Brooke (AMEX:BXX)
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Brooke Corporation Releases Subsidiary Results for December 2004
OVERLAND PARK, Kan., Jan. 20 /PRNewswire-FirstCall/ -- Robert D. Orr, CEO of
Brooke Corporation (AMEX:BXX), announced selected December results for the
Company's franchise and finance subsidiaries.
Orr announced that the Company's franchise subsidiary, Brooke Franchise
Corporation, assisted franchisees and others in the acquisition of businesses
in the states of Washington, California, Virginia, Texas, Florida, Colorado,
Kansas and Illinois. Orr stated, "As a result of converting business
acquisitions into franchises and the start up of new franchises, Brooke
Franchise Corporation added fourteen new franchise locations and received
approximately $2,600,000 in initial franchise and conversion fees from the
addition of these new franchisees."
To help observers put the December expansion into perspective, Orr noted that a
total of twenty-one new franchise locations were added in November resulting in
approximately $2,900,000 in initial franchise fees. Five new franchise
locations were added in October resulting in over $1,500,000 in initial
franchise fees. Fees paid by sister companies are excluded.
Orr also announced that loan portfolio balances of the Company's finance
subsidiary, Brooke Credit Corporation, totaled over $183,000,000 on December
31, 2004, as compared to loan portfolio balances of approximately $179,000,000
on November 30, 2004, and approximately $174,000,000 on October 31, 2004.
Portfolio balances exclude loan balances of sister companies.
Brooke Corporation expects to announce its fourth quarter and fiscal year 2004
consolidated financial results in March 2005.
About our company ... Brooke Corporation (AMEX:BXX) is listed on the American
Stock Exchange under the symbol of BXX. Brooke Corporation is a holding
company with three primary subsidiaries. Brooke Franchise Corporation is a
subsidiary that distributes insurance and financial services through a network
of approximately 370 franchise locations. The Brooke organization was founded
on the belief that local business owners distribute insurance and financial
services more efficiently than others if supported by a franchise system.
Brooke Credit Corporation is a subsidiary that originates loans to insurance
agencies, financial services practices, funeral homes and other local
businesses, including Brooke franchises. Loan portfolio balances totaled over
$183,000,000 on December 31, 2004, and have been mostly sold as individual
loans to participating lenders or as pooled loans to investors through asset
backed securitizations. Brooke Brokerage Corporation is a subsidiary that sells
insurance on a wholesale basis primarily through locally owned insurance
agencies, including Brooke franchises. Through Bermuda based subsidiaries,
underwriting risks are shared by Brooke Brokerage Corporation with insurance
companies on selected policies.
Email Distribution ... If you would like to receive electronic press release
information then please visit the "Investor Relations" section of our website
at http://www.brookecorp.com/ and subscribe to our "Email Alerts" on- line.
This press release may contain forward-looking statements. Investors are
cautioned that all forward-looking statements involve risks and uncertainties,
and several factors could cause actual results to differ materially from those
in the forward-looking statements. The following factors, among others, could
cause actual results to differ from those indicated in the forward-looking
statements: uncertainties associated with market acceptance of and demand for
the Company's products and services, impact of competitive products and
pricing, dependence on third party suppliers and their pricing, ability to meet
product demand, exposure to market risks, uncertainties associated with the
development of technology, changes in the law and in economic, political and
regulatory environments, the dependence on intellectual property rights, and
the effectiveness of internal controls. Investors are directed to the
Company's most recent annual and quarterly reports, which are available from
the Company without charge or at http://www.sec.gov/ , for a more complete
description of the Company's business.
DATASOURCE: Brooke Corporation
CONTACT: Anita Larson of Brooke Corporation, or
+1-913-661-0123
Web site: http://www.brookecorp.com/