Printer Friendly

LOMAS FINANCIAL REPORTS OPERATING PROFIT FOR FIRST SIX MONTHS OF FISCAL 1992; MORTGAGE BANKING INCOME UP 23 PERCENT FROM PLAN

LOMAS FINANCIAL REPORTS OPERATING PROFIT FOR FIRST SIX MONTHS OF FISCAL
 1992; MORTGAGE BANKING INCOME UP 23 PERCENT FROM PLAN
 DALLAS, Feb. 18 /PRNewswire/ -- Lomas Financial Corporation (NYSE: LFC) today reported operating profit from continuing operations of $13.1 million, or 65 per common share currently outstanding, for the six months ended Dec. 31, 1991.
 Commenting on the results, Jess Hay, chairman and chief executive officer of the company, said, "Results from continuing operations exceeded the company's planned results for the first half of fiscal 1992, and for that fundamental reason are encouraging. In particular, our mortgage banking operations are performing extremely well and finished the period with net pretax income of $11.5 million, which was approximately $2.2 million higher than anticipated in the company's previously published plan for fiscal 1992."
 Net income for the six-month period totaled $912.2 million, which included $899.1 million of items specifically related to the company's exit from Chapter 11. These items resulted primarily from the discharge of indebtedness under the company's plan of reorganization.
 In further comment, Hay remarked, "With the conclusion of the company's Chapter 11 proceedings, Lomas Financial Corporation has returned to its historical core businesses. Mortgage banking and data and information services to the mortgage finance industry constitute our continuing operations; and we are confident that these activities will continue to produce results at or above plan in the periods immediately ahead."
 -0- 2/18/92
 /CONTACT: Gary White, 2l4-879-5540, Robert E. Byerley, Jr., 214-879-5588, both of Lomas Financial/
 (LFC) CO: Lomas Financial Corporation ST: Texas IN: FIN SU: ERN


KD -- NY020 -- 9774 02/18/92 09:16 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:Feb 18, 1992
Words:272
Previous Article:BUFFETS INC. EIGHTH CONSECUTIVE RECORD YEAR
Next Article:THE FUTURE NOW, INC. ANNOUNCES PROPOSED ACQUISITIONS
Topics:


Related Articles
BANKINTER POSTS HIGHER NET INCOME IN FIRST HALF
PACIFIC FIRST BANK ANNOUNCES SECOND-QUARTER EARNINGS, SALE DISCUSSIONS
GLENFED INC. REPORTS RESULTS FOR FOURTH FISCAL QUARTER AND FISCAL YEAR ENDED JUNE 30, 1992; RESTATES CERTAIN INTERIM PERIOD RESULTS
FIRST FEDERAL SAVINGS OF PUERTO RICO REPORTS SECOND QUARTER EARNINGS
STANDARD FEDERAL BANK REPORTS A NEW ALL-TIME RECORD FOR EARNINGS DURING THE SECOND QUARTER OF 1993
VIRGINIA FIRST SAVINGS BANK ANNOUNCES EARNINGS
COLUMBIA BANKING SYSTEM INC. REPORTS 1993 SECOND QUARTER EARNINGS
INSIGNIA FINANCIAL GROUP REPORTS RESULTS
VIRGINIA FIRST SAVINGS BANK ANNOUNCES EARNINGS
GP FINANCIAL CORP. ANNOUNCES QUARTERLY RESULTS

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