Transnational Financial Network Reports First Quarter Results; Opening of New Wholesale Origination Office in the Mid-West Repre
2005年9月15日 - 6:08AM
ビジネスワイヤ(英語)
Transnational Financial Network, Inc. (AMEX:TFN), a wholesale and
retail mortgage banking company, has reported financial results for
its first fiscal quarter, ending July 31st, 2005. Net Income was
$266,152, or $0.04 per share, compared to a loss of $342,327 or
$0.05 per share, in the same quarter of the prior fiscal year.
Joseph Kristul, Chairman and CEO, commented: "I am pleased to
report that we have continued the improvements in our operating
results that began last year, culminating in the solid
profitability of our recently reported results. I would
particularly like to draw attention the following: -- "On a cash
flow basis, we generated $226,000 in cash from income
statement-related operations in the quarter, a material improvement
from our near break-even level in our last quarter. -- "Our
operating break-even level continues to decline. Whereas a year
ago, we needed approximately $42-44 million in monthly wholesale
originations to break even on an operating cash flow basis
(excluding changes to balance sheet items), this figure is now down
to about $33-35 million. Aside from strict cost controls, this
improvement is principally from our improved gain on sale margin,
discussed at length in our financial filings with the SEC. -- "We
ended the quarter with $4.4 million of cash on hand, or $0.65 per
common share outstanding. -- "In August, we opened a wholesale
origination office in the Midwest, and we expect to see mortgages
originated out of this office beginning in September. This
represents our first major foray into the Midwest and an expansion
beyond our traditional California - Arizona region. "Concurrent
with this press release, we have filed our Form 10-QSB with the
Securities and Exchange Commission. In this, we discuss in depth
our recent operating results, and I urge our investors to read it.
It can be found at: http://www.sec.gov." This News Release may
contain "forward-looking statements" within the meaning of Section
27A of the Securities Act of 1933, and Section 21E of the
Securities Exchange Act of 1934. Although the Company believes that
the expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that such expectations will
prove correct. For full details, click here:
http://www.investorideas.com/Companies/Transnational/NewsReleases.asp
-0- *T TRANSNATIONAL FINANCIAL NETWORK, INC. STATEMENTS OF
OPERATIONS For the Quarters Ended July 31, 2005 and 2004 2005 2004
----------- ---------- Revenue: Net gain on sale of loans
$1,967,973 $945,241 Production income 1,494,851 1,358,721 Other
income 20,283 29,525 ----------- ---------- Total Revenue 3,483,107
2,333,487 ----------- ---------- Direct Expenses: Commissions and
production incentives 1,043,754 826,879 Production 208,780 154,456
Early loan payoff penalties 15,000 3,500 Pairoff fees - 1,500
----------- ---------- Total direct expenses 1,267,534 986,335
----------- ---------- Interest income (expense): Interest income
from loans in warehouse 486,744 251,987 Interest expense on loans
in warehouse (405,740) (179,417) Warehouse transactions fees
(45,475) - ----------- ---------- Net warehouse interest income
(expense) 35,529 72,570 Interest expense on subordinated debt
(87,081) (59,314) ----------- ---------- Net interest income
(expense) (51,552) 13,256 ----------- ---------- Gross profit on
mortgage activities 2,164,022 1,360,408 Indirect expenses: Salaries
and benefits 1,118,796 950,609 General and administrative 586,277
559,461 Occupancy 174,641 173,809 Depreciation and amortization
18,156 18,856 ----------- ---------- Total indirect expenses
1,897,870 1,702,735 ----------- ---------- Operating (loss) income
266,152 (342,327) ----------- ---------- Income tax provision
(benefit) - - Net (loss) income $266,152 $(342,327) ===========
========== Basic net (loss) income per share $0.04 $(0.05) Fully
diluted (loss) income per share $0.04 $(0.05) *T
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