ARM FINANCIAL CORP. ANNOUNCES YEAR-END RESULTS
ARM FINANCIAL CORP. ANNOUNCES YEAR-END RESULTS NEWPORT BEACH, Calif., June 3 /PRNewswire/ -- ARM Financial Corp.
(AMEX: RXM) announced today its 1991 year-end results.
In its start-up year the company acquired $76 million in installment notes receivable secured by equipment leases for its lease/financing division. The company expects to enjoy the profits from its residual interest over the upcoming years. The company's real estate division acquired two apartment complexes in San Diego, with a fair market value in excess of $8.6 million, as well as a general partnership interest in a mortgage note receivable portfolio collateralized by leased commercial property with an appraisal value of $17 million subject to underlying mortgages of $9.7 million. The company's medical services division acquired 10 laboratories in four states with revenues that should surpass $17 million in 1992. As a result of these accomplishments, the company acquired total assets in excess of $120 million and raised shareholders equity to almost $5 million. Principally because of costs associated with business acquisitions, the company suffered an $8 million loss or $1.41 per share in 1991, its start-up year. The company's balance sheet at Dec. 31, 1991, reflected a working capital deficit caused in part by the reclassification of some long-term debt to short-term debt because of defaults on current payment obligations. The company anticipates that its forecasted cash flow, as well as the proceeds of an anticipated equity raise are more than sufficient to cure its defaults and to create a positive working capital position. Management anticipates that earnings from businesses acquired in late 1991 will convert the company to bring profitable in 1992. The company believes it is well positioned for 1992 and is eagerly anticipating its first full operating year. -0- 6/3/92 /CONTACT: Michael Goldberg or Maurice Levy of ARM Financial 714-474-3000/ (RXM) CO: ARM Financial Corp. ST: California IN: FIN SU: ERN
EH-JL -- LA036 -- 6812 06/03/92 19:07 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Jun 3, 1992|
|Previous Article:||DENISON MINES DISPUTE TO BE RESOLVED BY ARBITRATION|
|Next Article:||MICHIGAN OTC CHANGES, PROVIDED BY FIRST OF MICHIGAN CORP., TODAY: JUNE 3, 1992|