Banner Central Finance Co. Reports Preliminary Operating Results for the Second Quarter of 2001.Business Editors COMMERCE, Calif.--(BUSINESS WIRE)--July 27, 2001 Banner Central Finance Co. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BCFN) today announced that preliminary operating results for the three months ended June June: see month. 30, 2001, reflect net income of $93,000 compared to $425,000 earned in the three months ended June 30, 2000. For the six months ended June 30, 2001, preliminary operating results reflect net income of $198,000 compared with net income of $815,000 in the comparable period of 2000. For the three months ended June 30, 2001 total revenues were $4,579,000 compared to $2,305,000 in the three months ended June 30, 2000. Revenues in the three months ended June 30, 2001, included $2,780,000 of retail sales reflecting the contribution of a retail store owned by an affiliate on Feb. 28, 2001. In commenting on the operating results, Gary Cypres, chairman, stated, "In the second quarter of 2001, the company continued to experience high levels of delinquencies in its receivable portfolios." For the three months ended June 30, 2001, the provision for credit losses was $746,000 compared to $436,000 in the three months ended June 30, 2000. Cypres further commented, "In response to the unfavorable trends, the company has continued to tighten its credit policies, which has resulted in a continued contraction contraction, in physics contraction, in physics: see expansion. contraction, in grammar contraction, in writing: see abbreviation. contraction - reduction of its consumer finance business." At June 30, 2001, the company's net receivable portfolios were $16,777,000 compared to $23,709,000 at Dec. 31, 2000. Cypres further warned that "the unfavorable delinquency delinquency Criminal behaviour carried out by a juvenile. Young males make up the bulk of the delinquent population (about 80% in the U.S.) in all countries in which the behaviour is reported. trends continued in July." Banner Central Finance Co. is a specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. consumer finance and service company that primarily serves the needs of the growing low-income Hispanic Hispanic Multiculture A person of Mexican, Puerto Rican, Cuban, Central or South American, or other Spanish culture or origin, regardless of race Social medicine Any of 17 major Latino subcultures, concentrated in California, Texas, Chicago, Miam, NY, and elsewhere population in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). . Certain statements in this press release constitute 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. under 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, which involve risks and uncertainties. The company's actual results may differ significantly from the results discussed in such forward-looking statements. Factors that might cause such a difference include but are not limited to economic conditions, credit quality, fluctuations in interest rates, the company's relationship with its airlines, capital availability, technology, competition in the geographic and business areas in which the company conducts its operations and other factors discussed in the company's annual report on Form 10-KSB for the year ended Dec. 31, 2000.
BANNER CENTRAL FINANCE CO. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2001 2000 2001 2000
Total Revenues $4,579,000 $2,305,000 $7,544,000 $4,726,000
Net income $ 93,000 $ 425,000 $ 198,000 $ 815,000
Basic earnings
per share:
Net basic earnings
per share $ 0.01 $ 0.06 $ 0.03 $ 0.11
Diluted earnings
per share:
Net diluted earnings
per share $ 0.01 $ 0.06 $ 0.03 $ 0.11
Weighted average
common shares
outstanding 7,247,000 7,166,000 7,207,000 7,166,000
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