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COUNTRYWIDE CREDIT INDUSTRIES INC. ANNOUNCES FIRST QUARTER NET EARNINGS UP 219 PERCENT; DECLARES 3-FOR-2 STOCK SPLIT

 COUNTRYWIDE CREDIT INDUSTRIES INC. ANNOUNCES FIRST QUARTER
 NET EARNINGS UP 219 PERCENT; DECLARES 3-FOR-2 STOCK SPLIT
 PASADENA, Calif., June 10 /PRNewswire/ -- Countrywide Credit Industries Inc. (NYSE: CCR), the nation's largest independent mortgage banker, announced today that net earnings for the first fiscal quarter ended May 31, 1992 were $28,971,000, an increase of 219 percent over last year's comparable quarter when earnings were $9,074,000. Primary earnings per common share were $0.81 and fully diluted earnings per share were $0.75, up 127 percent over the prior year's comparable fully diluted figure. In the first quarter of the prior fiscal year, primary earnings per share were $0.36 and fully diluted earnings per share were $0.33.
 Countrywide's board of directors declared a cash dividend of $0.14 per common share for the first fiscal quarter, payable July 16, 1992 to shareholders of record on July 1, 1992. The board of directors also approved a 3-for-2 split of the company's common stock, subject to shareholder approval of an amendment to the corporate charter increasing the number of authorized common shares from 40 million to 240 million shares at the upcoming annual meeting of stockholders on June 24, 1992.
 Countrywide's performance in the first quarter of fiscal 1993 was supported by record loan production which reached $6.5 billion, up 261 percent from last year's comparable figure of $1.8 billion. Refinancings accounted for 72 percent of total fundings, which correspond to levels achieved in the fourth quarter of the last fiscal year. In the first quarter of the prior fiscal year, refinancings comprised 44 percent of fundings. Adjustable-rate mortgage loan production totaled $1.9 billion, or 29 percent of total fundings for the quarter, as compared to 15 percent for the first quarter of Fiscal 1992. The company's pipeline of loans-in-process totaled $4.5 billion at the end of the current quarter, up from $4.4 billion at the end of the previous quarter, and more than three times last fiscal year's comparable pipeline of $1.3 billion. The company's loan servicing portfolio grew to $33.4 billion at May 31, 1992 from $17.1 billion at May 31, 1991.
 "Countrywide's record production for the first quarter of $6.5 billion and a servicing portfolio that topped $33 billion is an achievement that results from our steadfast commitment to being a low- cost and efficient producer and servicer of mortgage loans," said David S. Loeb, chairman. "This commitment has enabled Countrywide to increase its profitability and market penetration. As our production divisions continue to produce quality loans enhanced by an increase in real estate purchase activity, our expanding servicing portfolio becomes a more significant hedge against the impact of rising interest rates and provides a solid base for future earnings."
 With regard to the stock split, Loeb stated, "By taking this action, the board hopes to make countrywide's common shares available to a broader segment of the investing community." If the amendment increasing the authorized number of shares is approved by the shareholders, the effective date of the split will be July 2, 1992 for shareholders of record on that date, and certificates evidencing the new shares will be issued on July 17, 1992. As a result of the split, the approximately 33.7 million shares of Countrywide common stock currently outstanding will increase to approximately 50.6 million shares.
 Countrywide Credit Industries Inc. originates, purchase, sells and services loans for single-family homes. Countrywide was founded in 1969 and employs more than 2,100 people at its Pasadena headquarters and its retail and wholesale branches across the country. Countrywide Credit Industries Inc.'s common and preferred stock are publicly traded on the New York Stock Exchange under the symbols "CCR" and "CCRp," respectively.
 COUNTRYWIDE CREDIT INDUSTRIES INC.
 Financial Highlights
 (Dollar amounts in millions)
 (Unaudited)
 Three months Year
 ended ended
 May 31, Feb. 29,
 1992 1992
 Operating Data
 Volume of loans originated $6,511 $12,156
 Loan servicing portfolio
 at end of period (a) 33,437 27,546
 (a) Includes warehoused loans and loans serviced under subservicing contracts.
 COUNTRYWIDE CREDIT INDUSTRIES INC.
 Condensed Consolidated Income Statements
 (Dollars in amounts in thousands, except share data)
 (Unaudited)
 Three months ended
 May 31, Percent
 1992 1991 change
 Loan origination income $49,314 $14,429 242 pct.
 Gain on sale of loans 12,946 6,768 91 pct.
 Interest earned 45,184 22,853 98 pct.
 Interest charges (31,905) (18,356) 74 pct.
 Loan administration income 20,160 12,468 62 pct.
 Gain on sale of servicing --- 1,456 (100 pct.)
 Other income 7,947 4,062 96 pct.
 Total revenues 103,646 43,680 137 pct.
 Total expenses 55,361 28,557 94 pct.
 Income before income taxes 48,285 15,123 219 pct.
 Provision for income taxes 19,314 6,049 219 pct.
 Net earnings $28,971 $9,074 219 pct.
 Earnings per share
 Primary $0.81 $0.36 125 pct.
 Fully diluted $0.75 $0.33 127 pct.
 Weighted average number of
 shares outstanding
 Primary 34,505,000 22,613,000
 Fully diluted 38,766,000 28,386,000
 -0- 6/10/92
 /CONTACT: Karel Carnohan, 818-304-7523, or Andrew Shepard, 818-304-5632, both of Countrywide Credit Industries Inc./
 (CCR) CO: Countrywide Credit Industries Inc. ST: California IN: FIN SU: ERN DIV


EH-KJ -- LA006 -- 8649 06/10/92 08:02 EDT
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