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Exhibit 99.1
FROM:
Accredited Home Lenders Holding Co.
15090 Avenue of Science
San Diego, CA 92128
Rick Howe, 858.676.2148
rhowe@accredhome.com
FOR IMMEDIATE RELEASE
ACCREDITED REPORTS Q1 2006 RESULTS
Net Income up 15% in Q1 2006; Net Cost to Originate down 19%;
Loans On-Balance Sheet up 30%; Originations up 11%
SAN DIEGO, May 2—Accredited Home Lenders Holding Co. (Nasdaq: LEND), a nationwide mortgage company specializing in non-prime residential mortgage loans, today announced results for the quarter ended March 31, 2006.
Net income for the quarter ended March 31, 2006 was $35.8 million, or $1.61 per share on a fully-diluted basis, an increase of 14.5% over net income of $31.3 million for the comparable period in 2005. Total net revenues for the quarter increased by 15.2% to $141.7 million from $123.0 million for the comparable period in 2005.
Chairman and CEO James Konrath said, “Our company delivered another solid quarter of earnings and cost discipline, along with an increase in loan originations and portfolio growth. These results were accomplished during a quarter with the anticipated seasonally softer origination volume and a number of competitors lowering interest rates to borrowers while the cost of money was increasing. Continued healthy demand for non-prime loans was again evident by our growth in origination volume when measured against the same period in 2005, as well as the strong volume during the last month of the quarter.”
Mr. Konrath added, “We are also pleased with the growth and performance of our portfolio in the first quarter. Accredited continues to achieve superior executions on its securitizations, including a first quarter transaction with some of the tightest spreads in our history, and portfolio performance results that continue to outpace both the industry and our forecasts. All of this underscores our continued confidence that our profit-based business model, diversification in all facets of our business, and best-in-class employees will drive profitability for the remainder of 2006 and beyond.”
First Quarter Operational Highlights
| • | Net cost to originate of 1.60% for the quarter, an improvement of 36 basis points from the same period last year. |
| • | Loans on-balance sheet reached $9.5 billion at March 31, 2006, an increase of $2.2 billion, or 30.0%, from March 31, 2005. |
The following information was filed by Accredited Home Lenders Holding Co on Tuesday, May 2, 2006 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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