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COUNTRYWIDE CREDIT INDUSTRIES, INC. ISSUES FOURTH QUARTER FINANCIAL INFORMATION

 PASADENA, Calif., March 22 /PRNewswire/ -- Countrywide Credit Industries, Inc. (NYSE: CCR), the nation's largest independent mortgage banker, today issued unaudited income statement data for the fourth quarter and fiscal year ended Feb. 28, 1993. The company stated that it was issuing this information for analysts and others who requested the information.
 On March 18, 1993, the company announced its earnings for the fourth quarter and the fiscal year ended Feb. 28, 1993, and that the board of directors had declared a cash dividend of 10 cents per common share for the fourth quarter, payable April 13, 1993, to shareholders of record on March 29, 1993. The company also announced the declaration of a 5 percent stock dividend payable April 23, 1993, to shareholders of record on March 30, 1993.
 The company stated that during the fourth quarter, prepayments in its loan servicing portfolio slowed to an annualized rate of 16 percent compared to 26 percent in the previous quarter ended Nov. 30, 1992. In addition, the weighted average coupon of the servicing portfolio at the end of the fourth quarter was 8 percent compared to 8.2 percent at the end of the third quarter and 9.2 percent at the end of fiscal 1992. During the fourth quarter, the company recorded amortization of its servicing asset in the amount of $49 million. Of that amount, $18 million related to current and projected prepayments and $31 million was attributed to an additional write-down of the asset resulting from a gain of the same amount in its servicing financial hedge. At Feb. 28, 1993, the asset balance related to the servicing portfolio stood at $647 million; of that, $456 million was related to purchased servicing and $191 million was related to capitalized excess servicing.
 Of the company's $39.1 million net earnings for the fourth fiscal quarter of 1993, approximately 68 percent was related to its loan production segment and approximately 32 percent was related to its servicing segment. For fiscal 1993, loan production segment net earnings were approximately 75 percent of the total; servicing segment earnings were approximately 23 percent; and other operations were approximately 2 percent of the total.
 The company's annual meeting of shareholders is scheduled to be held in Pasadena on June 30, 1993. The company's Form 10-K will be filed and its annual report, together with proxy materials, will be mailed to shareholders by the end of May.
 Countrywide Credit Industries, Inc. originates, purchases, sells and services loans for single-family homes.
 COUNTYRYWIDE CREDIT INDUSTRIES, INC.
 Condensed Consolidated Income Statements
 (Unaudited; dollar amounts in thousands, except share data)
 Periods ended Three Months 12 Months
 Feb. 28(29) Pct. Pct.
 1993 1992 Change 1993 1992 Change
 Revenues:
 Loan origination inc. $60,988 $34,256 78 $241,584 $91,933 163
 Gain on sale of loans 20,785 11,597 79 67,537 38,847 74
 Loan production income 81,773 45,853 78 309,121 130,780 136
 Interest earned 59,946 36,126 66 211,542 115,213 84
 Interest charges (44,423) (23,439) 90 (148,765) (81,959) 82
 Net interest income 15,523 12,687 22 62,777 33,254 89
 Loan servicing income 54,679 29,411 86 177,291 94,830 87
 Less amort., net of
 servicing hedge gain (18,070) (12,046) 50 (77,287) (36,768) 110
 Loan admin. inc., net 36,609 17,365 111 100,004 58,062 72
 Gain on sale of servicing -- 507 (100) -- 4,302 (100)
 Commissions, fees and
 other income 8,618 6,040 43 33,656 19,714 71
 Total revenues 142,523 82,452 73 505,558 246,112 105
 Expenses:
 Salaries and
 related expenses 37,711 23,148 63 140,063 72,654 93
 Occupancy and other
 office expenses 18,595 11,445 62 64,762 36,645 77
 Guarantee fees 9,945 4,075 144 29,410 13,622 116
 Marketing expenses 4,142 1,659 150 12,974 5,015 159
 Other oper. expenses 6,978 5,468 28 24,894 17,849 39
 Total expenses 77,371 45,795 69 272,103 145,785 87
 Earns. bef. inc. taxes 65,152 36,657 78 233,455 100,327 133
 Prov. for inc. taxes 26,061 14,663 78 93,382 40,131 133
 Net earnings 39,091 21,994 78 140,073 60,196 133
 Earnings per share(A):
 Primary $0.68 $0.42 62 $2.48 $1.33 86
 Fully diluted 0.63 0.39 62 2.28 1.21 88
 Earnings per share not
 adjusted for stock div.:
 Primary 0.71 0.44 61 2.60 1.39 87
 Fully diluted 0.67 0.41 63 2.39 1.27 88
 Wtd. avg. shrs. outsdg(A):
 Primary 56,511,000 55,009,000
 50,085,000 13 42,533,000 29
 Fully diluted 61,737,000 61,476,000
 56,738,000 9 49,956,000 23
 Weighted average shares
 outstanding not adjusted
 for stock dividend:
 Primary 53,820,000 52,390,000
 47,700,000 13 40,508,000 29
 Fully diluted 58,797,000 58,549,000
 54,036,000 9 47,577,000 23
 All figures adjusted for the 3-for-2 stock split effective July 2, 1992.
 (A) -- Adjusted for the 5 percent stock dividend effective March 30, 1993.
 Selected Operating Data
 (Unaudited; dollar amounts in thousands)
 Periods ended Three Months 12 Months
 Feb. 28(29) Pct. Pct.
 1993 1992 Change 1993 1992 Change
 Volume of loans
 originated $8,288,428 $4,586,418 81 $32,387,774 $12,156,318 166
 No. of loans
 originated 62,511 31,984 95 234,407 88,248 166
 At Feb. 28(29) 1993 1992
 Capitalized servicing fees receivable $190,897 $84,230
 Purchased servicing rights 456,470 295,889
 Deferred income taxes 208,180 119,301
 Pipeline of loans-in-process 5,864,803 4,396,464
 Loan servicing portfolio(A) 54,483,999 27,545,681
 Number of loans serviced(A) 472,813 280,459
 (A) -- Includes warehoused loans and loans serviced under subservicing contracts.
 -0- 3/22/93
 /CONTACT: Karel Carnohan, 818-304-7523, or Laura Lippman, 818-304-4422, both of Countrywide Credit Industries, Inc./
 (CCR)


CO: Countrywide Credit Industries, Inc. ST: California IN: FIN SU: ERN

CK -- NY011 -- 8034 03/22/93 08:03 EST
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