Credit Depot Corp. announces results.GAINESVILLE, Ga.--(BUSINESS WIRE)--Feb. 16, 1996--Credit Depot Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :LEND) today reported results of operations for the six months ended Dec. 31, 1995. Revenues for the quarter were $190,168, compared with revenues of $594,284 reported for the same period a year ago. The Company had net loss of $2,284,934 or $(.71) per share for the six months ended Dec. 31, 1995 as compared to a net loss of $1,774,520 or $(.53) per share for the six months ended Dec. 31, 1994. Management stated, "The increase in the loss for the quarter in large part reflects the Company not selling loans at the time of 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 , but rather holding those loans for inclusion in an impending im·pend intr.v. im·pend·ed, im·pend·ing, im·pends 1. To be about to occur: Her retirement is impending. 2. securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. program which generates a higher profit margin from the gain on sale of receivables." Credit Depot Corp. is a multi-state financial services 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. company that provides residential, real estate financing to individuals unable to secure loans through conventional sources. The Company currently originates loans through its offices in Florida, Georgia, Indiana, North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , Ohio, South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. and Tennessee. These loans are collaterialized by first mortgages, primarily on owner-occupied residential properties. -0-
SUMMARY
Three Months Ended Nine Months Ended
Dec. 31 Dec. 31
1994 1995 1994 1995
Finance income and fees earned 286,183 188,831 442,061 295,494 Net gain on sale of receivables 272,475 4,482 385,767 308,342 Other income/expenses 35,626 (3,145) 72,958 26,308 Income (loss) before income taxes (996,267) (1,371,078) (1,774,520)(2,284,934) Net income (loss) (996,267) (1,371,078) (1,774,520)(2,284,934) Net income (loss) per share (.29) (.44) (.53) (.71) CONTACT: Credit Depot Corp., Gainesville Gerald F. Sullivan, 770/531-9927 |
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