Printer Friendly

POLIFLY FINANCIAL REPORTS RESULTS FOR THE QUARTER ENDED MARCH 31, 1992

POLIFLY FINANCIAL REPORTS RESULTS FOR THE QUARTER ENDED MARCH 31, 1992
 NEW MILFORD, N.J., June 12 /PRNewswire/ -- Polifly Financial Corporation (NASDAQ: PFLY), the holding company for Polifly Savings and Loan Association, today reported net income of $2.96 million or $1.35 per share for the quarter ended March 31, 1992.
 The results for the March 31, 1992, quarter included a non-recurring gain from the settlement of a lawsuit filed by the corporation against a former director in the amount of $3.6 million. For the quarter ended March 31, 1991, the corporation reported a loss of $251,000 or 11 cents per share. For the nine months ended March 31, 1992, the corporation lost $3.4 million or $1.56 per share compared to a loss of $1.5 million or 66 cents per share for the nine months ended March 31, 1991. The loss for the nine months ended March 31, 1992, was attributable to the continued reduction in real estate values, mainly in Bergen County, which more than offset the gain from the settlement of the lawsuit. The company expects that losses from operations will be reported for the fiscal year ending June 30, 1992.
 The corporation also announced today that Joseph S. Paparatto, the corporation's and the association's president, chief executive officer and chairman of the board, will be leaving the corporation and the association effective July 2, 1992, to pursue other personal and professional interests. The corporation's board of directors has named Dennis A. Carpini, the director of the corporation since April 2, 1992, as the acting successor to Paparatto and Donald J. Musso as acting chairman of the board. Carpini will become the corporation's and the association's acing president and chief executive officer effective July 2, 1992. Carpini has been involved in the banking, mortgage banking and savings and loan industries for approximately the past 25 years. Musso has been a director of the corporation and the association since 1991. Carpini's and Musso's appointments are subject to approval by the Office of Thrift Supervision.
 The company stated that several developments have taken place over the last several months.
 -- A new capital plan has been submitted to the Office of Thrift Supervision. This plan outlines the methods to be used in attempting to return the association to profitability. The association is awaiting regulatory action on this plan.
 -- In conjunction with the submission of the new capital plan, the association has reduced salary expenses by eliminating a number of positions, including senior officer and staff-level positions. This is in addition to a salary freeze of all employees and salary reductions of other certain officers.
 -- The association sold one branch office and closed one other branch office in the last 18 months and is researching the possibility of selling or consolidating other offices in its 12-branch franchise.
 -- During the quarter ended March 31, 1992, the association sold approximately $2.2 million of real estate owned (REO) and had approximately $4 million under contract for sale. Over the past 12 months the association has sold approximately $5.8 million of REO. This REO includes land, office buildings, and condominium projects. Restructuring of other significant delinquent loans has also been accomplished. While the association still has a substantial amount of non-performing assets, the above reflects progress in its recovery plan.
 -- As reported above, the association has settled one lawsuit against a former director and continues to pursue other legal actions. Any recoveries from these actions will benefit the association's capital position.
 The corporation and the association continue to develop strategies to eliminate non-performing assets, control expenses and provide new loan and deposit services to its customers.
 -0- 6/12/92
 /CONTACT: Joseph S. Paparatto, president of Polifly Financial, 201-261-6900/
 (PFLY) CO: Polifly Financial Corp. ST: New Jersey IN: FIN SU: ERN


CK-TS -- NY037 -- 9646 06/12/92 11:58 EDT
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:Jun 12, 1992
Words:642
Previous Article:'A TASTE OF ATLANTA' STARTS TODAY
Next Article:CTIA VOTE ON DIGITAL CELLULAR TELEPHONE STANDARD PRAISED BY HUGHES NETWORK SYSTEMS
Topics:


Related Articles
POLIFLY FINANCIAL COMMENTS ON OTS, FDIC EVALUATION OF APPRAISALS
POLIFLY ANNOUNCES FIRST QUARTER RESULTS; FILES 10-Q ON TIME
POLIFLY ANNOUNCES SETTLEMENT OF LAWSUIT AGAINST A FORMER DIRECTOR
POLIFLY FINANCIAL CORPORATION
POLIFLY FINANCIAL CORPORATION ANNOUNCED A LOSS
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 © 2016 Farlex, Inc. | Feedback | For webmasters