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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 Q2 2006 RESULTS
Net Income up 4% in Q2 2006, Net Cost to Originate down 22%,
Loans On-Balance Sheet up 16% from 2005
SAN DIEGO, August 9Accredited Home Lenders Holding Co. (NASDAQ: LEND), a mortgage company specializing in non-prime residential mortgage loans, today announced results for the quarter ended June 30, 2006.
Net income for the quarter ended June 30, 2006 was $41.2 million, or $1.84 per share on a fully-diluted basis, an increase of 4.2% over net income of $39.6 million for the comparable period in 2005. Total net revenues for the quarter increased by 6.6% to $153.2 million from $143.7 million for the comparable period in 2005.
Chairman and CEO James Konrath said, We are pleased with profit and cost results in the second quarter and the first half of 2006 that presented some of the most challenging market conditions in recent memory. Our unwavering commitment to originating profitable loans at the lowest cost continues to generate margins that act as a counterweight to continuing intense price competition, fluctuating secondary market appetites, and higher funding costs.
Mr. Konrath added, During the second quarter, we were also very pleased to announce signing a definitive agreement to acquire Aames Investment Corporation, a 52-year old non-prime mortgage company. We anticipate that the combined company will nearly triple Accrediteds retail presence, provide significant cost and operational synergies, and improve scale throughout the origination and servicing operations. Equally important is that the Aames transaction will bring a cadre of experienced non-prime mortgage professionals to join the 2,900 world-class employees at Accredited.
Second Quarter Operational Highlights
| Net cost to originate for the quarter was 1.34%, an improvement of 39 basis points from the same period last year and the lowest in the companys history that was previously achieved in the fourth quarter of 2005. |
| Loans on-balance sheet reached $9.5 billion at June 30, 2006, an increase of $1.3 billion, or 15.6%, from June 30, 2005. |
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Accredited Home Lenders Holding Co's Definitive Proxy Statement (Form DEF 14A) filed after their 2006 10-K Annual Report includes:
CIK: 1174735
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-06-167616
Submitted to the SEC: Wed Aug 09 2006 3:37:25 PM EST
Accepted by the SEC: Wed Aug 09 2006
Period: Friday, June 30, 2006
Industry: Mortgage Bankers And Loan Correspondents