Surety Capital Corp. Announces First Quarter 2014 Earnings
April 29 2014 - 3:13PM
Marketwired
Surety Capital Corp. Announces First Quarter 2014 Earnings
FORT WORTH, TX--(Marketwired - Apr 29, 2014) - Surety Capital
Corp. (OTC Pink: SRYP) (PINKSHEETS: SRYP) announces its first
quarter ended March 31, 2014 unaudited financial
results. Surety's Chairman of the Board and CEO Ralph Mendoza
stated, "Surety's net income for the quarter was $16,366, a 15%
decrease over the same quarter ended March 31, 2013. This decrease
was primarily attributable to a decrease in gross volume." Mendoza
further stated, "This is the thirteenth quarter in a row that
Surety has had a net income from its ordinary business operations.
The Company is continuing its efforts to grow its customer base
within the Hispanic funeral home receivable financing segment and
its net income is impacted not only by competitive lending sources,
but by factors that impact the demand for funeral home receivable
financing in general and its cost of capital." Mendoza finally
stated, "Our decision last year to conserve cash and direct earning
back into the Company by not continuing to incur the cost to have
the Company pay fees to be quoted on the OTC Market and publish the
required reports has significantly contributed to maintaining a
positive trend in net income, however it has resulted in marginal
to no trading in our shares. The last reported trade of $.007 per
share would indicate our market capitalization is less than two
times our annual earnings for the past twelve months. While
there are many factors that influence the volume and value of our
share trading, we believe that with our growth and consecutive
quarters of positive earnings our Company should reflect a higher
overall market value."
CEO, Chairman Mendoza stated, "The Board of Directors is in the
final stages of getting shareholders' approval that Surety convert
its domicile to the State of Texas from Delaware with a revised
authorized share structure that provides for an effective forward
split of our stock 100 for 1. Based on our understanding of the
dynamics of how stocks trade in our market environment we are
hopeful that such action will increase our overall market
valuation." A majority of the shareholders' are required to
approve the actions and the Board of Directors directly and/or
indirectly control more than 50% of the shareholders'
votes. Surety Capital Corporation currently has 16,520,973
shares of common stock $.01 par value outstanding out of an
authorized 20,000,000 shares. After the split there will be
1,652,097,300 shares of common stock no par value outstanding and
2,000,000,000 shares authorized.
Market
Statement: Some limited information about Surety is
contained on the OTC Markets OTCPink website; however the Company
does not file reports with the Securities and Exchange Commission
or otherwise make current financial or other information publicly
available. With a lack of current public information available,
anyone considering purchasing or selling the Company shares should
carefully consider the risks involved with the lack of having such
information.
Forward-Looking
Statement This release contains forward-looking statements
that reflect Surety's plans and expectations. In this press release
and related comments by Company management, words like
"hope," "profit," "leading," "opportunity," "expect,"
"anticipate," "estimate," "forecast," "objective," "plan," "goal"
and similar expressions are used to identify forward-looking
statements, representing management's current judgment and
expectations about possible future events. Management believes
these forward-looking statements and the judgments upon which they
are based to be reasonable, but they are not guarantees of future
performance and involve numerous known and unknown risks,
uncertainties and other factors that may cause the Company's actual
results, performance, achievements or financial position to be
materially different from any future results, performance,
achievements or financial position expressed or implied by these
forward-looking statements.
For more details concerning our financial statements, reports
and other corporate matters, please contact either Ralph Mendoza or
Dick Abrams at 817.850.9800 or dick@sryp.net.
Contacts: Ralph Mendoza Dick Abrams 817.850.9800
dick@sryp.net