United Financial Mortgage Corp. Reports Third Quarter Results OAK
BROOK, Ill., March 15 /PRNewswire-FirstCall/ -- United Financial
Mortgage Corp. (AMEX:UFM) (or the "Company") today announced
results for its third quarter and nine months ended January 31,
2005. Third Quarter Results Revenue for the quarter ended January
31, 2005 increased $10.9 million or 86% to $23.6 million from $12.7
million for the quarter ended January 31, 2004. Net Income was $942
thousand, or $.15 per diluted share (based on 6,091,648 fully
diluted shares outstanding) for the most recent quarter, as
compared with $638 thousand, or $.12 per diluted share (based on
5,151,498 fully diluted shares outstanding) for the corresponding
period last year, a 32% increase year over year. Book value per
share (fully diluted) was $5.34 at January 31, 2005. Third Quarter
Ended Third Quarter Ended January 31, 2005 January 31, 2004 (000's)
(000's) Revenue $23,557 $12,686 Net Income $942 $638 Shares
Outstanding 6,092 5,151 Fully Diluted EPS $.15 $.12 Nine-Month
Results Revenue for the nine months ended January 31, 2005
increased 10% to $57.4 million from $52.3 million for the
corresponding period of 2004. Net Income for the nine-month period
fell to $2.8 million, or $.46 per diluted share (based on 6,102,857
fully diluted shares outstanding), as compared to $3.8 million, or
$.84 per diluted share (based on 4,461,777 fully diluted shares
outstanding) for the same period last year, a 25% decrease year
over year. Nine Months Ended Nine Months Ended January 31, 2005
January 31, 2004 (000's) (000's) Revenue $57,422 $52,255 Net Income
$2,826 $3,750 Shares Outstanding 6,103 4,462 Fully Diluted EPS $.46
$.84 Mortgage Banking Business As of January 31, 2005, the mortgage
loans in the Company's mortgage loan- servicing portfolio had an
aggregate unpaid principal balance of $1.7 billion, up from $1.2
billion as of the same date last year. The weighted average coupon
interest rate of the mortgage loans in the loan-servicing portfolio
was approximately 5.4% as of January 31, 2005 and January 31, 2004.
The Company funded $722 million in mortgage loans during the
quarter ended January 31, 2005, a $327 million increase compared to
the quarter ended January 31, 2004. Commenting on mortgage
operations in the Company's third quarter, Steve Khoshabe,
President and Chief Executive Officer of the Company, stated, "We
continue to implement our growth strategy of increasing our
servicing portfolio, growing our core origination platform and
diversifying our business. The aggregate principal balance of the
loans in our servicing portfolio hit its record high of $1.7
billion with a weighted average coupon of 5.4% and a weighted
average maturity of 294 months. During the third quarter, we opened
three new retail branch offices in Batavia, Illinois; Barrington,
Illinois and Sycamore, Illinois. We also added six retail branch
offices through our acquisition of Plus Funding. Mr. Khoshabe
added, "As we continue to lay the foundation for our
diversification strategy, we are encouraged by the recent activity
of our commercial lending efforts. We have increased both the
number of transactions in our pipeline and the quality of the
transactions in which we are participating. Most notably, we acted
as a placement agent for a retail real estate acquisition loan in
the amount of $11 million -- our largest to date." Conference Call
Management will host a conference call today at 3:30 p.m. Central
time (4:30 p.m. Eastern) to discuss the second quarter operating
results. The conference call will be accessible via a toll-free
number by dialing 800-299-9630 and providing the passcode 17580626.
International callers should dial 617-786-2904 and provide the same
passcode. A replay of the call will be available from 6:15 p.m.
Central time March 15, 2005 to 6:15 p.m. Central time March 22,
2005 by dialing 888-286-8010 and providing the replay passcode
78270214. International callers should dial 617-801-6888 and use
the replay passcode. The conference call will also be webcast live
via the Internet. To listen to the live webcast, log on to the
Company's web site at http://www.ufmc.com/ and click through to the
Investor Information section. About United Financial Mortgage Corp.
United Financial Mortgage Corp. is an independent originator and
servicer of residential and commercial mortgage loans. The Company
is headquartered in Oak Brook, Illinois and has 43 retail offices
and 8 wholesale operations centers across 16 states. For additional
information, please visit the Company's web site at
http://www.ufmc.com/ . This press release contains forward-looking
statements within the meaning of such term in the Private
Securities Litigation Reform Act of 1995 with respect to the
Company's business, financial condition, results of operations,
plans, objectives and future performance. Forward-looking
statements, which may be based upon beliefs, expectations and
assumptions of management and on information currently available to
management, are generally identifiable by the use of words such as
"believe," "expect," "anticipate," "plan," "intend," "estimate,"
"may," "will," "would," "could," "should" or other similar
expressions. Additionally, all statements in this document,
including forward-looking statements, speak only as of the date
they are made, and the Company undertakes no obligation to update
any statement in light of new information or future events. A
number of factors, many of which are beyond the ability of the
Company to control or predict, could cause actual results to differ
materially from those in its forward-looking statements, including,
among others, changes in demand for mortgage loans, the Company's
access to funding sources and the terms upon which it can obtain
financing, assumptions underlying the value of the Company's
retained mortgage loan-servicing rights, the impact of economic
slowdowns or recessions, management's ability to manage the
Company's growth and planned expansion, difficulties in integrating
or operating newly acquired businesses, competition in the
Company's market, changes in government regulations, the Company's
ability to expand origination volume while reducing overhead, the
impact of new legislation or court decisions restricting the
activities of lenders or suppliers of credit in the Company's
market, other risk factors disclosed from time to time in the
Company's filings with the Securities and Exchange Commission and
the inability of the Company to manage the risks associated with
the foregoing as well as anticipated. These risks and uncertainties
should be considered in evaluating forward-looking statements and
undue reliance should not be placed on such statements. Additional
information concerning the Company and its business, including
additional factors that could materially affect the Company's
financial results, is included in the Company's filings with the
Securities and Exchange Commission. For Further Information
Contact: Dave Gentry, Aurelius Consulting Group, Inc., Century Bank
Building, 541 S. Orlando Avenue, Suite 206, Maitland, FL 32751,
(407) 644-4256, Fax: (407) 644-0758, -- FINANCIAL TABLES FOLLOW --
UNITED FINANCIAL MORTGAGE CORP. BALANCE SHEETS As of January 31,
(Dollars in thousands, except share data) (Unaudited) 2005 2004
ASSETS Cash and due from financial institutions $254 $13,075
Interest-bearing deposits in financial institutions 7,065 1,970
Total cash and cash equivalents 7,319 15,045 Restricted cash 1,831
1,497 Certificates of deposit -- 432 Loans held for sale 215,219
104,941 Mortgage servicing rights, net 22,201 12,267 Leasehold
improvements and equipment, net 1,624 1,132 Goodwill 1,050 526
Prepaid expenses and other assets 3,800 1,849 Total assets $253,062
$137,689 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Warehouse
lines of credit $208,238 $100,199 Note payable -- 350 Accrued
expenses and other liabilities 12,315 8,418 Total liabilities
220,553 108,967 Shareholders' equity Preferred stock, 5,000,000
authorized, no par value, Series A redeemable shares, 63 issued and
outstanding (aggregate liquidation preference of $315,000) 315 315
Common stock, no par value, 20,000,000 shares authorized, 6,152,543
shares issued at January 31, 2005 and 6,140,843 at January 31, 2004
18,741 18,727 Retained earnings 13,815 10,002 Unearned stock
compensation (40) -- Treasury stock, 176,700 shares, at cost (322)
(322) Total shareholders' equity 32,509 28,722 Total liabilities
and shareholders' equity $253,062 $137,689 UNITED FINANCIAL
MORTGAGE CORP. STATEMENTS OF INCOME (Dollars in thousands, except
share data) (Unaudited) Three months ended Nine months ended
January 31, January 31, 2005 2004 2005 2004 Revenue Gain on sale of
loans, net $18,526 $9,861 $44,904 $44,231 Loan servicing income,
net 893 964 2,511 1,689 Interest income 4,056 1,736 9,603 6,017
Other income 82 125 404 318 Total revenues 23,557 12,686 57,422
52,255 Expenses Salaries and commissions 15,222 8,207 36,409 34,700
Selling and administrative 4,378 2,515 11,192 7,926 Interest
expense 2,291 852 4,861 3,133 Depreciation 96 49 250 241 Total
expenses 21,987 11,623 52,712 46,000 Income before income taxes
1,570 1,063 4,710 6,255 Income taxes 628 425 1,884 2,505 Net income
$942 $638 $2,826 3,750 Basic earnings per common share $0.16 $0.13
$0.47 $0.88 Diluted earnings per common share $0.15 $0.12 $0.46
$0.84 Basic shares outstanding 5,966,239 4,966,701 5,965,178
4,269,431 Diluted shares outstanding 6,091,648 5,151,498 6,102,857
4,461,777 http://www.ufmc.com/DATASOURCE: United Financial Mortgage
Corp. CONTACT: Dave Gentry, Aurelius Consulting Group, Inc.,
+1-407-644-4256, or fax, +1-407-644-0758, or , for United Financial
Mortgage Corp. Web site: http://www.ufmc.com/
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