This is topic SFNN - $$$ 10QSB & PR To Accompany Filing On or Before 11/21/2006 (Per CEO)! in forum Micro Penny Stocks, Penny Stocks $0.10 & Under at Allstocks.com's Bulletin Board.
I just received the following email response from the CEO Michael Barron; he wrote, quote:
"We expect to file the 10QSB on or before the alloted time of 11/21/06 as planned. A press release will accompany the filing."
In estimation, the upcoming 10QSB could possibly show revenues for the 9 months ending Sep-30, 2006 to be between $18 and $23 million (an increase of at least 200 to nearly 300% over the reported $6+ million revenues for the 9 months ending Sep-30, 2005). These numbers and estimates are proportionately based on the current and last year filings and revenues generated by SFNN and by the companies they acquired (recently, between June and August, 2006). Note, according to the company's TUESDAY, AUGUST 01, 2006 press release about its latest acquisition of Allstate Funding, they give us the following earnings guidance: the new Shearson Home Loans & company anticipates over $30 million in revenue for 2006 (or proportionately, $22.5 million for the first 9 months of this year). We already know that their assets have increased to at least $87 million (an increase of nearly 500% compared to $14.8+ million reported as of Sep-2005). Further, we know that their net worth is around $40 million, and that the company is already profitable!
Per the CEO, this upcoming 10QSB and accompanying press release could come as early as this week or as late as next week Tuesday (11/21/2006), and it should be pretty big, IMO!
Posted by SilverSurfer314 on :
Bit of a dip this morning. Good entry level at .021 x .023. Ask is super thin...
Posted by chase on :
surfer, in your opinion, how big do you think this could be?
Posted by trade2win on :
Why is the price dropping? any news?
Posted by Homersbud on :
Looks like the CEO was wrong about the 10QSB. It's gonna be late just like last quarter...
'As previously reported in Registrant's Current Reports on Forms 8-K, as filed with the Commission on June 6 and June 12, registrant reported the acquisition of RPT Technologies, Continental Home Loans and EHome Credit. The Company is still in the process of transitioning the accounting areas of the various acquisitions with a minimum of personnel resources. Due to the Company's minimal resources in staff and the number of acquisitions it has recently completed this has resulted in the Company being unable to complete the necessary data in time to file its Form 10QSB in a timely manner.'
either way sounds like a growing company, looks good but doesnt count til we see the real thing
Posted by SilverSurfer314 on :
CEO was not wrong about the 10QSB. Last year, they filed a NT-10Q on 11/14/2005 (due date set by the SEC, but note they allow a grace period of up to 5 business days to make the filing), and then they filed on 11/21/2005. Same thing this year. The CEO stated that they will file the 10QSB along with a press release on or before 11/21/2006. The financials will be excellent!!!
MM's have been doing their job, shaking shares loose, getting ready for the imminent runup. They want to make money too!
.0145 x .015! This is a steal deal, and within three trading session, we'll be in a whole new ball park. The gains at these levels will be nothing less than great!
Posted by SilverSurfer314 on :
.013 x .014! Definitely will not be here for long, folks!
Posted by SilverSurfer314 on :
.014 x .015!
Posted by SilverSurfer314 on :
.0151 x .016! This company is rock solid, and the stock will rise the occassion very soon!
Posted by SilverSurfer314 on :
.017 on the ask! Over 3.5 million in volume!
Posted by Homersbud on :
quote:Originally posted by SilverSurfer314: CEO was not wrong about the 10QSB. Last year, they filed a NT-10Q on 11/14/2005 (due date set by the SEC, but note they allow a grace period of up to 5 business days to make the filing), and then they filed on 11/21/2005. Same thing this year. The CEO stated that they will file the 10QSB along with a press release on or before 11/21/2006. The financials will be excellent!!!
MM's have been doing their job, shaking shares loose, getting ready for the imminent runup. They want to make money too!
.0145 x .015! This is a steal deal, and within three trading session, we'll be in a whole new ball park. The gains at these levels will be nothing less than great!
Ahh, I didn't know about the grace period. I noticed last quarter, they submitted the filing a week later (5 business days) so they weren't late.
I've added to my position at 017 and 015. This stock moves with any volume. Looking forward to that report...
015x017 1x1
Posted by SilverSurfer314 on :
Good man, Homersbud! Ask is really thin here at .017! The company has clearly indicated that the report will be very good! One of the few OTC:BB companies in the market with significantly positive profits, revenues, assets, and net worth! I am looking forward to it as well! Tremendous upside potential here, IMO.
Posted by SilverSurfer314 on :
Nice and stable this morning, with buys coming in on the ask at .016! We should be heading up from this point and forward. Plus, another investor contacted the company, spoke with the company lawyer/accountant and received confirmation that the 10QSB statement will be made on or before 11/21/2006! The 10QSB will be accompanied by a press release, per the CEO. The financials will be excellent and they'll show how amazingly undervalued the stock really is... should attract alot of investors. Good time to get in now!
Posted by SilverSurfer314 on :
.016 x .016!
Posted by SilverSurfer314 on :
.017 now on the ask! This is an opportune time to accumulate shares; you will not want to chase once this goes!
Posted by IMAKEMONEY on :
HEY ISNT THE CEO FRIENDS WITH SLJB CEO, LMAO
Posted by SilverSurfer314 on :
I cannot find any publically documented connection/relationship between two. Can you?
Posted by SilverSurfer314 on :
.016 x .017!!!
Posted by SilverSurfer314 on :
quote:Originally posted by chase: surfer, in your opinion, how big do you think this could be?
Based on their share structure, net worth, assets, and revenues (current and forward-looking)... I figure the pps should be between .10 and .25!
Posted by Homersbud on :
quote:Originally posted by IMAKEMONEY: HEY ISNT THE CEO FRIENDS WITH SLJB CEO, LMAO
lol...Good one!
015x017 2x2
Posted by SilverSurfer314 on :
Some nice big buys took out .017, now we're at:
.017 x .019!!!
Posted by SilverSurfer314 on :
.018 x .019!
Posted by Homersbud on :
Looking good!
018x019 1x1
Posted by Homersbud on :
Another uptick!
019x02 1x2! Vol is only 545k
Posted by SilverSurfer314 on :
New HOD at .02, up 17.65%!
Posted by SilverSurfer314 on :
Buying volume on ask of .02 picking up!
Posted by Homersbud on :
Buys still coming in at 02 but not moving the MM's off the ask...
019x02 1x3
Posted by SilverSurfer314 on :
Broke 1 million in very positive volume.
Not much left of .02!
Posted by SilverSurfer314 on :
1 MM left at .02!
Posted by Homersbud on :
I was able to move him with only 10k!
02x0205 1x1
Posted by SilverSurfer314 on :
.02 x .021!
Posted by Homersbud on :
Buys starting to come in at HOD 021!
02x021 2x2
Posted by SilverSurfer314 on :
Yes, new HOD at .021, up 23.53% with +1.25 volume!!!
Posted by Homersbud on :
Nice close!
MM screwed us with the 5k sell at 021 10 secs before the market closed...oh well, nice day overall
022 printed ah
Posted by SilverSurfer314 on :
Closed at .021, up 23.53% with .022 on the ask and a HOD at .0215 on nearly 2 million in volume!
Posted by SilverSurfer314 on :
quote:Originally posted by Homersbud: Nice close!
MM screwed us with the 5k sell at 021 10 secs before the market closed...oh well, nice day overall
022 printed ah
Yes!!!
Posted by SilverSurfer314 on :
.0211 x .022 on good early positve volume this morning!
Posted by SilverSurfer314 on :
Interestingly, NMKT and SFNN have very comparable financial numbers (and even share structers too) and NMKT is trading at more than 10 times the pps of SFNN -- just a clue into how great the upside the potential is here in SFNN!!!
.021 on the ask! Great entry point! Financials and press release by tomorrow!
Posted by RichBy26 on :
Silver, the 10Q is due out tomorrow? Is that taking into account the extension they filed?
Posted by SilverSurfer314 on :
quote:Originally posted by RichBy26: Silver, the 10Q is due out tomorrow? Is that taking into account the extension they filed?
Yes. They have 5 business days to post their 10QSB from the 11/14/2006 date of their NT-10Q filing. Furthermore, the CEO asserted that the 10QSB along with a press release will be made on or before the alloted time of 11/21/2006. That's tomorrow.
I'm amazed that .0195 is on the ask right now! That should not last long! Posted by RichBy26 on :
I have tried calling the CEO a couple of times but he has been on the phone all morning. Do you know the share structure? Pink sheets shows it as "not available". I agree that .0195 is looking very attractive, but I'm a little concerned that there is selling going on right before the release of the financials. Normally that is a very bearish sign.
Posted by RichBy26 on :
After reading their last 10K, I have learned some helpful info. I still was not able to find the share structure of the company but they did issue lots of shares for most of their acquisitions. They have total assets valued at $70 million. Their expense's however out weigh their net income and profits by $3 million, so they are not yet profitable. Overall it looks attractive at these levels, although the current price decline and heavy volume are normally signs of a selloff coming post 10Q, that is my experience anyway.
Posted by RichBy26 on :
Silver, Homer, are you guys still in this? Steady price decline continues. I have been watching this for a week and was really hoping to get in before this really took off, but it's not looking good. Hopefully they release good numbers and forward guidance in their PR
Posted by SilverSurfer314 on :
quote:Originally posted by RichBy26: After reading their last 10K, I have learned some helpful info. I still was not able to find the share structure of the company but they did issue lots of shares for most of their acquisitions. They have total assets valued at $70 million. Their expense's however out weigh their net income and profits by $3 million, so they are not yet profitable. Overall it looks attractive at these levels, although the current price decline and heavy volume are normally signs of a selloff coming post 10Q, that is my experience anyway.
I hear you, but the majority of trades today have been at the ask, and I think the MM's (plus shareholder indecision) are extracting and accummulating shares for the likely and imminent runup...
According to their last 10Q, the number of outstanding shares stood at around 99 million (as of June-2006). They did file an SB-2 in July-2006 to potentially add up to 94 million shares underlying restricted and secured convertible notes in the amount of $1.5 million (to collaterlize that sum of money borrowed from a group of investors). According to the same 10Q, the net income was positive: "We had a net income of $1,977,262 for the quarter ended June 30, 2006 compared to net loss of $5,627,196 for the six months ended June 30, 2005"
The company expects to show $30 million in revenue this year. This stock is definitely undervalued and deserves to be trading at nothing less than 0.10/share.
Posted by SilverSurfer314 on :
quote:Originally posted by RichBy26: Silver, Homer, are you guys still in this? Steady price decline continues. I have been watching this for a week and was really hoping to get in before this really took off, but it's not looking good. Hopefully they release good numbers and forward guidance in their PR
I'm definitely still in this! I'm looking forward to the 10QSB and the press realease.
.019 x .0195, 9.5% down... we will be moving up soon!
Posted by Homersbud on :
I'm still in!
This is normal for this stock to trade in the red, but usually there is an EOD buying pressure that makes it close green. Hopefully we can continue that pattern until the 10QSB is released and shows the true value of the company...Everything still looks good.
My guess today for people dumping was because there were a couple other better plays out there. BANY was one of them.
019x0195 1x1
Posted by Homersbud on :
uptick!
02x0205 1x1
Posted by RichBy26 on :
that's me buying! Just spoke with the CEO, sounds good
Posted by trade2win on :
Rich, good news coming?
Posted by RichBy26 on :
quote:Originally posted by trade2win: Rich, good news coming?
Yes, Mike Barron seemed excited about the company and said that they were moving forward fast. The numbers Silver reported on the first post of this thread were correct he said. Assets of $85 million+. He did say that a PR would accompany the 10Q so I'm assuming it will have forward looking guidance. I'm in with 225K
Posted by RichBy26 on :
just wish I would have gotten in when it was at .015, but I thought it would continue to decline. Hopefully we get some upward movement EOD...
Posted by Homersbud on :
quote:Originally posted by RichBy26:
quote:Originally posted by trade2win: Rich, good news coming?
Yes, Mike Barron seemed excited about the company and said that they were moving forward fast. The numbers Silver reported on the first post of this thread were correct he said. Assets of $70 million+. He did say that a PR would accompany the 10Q so I'm assuming it will have forward looking guidance. I'm in with 225K
Awesome! Hopefully they'll file their report soon so we can get the momo going.
Thanks for the update Rich!
019x0207 1x1 This spread sucks...
Posted by RichBy26 on :
if they tighted the spread we would probably get some good movement...
Posted by RichBy26 on :
Oh sure, they drop it down to fill that guys 200K buy, but they wouldn't fill me that low... Who sold that 300K chunk at .0185? I hope Mike was being strait with me, I don't like the selling I'm seeing today, normally a bearish sign of things to come. Hopefully we get the 10Q and PR before the bell, and lets hope it is what they say it will be!
Posted by Homersbud on :
quote:Originally posted by RichBy26: Oh sure, they drop it down to fill that guys 200K buy, but they wouldn't fill me that low... Who sold that 300K chunk at .0185? I hope Mike was being strait with me, I don't like the selling I'm seeing today, normally a bearish sign of things to come. Hopefully we get the 10Q and PR before the bell, and lets hope it is what they say it will be!
Yup, this was an awful day. The close was pathetic, closing at the LOD. Geez, not a good sign...
Posted by RichBy26 on :
somethings not right here, we are back to LOD, definitely not a good sign before financials are released.
Posted by Homersbud on :
Here's the report!
Form 10QSB for SHEARSON FINANCIAL NETWORK INC
20-Nov-2006
Quarterly Report
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
The following discussion of the financial condition and results of operations of the Company should be read in conjunction with the financial statements and the related notes thereto included elsewhere in this document. This discussion contains, in addition to historical information, forward-looking statements that involve risks and uncertainties. The Company's actual results could differ materially from the results discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below, as well as those discussed below under Factors Affecting Future Operating Results. The Company disclaims any obligation to update information contained in any forward- looking statement.
Overview
Shearson Financial Network Inc. SFN was incorporated in Las Vegas, Nevada in July 2000, and 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. By providing more efficient services to these smaller firms, SHL can accrete loan volume without having to "organically" grow the business. Banking of the accreted loan volume generates windfall revenue to the Company. Thus the rate of growth of SHL's revenue stream is dramatically accelerated. The Company has the infrastructure, systems, and operational management necessary to properly integrate these and many more acquisitions in order to establish a countywide network. The Company's business plan is focused on the integration of over 200 mortgage brokerage offices into the SHEARSON mortgage network.
RPT is a leading real estate information company with headquarters in New York. RPT reported revenues of approximately $24 million for fiscal year 2005 with pre tax profits of nearly four million dollars ($4,000,000) and has in excess of 200 employees. RPT operates within the Shearson Financial Network as a separate data network. RPT provides a steady revenue stream and profitability which the company looks to mitigate the effects of interest rate fluctuations in the mortgage lending market. The database has numerous marketing advantages for our mortgage operations.
Results of Operations
Three Months Ended September 30, 2006 Compared to Three Months Ended September 30, 2005
The acquisitions of Real Property Technologies Inc. and the asset purchase of certain assets of eHome Credit occurred in June of 2006 and therefore the company is reporting three months of financial activity for each of these companies for the three month reporting period. The acquisition of Allstate Funding Corp occurred on July 27, 2006 and the financials represents two months of operations.
Net revenues from origination and/or sale of loans increased 90.8% or $2.3 million, to $4.8 million for the quarter ended September 30, 2006 from $2.5 million for the quarter ended September 30, 2005. The increase in revenues is directly related to the Company's acquisitions of Real Properties Technologies, Inc., Allstate Funding Corp. and eHome Credit Corp., ("Acquired Companies") of which revenues totaled approximately $4.6 million. Data base revenue income from RPT was $5.4 million for the quarter ended September 30, 2006.
Gross profit increased $2.3 million or 296% to $3.1 million for the quarter ended June 30, 2006 from $793,785 for the quarter ended June 30, 2005. All of the increase is related to the Company's acquisitions of Real Properties Technologies, Inc., Continental Home Loans and eHome Credit Corp.
Table of Contents
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)
Salary, wages and payroll taxes increased $3.5 million or 226%, from $939,000 for the quarter ended September 30, 2005, to $4.5 million for the quarter ended September 30, 2006. Approximately $4.1 million related to the acquired Companies, offset by a decrease of $600,000 related to a reduction in work force. Selling , general administrative ("SGA") fees increased $888,000 to $1.9 million from $972,000 for the quarter ended September 30, 2005. The acquired companies increased SGA by $1.6 million. Professional fees increased $859,000 to $1.6 million from $ 744,000 for the quarter ended September 30, 2005. The increase in professional fees is related to the costs of the acquisitions and costs of debt placement.
Total operating expenses increased 184.0% or $5.2 million, to $8.1 million for the quarter ended September 30, 2006 from $2.8 million, for the quarter ended September 30, 2005. The increase of $5.8 million is related to the acquired companies and is offset by a decrease in expenses of $600,000.
For the quarter ended September 30, 2006, one note totaling approximately $2.7 million between Club Vista Holdings, Inc and the Company was recorded as forgiven, of which Club Vista recorded this debt forgiveness on December 31, 2005. The Company incurred costs associated with the debt discount amortization related to the beneficial conversion features on three of its notes in the amount of $1,244,616 for the three months ended September 30, 2005, as compared to $72,993 for the three months ended September 30, 2006.
We had a net income of $2.5 million for the quarter ended September 30, 2006 compared to net loss of $1.9 million for the same quarter of 2005. The increase in income is related to an increase in net operating income of $992,000 related to the Company's acquisitions $2.7 million forgiveness of notes payable, offset by the $415,000 charged to debt discount expense and interest of $404,768 for the September 30, 2005 quarter.
Nine Months Ended September 30, 2006 Compared to Nine Months Ended September 30, 2005
Net revenues from origination and/or sale of loans increased 5% or $313,000, to $6.6 million for the nine months ended September 30, 2006 from $6.3 million for the nine months ended September 30, 2005. The increase in revenues is directly related to the Company's acquisitions of Allstate Funding Corp and eHome Credit Corp., ("Acquired Companies") of which revenues totaled approximately $5.7 million, offset by a decrease in revenues due to the sale of Ocean West of which attributed to $5.0 million. Revenues from RPT, representing income from database sources contributed $7.4 million to totaled revenues.
Gross profit increased 189.3% or $7.1 million, to $10.9 million for the nine months ended September 30, 2006 from $3.8 million for the nine months ended September 30, 2005. The increase is related to the Company's acquisitions of Real Properties Technologies, Inc., which attributed to $6.5 million.
Salary, wages and payroll taxes increased 254.7% or $5.5 million, from $2.2 million for the nine months ended September 30, 2005, to $7.6 million for the nine months ended September 30, 2006. Approximately $5.8 million related to the acquired Companies. Selling, general administrative ("SGA") fees decreased 29.1% or $1.0 million, to $2.7 million from $3.8 million for the nine months ended September 30, 2005. The acquired companies increased SGA by $2.0 million offset by a decrease in expenses from the sale of Ocean West of approximately $3.0 million. Professional fees increased 155% or $1.9 million to $3.3 million from $1.4 million for the nine months ended September 30, 2005. The increase in professional fees is related to the costs of the acquisitions and costs associated with debt placement.
Total operating expenses increased 77.5% or $6.1 million, to $14.0 million for the nine months ended September 30, 2006 from $7.9 million, for the nine months ended September 30, 2005. The increase of $8.0 million is related to the acquired companies and is offset by a decrease in expenses from the sale of Ocean West.
For the nine months ended September 30, 2006, three notes totaling $7.8 million between Club Vista Holdings, Inc and the Company were forgiven. The Company incurred costs associated with the debt discount amortization related to the beneficial conversion features on three of its notes in the amount of $2.9 million for the nine months ended September 30, 2005, as compared to $72,993 for two notes, for the nine months ended September 30, 2006.
Table of Contents
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)
We had a net income of $4,450,000 for the nine months ended September 30, 2006 compared to net loss of $7,558,000 for the nine months ended September 30, 2005. The increase in income is related to $7.8 million forgiveness of notes payable, $2.0 million of net income from its acquisitions offset by the $2.5 million charged to debt discount expense and a loss of income associated with Ocean West, for the nine months ended September 30, 2006.
Liquidity and Capital Resources
Liquidity is the ability of a company to generate funds to support asset growth, satisfy disbursement needs, maintain reserve requirements and otherwise operate on an ongoing basis. If our loan volume were to increase too rapidly, we believe the increase could have a severe impact on our liquidity. Our warehouse credit facilities limit the amount that may be advanced on each loan funded. Therefore, cash must be used to fund the additional dollars needed to close escrow. Thus, it is crucial that we closely monitor our loan volume.
During the first nine months of fiscal 2006 and 2005 we had net cash (used in) provided by operating activities of ($49.4 million) and $1.4 million, respectively. The primary sources of net cash used in operating activities was stock based expenses of $5.2 million, forgiveness of debt of $7.8 million, debt discount expense of $72,933, increase in accounts receivable of $5.4 million, Increase of mortgage loans held for sale of $31.3 million, increase in unamortized debt discount of $927,000, increase in prepaid expenses of $953,124, increase in goodwill of $12.9 million, decrease in accounts payable of $500,638 and an increase in interest payable of $167,126. The primary sources of net cash provided by operating activities was a decrease in receivables from loan sold of $3.6 million, debt discount expense of $2.9 million relating primarily to beneficial conversion debt discount, decrease accounts payable of $170,574, decrease in other assets of 35,112, stock based expenses of $2.1 million, increase in prepaid expenses of 110,299, increase in accounts receivable of $115,922, increase in minority shareholder interest of $42,165, increase in stock subscription payable of $82,150 and a decrease in interest payable of $6,396 for the nine month period ending September 30, 2005. As investors purchase loans, the amounts advanced for such loans through the warehouse lines of credit are paid. At that time, the receivables are cleared and the cash deposited in our operating account. These accounts vary significantly depending upon where the bulk of the loans are in the process of funding and selling.
Net cash used for investing activities during the first nine months of fiscal 2006 was $25.4 million primarily related to fixed assets purchased by acquisitions, which occurred during the period. Net cash used for investing activities during the first nine months of fiscal 2005 was $16,733 which was attributable to the purchase of property and equipment.
Net cash provided by financing activities for the nine months ended September 30, 2006 was $76.2 million. The consisted of $28.8 million on advances from lines of credit, proceeds related to related notes payable of $40,550, proceeds of notes payable of $1.4 million, payments of notes payable of $450,000 and issuance of preferred stock of $44.3 million. Net cash provided by financing activities for the nine months ended September 30, 2005 was $1.5 million. This consisted primarily of net payments under the warehouse lines of credit of $1.7 million, net payments of notes payable of $13,252, proceeds of notes payable related party of $250,000, issuance of common stock of $29,655, as well as dividends paid of $69,481.
Regulatory Trends
The regulatory environments in which we operate have an impact on the activities in which we may engage, how the activities may be carried out and the profitability of those activities. Therefore, changes to laws, regulations or regulatory policies can affect whether and to what extent we are able to operate profitably. For example, proposed state and federal legislation targeted at predatory lending could have the unintended consequence of raising the cost or otherwise reducing the availability of mortgage credit for those potential borrowers with less than prime-quality credit histories, thereby resulting in a reduction of otherwise legitimate sub-prime lending opportunities.
Forward-Looking Statements
Statements contained in this Form 10-QSB that are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In addition, words such as "believes," "anticipates," "expects" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements or events, or timing of events, to differ materially from any future results, performance or achievements or events, or timing of events, expressed or implied by such forward-looking statements. We cannot assure that we will be able to anticipate or respond timely to the changes that could adversely affect our operating results in one or more fiscal quarters. Results of operations in any past period should not be considered indicative of results to be expected in future periods. Fluctuations in operating results may result in fluctuations in the price of our securities.
In the event we need to raise additional financing, there can be no assurance that any such financing will be available on acceptable terms. If such financing is not available on satisfactory terms, we may be unable to expand or continue our business as desired and operating results may be adversely affected. Debt financing will increase expenses and must be repaid regardless of operating results. Equity financing could result in dilution to existing stockholders.
Some of the more prominent known risks and uncertainties of our business are set forth below. However, this section does not discuss all possible risks and uncertainties to which we are is subject, nor can it be assumed that there are not other risks and uncertainties which may be more significant.
· Our losses from period to period;
· Our failure to continue to be an approved FHA mortgagee;
· Our dependence on the warehouse lines of credit which has been reduced ;
· Our need for additional funding sources so that our ability to originate and fund loans is not impaired and
· Our ability to compete with banks and other mortgage lenders that are significantly larger.
Posted by TimW on :
What is the summary? good or bad?
Posted by RichBy26 on :
that's the one I was reading Homer, I like to see the whole picture. I'll give my take of things a little later, still digesting info and have to get some things done before digging any further. Over all I like what they are accomplishing, only negative I see is share increase due to acquisitions, but that is not really a factor because those acquisitions are bringing in lots of $$$. If they PR the highlights we could really take off tomorrow!
Posted by Homersbud on :
quote:Originally posted by trade2win: What is the summary? good or bad?
I haven't had a chance to read it all the way through, but what I glanced over, I like so far. The OS is higher than I thought, but they are making $$.
Something to note 'We had a net income of $4,450,000 for the nine months ended September 30, 2006 compared to net loss of $7,558,000 for the nine months ended September 30, 2005.' Huge turn around!
As Rich stated, if they PR any of this stuff tomorrow, we should have a nice day.
Posted by RichBy26 on :
After reading the entire 10Q I focused on the huge turn around the company had done in the last 12 months. This leads me to believe they are now capable of producing tremendous income, revenue and profit. Like Homer and I posted earlier, if they PR the highlights and the turn around we should see lots of green.
Posted by iwannna on :
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion of the financial condition and results of operations of the Company should be read in conjunction with the financial statements and the related notes thereto included elsewhere in this document. This discussion contains, in addition to historical information, forward-looking statements that involve risks and uncertainties. The Company's actual results could differ materially from the results discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below, as well as those discussed below under Factors Affecting Future Operating Results. The Company disclaims any obligation to update information contained in any forward- looking statement.
Overview
Shearson Financial Network Inc. SFN was incorporated in Las Vegas, Nevada in July 2000, and 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. By providing more efficient services to these smaller firms, SHL can accrete loan volume without having to "organically" grow the business. Banking of the accreted loan volume generates windfall revenue to the Company. Thus the rate of growth of SHL's revenue stream is dramatically accelerated. The Company has the infrastructure, systems, and operational management necessary to properly integrate these and many more acquisitions in order to establish a countywide network. The Company's business plan is focused on the integration of over 200 mortgage brokerage offices into the SHEARSON mortgage network.
RPT is a leading real estate information company with headquarters in New York. RPT reported revenues of approximately $24 million for fiscal year 2005 with pre tax profits of nearly four million dollars ($4,000,000) and has in excess of 200 employees. RPT operates within the Shearson Financial Network as a separate data network. RPT provides a steady revenue stream and profitability which the company looks to mitigate the effects of interest rate fluctuations in the mortgage lending market. The database has numerous marketing advantages for our mortgage operations.
Results of Operations
Three Months Ended September 30, 2006 Compared to Three Months Ended September 30, 2005
The acquisitions of Real Property Technologies Inc. and the asset purchase of certain assets of eHome Credit occurred in June of 2006 and therefore the company is reporting three months of financial activity for each of these companies for the three month reporting period. The acquisition of Allstate Funding Corp occurred on July 27, 2006 and the financials represents two months of operations.
Net revenues from origination and/or sale of loans increased 90.8% or $2.3 million, to $4.8 million for the quarter ended September 30, 2006 from $2.5 million for the quarter ended September 30, 2005. The increase in revenues is directly related to the Company's acquisitions of Real Properties Technologies, Inc., Allstate Funding Corp. and eHome Credit Corp., ("Acquired Companies") of which revenues totaled approximately $4.6 million. Data base revenue income from RPT was $5.4 million for the quarter ended September 30, 2006.
Gross profit increased $2.3 million or 296% to $3.1 million for the quarter ended June 30, 2006 from $793,785 for the quarter ended June 30, 2005. All of the increase is related to the Company's acquisitions of Real Properties Technologies, Inc., Continental Home Loans and eHome Credit Corp.
Posted by SilverSurfer314 on :
Also,note that their revenues jumped to $14,003,738 for the 9 months ending Sep-30, 2006 (an increase of 123% over last year's figure of $6,266,648 for the 9 months ending Sep-30, 2005); and further note, that the revenues are based in part on only being able to materially include the contributions of Real Properties Technologies ($24 million per year in revenues) and Allstate Funding ($24 million per year in revenues) for 4 months and 2 months, respectively!!! All the key financial numbers are positive and advancing swiftly in the right direction. The next financial statement will be even better, as their revenue generating assets will be materially included for that much longer! Looking forward to a great press release this morning, or at some point today!
Posted by Homersbud on :
10QSB looks good....Just need the company to follow up with a PR highlighting the increases from last year...
PM 017x018 2x1
Posted by SilverSurfer314 on :
Some More Key Numbers From The 10QSB:
Cash: Sep 30, 2006:$1,404,067 Dec 31, 2005:$160,203
Total Assets: Sep 30, 2006: $84,433,397 Dec 31, 2005: $4,430,690
Increase of: $80,002,707 (1806%)!!!
Shareholders Equity; Sep 30, 2006: $47,770,046 Dec 31, 2005: $(7,867,979)
An increase of: $55,638,025 !!!!!!
Net Income Per Share Increased!
3 months ended: Sep 30, 2006: $ 0.02 net income per share Sep 30, 2005: $ (0.08) net income (deficit) per share
This is a difference of $0.10 per share!!!
9 Months ended; Sep 30, 2006: $ 0.04 net income per share Sep 30, 2005: $ (0.34) net income (deficit) per share
OS increased to ~240 million! Sep 30, 2006: $84,433,397 (Assets) / 240,112,210 (OS) = $0.351/share!
Posted by Homersbud on :
uptick...
017x02 2x1
Posted by RichBy26 on :
a good PR would send this flying! I have tried calling this morning but it goes right to voicemail. I hope they release something over the wire like they said they would...
Posted by RichBy26 on :
Silver, have you been able to reach the company to find out where the PR is? I still have not gotten through today... The L2s are set up perfect for a big run, we just need that news!
Posted by RichBy26 on :
buys are slowly coming in, we need news to take off!
Posted by Homersbud on :
quote:Originally posted by RichBy26: buys are slowly coming in, we need news to take off!
Yup! Come on Michael, bring on the news! Take care of your shareholders!
017x018 2x1
Posted by RichBy26 on :
.017 x .018 (2x2)
Posted by RichBy26 on :
still can't get through, hopefully they are working on the PR:)
Posted by RichBy26 on :
Here's the number in case anyone else wants to get a hold of the company or it's officers.
702-547-7900
Michael Barron (CEO) Lee Shorey
Posted by RichBy26 on :
FWIW...According to the release times of their last PRs and due to the fact that they are located out west, there's a good possibility they will relese the news this afternoon, instead of this morning...
Posted by RichBy26 on :
.018 x .019!
Posted by SilverSurfer314 on :
.018 x .02!
Posted by RichBy26 on :
this slow upward movement kind of reminds me of Fridays trading, and that turned out to be a great day! Once they release the news over the wire we should fly...
Posted by SilverSurfer314 on :
I think so too! Posted by RichBy26 on :
quote:Originally posted by SilverSurfer314: Some More Key Numbers From The 10QSB:
Cash: Sep 30, 2006:$1,404,067 Dec 31, 2005:$160,203
Total Assets: Sep 30, 2006: $84,433,397 Dec 31, 2005: $4,430,690
Increase of: $80,002,707 (1806%)!!!
Shareholders Equity; Sep 30, 2006: $47,770,046 Dec 31, 2005: $(7,867,979)
An increase of: $55,638,025 !!!!!!
Net Income Per Share Increased!
3 months ended: Sep 30, 2006: $ 0.02 net income per share Sep 30, 2005: $ (0.08) net income (deficit) per share
This is a difference of $0.10 per share!!!
9 Months ended; Sep 30, 2006: $ 0.04 net income per share Sep 30, 2005: $ (0.34) net income (deficit) per share
OS increased to ~240 million! Sep 30, 2006: $84,433,397 (Assets) / 240,112,210 (OS) = $0.351/share!
Posted by SilverSurfer314 on :
quote:Originally posted by SilverSurfer314: Also,note that their revenues jumped to $14,003,738 for the 9 months ending Sep-30, 2006 (an increase of 123% over last year's figure of $6,266,648 for the 9 months ending Sep-30, 2005); and further note, that the revenues are based in part on only being able to materially include the contributions of Real Properties Technologies ($24 million per year in revenues) and Allstate Funding ($24 million per year in revenues) for 4 months and 2 months, respectively!!! All the key financial numbers are positive and advancing swiftly in the right direction. The next financial statement will be even better, as their revenue generating assets will be materially included for that much longer! Looking forward to a great press release this morning, or at some point today!
.018 x .019!
Posted by Homersbud on :
bid is building!
018x019 3x1
Posted by RichBy26 on :
buys coming in hard at .02, this wall is falling!!
Posted by RichBy26 on :
.02 getting hit, .022 is next!
Posted by Homersbud on :
Weeeeeeeeee!
019x02 1x1
Posted by skip on :
Those financials are hard to ignore...
A nice PR highlighting the results would be great...
Posted by RichBy26 on :
moving again! .019 x .021!
Posted by RichBy26 on :
Joe Casio-Barron is the person I was told to contact about the PR... 702-868-7907
Or, Michael Barron CEO 702-547-7900
Let's all call to get this info out soon!!
Posted by Homersbud on :
This looks dead....
Anyone get any info from the company in regards of a PR?
018x019 1x3
Posted by RichBy26 on :
I have tried all morning Homer, no luck. I can't believe they wouldn't PR something...
Posted by RichBy26 on :
Just got off the phone with the company, they said they are working on the PR and are trying to get it out before tomorrow. He stated that they were extremely busy and they understood how important it was to let the public know how well the company is doing!
Posted by Homersbud on :
quote:Originally posted by RichBy26: Just got off the phone with the company, they said they are working on the PR and are trying to get it out before tomorrow. He stated that they were extremely busy and they understood how important it was to let the public know how well the company is doing!
Sweet! I just bought another 100k at 0175. Hopefully we can get a nice run going before the PR hits and booooooom!
017x018 3x1
Posted by Homersbud on :
Uptick!
0175x019 1x1
Posted by SilverSurfer314 on :
quote:Originally posted by RichBy26: Just got off the phone with the company, they said they are working on the PR and are trying to get it out before tomorrow. He stated that they were extremely busy and they understood how important it was to let the public know how well the company is doing!
Good work, Rich!!!
Posted by RichBy26 on :
quote:Originally posted by RichBy26: Joe Casio-Barron is the person I was told to contact about the PR... 702-868-7907
Or, Michael Barron CEO 702-547-7900
Let's all call to get this info out soon!!
sorry, the number I posted for Michael Barron was wrong. It should be 702-868-7900
Posted by skip on :
Not my normal type of play, but those financials are hard to ignore. I think if they PR these numbers in the right light, it could possibly run big...
News coming today, I called again last night to ask about the status of the PR and they said that it would be out before the Holiday... When they release the numbers from the 10Q it will move fast!
Posted by RichBy26 on :
I'm tapped out, but if I had extra funds I would be buying at these levels. News coming today according to the company...
Posted by RichBy26 on :
NEWS!!!
Shearson Financial Network, Inc. Reports Increase in Earnings for the Three and Nine Months Ended September 30, 2006
LAS VEGAS, NV -- (MARKET WIRE) -- 11/22/06 -- Shearson Financial Network, www.sfnncorp.com, (OTCBB: SFNN) reported earnings of $4,450,211 for the nine months ended September 30, 2006 and earnings of $2,474,658 for the quarter ended September 30, 2006, as reflected on the Company's Form 10Q filed with the SEC on November 20, 2006.
For the nine months ended September 30, 2006, revenues increased $7.7 million to $14 million from revenue of $6.3 million during the same period for the prior year. Gross profit increased $7.1 million to $10.9 million, as compared to $3.8 million for the same period in 2005. Earnings per share increased to $0.04, from a loss per share of $0.34 during the same period in the prior year. Net worth increased to $47.8 million from $(5.5) million as of September 30, 2006.
Both operating units of the Company, Shearson Home Loans and Real Properties Technologies ("RPT"), posted operating profits during the period. Net revenues from origination and/or sale of loans from Shearson Home Loans, the company's mortgage banking subsidiary, increased 5% or $313,000, to $6.6 million for the nine months ended September 30, 2006 from $6.3 million for the nine months ended September 30, 2005. The increase in revenues is directly related to the Company's acquisition of Allstate Funding Corp and its purchase of certain assets of eHome Credit Corp., of which revenues totaled approximately $5.7 million.
The Company's CEO and Chairman Michael Barron stated, "We believe our operating results in both the RPT unit and the Shearson Home Loans are reflective of the progress the Company is making with our acquisition strategy in both industry segments. We have had our challenges in the past and now look forward to realizing our future growth potential under our current business strategy."
CONTACT: Shearson Financial Network Las Vegas, Nevada Michael Barron 702-868-7922
Posted by Homersbud on :
Awesome!
019x02 2x1
Posted by RichBy26 on :
moving FAST!!!!!
Posted by skip on :
sweet!
Posted by RichBy26 on :
I told everyone!
Posted by trade2win on :
Thanks for your efforts rich.
Posted by RichBy26 on :
no worries, still undervalued should have a great run from this!
Posted by trade2win on :
How far you guys this will go today?
Posted by RichBy26 on :
that PR was awsome! I like this part the best "Earnings per share increased to $0.04, from a loss per share of $0.34 during the same period in the prior year."
Posted by RichBy26 on :
earnings per share increased by .04 and we're trading at .022 x .023!!! run!!!!
Posted by Homersbud on :
025's are up!
Posted by skip on :
EPS of .04! that is amazing, trading at .024?
Posted by RichBy26 on :
silver, homer, are you watching this?!!
Posted by MidwestConnection on :
This will probably get at least 100% gain
Posted by RichBy26 on :
we will see at least 100% gain IMO
Posted by RichBy26 on :
this thing is not stopping!!!! .026 x .027
Posted by RichBy26 on :
dip, good buying op
Posted by RichBy26 on :
moving up again .024 x .025
Posted by Homersbud on :
Company came thru with a sweet PR! I took profits at 025, so I'm riding freebies now!
If we break 027, we should test 03
023x024 1x2
Posted by RichBy26 on :
I think there was a lot of profit taking from those who accumulated at much lower levels. Once the news spreads we will soar IMO. Definitely a Friday gapper!
Posted by RichBy26 on :
L2s are thin to .03!
Posted by RichBy26 on :
NEWS!!!
Shearson Financial Network, Inc. Reports Increase in Earnings for the Three and Nine Months Ended September 30, 2006
LAS VEGAS, NV -- (MARKET WIRE) -- 11/22/06 -- Shearson Financial Network, www.sfnncorp.com, (OTCBB: SFNN) reported earnings of $4,450,211 for the nine months ended September 30, 2006 and earnings of $2,474,658 for the quarter ended September 30, 2006, as reflected on the Company's Form 10Q filed with the SEC on November 20, 2006.
For the nine months ended September 30, 2006, revenues increased $7.7 million to $14 million from revenue of $6.3 million during the same period for the prior year. Gross profit increased $7.1 million to $10.9 million, as compared to $3.8 million for the same period in 2005. Earnings per share increased to $0.04, from a loss per share of $0.34 during the same period in the prior year. Net worth increased to $47.8 million from $(5.5) million as of September 30, 2006.
Both operating units of the Company, Shearson Home Loans and Real Properties Technologies ("RPT"), posted operating profits during the period. Net revenues from origination and/or sale of loans from Shearson Home Loans, the company's mortgage banking subsidiary, increased 5% or $313,000, to $6.6 million for the nine months ended September 30, 2006 from $6.3 million for the nine months ended September 30, 2005. The increase in revenues is directly related to the Company's acquisition of Allstate Funding Corp and its purchase of certain assets of eHome Credit Corp., of which revenues totaled approximately $5.7 million.
The Company's CEO and Chairman Michael Barron stated, "We believe our operating results in both the RPT unit and the Shearson Home Loans are reflective of the progress the Company is making with our acquisition strategy in both industry segments. We have had our challenges in the past and now look forward to realizing our future growth potential under our current business strategy."
CONTACT: Shearson Financial Network Las Vegas, Nevada Michael Barron 702-868-7922
Posted by Homersbud on :
Looking good again!
024x025 2x1
Posted by cottonjim on :
agreed .025x.0259
Posted by jas2mel on :
like to see it break .03 today. sorry about previous thread posted today didnt see you guys. GL all
Posted by skip on :
quote:Originally posted by RichBy26: I told everyone!
gotta give props to rich and others that were here earlier this week. your calling the company gave me confidence to buy, and step out of my comfort zone (this technically, did not fit my standards). I appreciate that. you can't believe 90% of the stuff on boards, but you sir, came through. duly noted. thanks.
-skip
Posted by RichBy26 on :
I think we can see .03 jas2, just need some more volume. Should come after the lunch hour...
Posted by RichBy26 on :
quote:Originally posted by skip:
quote:Originally posted by RichBy26: I told everyone!
gotta give props to rich and others that were here earlier this week. your calling the company gave me confidence to buy, and step out of my comfort zone (this technically, did not fit my standards). I appreciate that. you can't believe 90% of the stuff on boards, but you sir, came through. duly noted. thanks.
-skip
Thanks skip! Silver also deserves props for starting this thread and initiating contact with the company!
Posted by RichBy26 on :
wall at .025, then .03 then .04! We should get movement again after lunch...
Posted by SilverSurfer314 on :
Over 13 million in positive volume! At all-time record-breaking volume level!
Posted by RichBy26 on :
big buys at .025!
Posted by Homersbud on :
Nice buys going thru at the ask.
024x025 2x4
Posted by Homersbud on :
Looks to be ready again! Time to break 027
0245x025 3x2
Posted by RichBy26 on :
.025 x .026!!!
Posted by RichBy26 on :
.026 x .027!!! .03 is coming!!!
Posted by Homersbud on :
027's falling!
Posted by RichBy26 on :
the train is leaving! All aboard!!!
Posted by RichBy26 on :
.03 x .031!!!
Posted by Homersbud on :
Weeeeeeeeeee!
03x031
Posted by RichBy26 on :
.033 x .034!!
Posted by trade2win on :
crap, flipped too early.
Posted by RichBy26 on :
I flipped at .033!!! I'll get back in later today, it's not over yet IMO!!
Posted by Homersbud on :
quote:Originally posted by RichBy26: I flipped at .033!!! I'll get back in later today, it's not over yet IMO!!
Nice!
I'm almost outta freebies. Only got 50k left, but sold some more at 033!
What a beast!
031x032 4x1
Posted by RichBy26 on :
yup, looks like it's going higher too!
Posted by Homersbud on :
Wow!
0351x037 2x1
Posted by RichBy26 on :
Wow .035 x .037!!
Posted by RichBy26 on :
this is a beast!!
Posted by RichBy26 on :
.039 x .04!!!!
Posted by Homersbud on :
printing 04!!
Posted by RichBy26 on :
WOOOOWWWWW!!
Posted by Homersbud on :
Geez!
041x042 1x1
Posted by djg7 on :
Damn, missed this one. Looks like a BANY here.
Posted by RichBy26 on :
.043 x .045!!!
Posted by trade2win on :
damn! missed a whole bunch of free money.
Posted by RichBy26 on :
I thought I did good selling at .033??? hey a gain is a gain, still made 2,800!!!
Posted by RichBy26 on :
moving up again!!! no stopping this thing!
Posted by trade2win on :
Thats so true, any green is good but it was a good opportunity to make up for some of the losses made elsewhere. But hey, there is always a next time.
Posted by djg7 on :
Insane. Sure looks like a BANY from a few days ago.
Posted by SilverSurfer314 on :
New HOD * .053, up 211% with over 24 milliion in volume. Amazing!
Posted by hedfe on :
arca is gone up 194% can't believe its still going
Posted by RichBy26 on :
congrats to all those who got in, to crazy for me to re-enter!!! GB
Posted by cottonjim on :
quote:Originally posted by RichBy26: I thought I did good selling at .033??? hey a gain is a gain, still made 2,800!!!
I did the same thing Rich, holy chit, kicking myself a bit but profit is profit.
Posted by hedfe on :
rsi is in the 80's or 90's probably will hit .07 then it will gone down as fast as it went it up
Posted by RichBy26 on :
all I can say is WOW!!!
Posted by Homersbud on :
Sold the rest I had at 065!
What a play this ended up to be!
Congrates to all! Thanks for the DD Rich and Silver!
Posted by RichBy26 on :
Great job Homer!
Posted by SilverSurfer314 on :
New HOD * .0675, up nearly 300%!!!
Posted by RichBy26 on :
Thanks silver! GLTA
Posted by trade2win on :
Thanks for the DD rich and silver, really appreciate that.
How do such plays play out, i believe fri might see some more selling and then it will settle in a range for a bit and with no news go down again in the coming few weeks? I am trying to figure out an re-entry point for the next run before the next set of results.
Posted by SilverSurfer314 on :
quote:Originally posted by RichBy26: Thanks silver! GLTA
You are welcome, and thank you for your legwork, and congrats to all those that realized great gains from the underdog stock performance by a great up-and-coming company! This was a rock-solid play!!! And still is. Next 10Q will be even better!
Posted by cmsrem on :
OMG, I actually made some money
Posted by RWGATORBLUE on :
Saw it this morning at the open price but I'd sent my free money yesterday on BANY and HGCP. Made my 30% and got out but didn't have anything else left. ETrade has changed their Quick transfer policy and doesn't clear funds transfered from outside accounts until 5 biz days. Could have made a bundle. CRAP!
Posted by jas2mel on :
This one isnt done today it is dipping a bit for rebuys then it will jump again. I see a .07 at or before EOD depending on L2.
Posted by jas2mel on :
needs a little more volume but still moving nicely
Posted by Homersbud on :
I'm back in at 05
05x051 1x1
Posted by skip on :
This one could be really really big...
Posted by jas2mel on :
Think everyone is getting ready for turkey day. Overseas here so nothing else to do. May pick up nicely on EOD for nice flip then jump back in on Friday. Happy holidays to all.
Posted by unix555 on :
It is very scare to jump in now !!!!!!
Posted by cmsrem on :
starting to gap up
Posted by Green_Machine on :
Seem like a solid company here. Anybody still in this one? This news came out on Wednesday. It seems like it could be a very nice play from here.
Shearson Financial Network, Inc. Reports Increase in Earnings for the Three and Nine Months Ended September 30, 2006
LAS VEGAS, NV, Nov 22, 2006 (MARKET WIRE via COMTEX) -- Shearson Financial Network, www.sfnncorp.com, (OTCBB: SFNN) reported earnings of $4,450,211 for the nine months ended September 30, 2006 and earnings of $2,474,658 for the quarter ended September 30, 2006, as reflected on the Company's Form 10Q filed with the SEC on November 20, 2006. For the nine months ended September 30, 2006, revenues increased $7.7 million to $14 million from revenue of $6.3 million during the same period for the prior year. Gross profit increased $7.1 million to $10.9 million, as compared to $3.8 million for the same period in 2005. Earnings per share increased to $0.04, from a loss per share of $0.34 during the same period in the prior year. Net worth increased to $47.8 million from $(5.5) million as of September 30, 2006.
Both operating units of the Company, Shearson Home Loans and Real Properties Technologies ("RPT"), posted operating profits during the period. Net revenues from origination and/or sale of loans from Shearson Home Loans, the company's mortgage banking subsidiary, increased 5% or $313,000, to $6.6 million for the nine months ended September 30, 2006 from $6.3 million for the nine months ended September 30, 2005. The increase in revenues is directly related to the Company's acquisition of Allstate Funding Corp and its purchase of certain assets of eHome Credit Corp., of which revenues totaled approximately $5.7 million.
The Company's CEO and Chairman Michael Barron stated, "We believe our operating results in both the RPT unit and the Shearson Home Loans are reflective of the progress the Company is making with our acquisition strategy in both industry segments. We have had our challenges in the past and now look forward to realizing our future growth potential under our current business strategy."
CONTACT: Shearson Financial Network Las Vegas, Nevada Michael Barron 702-868-7922
SOURCE: Shearson Financial Network
Copyright 2006 Market Wire, All rights reserved
Posted by right42day on :
Green_Machine,
This does seem like a solid company. I am riding freebies, usually don't keep any but did this time... Good luck
Posted by Green_Machine on :
quote:Originally posted by right42day: Green_Machine,
This does seem like a solid company. I am riding freebies, usually don't keep any but did this time... Good luck
Riding some freebies, eh? What are your thoughts on futrue PPS movements here? TIA obi
Posted by COOLORANGEFREEZE on :
I missed this boat before T-day. With numbers like that it could eventually go higher and retraces added into the mix. You guys made good here!
Posted by Green_Machine on :
Does this seem under valued to anyone? Any thoughts here? Thanks GM
Posted by next1 on :
If you missed it before, here is your chance again!
Posted by next1 on :
volume picking up nicely!
Posted by next1 on :
most likely setting up for a nice run soon
Posted by next1 on :
bid building up again
Posted by Green_Machine on :
quote:Originally posted by next1: most likely setting up for a nice run soon
Looking good next1. I can't believe what I am looking at down here. Just looking at their 10q and their numbers now... Not bad so far...
Posted by jas2mel on :
yeah this is building up again. charts and volume looking alot better
Posted by Green_Machine on :
It would be nice to get some news of maybe another acquisition.
Posted by Green_Machine on :
This news is from last week, Did everyone miss it due to the holiday?
Shearson Financial Network, Inc. Reports Increase in Earnings for the Three and Nine Months Ended September 30, 2006 Wednesday November 22, 10:56 am ET
LAS VEGAS, NV--(MARKET WIRE)--Nov 22, 2006 -- Shearson Financial Network, www.sfnncorp.com, (OTC BB:SFNN.OB - News) reported earnings of $4,450,211 for the nine months ended September 30, 2006 and earnings of $2,474,658 for the quarter ended September 30, 2006, as reflected on the Company's Form 10Q filed with the SEC on November 20, 2006. ADVERTISEMENT
For the nine months ended September 30, 2006, revenues increased $7.7 million to $14 million from revenue of $6.3 million during the same period for the prior year. Gross profit increased $7.1 million to $10.9 million, as compared to $3.8 million for the same period in 2005. Earnings per share increased to $0.04, from a loss per share of $0.34 during the same period in the prior year. Net worth increased to $47.8 million from $(5.5) million as of September 30, 2006.
Both operating units of the Company, Shearson Home Loans and Real Properties Technologies ("RPT"), posted operating profits during the period. Net revenues from origination and/or sale of loans from Shearson Home Loans, the company's mortgage banking subsidiary, increased 5% or $313,000, to $6.6 million for the nine months ended September 30, 2006 from $6.3 million for the nine months ended September 30, 2005. The increase in revenues is directly related to the Company's acquisition of Allstate Funding Corp and its purchase of certain assets of eHome Credit Corp., of which revenues totaled approximately $5.7 million.
The Company's CEO and Chairman Michael Barron stated, "We believe our operating results in both the RPT unit and the Shearson Home Loans are reflective of the progress the Company is making with our acquisition strategy in both industry segments. We have had our challenges in the past and now look forward to realizing our future growth potential under our current business strategy."
Posted by Green_Machine on :
.03x.031 2x1....
Posted by next1 on :
We have good support! And bids are building up again
Posted by Green_Machine on :
Some interesting volume so far...I see ARCA just below the bid......0305x.031 now
Posted by Green_Machine on :
SFNN has been added to the naked short list today.... **********: REDF, SFLK, SFNN, SMTE, UWNK Have Also Been Added To Naked Short List Today
Dec 01, 2006 (M2 PRESSWIRE via COMTEX) -- **********, www.**********, announced today that these select companies have been added to the NASDAQ, AMEX and NYSE naked short threshold list: Rediff.Com India Limited (NASDAQ: REDF), Saflink Corporation (NASDAQ: SFLK), Shearson Finl Netwk (OTCBB: SFNN), Simtek Corporation (OTCBB: SMTE), uWink, Inc. (OTCBB: UWNK). For a complete list of companies on the naked short list please visit our web site. To find the SqueezeTrigger Price before a short squeeze starts in any stock, go to www.**********. Rediff.Com India Limited (NASDAQ: REDF) provides online news, information, communication, entertainment, and shopping services focusing on India and the worldwide Indian community. Its Web sites consists of interest specific channels relevant to Indian interests, such as cricket; astrology; matchmaker and movies; content on various matters like news and finance; search facilities; a range of community features, such as email, chat, messenger, and e-commerce; broadband wireless content; and wireless short messaging services to mobile phone subscribers in India. The company also publishes two weekly newspapers aimed at the Indian-American community based in the United States and Canada. As of March 31, 2005, the company had 36 million online registered users. The company was founded in 1996 by Ajit Balakrishnan under the name Rediff Communication Private Limited. It subsequently changed its name to Rediff.com India Limited in 2000. The company is headquartered in Mumbai, India. With 29.08 million shares outstanding and 1.16 million shares declared short as of Oct 2006, there is a failure to deliver in shares of REDF.
Saflink Corporation (NASDAQ: SFLK) provides software and hardware solutions for the protection of critical business assets. It offers biometric and smart card application software and hardware, and public key infrastructure solutions that protect intellectual property, secure information assets, and eliminate passwords. The company's biometric technologies automatically identify individuals by electronically capturing a specific biological or behavioral characteristic of that individual, such as a fingerprint, iris pattern, voiceprint, or facial feature, creating a unique digital identifier from that characteristic and then comparing it against a previously created and stored digital identifier. Its solutions provide Identity Assurance Management, which enables administrators to verify identity and control access to computer networks, physical facilities, applications, and time and attendance systems. The company also resells iris recognition, voice verification, and facial feature recognition software from various companies through licensing arrangements. Saflink offers its products to end-user customers in the healthcare, manufacturing, education, government, and financial services industries in North America. In addition, the company provides maintenance, installation, and integration consulting services related to its software and hardware products. Saflink markets its products through direct sales representatives, distributors, and resellers. Saflink was founded in 1988 and is headquartered in Bellevue, Washington. With 88.91 million shares outstanding and 427,710 shares declared short as of Oct 2006, there is a failure to deliver in shares of SFLK.
Shearson Finl Netwk (OTCBB: SFNN) operates as a direct-to-consumer mortgage broker and banker. The company originates mortgage loans and home equity loans in the United States. Its mortgage loan products include conforming mortgage products, which are adjustable and fixed rate loan programs; alternative A/sub prime mortgage products; fixed rate amortizing and fixed rate with a balloon payment programs; JUMBO loans, which are adjustable and fixed rate loan program; and fixed-rate first mortgage loans. As of December 31, 2005, Shearson Financial Network operated through 28 retail branches in 12 states. The company was founded in 2000. It was formerly known as Blue Star Coffee, Inc. and changed its name to Consumer Direct of America in 2002. Further, the company changed its name to Shearson Financial Network, Inc. in June 2006. Shearson Financial Network is headquartered in Las Vegas, Nevada. With 240.11 million shares outstanding and 43,470 shares declared short as of Oct 2006, there is a failure to deliver in shares of SFNN.
Simtek Corporation (OTCBB: SMTE) engages in the design and marketing of re-programmable and nonvolatile semiconductor memory products. It designs and develops 1-megabit, 256-kilobit, 64-kilobit, and 16-kilobit nonvolatile semiconductor memory products, and associated products and technologies, as well as develops sources of supply and distribution channels. The company also provides electronics engineering research and development contracts. Its products are used in high performance workstations, GPS navigational systems, robotics, copiers and printers, broadcast equipment, computers, copiers, factory controllers, electric meters, and military systems. The company operates in the United States, the United Kingdom, and Hong Kong. Simtek Corporation was founded by Richard Petritz and Gary Derbenwick in 1986. The company is headquartered in Colorado Springs, Colorado. With 8.12 million shares outstanding and 3,747 shares declared short as of Oct 2006, there is a failure to deliver in shares of SMTE.
uWink, Inc. (OTCBB: UWNK) engages in the design and development of interactive entertainment software and platforms for restaurants, bars, and mobile devices in the United States. It develops uWink Media Bistro, an interactive entertainment restaurant concept that enables customers to order food, drinks, and games/media at their table through touch screen terminals. The company also licenses SNAP!, a countertop video game terminal technology; and Bear Shop, an entertainment vending platform technology for animated point of purchase vending. uWink was founded in 1982 and is based in Los Angeles, California. With 18.96 million shares outstanding and 32,810 shares declared short as of Oct 2006, there is a failure to deliver in shares of UWNK.
About **********
WWW.********** is a service designed to help bonafide shareholders of publicly traded US companies fight naked short selling. Naked short selling is the illegal act of short selling a stock when no affirmative determination has been made to locate shares of the stock to hypothecate in connection with the short sale. ********** has built a proprietary database that uses Threshold list feeds from NASDAQ, AMEX and NYSE to generate detailed and useful information to combat the naked short selling problem. For the first time, actual trade by trade data is available to the public that shows the attempted size, actual size, price and average value of short sales in stocks that have been shorted and naked shorted. This information is valuable in determining the precise point at which short sellers go out-of-the-money and start losing on their short and naked short trades.
********** has built a massive database that collects, analyzes and publishes a proprietary SqueezeTrigger for each stock that has been shorted, www.**********/squeezetrigger.pdf. The SqueezeTrigger database of nearly 1,100,000,000 short sale transactions goes back to January 1, 2005, and calculates the exact price at which the Total Short Interest is short in each stock. This data was never before available prior to January 1, 2005, because the Self Regulatory Organizations (primary exchanges) guarded it aggressively. After the SEC passed Regulation SHO, exchanges were forced to allow data processors like ********** to access the data.
The SqueezeTrigger database collects individual short trade data on over 7,000 NYSE, AMEX and NASDAQ stocks and general short trade data on nearly 8,000 OTCBB and PINKSHEET stocks. Each month the database grows by approximately 50,000,000 short sale transactions and provides investors with the knowledge necessary to time when to buy and sell stocks with outstanding short positions. By tracking the size and price of each month's short transactions, ********** provides institutions, traders, analysts, journalists and individual investors the exact price point where short sellers start losing money.
All material herein was prepared by **********, based upon information believed to be reliable. The information contained herein is not guaranteed by ********** to be accurate, and should not be considered to be all-inclusive. The companies that are discussed in this opinion have not approved the statements made in this opinion. This opinion contains forward-looking statements that involve risks and uncertainties. This material is for informational purposes only and should not be construed as an offer or solicitation of an offer to buy or sell securities. ********** is not a licensed broker, broker dealer, market maker, investment banker, investment advisor, analyst or underwriter. Please consult a broker before purchasing or selling any securities viewed on or mentioned herein. ********** may receive compensation in cash or shares from independent third parties or from the companies mentioned.
********** affiliates, officers, directors and employees may also have bought or may buy the shares discussed in this opinion and may profit in the event those shares rise in value. Market commentary provided by Thomas Ronk.
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Posted by Green_Machine on :
SFNN will crush any shorts. IMO I guess it is all part of the game though..... Nice buying opportunity here. IF you can find another OTcBB Like SFNN down here, Please let me know... Posted by Green_Machine on :
.027x.029 now
Posted by SilverSurfer314 on :
Excellent news! Just received email response from CEO Michael Barron about naked shorting!
"We from time to time have suspected there is a naked short but have not been able to prove it. One thing we are planning is a share count audit which we will have our transfer agent conduct for us. We are contemplating this in conjunction with a dividend we may issue. This will force the shorts to cover their positions as they will need to buy in and produce evidence of actual ownership. Certs will be collected and retired and new ones issued as part of the certification process. Anyone short will be history.
We are not alone in this situation, but at least we have a plan." - mb
Posted by SilverSurfer314 on :
.03 x .031, up 34%!!!
Posted by SilverSurfer314 on :
quote:Originally posted by SilverSurfer314: Excellent news! Just received email response from CEO Michael Barron about naked shorting!
"We from time to time have suspected there is a naked short but have not been able to prove it. One thing we are planning is a share count audit which we will have our transfer agent conduct for us. We are contemplating this in conjunction with a dividend we may issue. This will force the shorts to cover their positions as they will need to buy in and produce evidence of actual ownership. Certs will be collected and retired and new ones issued as part of the certification process. Anyone short will be history.
We are not alone in this situation, but at least we have a plan." - mb
Given that he shared this with me, and in writing, I'm sure we'll see a press release about this, soon!
Posted by SilverSurfer314 on :
Moving...
Posted by networkdude on :
I can't believe that this stock is only trading at .03!! With Revenues and Assets like this A/S- 500,000,000 O/S- 240,112,210 Float- 96m
Look at their income: ****Net worth increased to $47.8 million.**** Total assets: $84,433,397 9 months REVS: $14,003,738 9 months NET Revs: $4,450,211 EPS: .04
it should be trading near .20! SFNN showed up on the Reg SHO on 30 November too. We'll see what happens this week....totally undervalued IMO.
Posted by skip on :
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