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Sallie Mae Lost $104 Million In QuarterWASHINGTON (AP) — The student lender Sallie Mae said on Wednesday that it lost $104 million in the first quarter, falling short of Wall Street’s expectations amid a severe disruption in the student lending industry. Related Citigroup Unit to Curb Loans (April 17, 2008)The company, which is based in Reston, Va., and is formally known as the SLM Corporation, said that it lost 28 cents a share in the first quarter. That is in contrast to a profit of $116 million, or 26 cents a share, a year earlier. Sallie Mae set aside $137 million for losses on student loans. Sallie Mae has suffered since last year from financial losses, a failed buyout and a reshuffling of top management. In January, the company said it was becoming more selective about student loans and was stressing the importance of graduation to predict students’ likelihood of repaying their debts. “Today’s environment is the most difficult we have seen in our 35-year history of student lending,” Albert L. Lord, the chief executive, said in a statement. Sallie Mae’s profit on a “core” basis was 34 cents a share in the first three months of the year. Analysts polled by Thomson Financial had expected 40 cents a share on that basis, which excludes the impact of student loans bundled together as securities. Sallie Mae’s shares, which have dropped from a peak of $58 last summer, fell $1.18 on Wednesday, or 6.8 percent, to close at $16.26. Tag CloudExternal InformationAdditional InformationWorld Business Briefing: Canada: Rival Bid for Mine Company...Travelers Posts Lower Profit, but Raises Outlook... Conrad Black’s Lawyers Seek to Stifle Tape... Off the Charts: Maybe a House Is Now Out of Reach, but There’s Always Furniture... Where Am I?News Main Page - Business - Sallie Mae Lost $104 Million In Quarter |
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