posted
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."
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posted
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!
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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
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posted
like to see it break .03 today. sorry about previous thread posted today didnt see you guys. GL all
Posts: 395 | From: south dakota | Registered: Nov 2006
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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.
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!
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