Credit Depot Corp. makes announcement.GAINESVILLE, Ga.--(BUSINESS WIRE)--Sept. 11, 1996--Credit Depot Corporation (Nasdaq: LEND) today announced that in a conference call with the financial community following the release of its fiscal 1996 year end earnings earlier today, Gerald F. Sullivan Sr., President and Chief Executive Officer, stated: "With the exception of a boost to the balance sheet, as at June 30, 1996, Credit Depot's operating results do not reflect the impact of the Company's recent $9 million financing. "We believe fiscal 1996 will be the last year of operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. for Credit Depot, a position that we supported in our year end press release. For the full year, we also believe that the Company could turn profitable in the second half, and conceivably as early as the second quarter. "We believe that Credit Depot has the infrastructure and loan production capacity to earn on the order of $4 million for fiscal 1997, pre- and post-tax reflecting the benefits of the $12.5 million loss carry-forward available, and could report something in the range of 60 to 70 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. for the year. "Our ability to achieve these results assumes: that a stable interest rate environment will prevail; that incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. leveraging of the new capital will be secured; the conversion of the recently issued convertible debt, which could result in approximately 7 - 7.5 million average shares outstanding for fiscal 1997; that other convertible securities are not converted; our ability to achieve substantially increased loan production in a time frame sufficient to achieve these results; our ability to continue to earn approximately 800 basis points of profit on mortgage loan sales; and our ability to realize benefits of scale where the rate of loan volume increase outstrips the needed growth for additional overhead." "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. " Statement 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: The statements in this press release regarding matters that are not statements of historical fact, including statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc plans, strategies, expectations and future economic results, are 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 21E of the Securities Exchange Act of 1934, as amended. Actual results may differ materially from the statements made, as a result of various factors, including risks associated with the Company's mortgage loan investments, such as the risks of defaults on mortgage loans, economic and other factors which impact real estate values and prevailing interest rates, the Company's ability to originate a sufficient volume of mortgage loans, the Company's ability to resell the mortgage loans in the secondary market, and other factors which are listed from time to time in the Company's Securities and Exchange Commission filings. Credit Depot Corporation 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. , Tennessee and Kentucky. These loans are collateralized by first mortgages, primarily on owner-occupied residential properties. CONTACT: Gerald F. Sullivan/Charles Farrahar Credit Depot Corporation (770) 531-9927 or John P. Kehoe/Van Negris Kehoe, White, Savage & Co., Inc. (212) 888-1616 |
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