posted
LAS VEGAS, NV, Aug 22, 2006 (MARKET WIRE via COMTEX) -- Shearson Financial Network, Inc (OTCBB: SFNN) announced today that it posted a profit for the first six months of 2006 of $1,977,262 on revenues of $4,273,860. The performance figures represent an increase of over 140% growth in revenue over last year and over 300% growth in profitability over the same period. "We are pleased that our mortgage group has continued to grow during this period when many mortgage companies are finding it difficult to make a profit," states Michael Barron, CEO of Shearson Financial Network. "Our management team here has undertaken an aggressive growth plan and we are seeing great results. We now have positive confirmation that our strategy of acquisition and integration of independent mortgage brokerages is clearly working."
The Company released its Pro forma consolidated statements as well which place the mortgage consolidator at a $21 million dollar revenue run rate for the first six months and Pro forma profitability for the same period of $4.5 million.
About Shearson Financial Network, Inc.
Shearson Financial Network Inc. (OTCBB: SFNN) is the parent to two primary operating divisions, Shearson Home Loans and Real Property Technologies (RPT). Shearson Home Loans (SHL) is a direct-to-consumer mortgage broker and banker with revenues derived primarily from origination commissions and resale of whole loans earned on the closing of first and second mortgages on single-family residences. SHL currently employs over 500 people which are residential mortgage and/or real estate brokerage professionals. The Company is a consolidator of mortgage brokerages and integrates the brokerage companies into the Shearson Home Loans network and then banks the mortgages through its mortgage banking unit. The Company plans to continue its growth strategy through the acquisition and affiliation of mortgage brokerage firms who do not currently bank their own production.
RPT is a leading real estate information company with headquarters in New York. RPT operates within the Shearson Financial Network as a separate data network. RPT provides a steady revenue stream and profitability with which the company looks to mitigate the effects of interest rate fluctuations in the mortgage lending market. The company serves over one thousand customers in the real estate, title, and mortgage industries.
Statements in this press release other than statements of historical fact, including statements regarding the company's plans, beliefs, and estimates as to projected results and market size are "forward-looking statements." Such statements are subject to certain risks and uncertainties, including factors listed from time to time in the company's SEC filings, and actual results could differ materially. These forward-looking statements represent the company's judgment as of the date of this release. The company disclaims, however, any intent of obligation to update these forward-looking statements.
CONTACT:
Shearson Financial Network, Inc.
Posts: 130 | From: Ohio | Registered: Aug 2006
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posted
I have no idea why no one else is on this. I posted yesterday and you are the first to post back. Not a huge amount of dd to be found, but for .02 looks like an excellent play. Hopefully my 2nd order goes through this morning before everyone looks into this
Posts: 130 | From: Ohio | Registered: Aug 2006
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posted
Sorry folks for not being more edumacated. So what does this mean exactly? An unpaid pumper pumping a paid pumper? The stock looks legit.
SFNN .023
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Shearson Financial Network, Inc (OTCBB: SFNN) traded higher by about 13% from its previous close on over 1,327,000 shares. Average volume over the past 3 months was only 271,252. Stocks 2 Play reportedly received compensation of a 400,000 share block of restricted stock for their participation.
-------------------- There are those for whom such life makes all other existence seem tame! Posts: 52 | From: Alabama | Registered: Feb 2006
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posted
Very interesting. Sure seems to be alot of paid pumpers out there. Doesn't seem to do anything but increase volume, not pps.
This seems to be a real/reporting company that is on the upswing. Definatley a radar keeper
Posts: 130 | From: Ohio | Registered: Aug 2006
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Sorry to shout but did not want to mislead anyone. Seems this company has some irons in the fire-combined 1 billion in loan production with the aquisition of allstate-but what do the four of you think? That seems to be all the interest in this stock. What (buying) signals are you looking for with a stock like this or is it mostly speculation? Thanks for your thoughts.
Shearson Home Loans Signs Agreement to Acquire Allstate Funding Tuesday August 1, 1:15 pm ET
LAS VEGAS, NV--(MARKET WIRE)--Aug 1, 2006 -- Shearson Home Loans (OTC BB:SFNN.OB - News) (SFNN), a fast-growing mortgage provider, today announced that it has executed an agreement to acquire for a combination of stock and cash Irvine, CA-based Allstate Funding, a mortgage banking enterprise licensed as a mortgage bank in 33 states, and writing approximately $440 million in mortgages in 2005. Closing of the acquisition, valued at approximately $5 million, is a milestone for both organizations whose combined mortgage loan production tops $1 billion annually. Chairman & CEO Michael A. Barron said, "We have been working for some months on this business combination, and believe strongly that the synergies create a powerful marketing and funding force in the mortgage industry. The combined companies will now have loan volume in excess of $1 billion annually and a strong regional banking presence in the West. We have over 450 employees, and are able to expand our banking products into many more geographic markets. We anticipate that together we will be generating significant revenue and profits by the end of 2006."
Greg Shanberg, President of Allstate, stated, "Together we will greatly expand our mortgage banking profit center by adding additional warehouse banking capacity -- which in turn will give us more than enough room to double our revenue over the next six months. We expect to be banking $80 million per month later this year, which should yield between 1% - 2% of that volume in additional revenue per month."
For 2005 SFNN had closed-loan volume of $807 million for all combined companies; Allstate had closed-loan volume of $440 million, which generated revenue of $24 million. The new Shearson Home Loans would account on a pro forma basis for over $30 million in revenue for 2006.
Allstate is now eighty-five percent owned by Shearson Home Loans, and will continue to do business under its current name and from its current locations, although both companies will examine redundancies to maximize the effects of consolidating the two businesses. Barron will remain Chairman and CEO of Shearson Home Loans; Shanberg will continue as Executive Vice President of Allstate.
About Allstate Funding
Allstate Funding is a wholesale and retail mortgage banking company primarily engaged in the business of originating and selling loans secured by real property with one to four units. The Company offers a wide range of products and historically, targeted high quality, low risk borrowers. The Company recently expanded into the higher risk sub-prime market to assist in efforts to diversify lending practices. Income is generated from loan origination fees and from gains from sales of mortgage loans on the secondary mortgage market and to private investors. Allstate Funding closed $440 million in loans in 2005.
About Shearson Home Loans
Shearson Home Loans (OTC BB:SFNN.OB - News) is a fast-growing provider of residential mortgages. It employs over 450 people who are residential mortgage real estate brokerage professionals who have closed loan volume of over $807 million for the year ended December 31, 2005. Shearson operates 54,000 sq. ft. of branch office space nationally. Emerging as a national leader in mortgage banking/ brokerage and ancillary services, the company plans to have 10 regional hubs across the United States by the end of 2008. The company has been a successful consolidator of independent mortgage brokerages having made five acquisitions in the industry over the last two years. The company plans to continue this strategy and is actively looking for acquisition candidates.
Statements in this press release other than statements of historical fact, including statements regarding the company's plans, beliefs, and estimates as to projected results and market size are "forward-looking statements." Such statements are subject to certain risks and uncertainties, including factors listed from time to time in the company's SEC filings, and actual results could differ materially. These forward-looking statements represent the company's judgment as of the date of this release. The company disclaims, however, any intent of obligation to update these forward-looking statements.
Contact: CONTACT: Shearson Home Loans Andy Austin 619-334-5644
-------------------- There are those for whom such life makes all other existence seem tame! Posts: 52 | From: Alabama | Registered: Feb 2006
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posted
Up 30% this morning. Needs some volume but nice UT!
-------------------- There are those for whom such life makes all other existence seem tame! Posts: 52 | From: Alabama | Registered: Feb 2006
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That seems to be all the interest in this stock. What (buying) signals are you looking for with a stock like this or is it mostly speculation? Thanks for your thoughts.
