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Shearson Home Loans Expands Operations Infrastructure
Jan 9, 2007 09:01:33 (ET)
LAS VEGAS, NV, Jan 09, 2007 (MARKET WIRE via COMTEX) -- Shearson Financial Network, (SFNN, Trade ) has reported that its subsidiary Shearson Home Loans, is expanding its mortgage banking division operating infrastructure in order to accommodate its planned new business for 2007. The Company appointed Doug Lawrence as President of Shearson Home Loans, expanded its current warehouse banking credit facilities from 75 million to 83 million by the addition of a line of credit with Sterling Eagle, a warehouse lender based in West Trenton, New Jersey. An aggressive recruitment program as well as increasing its states licensing program, has given the Company a broader base to accommodate the forecast of new mortgage business planned for 2007.
Chairman & CEO Michael A. Barron said, "We have been working towards strengthing our current infrastructure of our mortgage operations for growth for some time now. The Company has expanded its states licensing program from 17 states in 2005, to 47 states in 2006, a 176% increase for the year and plans to continue throughout 2007 the growth of the states it is licensed to do business in. This expansion allows Shearson to accommodate those companies wishing to affiliate with the network. Our selection of Doug Lawrence, a twenty-year seasoned veteran in mortgage banking with a proven track record of successfully increasing loan production towards billion dollar levels, as President of Shearson Home Loans, solidifies our commitment for growth for 2007."
About Shearson Home Loans
Shearson Home Loans is a fast-growing provider of residential mortgages. It employs over 500 people in the residential mortgage division. Shearson operates 54,000 sq. ft. of branch office space with 37 locations in 47 states. The company is a consolidator of independent mortgage brokerages and has grown rapidly during the last three years through acquisition and consolidation. The company currently is seeking new branches for its growing network. For more information, please visit the company's website at 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.
Posts: 85 | From: Michigan | Registered: Nov 2006
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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
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All the news recently has been gr8... Co. is really making profit now and worth millions.... A WINNER HERE
Posts: 1101 | From: Georgia | Registered: Apr 2006
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Kinda stalled out now at .016? grabbed a few here at .016 while it was simmering for a second.
Posts: 333 | From: Cullman, Al | Registered: Sep 2005
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Everything about this one is pointing to a winning stock.....dramatic turn-a-round from losses to gr8 profit
Posts: 1101 | From: Georgia | Registered: Apr 2006
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According to the chart this one has been low b4 and went back up past .04.... With the company success this should happen again
Posts: 1101 | From: Georgia | Registered: Apr 2006
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I almost got out with some profit. But i think it will go higher since the company only has Gr8 news recently..... Will risk it ... Glad you got some profit... Never a bad idea,,,, take it while you can
Posts: 1101 | From: Georgia | Registered: Apr 2006
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posted
LAS VEGAS, NV, Apr 13, 2007 (MARKET WIRE via COMTEX) -- 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.comPosts: 15 | From: Boston | Registered: May 2005
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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
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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
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SFNN.OB (.013) Looking good, up 19% already. Tomorrow will be better on this good news. --------------------------------------------
Shearson Financial Network, Inc. Moves to Expand Its Warehouse Banking Capacity Thursday April 19, 12:56 pm ET
LAS VEGAS, NV--(MARKET WIRE)--Apr 19, 2007 -- Shearson Financial Network, Inc. (OTC BB:SFNN.OB - News) (www.sfnncorp.com) announced today that its wholly owned subsidiary, Shearson Home Loans (www.shearsonhomeloans.com), has applied to expand its warehouse banking capacity by $20 million. Amid growing originations at the Company, additional mortgage warehouse lines of credit are needed to meet the demand for banked products. The Company currently has in excess of $20 million in warehouse banking credit lines. ADVERTISEMENT
"Our Company is experiencing strong growth due to an aggressive recruitment program following a first quarter that saw many of the industry originators depart the business. We are facilitating a home for many of the displaced loan officers and wholesale account personnel within Shearson and welcome their business," stated Michael Barron, CEO and Chairman of Shearson Financial Network, the Company's parent. "The additional credit facility is part of our plan to expand the loan volume we bank through our loan center."
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.
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: CONTACT: Shearson Financial Network Las Vegas, Nevada Michael Barron 702-868-7922
Posts: 1269 | From: Dallas, Tx | Registered: Mar 2007
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posted
I hope you are correct! I traded my position in CGHI for this position here, CGHI is up over 30% today...............that is just how it goes with me!
Posts: 333 | From: Cullman, Al | Registered: Sep 2005
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quote:Originally posted by Bluemound_Freak: I hope you are correct! I traded my position in CGHI for this position here, CGHI is up over 30% today...............that is just how it goes with me!
No stock is guarrantied to go up, so you buy at your own risk. But judging from the news and chart, it will most likely go up rather than down. It closed at .0108, so now is a good time to get in.
Posts: 1269 | From: Dallas, Tx | Registered: Mar 2007
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