Printer Friendly

NAB ASSET ANNOUNCES SEPT. 31, 1991, EARNINGS AND A $1.00 PER SHARE DISTRIBUTION

           NAB ASSET ANNOUNCES SEPT. 31, 1991, EARNINGS AND
                    A $1.00 PER SHARE DISTRIBUTION
    HOUSTON, Nov. 14 /PRNewswire/ -- NAB Asset Corporation (NASDAQ: NABC) today announced its results for the quarter ended Sept. 30, 1991.
    For the quarter ended Sept. 30, 1991, the company reported a net loss of $178,000, or $.04 per share, on operating revenues of $463,000. Operating income in the quarter was $170,000 while other income totaled $91,000.  Other income consisted of income from interest-bearing accounts and Government National Mortgage Association whole pool loan obligations.  The net loss in the quarter was primarily reflective of the fact that gains from the sale of the company's assets in excess of book value and from loan collections and other income aggregating approximately $554,000 were more than offset by direct operating expenses of $293,000 and general and administrative expenses of $439,000.
    The company also announced that its board of directors declared a cash distribution of $1.00 per share on the company's common stock, $.01 par value.  The distribution will be paid to holders of the common stock of record as of the close of business on Dec. 2, 1991, and will be paid on Dec. 20, 1991.
    NAB Asset Corporation commenced operations in July 1991 upon its acquisition of substantially all of the assets of National Asset Bank (a bank in liquidation) and the distribution of the company's stock by the bank to the prior holders of the bank's common stock as a final liquidating distribution.
    -0-                      11/14/91
    /CONTACT:  Michael A. Hrebenar, president and CEO of NAB Asset, 713-952-6800/
    (NABC) CO:  NAB Asset Corporation ST:  Texas IN:  FIN SU:  ERN GK -- NY028 -- 4314 11/14/91 09:54 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 14, 1991
Words:288
Previous Article:HUMANA ANNOUNCES EARNINGS FORECAST
Next Article:PARK-OHIO NAMES McGINTY INTERIM CHAIRMAN AND CEO; KIRKHOFF AS INTERIM VICE CHAIRMAN
Topics:


Related Articles
RS FINANCIAL CORP. ANNOUNCES EARNINGS FOR THIRD QUARTER ENDED SEPT. 30, 1991
INTERFIRST BANKCORP REPORTS NET EARNINGS FOR THREE MONTHS ENDED SEPT. 30
CVB FINANCIAL CORP. ANNOUNCES 1991 RESULTS
STANDARD FEDERAL REPORTS 103-PERCENT INCREASE IN 4TH-QUARTER EARNINGS; ANNUAL EARNINGS OF $2.11 PER SHARE INCREASE 64 PERCENT OVER 1990
WASHINGTON MUTUAL ANNOUNCES HIGHER EARNINGS, 50-PERCENT STOCK DIVIDEND, INCREASED CASH DIVIDEND
NORTH SIDE SAVINGS BANK ANNOUNCES FIRST QUARTER RESULTS; BOARD DECLARES REGULAR QUARTERLY CASH DIVIDEND
NAB ASSET CORPORATION ANNOUNCES 1991 RESULTS
NATIONAL COMMUNITY BANKS REPORTS EARNINGS
STANDARD FEDERAL BANK REPORTS INCREASED THIRD-QUARTER EARNINGS
AMERICA FIRST FINANCIAL FUND 1987-A ANNOUNCES EARNINGS

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