Sallie Mae Reports Second-Quarter 2008 Results (Business Wire)

Wednesday July 23, 5:00 pm ET RESTON, Va.--(BUSINESS WIRE)--SLM Corporation (NYSE:SLM - News ), commonly known as Sallie Mae, today reported second-quarter 2008 performance results that include strong growth in student loan originations by the company’s internal lending brands and solid performance by the company’s core student loan businesses. For the 2008 second quarter, “core earnings” net income totaled $156 million, or $.27 diluted earnings per share. These results include the effect of restructuring-related charges of $53 million ($.08 per diluted share), purchased-paper business losses of $26 million ($.05 per diluted share), and asset-backed financing facilities fees of $109 million ($.15 per diluted share). “Core earnings” net income from the company’s lending business was $175 million in the second-quarter 2008, up... [read full story]