CORRECTING and REPLACING Complete Financial Solutions Announces 3rd Quarter 2014 Financial Results
26 11월 2014 - 5:50AM
Business Wire
Reissuing release to add ticker symbol for searching purposes of
release dated Nov. 20, 2014 at 7:00 AM ET.
COMPLETE FINANCIAL SOLUTIONS ANNOUNCES
3RD QUARTER 2014 FINANCIAL RESULTS
Complete Financial Solutions Inc. (“CFSI” and OTC trading symbol
“CFSU”) announced results for its 3rd quarter 2014 which were
recently posted on the OTC Markets Disclosure and News Service.
Third Quarter 2014 Results (Compared to 2013):
- Revenue for the three months increased
209% to $3,139,499 compared to $1,500,058
- Revenue for the nine months increased
137% to $7,142,725 compared to $5,213,839
- Income from operations for the three
months increased to $149,016 compared to a loss of $39,365
- Income from operations for the nine
months increased to $94,882 compared to a loss of $15,157
Allen Ringer, CEO, commented, “Increases in both Revenue and Net
Income are attributable to a dramatic increase in production in the
3rd quarter. Third quarter revenue was up 35% as a result of a
stronger home purchase market and our acquisition of loan
production offices. Annual production volume is slightly ahead of
last year even though our average closed loan size is 15% lower
than in 2013.”
Mr. Ringer continued, “Our positive results are a reflection of
our investment in new business lines, such as our recent
acquisition of a minority interest in a state-chartered bank.
Growing a business can be an expensive proposition, but we believe
that our recent financial performance demonstrates that our growth
strategy is sound.”
About CFSI
Complete Financial Solutions Inc. is an emerging financial
services company. Through its subsidiary companies, CFSI offers
mortgage origination and processing services in 25 states.
Acceptance Capital Mortgage Corporation (“ACMC”) is a HUD-approved
lender allowing ACMC to both bank and broker FHA loans. ACMC offers
a spectrum of mortgage products through a variety of correspondent
and broker relationships. Insurance Solutions Inc. offers
protection products to mortgage customers of ACMC and to the
general public. For more information, visit our website at
www.cfsi.biz.
This press release may contain forward-looking statements that
involve risks and uncertainties concerning our expected performance
and comments within the safe harbor provisions established under
The Private Securities Litigation Reform Act of 1995. Actual
results may differ materially from the results predicted and
reported results should not be considered as an indication of our
future performance. We believe that these potential risks and
uncertainties include, without limitation: uncertainty regarding
our future revenue growth, operating results and profitability; our
business being dependent on the health of the mortgage industry;
government regulation; and the effect of industry restructuring,
higher interest rates or adverse economic conditions. Statements in
this release should be evaluated in light of these factors. We have
included a detailed discussion of certain risks and uncertainties
that could cause actual results and events to differ materially
from our forward-looking statements in the section titled “Risk
Factors,” filed with our Annual Report, posted with the OTC
Disclosure and News Service on May 28, 2014, which is available at
www.otcmarkets.com. CFSI undertakes no duty to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Complete Financial Solutions Inc.Allen Ringer,
509-462-9236CEOaringer@cfsi.bizorRich Inza, 954-251-0616Investor
Relationsrinza@cfsi.biz
Complete Financial Solut... (PK) (USOTC:CFSU)
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Complete Financial Solut... (PK) (USOTC:CFSU)
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