Transnatl Ntk (AMEX:TFN)
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From Jul 2019 to Jul 2024
Transnational Financial Network, Inc. (AMEX:TFN), a
wholesale and retail mortgage banking company, has reported financial
results for its first fiscal quarter, ending July 31st, 2005. Net
Income was $266,152, or $0.04 per share, compared to a loss of
$342,327 or $0.05 per share, in the same quarter of the prior fiscal
year.
Joseph Kristul, Chairman and CEO, commented: "I am pleased to
report that we have continued the improvements in our operating
results that began last year, culminating in the solid profitability
of our recently reported results. I would particularly like to draw
attention the following:
-- "On a cash flow basis, we generated $226,000 in cash from
income statement-related operations in the quarter, a material
improvement from our near break-even level in our last
quarter.
-- "Our operating break-even level continues to decline. Whereas
a year ago, we needed approximately $42-44 million in monthly
wholesale originations to break even on an operating cash flow
basis (excluding changes to balance sheet items), this figure
is now down to about $33-35 million. Aside from strict cost
controls, this improvement is principally from our improved
gain on sale margin, discussed at length in our financial
filings with the SEC.
-- "We ended the quarter with $4.4 million of cash on hand, or
$0.65 per common share outstanding.
-- "In August, we opened a wholesale origination office in the
Midwest, and we expect to see mortgages originated out of this
office beginning in September. This represents our first major
foray into the Midwest and an expansion beyond our traditional
California - Arizona region.
"Concurrent with this press release, we have filed our Form 10-QSB
with the Securities and Exchange Commission. In this, we discuss in
depth our recent operating results, and I urge our investors to read
it. It can be found at: http://www.sec.gov."
This News Release may contain "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, and Section
21E of the Securities Exchange Act of 1934. Although the Company
believes that the expectations reflected in such forward-looking
statements are reasonable, it can give no assurance that such
expectations will prove correct.
For full details, click here:
http://www.investorideas.com/Companies/Transnational/NewsReleases.asp
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TRANSNATIONAL FINANCIAL NETWORK, INC.
STATEMENTS OF OPERATIONS
For the Quarters Ended July 31, 2005 and 2004
2005 2004
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Revenue:
Net gain on sale of loans $1,967,973 $945,241
Production income 1,494,851 1,358,721
Other income 20,283 29,525
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Total Revenue 3,483,107 2,333,487
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Direct Expenses:
Commissions and production incentives 1,043,754 826,879
Production 208,780 154,456
Early loan payoff penalties 15,000 3,500
Pairoff fees - 1,500
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Total direct expenses 1,267,534 986,335
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Interest income (expense):
Interest income from loans in warehouse 486,744 251,987
Interest expense on loans in warehouse (405,740) (179,417)
Warehouse transactions fees (45,475) -
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Net warehouse interest income (expense) 35,529 72,570
Interest expense on subordinated debt (87,081) (59,314)
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Net interest income (expense) (51,552) 13,256
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Gross profit on mortgage activities 2,164,022 1,360,408
Indirect expenses:
Salaries and benefits 1,118,796 950,609
General and administrative 586,277 559,461
Occupancy 174,641 173,809
Depreciation and amortization 18,156 18,856
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Total indirect expenses 1,897,870 1,702,735
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Operating (loss) income 266,152 (342,327)
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Income tax provision (benefit) - -
Net (loss) income $266,152 $(342,327)
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Basic net (loss) income per share $0.04 $(0.05)
Fully diluted (loss) income per share $0.04 $(0.05)
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