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FARRAGUT MORTGAGE CO., INC. SECOND QUARTER OPERATING RESULTS

 FARRAGUT MORTGAGE CO., INC. SECOND QUARTER OPERATING RESULTS
 MANSFIELD, Mass., July 28 /PRNewswire/ -- Farragut Mortgage Co., Inc. (AMEX: FMS) reported today net income of $230,281 or 6 cents per share for the quarter ended June 30, 1992, a 101 percent increase over the $114,362 or 4 cents per share for the quarter ended June 30, 1991. Earnings for the 1991 quarter were not taxed.
 For the six months ended June 30, 1992, Farragut reported a 103 percent increase in net income to $318,484 or 8 cents per share from $157,156 or 6 cents per share for the prior year's six-month period. Earnings for the six-month period in 1991 were not taxed.
 The residential servicing portfolio was $1.2 billion at June 30, 1992, compared to $209 million at June 30, 1991.
 Edward D. Lagarde, president and chief executive officer, stated, "Farragut's progress continues to be ahead of plan and the company plans no change in its existing strategy."
 Farragut Mortgage Co., Inc. is engaged in the residential mortgage banking business, which involves the origination, purchase, sale and servicing of one- to four-family mortgage loans.
 FARRAGUT MORTGAGE COMPANY
 2nd Quarter Six Months
 1992 1991 1992 1991
 Net income (loss) $230,281 $114,362 $318,484 $157,156
 Earnings per share 6 cents 4 cents 8 cents 6 cents
 Weighted average
 number of shares 4,178,645 2,715,109 4,178,645 2,175,109
 -0- 7/28/92
 /CONTACT: Edward D. Lagarde, president and CEO, 508-337-8605/
 (FMS) CO: Farragut Mortgage ST: Massachusetts IN: FIN SU: ERN


CN -- NE007 -- 3868 07/28/92 09:01 EDT
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Publication:PR Newswire
Date:Jul 28, 1992
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