SLM Corporation (NYSE:SLM) has announced the financial results for its fourth quarter ended December 31, 2009. The results showed net income on a core earning basis of $249 million, or $0.41 per diluted share, versus $65 million, or $0.08 per diluted share for the year ago period. The results were reduced by a $98 million, $0.19 per diluted share, loss resulting from the sale of the company’s purchased paper business. The full report may be found online at http://www.salliemae.com/.
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The company hosted a conference call to review the financial results. The call is available via webcast online at www.salliemae.com/about/investors/stockholderinfor/webcast. A telephone replay is also available at 800.642.1687, or 706.645.9291 for international listeners. The replay access code is 49855409. The replay will continue to play until midnight of February 4, 2010.
SLM Corporation, known as Sallie Mae, is engaged in the business to originate, service and collect student loans. The Company provide funding, delivery and servicing support for education loans in the United States through the participation in the Federal Family Education Loan Program (FFELP) and through the non-federally guaranteed Private Education Loan programs. The Company provides a number of services, including student loan and guarantee servicing, loan default aversion and defaulted loan collections, and providing processing capabilities and information technology to educational institutions, as well as, 529 college savings plan program management, transfer and servicing agent services, and administrative services, through Upromise Investments, Inc. (UII) and Upromise Investment Advisors, LLC (UIA). The Company operates in three business segments: Lending business segment, Asset Performance Group Business Segment (APG) business segment, and Corporate and Other business segment.
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