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COUNTRYWIDE CREDIT INDUSTRIES INC. ISSUES FOURTH QUARTER FINANCIAL STATEMENTS

 COUNTRYWIDE CREDIT INDUSTRIES INC. ISSUES
 FOURTH QUARTER FINANCIAL STATEMENTS
 PASADENA, Calif, May 5 /PRNewswire/ -- Countrywide Credit Industries Inc. (NYSE: CCR), the nation's largest independent mortgage banker, today issued unaudited financial statements for the fourth quarter and fiscal year ended Feb. 29, 1992.
 On March 10, 1992, the company announced their earnings figures for the fourth quarter and the fiscal year-ended Feb. 29, 1992. The board of directors, at that time, declared a cash dividend of $0.12 per common share which was paid on April 16, 1992 to shareholders of record on April 2, 1992. The company stated that it was issuing the detailed financials for analysts and other entities who requested the information.
 The company's annual meeting of shareholders is scheduled to be held in Pasadena on June 24, 1992. The company's Form 10-K will be filed within the next few weeks and its annual report will be mailed, together with proxy materials, to shareholders by the end of May.
 Countrywide Credit Industries Inc. originates, purchases, sells and services loans for single-family homes. Countrywide was founded in 1969 and employs more than 2,000 people at its Pasadena headquarters and its retail and wholesale branches across the country.
 COUNTRYWIDE CREDIT INDUSTRIES INC.
 Condensed Consolidated Balance Sheets
 (Dollar amounts in thousands)
 At Feb. 29, At Feb. 28,
 1992 1991
 (unaudited)
 Assets
 Cash $14,514 $6,591
 Mortgage loans shipped
 and held for sale -
 pledged as collateral
 for notes payable 1,585,392 509,008
 Finance receivables -
 net 192,330 204,636
 Property, equipment and
 leasehold improvements -
 net of accumulated
 depreciation 53,784 44,582
 Capitalized servicing
 fees receivable 84,230 73,340
 Purchased servicing rights 295,889 182,621
 Other assets 183,835 101,221
 Total assets $2,409,974 $1,121,999
 Liabilities and
 Shareholders' Equity
 Notes payable $1,306,891 $567,739
 Drafts issued in
 connection with
 mortgage loan closings 122,463 45,542
 Thrift investment
 accounts 224,036 214,308
 Accounts payable and
 accrued liabilities 39,966 16,878
 Deferred income taxes 120,470 85,056
 Convertible subordinated
 debentures --- 20,918
 Total liabilities 1,813,826 950,441
 Preferred stock 37,531 38,098
 Common shareholders'
 equity
 Common stock 1,682 865
 Additional paid-in
 capital 463,306 86,073
 Retained earnings 93,629 46,522
 Total common shareholders'-
 equity 558,617 133,460
 Total liabilities and
 shareholders' equity $2,409,974 $1,121,999
 COUNTRYWIDE CREDIT INDUSTRIES INC.
 Condensed Consolidated Income Statements
 (Dollar amounts in thousands, except per share data)
 Three Months Ended(a)
 Feb. 29(28),
 1992 1991 Pct. change
 Loan origination
 income $34,256 $9,962 244 pct.
 Gain on sale of loans 11,598 8,123 43 pct.
 Interest earned 36,127 22,336 62 pct.
 Interest charges (23,439) (19,383) 21 pct.
 Loan administration
 income 17,365 11,461 52 pct.
 Gain on sale of
 servicing 507 1,025 (50 pct.)
 Other income 6,040 3,418 77 pct.
 Total revenues 82,454 36,942 123 pct.
 Total expenses 45,796 25,642 79 pct.
 Income before income
 taxes 36,658 11,300 224 pct.
 Provision for income
 taxes 14,664 4,520 224 pct.
 Net earnings $21,994 $6,780 224 pct.
 Earnings per share
 Primary $0.66 $0.32 106 pct.
 Fully diluted $0.61 $0.29 110 pct.
 Weighted average number
 of shares
 Primary 31,800,000 18,049,000 ---
 Fully diluted 36,024,000 24,424,000 ---
 12 Months Ended
 Feb. 29(28),
 1992(a) 1991 Pct. change
 Loan origination
 income $91,933 $38,317 140 pct.
 Gain on sale of loans 38,847 24,236 60 pct.
 Interest earned 115,213 83,617 38 pct.
 Interest charges (81,959) (73,428) 12 pct.
 Loan administration
 income 58,062 41,615 40 pct.
 Gain on sale of
 servicing 4,302 6,258 (31 pct.)
 Other income 19,714 14,396 37 pct.
 Total revenues 246,112 135,011 82 pct.
 Total expenses 145,785 97,826 49 pct.
 Income before income
 taxes 100,327 37,185 170 pct.
 Provision for income
 taxes 40,131 14,874 170 pct.
 Net earnings $60,196 $22,311 170 pct.
 Earnings per share
 Primary $2.09 $1.13 85 pct.
 Fully diluted $1.90 $1.02 86 pct.
 Weighted average number
 of shares
 Primary 27,005,000 17,598,000 ---
 Fully diluted 31,718,000 22,721,000 ---
 COUNTRYWIDE CREDIT INDUSTRIES INC.
 Selected Operating Data
 (Dollar amounts in thousands)
 Three Months Ended(a)
 Feb. 29(28),
 1992 1991 Pct. Change
 Volume of loans
 originated $4,586,418 $1,211,616 279 pct.
 Number of loans
 originated 31,984 9,881 224 pct.
 12 Months Ended
 Feb. 29(28),
 1992(a) 1991 Pct. Change
 Volume of loans
 originated $12,156,318 $4,576,705 166 pct.
 Number of loans
 originated 88,248 40,458 118 pct.
 At Feb. 29(28)(a),
 1992 1991
 Mortgage loan
 inventory $1,585,392 $509,008
 Pipeline of loans-
 in-process $4,396,464 $830,451
 Loan servicing
 portfolio(b) $27,545,681 $15,683,668
 Number of loans
 serviced(b) 280,459 191,220
 Common shares
 outstanding 33,649,746 17,306,489
 (a) Unaudited
 (b) Includes warehoused loans and loans serviced under subservicing contracts.
 -0- 5/5/92
 /CONTACT: Karel Carnohan of Countrywide Credit, 818-304-7523/
 (CCR) CO: Countrywide Credit Industries ST: California IN: FIN SU: ERN


DM-EH -- LA070 -- 6859 05/05/92 21:46 EDT
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