Printer Friendly

POLIFLY ANNOUNCES FIRST QUARTER RESULTS; FILES 10-Q ON TIME

    POLIFLY ANNOUNCES FIRST QUARTER RESULTS; FILES 10-Q ON TIME
    NEW MILFORD, N.J., Nov. 14 /PRNewswire/ -- Polifly Financial Corporation, (NASDAQ: PFLY) the holding company for Polifly Savings and Loan Association, today announced a loss of $599,000, or $0.27 per share for the quarter ended Sept. 30, 1991.  This compares to a loss of $699,000, or $0.32 per share for the same quarter a year ago.  At the same time, Polifly announced that it had timely filed its quarterly report on Form 10-Q with the Securities and Exchange Commission.
    The reported results included an $855,000 provision for loan and real estate losses and a $660,000 gain on sale of a joint venture project during the quarter.  The loan and real estate loss provision is the result of management's review of the portfolio at Sept. 30, 1991. As previously reported in a press release dated Nov. 12, 1991, the association is in the process of reordering appraisals on certain properties whose value is currently being reviewed by the Office of Thrift Supervision (OTS) as part of its current examination.  It is possible that there may be further adverse adjustments to the association's provision for loan and real estate losses.
    As of Sept. 30, 1991, total assets were $510.4 million and stockholders' equity was $17.8 million as calculated under generally accepted accounting principles.  Assets on non-accrual status (loans and real estate owned) were at $64.6 million on Sept. 30, 1991.  Deposits at Polifly continue to be insured up to the legal amount (generally $100,000 per depositor) by the Federal Deposit Insurance Corporation.
    -0-        11/14/91
    /CONTACT:  Henry S. Becker, CFO of Polifly Financial, 201-261-6900/
    (PFLY) CO:  Polifly Financial Corporation ST:  New Jersey IN:  FIN SU:  ERN JT-KW -- NY099 -- 1217 11/14/91 17:03 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:303
Previous Article:THE WALT DISNEY CO. REPORTS RESULTS
Next Article:STANDARD & POOR'S STOCK PRICE INDEX -- CLOSING, THURSDAY, NOV. 14 /PRN/
Topics:


Related Articles
POLIFLY FINANCIAL COMMENTS ON OTS, FDIC EVALUATION OF APPRAISALS
POLIFLY ANNOUNCES SETTLEMENT OF LAWSUIT AGAINST A FORMER DIRECTOR
POLIFLY FINANCIAL CORPORATION
POLIFLY FINANCIAL CORPORATION ANNOUNCED A LOSS
POLIFLY FINANCIAL REPORTS RESULTS FOR THE QUARTER ENDED MARCH 31, 1992
POLIFLY ANNOUNCES RECEIPT OF CAPITAL DIRECTIVE
POLIFLY FINANCIAL FILES REVISED CAPITAL PLAN
POLIFLY SAVINGS PLACED INTO GOVERNMENT RECEIVERSHIP
POLIFLY SAVINGS AND LOAN UNDER GOVERNMENT OPERATION
POLIFLY SAVINGS AND LOAN ASSOCIATION TRANSFERRED TO RESOLUTION TRUST CORPORATION

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