BNC Mortgage, Inc. Announced Expectations of Third Quarter Earnings Results.Business Editors IRVINE, Calif.--(BUSINESS WIRE)--March 1, 2000 BNC (hardware) BNC - A connector for coaxial cable such as that used for some video connections and RG58 "cheapernet" connections. A BNC connector has a bayonet-type shell with two small knobs on the female connector which lock into spiral slots in the male connector when it is twisted Mortgage, Inc., (NASDAQ/NM:BNCM BNCM Bayesian Network Causal Model ) announced today that it expected the results for the quarter ending March 31, 2000 to fall below analyst expectations. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the quarter ending March 31, 2000, are currently estimated to be 7 to 10 cents below diluted earnings per share for the quarter ended March 31, 1999. The Company said that such results were in large part due to reduced prices received for the Company's subprime loans Subprime Loan A loan that is offered at a rate above prime to individuals who do not qualify for prime rate loans. Notes: Subprime loans tend to have a rate that is 0.1% to 0.6% higher than the prime rate. in the secondary market. The Company believes this deteriorization was due to the recent increases in interest rates, market expectation that interest rates may continue to rise, competitive pressures and the limited number of subprime whole loan purchasers. If the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. trends in the subprime mortgage market continue, the Company's financial results for the year ending June 30, 2000 may also be adversely affected. BNC Mortgage Inc. is a specialty finance company engaged in the business of originating, purchasing and selling, on a whole loan basis for cash, conforming and non-conforming, residential mortgage loans secured by one-to-four family residences. Except for historical information contained herein, this news release contains 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. within the meaning of Section 27A of the Securities Exchange Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. in Section 21E of the Securities Exchange Act of 1934, as amended and involve risks and uncertainties that could cause actual results to differ materially. These forward-looking statements can be identified by the use of words "anticipate," "may," "will," "expect," "intend," "could," "would," "remain," and "continue," or the negative or other variations thereof or comparable terminology. The company's actual results could differ materially from those anticipated in the forward-looking statements based on changes in the company's business strategy. |
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