Advanced Financial Inc. reports results for the fiscal year ended March 31, 1996.SHAWNEE Shawnee, cities, United States Shawnee (1 shô`nē', shô'nē`; 2 shô'nē`). 1 City (1990 pop. 37,993), Johnson co., NE Kans., a residential suburb of Kansas City; founded 1857, inc. 1922. , Kan Kan, river, China: see Gan. .--(BUSINESS WIRE)--July 16, 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 ) reported an 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. and a loss for the 1996 fiscal year ended March 31, 1996. Total revenues for 1996 fiscal year increased to $6,891,328 from $5,481,199 in fiscal 1995. The company reported a net loss for fiscal 1996 of $3,184,577, or ($.88) per share, vs. a loss of $3,963,497, or ($1.11) per share for fiscal 1995. Operating revenues increased primarily due to an increase in gains from the sale of mortgage 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. , totaling $2,531,580 for fiscal 1996 vs. $515,478 in fiscal 1995. The company also had an increase in interest income to $639,458 for fiscal 1996 vs. $204,735 for fiscal 1995 as a result of the company's increased loan production. The company had a slight decrease in 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. for fiscal 1996 to $10,026,055 from $10,295,464 in fiscal 1995. Mortgage loan production, on which origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real income is derived, totaled approximately $111 million for fiscal 1996 compared to $36.4 million for fiscal 1995, an increase of 205%. During fiscal 1996, the company was successful in deploying 15 of its Desktop Loan Origination Terminals designed to create a national network of electronic loan production offices in real estate brokerages. As of June 1996, 35 installations were in place. Loan origination volume is now being received from locations installed during fiscal 1995 and 1996, and the increase in production volume has been enhanced by the Desktop network. Norman L. Peterson, chairman and chief executive officer, commented: "In terms of operating results, we've seen some improvement in fiscal 1996 over fiscal 1995 due to our increase in loan production from our Desktop loan origination strategy. We are still incurring in·cur tr.v. in·curred, in·cur·ring, in·curs 1. To acquire or come into (something usually undesirable); sustain: incurred substantial losses during the stock market crash. 2. the costs of making a fundamental transition in the way we do business. We believe that deployment of an innovative electronic network of loan origination terminals will provide us with a long term competitive edge in our industry. We look forward to steadily growing origination volume as our strategy matures. We have gained substantial knowledge and experience over the last two years which we feel will allow us to be more efficient and productive in opening future Desktop locations. We are also very excited about the addition of Bill Moffatt as president of 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. From 1989 to 1995, Mr. Moffatt served as executive vice president of Capital Markets for Plaza Home Mortgage Corp., where he was responsible for managing all functions of Secondary Marketing, shipping and product development. Bill brings 12 years of mortgage banking experience to AFI and is regarded by our industry and the financial markets as one of the top mortgage banking executives in America. The fact that we are able to attract an individual with Mr. Moffatt's credentials CREDENTIALS, international law. The instruments which authorize and establish a public minister in his character with the state or prince to whom they are addressed. If the state or prince receive the minister, he can be received only in the quality attributed to him in his credentials. reinforces the fact that our company is poised for solid growth." -0-
ADVANCED FINANCIAL INC.
FINANCIAL SUMMARY YEAR ENDED
March 31, 1996 March 31, 1995
(Audited) (Audited)
Revenues 6,891,328 5,481,199 Servicing Expenses 1,420,763 1,285,843 Personnel 3,789,712 3,576,031 General & Administrative 2,609,607 3,087,326 (including other) Depreciation & Amortization 1,485,192 1,860,926 Interest Expense 721,281 485,338 Loss Before Taxes (3,135,227) (4,814,265) Tax (Benefit) Expense 49,350 (850,768) Net Loss (3,184,577) (3,963,497) Weighted Average Shares 3,776,000 3,726,000 Preferred Dividends 117,180 156,240 Earnings Per Share (.88) (1.11) Total Assets 17,313,516 11,796,012 Total Liabilities 16,335,187 7,751,357 Total Stockholders' Equity 978,329 4,044,655 CONTACT: Advanced Financial Inc., Shawnee Brad Morris, 913/441-1160 |
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