Printer Friendly

COUNTRYWIDE CREDIT INDUSTRIES INC. RECORDS BEST YEAR IN COMPANY HISTORY

 COUNTRYWIDE CREDIT INDUSTRIES INC. RECORDS BEST YEAR
 IN COMPANY HISTORY
 Fourth Quarter Earnings up 224 Percent,
 Fiscal 1992 Earnings up 170 Percent
 PASADENA, Calif., March 10 /PRNewswire/ -- Countrywide Credit Industries Inc. (NYSE: CCR), the nation's largest independent mortgage banker, announced today that net earnings for the fourth quarter ended Feb. 29, 1992, were $21,994,000, up 224 percent over last year's comparable quarter when earnings were $6,780,000. Primary earnings per common share were $0.66 and fully diluted earnings per share were $0.61 which represented a 110 percent increase over the fourth quarter of fiscal 1991's fully diluted figure. In the prior year, fourth quarter net earnings per share were $0.32 per primary share and $0.29 per fully diluted share.
 In fiscal 1992, Countrywide's net earnings were $60,196,000, up 170 percent from fiscal 1991 earnings. Primary earnings per share rose to $2.09 and fully diluted earnings per share were $1.90, up 86 percent over the prior year's comparable fully diluted figure. In fiscal 1991, earnings totalled $22,311,000, or $1.13 per primary share and $1.02 per fully diluted share.
 Countrywide's board of directors declared a cash dividend of $0.12 per common share for the fourth quarter, payable April 16, 1992, to shareholders of record on April 2, 1992. The fourth quarter dividend was an increase over the $0.11 declared for the third quarter of fiscal 1992.
 "The company's performance during the fourth quarter marked the continuation of Countrywide's fiscal 1992 record-setting achievements. During the quarter, Countrywide produced $4.6 billion in originations, up 36 percent over the previous record third quarter," said David S. Loeb, chairman. "Our fourth quarter pipeline of loans-in-process grew 82 percent over the third quarter to an all- time high of $4.4 billion. As important, our servicing portfolio ended the year at $27.5 billion, almost double the size of a year ago. Fiscal 1992 was the most successful year in Countrywide's history and we look forward to continued achievements as we enter fiscal 1993. With a large servicing portfolio in place and a strategy to further build the servicing portfolio, Countrywide will have an important base of annuitous earnings which is enhanced during periods of rising interest rates. New loan originations, which provide a valuable source of servicing, remain strong as signs of improving purchase activity in many regions of the country add to continuing strong refinance volume."
 During 1992, Countrywide strengthened its capital base and financial flexibility through three equity offerings and expanded debt capabilities. In addition, Countrywide increased its market penetration and more than doubled its share of the single-family residential mortgage market from 1.0 percent in fiscal 1991 to 2.1 percent in fiscal 1992.
 "By enhancing our diversified originations capabilities and maintaining our low-cost focus, we are in an excellent position to increase market share even more," said Loeb. "During the past year, we successfully implemented operational enhancements to embrace growth while maintaining high levels of loan quality, productivity and operating margins. Our flexibility and investment in technology have prepared us for this growth and have enabled us to achieve record results and build for future growth."
 The following table shows the earnings and dividends paid for fiscal year 1992:
 Fiscal quarters Fiscal
 I II III IV 1992
 Loan originations
 ($000,000s) $1,760 $2,443 $3,367 $4,586 $12,156
 Servicing
 portfolio
 ($000,000s)(a) $17,094 $19,542 $22,922 $27,546 ---
 Pipeline of loans-in-
 process ($000,000s)(a) $1,265 $1,547 $2,416 $4,396 ---
 Net earnings ($000s) $9,074 $11,916 $17,212 $21,994 $60,196
 Net earnings per common
 share (primary)(b) $0.36 $0.45 $0.56 $0.66 $2.09
 Net earnings per common
 share (fully diluted)(b) $0.33 $0.41 $0.52 $0.61 $1.90
 Cash dividend declared
 per common share $0.08 $0.10 $0.11 $0.12 $0.41
 (a) At period end
 (b) Summation of the quarterly earnings per common share does not necessarily equal the annual amount which is computed independently. This is because of the averaging effect of the number of share equivalents utilized throughout the year which changes with the market price of the common stock.
 Countrywide Credit Industries Inc., originates, purchases, sells and services loans for single-family homes. Countrywide was founded in 1969 and employs more than 1,700 people in 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
 Fourth quarter ended
 Feb. 29(28),
 1992(a) 1991(a)
 Revenue (net of interest
 expense) $82,454,000 $36,942,000
 Net earnings $21,994,000 $6,780,000
 Earnings per share
 Primary $0.66 $0.32
 Fully diluted $0.61 $0.29
 Weighted average number of
 shares outstanding
 Primary 31,800,000 18,049,000
 Fully diluted 36,024,000 24,424,000
 Volume of loans produced $4,586,418,000 $1,211,616,000
 Loan servicing portfolio $27,545,681,000 $15,683,668,000
 Quarter ended
 Feb. 29, Nov. 30,
 1992(a) 1991(a)
 Revenue (net of interest
 expense) $82,454,000 $67,391,000
 Net earnings $21,994,000 $17,212,000
 Earnings per share
 Primary $0.66 $0.56
 Fully diluted $0.61 $0.52
 Weighted average number of
 shares outstanding
 Primary 31,800,000 28,927,000
 Fully diluted 36,024,000 33,203,000
 Volume of loans produced $4,586,418,000 $3,367,422,000
 Loan servicing portfolio $27,545,681,000 $22,922,156,000
 Year ended
 Feb. 29(28),
 1992(a) 1991
 Revenue (net of interest
 expense) $246,112,000 $135,011,000
 Net earnings $60,196,000 $22,311,000
 Earnings per share
 Primary $2.09 $1.13
 Fully diluted $1.90 $1.02
 Weighted average number of
 shares outstanding
 Primary 27,005,000 17,598,000
 Fully diluted 31,718,000 22,721,000
 Volume of loans produced $12,156,318,000 $4,576,705,000
 Loan servicing portfolio $27,545,681,000 $15,683,668,000
 (a) Unaudited
 -0- 3/10/92
 /CONTACT: Karel Carnohan, 818-304-7523, or Laura Lippman, 818-304-4422, both of Countrywide Credit Industries/
 (CCR) CO: Countrywide Credit Industries Inc. ST: California IN: FIN SU: ERN


EH-JL -- LA006 -- 6708 03/10/92 08:04 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 10, 1992
Words:1079
Previous Article:SYMANTEC INTRODUCES TIME LINE 1.0 FOR WINDOWS
Next Article:DELL COMPUTER CORPORATION ANNOUNCES THREE-FOR-TWO STOCK SPLIT
Topics:


Related Articles
COUNTRYWIDE CREDIT INDUSTRIES INC. THIRD QUARTER EARNINGS UP 182 PERCENT
COUNTRYWIDE ORIGINATES RECORD $3.4 BILLION IN HOME LOANS; SERVICING PORTFOLIO TOPS $45 BILLION
COUNTRYWIDE CREDIT'S FOURTH QUARTER EARNINGS RISE 78 PERCENT; BOARD DECLARES CASH AND STOCK DIVIDENDS
COUNTRYWIDE LOAN PRODUCTION SETS RECORD OF $3.9 BILLION; SERVICING PORTFOLIO RISES TO NEW HIGH OF $62 BILLION
COUNTRYWIDE LOAN PRODUCTION TOPS $4 BILLION; SERVICING PORTFOLIO RISES TO NEW HIGH OF $64 BILLION
COUNTRYWIDE LOAN PRODUCTION RISES TO $4.4 BILLION, PIPELINE OF LOANS IN PROCESS TOPS $8 BILLION
COUNTRYWIDE CREDIT'S LOAN PRODUCTION STRONG AT $4.3 BILLION; PIPELINE OF LOANS IN PROCESS TOPS $9 BILLION
COUNTRYWIDE CREDIT PRODUCES $4.5 BILLION IN HOME LOANS; SERVICING PORTFOLIO RISES TO $74 BILLION
Countrywide Credit Industries, Inc. Reports Record Earnings in Fourth Quarter and Increases Cash Dividend by 25 Percent.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters