Shearson Financial Network, Inc. Reports Quarterly Results Monday May 21, 3:36 pm ET
LAS VEGAS, NV--(MARKET WIRE)--May 21, 2007 -- Shearson Financial Network, www.sfnncorp.com, (OTC BB:SFNN.OB - News) reported a 73% decrease in its net loss for the quarter ended March 31, 2007 as compared to the same period during 2006, as filed with the SEC today on Form 10QSB. Shearson posted a loss for the period of $787,324 as compared to a $2.8 million loss for the same period during 2006, which represents a net loss decrease of $2.1 million. ADVERTISEMENT
Net revenues from origination and/or sale of loans increased 487.3% or $933,000 to $1.1 million for the quarter ended March 31, 2007 from $191,000 for the quarter ended March 31, 2006. The increase in revenues can be attributable to the acquisition of 85% of Allstate Home Loans, Inc. Total operating expenses decreased 49.5% or $1.5 million to $1.5 million for the quarter ended March 31, 2007 from $2.9 million for the quarter ended March 31, 2006. The decrease in expenses is related to a 46.5% decrease in wages of $537,769 and a 69.2% decrease in professional fees of $949,234, which is attributable to the Company's reduction in its work force, consolidation of expenses due to acquisitions and a stabilization of professional fees associated with investment activities.
"We are pleased with the operating results our company has reported for this difficult quarter in 2007," stated Michael Barron, the company's Chairman. "Our industry has experienced one of the most challenging periods in mortgage history. Over 70 companies within our industry have ceased doing business and many more have felt the impact of their departure during this correction in the sub-prime market. We have improved over last year's results for the period and continue strive to return to profitability for 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 and is 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: CONTACT: Shearson Financial Network Las Vegas, Nevada Michael Barron 702-868-7922
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