Printer Friendly

CTL CREDIT INC. REPORTS 1993 SECOND QUARTER RESULTS

 SANTA BARBARA, Calif., July 28 /PRNewswire/ -- CTL Credit Inc. (NASDAQ: CTLI) today announced that it earned $1.02 million or 29 cents per share on a pro-forma basis during the second quarter, 1993. The quarter results included two months (May and June) of actual earnings and one month (April) of pro forma earnings. May 1993 was the company's first month of operation.
 The company completed its initial public offering in the second quarter of 1993, selling 3.45 million shares. Montgomery Securities of San Francisco acted as investment banker for the offering.
 CTL Credit Inc. used the proceeds of the offering to purchase all the outstanding stock and increase the capital of California Thrift and Loan, a 34-year-old FDIC-insured thrift and loan with 17 offices located throughout California. Through these California offices and its offices in Arizona, Colorado, New Mexico, Oregon, and Texas, CTL Credit Inc. offers automobile, real estate and lease financing in the western United States. In August, CTL Credit Inc. will open its first indirect auto loan marketing office in the state of Washington.
 In addition, CTL Credit Inc. reported:
 Total assets $422 million
 Total receivables (loans) $397 million
 Annualized receivables (loan) production $269 million
 Reserves for doubtful receivables (loans) $7.8 million
 Non-performing assets $4.8 million
 -0- 7/28/93
 /CONTACT: Robert O. Heavner of James D. Emerson of CTL Credit, 805-963-8743/
 (CTLI)


CO: CTL Credit Inc. ST: California IN: FIN SU: ERN

EH-BP -- LA050 -- 6880 07/28/93 15:58 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 28, 1993
Words:247
Previous Article:K-SWISS REPORTS RECORD SECOND QUARTER RESULTS
Next Article:BROOKTROUT TECHNOLOGY ANNOUNCES RECORD SECOND QUARTER REVENUES INCREASE 51 PERCENT, INCOME UP 49 PERCENT
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters