posted
Shearson Financial Network, Inc. Reports Annual Earnings Increase
LAS VEGAS, NV, Apr 12, 2007 (MARKET WIRE via COMTEX) -- Shearson Financial Network, www.sfnncorp.com, (OTCBB: SFNN) announces that the company recorded earnings for the year ended December 31, 2006 of $2.8 million, as reported on Form 10-K, filed with the SEC today. Shearson Financial Network, Inc. reported net income of $2.8 million for the year ending December 31, 2006 as compared to a net loss of $11.0 million for the same period in the prior year. The company's mortgage 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. Selling and general administrative expenses decreased 11.6% or $1.3 million as compared to the same period in the prior year. 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.
"We are pleased with the operating results our company has reported for 2006," stated Michael Barron, the company's Chairman. "In a challenging mortgage market which has seen the demise of substantial players, Shearson has managed to earn its way into a stable position as compared to some of its competitors. We look forward to a prosperous 2007."
About Shearson Financial Network, Inc.
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.shearsonfinancialnetwork.com.
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 Las Vegas, Nevada Michael Barron 702-868-7922SOURCE: Shearson Home Loans
Posts: 235 | Registered: May 2006
| IP: Logged |
April 13, 2007 - 2:09 PM EDT Shearson Home Loans Branch Grows Loan Volume Amid Industry Woes
Shearson Financial Network, Inc. (OTCBB: SFNN) www.sfnncorp.com, announced today that its wholly owned subsidiary, Shearson Home Loans www.shearsonhomeloans.com has set a year-to-date loan volume origination record for the Irvine, California based operations center of the company. Shearson Home Loans has generated loan volume in its banking loan pipeline of $44 million for the period ended April 10, 2007. The performance figures represent an increase of over 140% growth in loan volume over last year. The Company recently opened the Irvine operations center and despite industry woes, has continued to increase loan production submitted to its banking division.
"We are pleased that the Company has continued to grow during the competitive mortgage market here in the Irvine area," stated Doug Lawrence, President of Shearson Home Loans. "Our management team here has undertaken an aggressive growth plan and we are seeing great results."
"Their progress continues to underscore that Shearson Home Loans has maintained a steady and conservative governance which has allowed us to avoid issues that other companies in the industry are now experiencing," said Michael Barron, CEO of the parent company. "We have consistently stayed away from the sub-prime sector and have chosen to bank only about 20% of our total volume. This strategy has allowed the company to avoid the pitfalls of financing sub-standard credit and therefore avoid the risks as well. We believe this strategy is key to our current profitability and future plans," stated Barron.
About Shearson Financial Network, Inc.
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.shearsonfinancialnetwork.com,www.sfnncorp.com or www.shearsonhomeloans.com
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 Las Vegas, Nevada. Michael Barron 702-868-7922
Posts: 235 | Registered: May 2006
| IP: Logged |
Senior Accountant- TOP RATED COMPANY GOING PUBLIC Reply to: job-311435700*craigslist.org Date: 2007-04-13, 3:29PM PDT
One of San Diego's most prestigious companies getting ready to go public seeks a Senior Accountant for their rapidly growing team. This position will basically act as a Mini-Controller for their Mortgage Subidiary. (GL's, Financial Statements, process improvement,etc). Additionally this individual will have the opportunity to get involved in many special projects- Mergers&Acquisitions, integration, process improvement, etc. The ideal candidate will have a degree in Accounting and a minimum of 3 progressive years experience in a fast paced accounting department. CPA preferred but not required.
BTW Stinson is referred to as SAN DIEGO'S MOST PRESTIGIOUS MORTGAGE COMPANY ....
Posts: 235 | Registered: May 2006
| IP: Logged |
For sharholders who believe in SFNN, here is a letter from mb to one of the investors. MB is very firm in his bellief that this is way too undervalued and will reach its fair value soon.This is no insider info, just to show how company addresses the Investor concerns and is working hard to have the share its fair value
To: XXXXXXXXXXXXXXXXXXXXXXXXX Date: Mon, 16 Apr 2007 23:44:17 +0000 Subject: Re: Investors worried about SFNN fair value XXXX: The company is doing what it can by making earnings & telling the world about it. We are all investors in the stock here also and want it to go up. I don't understand why anyone would sell at these levels. Our plan for the year is to visit institutional buyers and road show the company with the mission of gaining long support. I don't believe there is a short cut here nor will the issues you raised be solved overnight. However, so long as a company can continue to earn profits, sooner or later the value will be reflected in the trading price. We are dedicated to that cause. - mb
Posts: 235 | Registered: May 2006
| IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
