Bear Stearns records first quarterly loss

New York -- Bear Stearns, the New York brokerage giant, recorded the first quarterly loss in its 84-year history after being saddled with mortgage write-downs.

The loss came on higher-than-expected $1.9 billion in mortgage write-downs.

For the quarter ended Nov. 30, the company recorded a net loss of $854 million, or $6.90 a share, versus net income of $563 million, or $4 a share, a year earlier.

Bear Stearns, one of the biggest U.S. underwriters of mortgage bonds, had forecast about $1.2 billion in write-downs but that the figure could increase, The Wall Street Journal said Thursday. The final write-down cut the bottom line by $8.21 a share.

The company reported negative revenue of $379 million as write-downs surpassed revenue. Net revenue a year ago was for $2.4 billion.

Because of the results, the company's executive committee won't receive bonuses this year, Bear Stearns announced.

Copyright 2007 by United Press International