AMERICA FIRST ANNOUNCES THIRD QUARTER EARNINGS
AMERICA FIRST ANNOUNCES THIRD QUARTER EARNINGS OMAHA, Neb., Nov. 14 /PRNewswire/ -- America First Mortgage
Servicing Company L.P.I. announced today that its earnings for the quarter ended Sept. 30, 1991, were $188,384 before interest expense on its collateralized notes of $408,629, resulting in a net loss of $220,245 ($48.43 per equity interest).
This loss was anticipated and resulted from the fact that interest on the collateralized notes was expensed for the entire quarter, but commitments to invest all of the proceeds from the company's public offering in mortgage servicing rights will not be finalized until the fourth quarter. Management expects that the company will operate profitably once it is fully invested in mortgage servicing rights. Currently, the company's investment activities are ahead of schedule. -0- 11/14/91 /CONTACT: Maurice Cox Jr. of America First Companies, 402-444-1630/ CO: America First Mortgage Servicing Company L.P.I. ST: Nebraska IN: FIN SU: ERN AW-JJ -- DV007 -- 4592 11/14/91 16:36 EST
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|Date:||Nov 14, 1991|
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