Credit Depot Corporation reports results of operations.GAINESVILLE, Ga.--(BUSINESS WIRE)--Nov. 17, 1995--Credit Depot Corporation (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 three months ended Sept. 30, 1995. Revenues for the quarter were $439,976, compared with revenues of $306,502 reported for the same period a year ago. The Company had net loss of $913,856 or $(.27) per share for the quarter, as compared to a net loss of $778,253 or $(.23) per share for the same quarter in 1994. Management stated, "The loss for the quarter reflected the continued investment the Company has made in the infrastructure in order to achieve loan volumes sufficient to do securitizations while being constrained con·strain tr.v. con·strained, con·strain·ing, con·strains 1. To compel by physical, moral, or circumstantial force; oblige: felt constrained to object. See Synonyms at force. 2. by the capital resources of the Company. In October, the capital resource constraint Constraint A restriction on the natural degrees of freedom of a system. If n and m are the numbers of the natural and actual degrees of freedom, the difference n - m is the number of constraints. was improved upon with the sale of $6,400,000 of 9% convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". . 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 Georgia, country, Asia Georgia (jôr`jə), Georgian Sakartvelo, Rus. Gruziya, officially Republic of Georgia, republic (2005 est. pop. 4,677,000), c.26,900 sq mi (69,700 sq km), in W Transcaucasia. , Indiana, 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 collateralized by first mortgages, primarily on owner-occupied residential properties. -0-
SUMMARY
Three Months Ended
Sept. 30,
1994 1995
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Finance income and fees earned 155,678 106,663 Net gain on sale of receivables 113,292 303,860 Other income 37,332 29,453 Income (loss) before income taxes (778,253) (913,856) Net income (loss) (778,253) (913,856) Net income (loss) per share (.23) (.27) CONTACT: Credit Depot Corporation, Gainesville Gerald F. Sullivan, 404/531-9927 |
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