Broadway Financial Corp. Reports Revised Earnings for 1999.Business Editors LOS ANGELES--(BUSINESS WIRE)--March 30, 2000 Broadway Financial Corp. (the "Company")(Nasdaq:BYFC), the holding company of Broadway Federal Bank, f.s.b. (the "Bank"), today reported net earnings for the year ended Dec. 31, 1999, of $358,000, or $0.35 per diluted share, which is a decrease of $30,000 from the previously reported net earnings of $388,000, or $0.37 per diluted share. The revised net earnings still compare favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to net earnings of $209,000, or $0.19 per diluted share for 1998. The decrease resulted from a reduction in the value of one of the Bank's real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most properties. The appraised valuation was received after the release of the Company's net earnings for 1999, and was deemed to be a significant subsequent event. The Company revised net earnings for the fourth quarter of 1999 to $16,000, or $0.01 per diluted share. The Bank is a community-oriented savings bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. , which primarily originates residential mortgage loans in the Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. geographic areas known as Mid-City and South Central. The Bank operates five full-service branches, four in the city of Los Angeles
Shareholders, analysts and others seeking information about the Company or the Bank are invited to write to: Broadway Financial Corp., Investor Relations Investor relations The process by which the corporation communicates with its investors. , 4800 Wilshire Blvd., Los Angeles, CA 90010, or visit the company's Web site at www.broadwayfed.com |
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