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For Immediate Release
Brooke Credit Corporation Reports Third Quarter Earnings
OVERLAND PARK, KS, November 6, 2007 Brooke Credit Corporation (OTCBB: BRCR; BRCRW; BRCRU) today reported its third quarter and year-to-date 2007 financial results.
Net earnings for the nine months ended September 30, 2007, totaled $10.7 million, or 41 cents per diluted share, on revenues of $34.9 million, compared to net earnings of $5.4 million, or 22 cents per diluted share, on revenues of $19.4 million for the same period in the prior year. For this nine-month period, total earnings increased 98 percent and total revenues increased 80 percent.
Net earnings for the three months ended September 30, 2007, totaled $2.3 million, or 8 cents per diluted share, on revenues of $10.1 million, compared to net earnings of $2.9 million, or 12 cents per diluted share, on revenues of $9.7 million for the same period in the prior year. Total earnings decreased during this period in 2007 primarily as a result of a non-cash compensation expense totaling $991,000 during the period relating to the granting of restricted stock to the Companys executives. Additionally, earnings decreased during the quarter resulting from the establishment of a $830,000 loan loss reserve against loans held in the Companys inventory for eventual sale.
As of September 30, 2007, loan portfolio balances totaled approximately $642.9 million, compared to approximately $593.4 million on June 30, 2007 and up from $483.3 million on December 31, 2006. For the three months ended September 30, 2007, the Companys loan portfolio balances were positively impacted by loan originations of approximately $86.8 million, and offset by principal payments of approximately $37.3 million. For the three months ended September 30, 2007, originations included $22.8 million in Brooke franchise insurance agency loans, $48.9 million in non-franchise insurance agency loans and $3.9 million in non-franchise death care loans.
Michael Lowry, the Companys CEO, stated I am excited about the Companys prospects and am pleased with the strong performance of Brooke Credit so far in 2007, as evidenced by the growth in revenues, net income and loan portfolio balances. I would like to issue a special thanks to our customers, employees and business partners for their contributions to our continued success.
Although third quarter earnings were negatively impacted by non-cash charges that reduced after tax earnings by approximately $1.1 million, I am pleased with the growth of the Companys core business revenues and profits during the quarter, Lowry also noted.
Brooke Credit will host a conference call for analysts and investors at 9:00 am CST (10:00 am EST) on Wednesday, November 7, 2007. The dial-in number is (866) 271-6130 (United States and Canada) or (617) 213-8894 (Internationally) and the conference ID is 57012444. The public and media are also invited to listen to the call, which will be broadcast live via the Internet. The conference call will be accompanied by a PowerPoint Presentation. Management encourages all parties to log on to the Companys website at www.brookecredit.com at least 15 minutes prior to the scheduled start to download the presentation. A replay of the call will be available on the Web site for the next 12 months.
The following information was filed by Aleritas Capital Corp. on Tuesday, November 6, 2007 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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