828678--3/31/2009--FIRSTCITY_FINANCIAL

related topics

{capital, credit, financial}

{loss, insurance, financial}

{loan, real, estate}

{operation, international, foreign}

{stock, price, share}

{condition, economic, financial}

{tax, income, asset}

{competitive, industry, competition}

{investment, property, distribution}

{stock, price, operating}

{debt, indebtedness, cash}

{interest, director, officer}

{regulation, change, law}

{cost, regulation, environmental}

{operation, natural, condition}

{personnel, key, retain}

{financial, litigation, operation}

Recent instability in the financial markets and global economy may affect our access to capital, our ability to purchase accounts, and the success of our collection efforts. Changes in the performance and creditworthiness of borrowers and other counterparties may adversely impact our business, financial condition and results of operations. We may incur significant credit losses due to downward trends in the economy and in the real estate market. We may be materially adversely affected by the decline in value of collateral securing our loans. We may experience greater credit losses than anticipated if our loan loss allowances are not sufficient to cover actual losses. We may not predict the availability of Portfolio Assets. Our ability to manage risks associated with growth and entry into new businesses and foreign markets may be limited. We may not be able to purchase Portfolio Assets or make investments at sufficiently favorable prices or terms, or at all. It is likely that our actual experience will not be consistent with the assumptions underlying our Portfolio Asset performance and that the differences may be material and adverse. Investments in and revenues from our foreign operations are subject to the risks associated with transactions involving foreign currencies. We may be materially adversely affected by fluctuation in interest rates. Our liquidity or ability to raise capital may be limited. We may not be able to retain, renegotiate or replace our existing primary credit facility. We may not be able to continue to satisfy the covenants in our debt agreements. We may not be able to utilize all of our estimated net operating loss carryforwards. We may not be able to utilize all of our deferred tax assets. We may incur significant costs relating to removal of hazardous substances or waste from real property. The major business segments in which we operate are highly competitive, and we may be unable to continue to compete successfully with businesses that may have greater resources than we have. We may be adversely affected by the regulated environment in which we operate. We may be adversely affected by the result of certain legal proceedings. We may be adversely affected by a disruption or termination of our relationships with our Acquisition Partnership investors. We may be adversely affected by a termination of employment of certain key personnel. Our directors and executive officers may effectively control any vote of stockholders of our company. Restrictions on transfer of shares may prevent certain holders of our common stock from transferring such stock. We may be adversely affected by period to period variances. We may be adversely affected by tax, monetary and fiscal policy changes. We may incur impairment charges based on the provisions of American Institute of Certified Public Accountants Statement of Position 03-3. If we cannot meet NASDAQ's continued listing requirements, NASDAQ may delist our common stock, which would have an adverse impact on the liquidity and market price of our common stock. Natural disasters, including, but not limited to, hurricanes, tornadoes, earthquakes, fires and floods, may adversely affect the general economy, financial and capital markets, specific industries, and our results of operations.

Full 10-K form ▸

828678--3/31/2009--FIRSTCITY_FINANCIAL_CORP