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.
/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