Does everyone realize how crazy the valuation is here? Even with 632 million shares outstanding, the current market cap for SFNN is LESS than 1/2 percent of the stated revenues of their latest acquisition, Dollar Mortgage Corp. (632,000,000 X .0021 = $1,372,000.00). That's not even considering their other revs.
From the last PR: "Dollar is a fast-growing provider of residential mortgages and is a licensed mortgage banker in over 40 states. It employs fifty-five people and is funded through its mortgage bank business, which registered in excess of $300 million during 2006. Dollar operates 11,000 sq. ft. of branch office space in La Mesa, California and is primarily a wholesale lender nationwide. Dollar Mortgage seeks expansion and has looked to Shearson as a partner to reach new markets."
Folks, I don't know if there's something else going on we don't know about, but these MMS have screwed this PPS into the ground for some purpose. I would never suggest putting your life savings on the line in ANY circumstance but if anyone can average down here, IMO it's getting close to a bottom, if not there now. I also think it's imperative the co comes out with something regarding this absolute PPS fiasco but I realize we probably won't hear anything.
Posts: 37 | Registered: Jan 2005
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xray44b9....Lots of activity on ihub SFNN board....another chart reversal...needs volume....EPS was 0.02 in Dec 2006 and the share price now is 0.0024....makes no sense...definitely will reverse...needs to get throught eh forward split selling...not sure when it will turn ..if only I knew...but definitely a lot of MMs on the bid...
Shearson Financial Network, Inc. Doubles Mortgage Banking Capacity
2007-06-19 09:00 ET - News Release
LAS VEGAS, NV -- (MARKETWIRE) -- 06/19/07
Shearson Financial Network (OTCBB: SFNN), a consolidator in the highly fragmented mortgage brokerage marketplace, announced today that it reached an agreement to acquire all of the assets and operational businesses of Dollar Mortgage Corporation of La Mesa, California. Under the agreement, Shearson Financial Network will issue to Dollar's shareholders a combination of cash and stock valued in excess of one million dollars. The transaction is scheduled to close in June 2007.
Dollar is a fast-growing provider of residential mortgages and is a licensed mortgage banker in over 40 states. It employs fifty-five people and is funded through its mortgage bank business, which registered in excess of $300 million during 2006. Dollar operates 11,000 sq. ft. of branch office space in La Mesa, California and is primarily a wholesale lender nationwide. Dollar Mortgage seeks expansion and has looked to Shearson as a partner to reach new markets.
"We view Shearson Financial Network as an ideal partner in our quest to expand our operations in the mortgage industry," said Ron Krueger, CEO of Dollar. "Not only do we share the same vision for the industry, but melding our complementary management talent, business processes, and geographic locations into a single operating entity should produce positive tangible synergy," he added.
"This is an important step in a business combination that both parties hope will have substantial benefits," stated Michael Barron, CEO and Chairman of Shearson Financial Network. "As we are able to provide resources to Dollar to expand its client base, Shearson has a unique opportunity to expand in a market that has been shrinking. Dollar has been well managed and has escaped the fate of others during the sub-prime collapse. It is a great base to build upon."
About Shearson Financial Network
The company is a consolidator of independent mortgage brokerages. Shearson operates 17,538 sq. ft. of branch office space licensed in 33 states. The company currently is seeking new branches for its growing network. For more information, please visit the company's website at www.sfnncorp.com or www.shearsonhomeloans.com
Shearson Financial Network, Inc. reported net income of $2.8 million for the year ending December 31, 2006 and the company's operating unit, Shearson Home Loans, contributed $ 1.6 million to earnings. The value of Assets held by SFNN increased to $30.6 million for the year ended December 31, 2006 from $4.4 million in 2005, an increase of 590%. Net worth increased to $6.4 million from $(7.8) million during the same period, representing an increase of $14.2 million. Revenue from the originations of loans increased 25% or $1.7 million to $8.5 million Earnings per share for the year ended December 31, 2006 was $0.02 as compared to a loss per share of $0.50 from the year ended December 31, 2005.
-------------------- JMHO. Do your DD. GLTA. Posts: 392 | Registered: Dec 2005
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