Sachem Capital Provides Preliminary First Quarter 2023 Financial Results
2023年5月9日 - 5:10AM
Sachem Capital Corp. (NYSE American: SACH) announced preliminary
financial results for the quarter ended March 31, 2023. The Company
also announced that Chief Executive Officer John Villano, CPA, was
appointed interim Chief Financial Officer, effective immediately,
following the departure of John Warch, the company’s former chief
financial officer, effective May 4, 2023. The reason for Mr.
Warch's departure was not disclosed, but the Company reported that
it was not related to any disagreements with the Company's
accounting principles, practices or financial statement disclosures
or its business operations. The Company plans to initiate a search
for a new chief financial officer.
Preliminary results for the first quarter ended
March 31, 2023 indicate an approximately 43% increase to revenue,
approximately $14.7 million compared to approximately $10.3 million
for the quarter ended March 31, 2022, an approximately 18% increase
in net income to approximately $5.1 million for the quarter ended
March 31, 2023 and net income per share of $0.10, which is
comparable to the Company’s net income per share for the quarter
ended March 31, 2022. The growth in revenue was due primarily to an
increase in lending operations.
The Company will report its first quarter 2023
operating results on May 15, 2023.
About Sachem Capital Corp
Sachem Capital Corp. is a financing REIT that
specializes in originating, underwriting, funding, servicing, and
managing a portfolio of first mortgage loans. It offers short-term
(i.e., three years or less) secured, nonbanking loan to real
estate investors to fund their acquisition, renovation,
development, rehabilitation, or improvement of properties. The
company’s primary underwriting criteria is a conservative loan to
value ratio. The properties securing the loans are generally
classified as residential or commercial real estate and, typically,
are held for resale or investment. Each loan is secured by a first
mortgage lien on real estate and is personally guaranteed by the
principal(s) of the borrower. The company will also make
opportunistic real estate purchases apart from its lending
activities.
Forward Looking Statements
This press release may contain forward-looking
statements. All statements other than statements of historical
facts contained in this press release, including statements
regarding our future results of operations and financial position,
strategy and plans, and our expectations for future operations, are
forward-looking statements. The words “anticipate,” “estimate,”
“expect,” “project,” “plan,” “seek,” “intend,” “believe,” “may,”
“might,” “will,” “should,” “could,” “likely,” “continue,” “design,”
and the negative of such terms and other words and terms of similar
expressions are intended to identify forward-looking statements.
These forward-looking statements are based primarily on
management’s current expectations and projections about future
events and trends that management believes may affect the company’s
financial condition, results of operations, strategy, short-term
and long-term business operations and objectives and financial
needs. These forward-looking statements are subject to several
risks, uncertainties and assumptions as described in the Annual
Report on Form 10-K for the year ended December 31, 2022 filed with
the U.S. Securities and Exchange Commission on March 31, 2023.
Because of these risks, uncertainties and assumptions, the
forward-looking events and circumstances discussed in this press
release may not occur, and actual results could differ materially
and adversely from those anticipated or implied in the
forward-looking statements. You should not rely upon
forward-looking statements as predictions of future events.
Although the company believes that the expectations reflected in
the forward-looking statements are reasonable, the company cannot
guarantee future results, level of activity, performance, or
achievements. In addition, neither the company nor any other person
assumes responsibility for the accuracy and completeness of any of
these forward-looking statements. The company disclaims any duty to
update any of these forward-looking statements. All forward-looking
statements attributable to the company are expressly qualified in
their entirety by these cautionary statements as well as others
made in this press release. You should evaluate all forward-looking
statements made by the company in the context of these risks and
uncertainties.
Investor & Media Contact:Email:
investors@sachemcapitalcorp.com
Sachem Capital (AMEX:SACH)
過去 株価チャート
から 5 2024 まで 6 2024
Sachem Capital (AMEX:SACH)
過去 株価チャート
から 6 2023 まで 6 2024