of LEAF               (2,284)           --
Net proceeds from sale of Apidos and cash
 divested on deconsolidation                           17,860            --
Proceeds from sale of management contract                  --         9,095
Purchase of loans and investments                      (1,874)           --
Proceeds from sale of loans and investments               262         3,779
                                                 ------------  ------------
Net cash provided by (used in) investing
 activities                                             4,420       (50,896)
                                                 ------------  ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in borrowings                                128,845       106,043
Principal payments on borrowings                     (129,416)      (55,778)
Dividends paid                                         (2,310)       (2,246)
Proceeds from issuance of common stock                  2,131         1,914
Repurchase of common stock                             (2,324)         (241)
Proceeds from issuance of LEAF preferred stock             --        15,221
Preferred stock dividends paid by LEAF to RSO            (188)         (305)
(Increase) decrease in restricted cash                   (664)        4,530
Other                                                  (2,275)       (2,299)
                                                 ------------  ------------
Net cash (used in) provided by financing
 activities                                            (6,201)       66,839
                                                 ------------  ------------
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Operating activities                                   (1,285)       (1,268)
                                                 ------------  ------------
Net cash used in discontinued operations               (1,285)       (1,268)
                                                 ------------  ------------

(Decrease) increase in cash                            (5,062)       13,212
Cash, beginning of year                                24,455        11,243
                                                 ------------  ------------
Cash, end of year                                $     19,393  $     24,455
                                                 ============  ============


Schedule I


            RECONCILIATION OF GAAP (LOSS) INCOME FROM CONTINUING
           OPERATIONS BEFORE TAXES TO ADJUSTED INCOME (LOSS) FROM
 CONTINUING OPERATIONS ATTRIBUTABLE TO COMMON SHAREHOLDERS, NET OF TAX (1)
                   (in thousands, except per share data)
                                (unaudited)

                                  Three Months Ended        Years Ended
                                     September 30,         September 30,
                                 --------------------  --------------------
                                    2012       2011       2012       2011
                                 ---------  ---------  ---------  ---------
(Loss) income from continuing
 operations before taxes - GAAP  $  (6,290) $  (5,146) $  39,752  $  (9,834)
Loss (income) attributable to
 noncontrolling interests - pre-
 tax                                    36       (467)      (219)       151
                                 ---------  ---------  ---------  ---------
(Loss) income from continuing
 operations attributable to
 common shareholders - pre-tax      (6,254)    (5,613)    39,533     (9,683)
                                 ---------  ---------  ---------  ---------

Commercial finance adjustments,
 pre-tax:
  Loss from operations (2)           6,539      3,288     11,954     14,111
Noncontrolling interests                --        483        223        (99)
                                 ---------  ---------  ---------  ---------
Commercial finance operations        6,539      3,771     12,177     14,012
                                 ---------  ---------  ---------  ---------

Adjusted income (loss) from
 continuing operations
 attributable to common
 shareholders - pre-tax                285     (1,842)    51,710      4,329
Income tax provision (benefit)
 (3)                                    51       (684)    20,684      1,935
                                 ---------  ---------  ---------  ---------
Adjusted income (loss) from
 continuing operations
 attributable to common
 shareholders, net of tax        $     234  $  (1,158) $  31,026  $   2,394
                                 =========  =========  =========  =========

Adjusted weighted average
 diluted shares outstanding (4)     21,141     19,793     20,634     20,588
                                 =========  =========  =========  =========

Adjusted income (loss) from
 continuing operations
 attributable to common
 shareholders, net of tax, per
 common per share-diluted        $    0.01  $   (0.06) $    1.50  $    0.12
                                 =========  =========  =========  =========


  1. Adjusted income (loss) from continuing operations attributable to
     common shareholders, net of tax, presents the Company's operations
     without the effect of its commercial finance operations. The Company
     believes that this provides useful information to investors since it
     allows investors to evaluate the Company's progress in both its real
     estate and financial fund management segments for the three months and
     fiscal years ended September 30, 2012 and 2011 separately from its
     commercial finance operations. Adjusted income (loss) from continuing
     operations attributable to common shareholders, net of tax, should not
     be considered as an alternative to (loss) income from continuing
     operations before taxes (computed in accordance with GAAP). Instead,
     adjusted income (loss) from continuing operations attributable to
     common shareholders, net of tax, should be reviewed in connection with
     (loss) income from continuing operations before taxes in the Company's
     consolidated financial statements, to help analyze how the Company's
     business is performing.
  2. Loss from commercial finance operations consists of revenues and
     expenses from commercial finance operations (including gains or losses
     from the sale of leases and loans, provision for credit losses and
     depreciation and amortization) net of non-controlling interests.
  3. Income tax provision (benefit) is calculated using the Company's tax
     rate for the period, excluding one-time tax adjustments.
  4. Dilutive shares used in the calculation of adjusted income from
     continuing operations attributable to common shareholders per common
     share-diluted includes an additional 1.0 million shares for the three
     months ended September 30, 2012 and an additional 1.1 million shares
     for the fiscal year ended September 30, 2011, which were antidilutive
     for the periods and, as such, were not used in the calculation of GAAP
     (loss) income from continuing operations attributable to common
     shareholders per common share-diluted.


Contact:
Thomas C. Elliott
Chief Financial Officer
Resource America, Inc.
One Crescent Drive, Suite 203
Philadelphia, PA 19112
(215) 546-5005
(215) 640-6357 (fax)


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The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
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The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
PubNub on Monday has announced that it is partnering with IBM to bring its sophisticated real-time data streaming and messaging capabilities to Bluemix, IBM’s cloud development platform. “Today’s app and connected devices require an always-on connection, but building a secure, scalable solution from the ground up is time consuming, resource intensive, and error-prone,” said Todd Greene, CEO of PubNub. “PubNub enables web, mobile and IoT developers building apps on IBM Bluemix to quickly add scalable realtime functionality with minimal effort and cost.”
Sensor-enabled things are becoming more commonplace, precursors to a larger and more complex framework that most consider the ultimate promise of the IoT: things connecting, interacting, sharing, storing, and over time perhaps learning and predicting based on habits, behaviors, location, preferences, purchases and more. In his session at @ThingsExpo, Tom Wesselman, Director of Communications Ecosystem Architecture at Plantronics, will examine the still nascent IoT as it is coalescing, including what it is today, what it might ultimately be, the role of wearable tech, and technology gaps stil...
In the consumer IoT, everything is new, and the IT world of bits and bytes holds sway. But industrial and commercial realms encompass operational technology (OT) that has been around for 25 or 50 years. This grittier, pre-IP, more hands-on world has much to gain from Industrial IoT (IIoT) applications and principles. But adding sensors and wireless connectivity won’t work in environments that demand unwavering reliability and performance. In his session at @ThingsExpo, Ron Sege, CEO of Echelon, will discuss how as enterprise IT embraces other IoT-related technology trends, enterprises with i...
When it comes to the Internet of Things, hooking up will get you only so far. If you want customers to commit, you need to go beyond simply connecting products. You need to use the devices themselves to transform how you engage with every customer and how you manage the entire product lifecycle. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, will show how “product relationship management” can help you leverage your connected devices and the data they generate about customer usage and product performance to deliver extremely compelling and reliabl...
The Internet of Things (IoT) is causing data centers to become radically decentralized and atomized within a new paradigm known as “fog computing.” To support IoT applications, such as connected cars and smart grids, data centers' core functions will be decentralized out to the network's edges and endpoints (aka “fogs”). As this trend takes hold, Big Data analytics platforms will focus on high-volume log analysis (aka “logs”) and rely heavily on cognitive-computing algorithms (aka “cogs”) to make sense of it all.
With several hundred implementations of IoT-enabled solutions in the past 12 months alone, this session will focus on experience over the art of the possible. Many can only imagine the most advanced telematics platform ever deployed, supporting millions of customers, producing tens of thousands events or GBs per trip, and hundreds of TBs per month. With the ability to support a billion sensor events per second, over 30PB of warm data for analytics, and hundreds of PBs for an data analytics archive, in his session at @ThingsExpo, Jim Kaskade, Vice President and General Manager, Big Data & Ana...
One of the biggest impacts of the Internet of Things is and will continue to be on data; specifically data volume, management and usage. Companies are scrambling to adapt to this new and unpredictable data reality with legacy infrastructure that cannot handle the speed and volume of data. In his session at @ThingsExpo, Don DeLoach, CEO and president of Infobright, will discuss how companies need to rethink their data infrastructure to participate in the IoT, including: Data storage: Understanding the kinds of data: structured, unstructured, big/small? Analytics: What kinds and how responsiv...
Since 2008 and for the first time in history, more than half of humans live in urban areas, urging cities to become “smart.” Today, cities can leverage the wide availability of smartphones combined with new technologies such as Beacons or NFC to connect their urban furniture and environment to create citizen-first services that improve transportation, way-finding and information delivery. In her session at @ThingsExpo, Laetitia Gazel-Anthoine, CEO of Connecthings, will focus on successful use cases.
Sensor-enabled things are becoming more commonplace, precursors to a larger and more complex framework that most consider the ultimate promise of the IoT: things connecting, interacting, sharing, storing, and over time perhaps learning and predicting based on habits, behaviors, location, preferences, purchases and more. In his session at @ThingsExpo, Tom Wesselman, Director of Communications Ecosystem Architecture at Plantronics, will examine the still nascent IoT as it is coalescing, including what it is today, what it might ultimately be, the role of wearable tech, and technology gaps stil...
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impact.
Wearable devices have come of age. The primary applications of wearables so far have been "the Quantified Self" or the tracking of one's fitness and health status. We propose the evolution of wearables into social and emotional communication devices. Our BE(tm) sensor uses light to visualize the skin conductance response. Our sensors are very inexpensive and can be massively distributed to audiences or groups of any size, in order to gauge reactions to performances, video, or any kind of presentation. In her session at @ThingsExpo, Jocelyn Scheirer, CEO & Founder of Bionolux, will discuss ho...
SYS-CON Events announced today that GENBAND, a leading developer of real time communications software solutions, has been named “Silver Sponsor” of SYS-CON's WebRTC Summit, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. The GENBAND team will be on hand to demonstrate their newest product, Kandy. Kandy is a communications Platform-as-a-Service (PaaS) that enables companies to seamlessly integrate more human communications into their Web and mobile applications - creating more engaging experiences for their customers and boosting collaboration and productiv...
Roberto Medrano, Executive Vice President at SOA Software, had reached 30,000 page views on his home page - http://RobertoMedrano.SYS-CON.com/ - on the SYS-CON family of online magazines, which includes Cloud Computing Journal, Internet of Things Journal, Big Data Journal, and SOA World Magazine. He is a recognized executive in the information technology fields of SOA, internet security, governance, and compliance. He has extensive experience with both start-ups and large companies, having been involved at the beginning of four IT industries: EDA, Open Systems, Computer Security and now SOA.
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, shared some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder of TeleStax, a...
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focused on understanding how industrial data can create intelligence for industrial operations. Imagine ...