Boston-based student loan packager The First Marblehead Corp. reported a net loss of $39.3 million in its third quarter, an improvement from the $40.5 million loss during the same period last year.

For the first nine months of fiscal 2011, the company’s net loss was $137.7 million, compared to a net loss of $175.3 million for the first nine months of fiscal 2010.

"Throughout the first three quarters of fiscal 2011, the company continued to make progress in re-establishing itself as a leader in the industry," said Daniel Meyers, chairman and chief executive officer. "Loan programs based on our Monogram platform are now recommended by more than 200 schools, and our subsidiary Tuition Management Systems LLC became cash flow positive a full quarter ahead of schedule. We have also made the decision to retain [Rhode Island’s] Union Federal Savings Bank, which is expected to begin originating Monogram-based private education loans in early fiscal 2012."

Following the consolidation of 14 securitization trusts on July 1, 2010, the company presents two distinct reporting segments: education financing and securitization trusts. Results for the education financing segment are generally comparable to the operating performance reported by the company for periods prior to July 1, 2010, although results after July 1, 2010, also give effect to the deconsolidation of an indirect subsidiary for which the company is not considered to be the primary beneficiary. After Jan. 1, 2011, results for the education financing segment also include the results of TMS. The securitization trusts segment reflects the results of the 14 consolidated trusts.