Amstar - OTCBB:AMAF - 3rd Quarter Revenues Hit $2.43 Million; Achieved 98% of Goal.Business Editors JUPITER, Fla.--(BUSINESS WIRE)--Nov. 17, 2003 3rd Quarter Operating Results Soften; Company Earnings Remain Ahead of Last Year by $991,465 On Sept. 25, 2003, the Company projected 3rd quarter 2003 revenues of $2.5 million. For the 3rd quarter ended 9/30/03, the Company achieved actual revenues of $2.43 million or 98% of goal. This is significant in light of recent increases in Interest Rates and a current Industry slow down in 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. . This is well ahead of the $1.9 million in revenues reported for the same period 2001. The Company also projected full year 2003 revenues could climb past $10 million compared to $8.2 million for the full year 2002. At $10 million, this increase would be +22% over 2002. Through 9/30/03, the Company has achieved $7.96 million in revenues or +34% over the same period 2002. Based on this, the Company expects to achieve its full year revenue projection of $10 million. As expected, 3rd quarter operating results softened soft·en v. soft·ened, soft·en·ing, soft·ens v.tr. 1. To make soft or softer. 2. To undermine or reduce the strength, morale, or resistance of. 3. , and the Company reported a loss of $272,610. Amstar incurred expense in executing bulk sales without any offsetting revenue. Amstar also incurred new expense in ramping up the Branch Partners platform. However, at 9/30/03 the Company reported a year to date 2003 earnings improvement of +$991,465. This is basically on target. Regarding Bulk Sales: the Company did not achieve its goals primarily due to issues associated with delays in the institutional funding necessary to finance our efforts. This matter should be resolved before the end of the current quarter. Regarding Branch Partners: the Company incurred expenses during the 3rd quarter acquiring new staff, creating procedures, and developing marketing for this platform. The Company will not achieve significant revenues from this platform until the 1st quarter 2004. We consider this an investment in next year's production. During the 3rd quarter 2003, the Company won legal judgments in the aggregate over $1.3 million. Discovery and collection activity has commenced. We will use our best efforts to determine the reasonable possibility of a cash recovery for Amstar. The judgments are final. Since we are early in the recovery process, we elected not to record any kind of gain in the 3rd quarter 2003. There can be no assurances given that we will be successful in collecting these monies. We are entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to use the entire $1.3 million as a deduction against future earnings. Caution Concerning Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. : The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 provides a safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. from civil litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. for forward-looking statements. This news release contains an update regarding unaudited results for the 3rd quarter ended 9/30/03, and for the year to date ended 9/30/03. Our results are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in this news release. Factors that might cause such a difference include the possibility of lower revenues for the balance of the fiscal year, greater than anticipated operating costs operating costs npl → gastos mpl operacionales , issuance of additional shares, the outcome of other litigation, lack of closure on the funding needed for secondary marketing activity and expansion, the decline of availability of mortgages at reasonable rates, adjustments to the numbers due to year end audits of our results, or a downturn in general economic conditions. These forward-looking statements speak only as of the date made. We undertake no obligation to update any forward-looking statements to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or arising after the date on which they are made. To contact Investor Relations Investor relations The process by which the corporation communicates with its investors. , email the Company at info@americassenior.com. The Company's web addresses are www.americassenior.com www.synergy-mortgage.com and www.jupiter-mortgage.com Contact Nelson Locke at: 10800 Biscayne Blvd - Suite 500 Miami, Florida “Miami” redirects here. For the Native American tribe, see Miami tribe. Miami is a major city in southeastern Florida, in the United States. It is the county seat of Miami-Dade County. Miami is a gamma world city with an estimated population of 404,048. 33161 Office (305) 751-3232 Fax Lines (305) 762-5548 |
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