The decrease compared to the fourth quarter of 2008 was primarilyattributable to lower principal payment receipts on previouslywritten-off residential mortgage-backed securities.- Dividend coverage: Cash flow from operations for the first quarter of2009 represented in excess of two times coverage of the current dividendof approximately $2.5 million, and the remainder was used to pay downliabilities.Dividend InformationCrystal River announced that its Board of Directors declared a cashdistribution for the quarter ended June 30, 2009 of $0.10 per share ofcommon stock. The decrease compared tothe first quarter of 2008 was primarily attributable to lower interestincome resulting from the sale of the Company's Agency MBS portfolio in2008. Finally, theCompany also recorded a $6.8 million loan loss allowance on its realestate loan holdings during the quarter ended March 31, 2009.Operating Earnings (defined below) for the quarter ended March 31, 2009totaled $8.5 million, or $0.34 per share, compared to $19.5 million, or$0.79 per share, for the first quarter of 2008 and $17.1 million, or$0.68 per share, for the fourth quarter of 2008. The primary contributors to the first quarter 2009 net loss were a$5.8 million impairment charge against the Company's available-for-salesecurities and a $9.9 million net decrease in assets and liabilitiesvalued under fair value option, which was partially offset by realizedand unrealized gains on derivatives totaling $3.9 million.
A replay of the recorded teleconferencewill be available through May 21, 2009. The replay can be accessed bydialing 888-203-1112 or 719-457-0820 (International) and enteringpasscode 7542945. A live audio webcast of the call will be accessible onthe Company's website, , via a link from theInvestor Relations section. A replay of the audio webcast will bearchived in the Investor Relations section of the Company's website.Crystal River Capital, Inc. Tonogold does not undertake any obligation torepublish revised forward-looking statements to reflect events or circumstancesafter the date hereof or to reflect the occurrence of unanticipated events.-0-CONTACT:Tonogold Resources, Inc. Phillip WinterJeff . NEW YORK, NEW YORK, May 06 (MARKET WIRE) -- Crystal River Capital, Inc.
("Crystal River" or the "Company") (OTCBB:CYRV) - Crystal River's management will host a dial-in teleconference to reviewits first quarter 2009 financial results on May 7, 2009 at 9:00 a.m.(EDT). The teleconference can be accessed by dialing 888-221-9542 or913-312-0641 (International). Readers are cautioned not to place undue reliance onthese forward-looking statements. Forward-looking statements are statements that are nothistorical facts. Words such as "expect(s)," "feel(s)," "believe(s)," "will,""may," "anticipate(s)," and similar expressions are intended to identifyforward-looking statements.
These statements include, but are not limited to,financial projections and estimates and their underlying assumptions; statementsregarding plans, objectives and expectations with respect to future operations,products and services; and statements regarding future performance. ("Tonogold") which is intended to be covered by the safe harborfor "forward-looking statements" provided by the Private Securities LitigationReform Act of 1995. For more information on the Company visit their website Harbor Statement Under the Private Securities Litigation Reform Act of 1995This press release contains certain forward-looking information about TonogoldResources, Inc. is a minerals exploration company based in La Jolla,California.
- An Annual Report including cross sections, maps and discussion is in preparation.Tonogold Resources, Inc. - Performed check assays of selected drill hole samples for quality assurance and quality control purposes.Initiated an evaluation of sample preparation procedures and alternatives - Continued planning for future exploration activities. - Prepared geological cross sections based upon the drilling results - Began creation of a 3D model of the project. Cover-All Technologies Inc.Ann Massey, 973-461-5190Chief Financial orInvestor:Hayden IRBrett Maas, Copyright Business Wire 2009.