Advanced Financial Inc. reports 34% increase in operating revenues for nine months ended Dec. 31, 1995.SHAWNEE, Kan.--(BUSINESS WIRE)--Feb. 15, 1996--Advanced Financial Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :AVF AVF Arteriovenous Fistula AVF All Volunteer Force AVF American Vineyard Foundation AVF Azimuthally Varying Field AVF Ada Validation Facility AVF Augmented Voltage Foot (EKG lead) AVF Average Value Factor ), a full service residential mortgage banking company, reported Thursday a 34% increase in operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. for the nine months ended Dec. 31, 1995. Although the company reported a loss for the quarter and nine months ended Dec. 31, 1995, the company's revenue increase enabled it to considerably reduce its loss compared to the same period in 1994. Total revenues for the quarter increased to $1,944,877 from $1,847,271 for the comparable quarter in 1994. For the nine months ended Dec. 31, 1995, revenues increased to $5,413,909 from $4,033,315 for the comparable nine-month period in 1994. The company reported a net loss for the quarter of $253,347, or ($0.08) per share, vs. a loss of $316,134, or ($0.10) per share, for the comparable quarter in 1994. For the nine months ended Dec. 31, 1995, the company reported a net loss of $1,677,627, or ($0.47) per share, vs. a loss of $1,988,689, or ($0.57) per share, for the comparable nine-month period in 1994. Operating results before tax considerations show even more improvement. Operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. before income tax expenses and benefits for the quarter decreased to $253,347 from $563,517 for the comparable 1994 quarter. For the nine months ended Dec. 31, 1995, operating losses before income tax expenses and benefits decreased to $1,597,468 from $3,203,765 for the comparable nine months in 1994. The revenue improvements result primarily from increased mortgage loan production, which totaled approximately $28 million for the quarter and $79 million for the nine-month period, compared to about $11 million and $28 million for the respective 1994 periods. W. Ray Bell, president of the company's AFI AFI American Film Institute AFI Awaiting Further Instructions AFI Armed Forces Insurance AFI A Fire Inside (band) AFI Air Force Instruction AFI Australian Film Institute AFI Agencia Federal de Investigación Mortgage Corp. subsidiary, stated: "Over the past nine months, AFI has made significant improvements over 1994. Operating revenues were up 34% while operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. remained flat, and losses from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the before income taxes decreased by 50%. Although we continue to incur expenses due to the expansion of our proprietary Desk Top Loan Origination The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Terminals, designed to create a network of electronic loan production offices in real estate brokerages nationwide, I believe we will show improved operating results in the near future. We maintain our goal of returning to profitability on a monthly basis during fiscal 1996." Advanced Financial Inc. is an American Stock Exchange-listed holding company with principal operations conducted through its wholly owned AFI Mortgage Corp. subsidiary, a full service residential mortgage banking company originating and servicing single-family first and second mortgage loans. CONTACT: Advanced Financial Inc., Shawnee Brad Morris, Secretary/Treasurer, 913/441-2466 |
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