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Accredited Home Lenders Holding Co.
15090 Avenue of Science
San Diego, CA 92128
Rick Howe, 858.676.2148
FOR IMMEDIATE RELEASE
ACCREDITED REPORTS RECORD FULL YEAR AND Q4 2004 RESULTS
Loans On-Balance Sheet up 94%; Originations up 56%;
Net Income up 31% in 2004
SAN DIEGO, Feb. 10Accredited Home Lenders Holding Co. (Nasdaq: LEND), a nationwide mortgage company specializing in non-prime residential mortgage loans, today announced record results for the quarter and year ended December 31, 2004.
Net income for the year ended December 31, 2004 was $130.8 million, or $6.06 per share on a fully diluted basis, an increase of 30.8% over $100.0 million for the year ended December 31, 2003. Total revenues increased 51.8% to $660.7 million from $435.2 million the prior year.
Net income for the quarter ended December 31, 2004 was $38.1 million, or $1.76 per share on a fully diluted basis, an increase of 27.1% over net income of $30.0 million for the comparable period in 2003. Total revenues for the quarter increased by 51.8% to $199.8 million from $131.6 million for the comparable period in 2003.
Chairman and CEO James Konrath said, The record results in the fourth quarter put the exclamation point on an excellent 2004 that brought record portfolio growth, volume, revenue, and profits produced by Accrediteds employees nationwide. In addition, we continued to produce outstanding portfolio results as measured by 30+ day delinquency and annualized loss results.
Mr. Konrath added, We view 2005 as a year of opportunity and challenge, and believe that we have reflected both in our forecast of a 15% average annual earnings growth for the next three to five years and $6.90 earnings per share for 2005.
The following information was filed by Accredited Home Lenders Holding Co on Thursday, February 10, 2005 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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