Brooke Credit Corporation Announces Selected Results for July 2005
August 17 2005 - 2:16PM
PR Newswire (US)
OVERLAND PARK, Kan., Aug. 17 /PRNewswire-FirstCall/ -- Michael
Lowry, President of Brooke Credit Corporation, the finance
subsidiary of Brooke Corporation (NASDAQ:BXXX), announced selected
July 2005 results. Lowry announced that loan portfolio balances for
Brooke Credit Corporation on July 31, 2005, totaled approximately
$240,000,000 as compared to loan portfolio balances of
approximately $232,000,000 on June 30, 2005, and approximately
$220,000,000 on May 31, 2005. Lowry also announced that, during
July, Brooke Credit Corporation received net interest and servicing
income of approximately $888,000 and incurred operating interest
expense of approximately $150,000. To help put these July results
into perspective, Lowry noted that, during the preceding 12 months,
the monthly average of net interest and servicing income totaled
approximately $630,000 and the monthly average of operating
interest expense totaled approximately $95,000. Lowry also
announced that, during July, Brooke Credit Corporation incurred a
loss on loan sale activities of approximately $126,000. The Company
typically experiences a loss on loan sales activities when the
monthly write- down of retained interest asset to fair market value
on previously sold loans exceeds the gains from new loan sales
activities within a given month. When gains from new loan sales
exceed such write-down in a month, as typically occurs in months in
which loans are sold through a securitization, a gain on sales
occurs for the month. To help observers put the July loss on loan
sale activities into perspective, Lowry noted that, during the
preceding 12 months, the monthly average of gain on loan sale
revenues totaled approximately $285,000. All results included
within this press release exclude portfolio balances and revenues
derived from lending activities with parent and sister companies.
About our company ... Brooke Credit Corporation is a subsidiary of
Brooke Corporation (NASDAQ:BXXX) that originates loans to insurance
agencies, financial services practices, funeral homes and other
local businesses, including Brooke franchises. Brooke Credit's loan
portfolio balances totaled approximately $240,000,000 on July 31,
2005. Loans have been mostly sold as individual loans to
participating lenders or as pooled loans to investors through
asset-backed securitizations. The Brooke organization was founded
on the belief that local business owners distribute insurance and
financial services more efficiently than others if supported by a
franchise system. Email Distribution ... If you would like to
receive electronic press release information then please visit the
"Investor Relations" section of Brooke Corporation's website at
http://www.brookecorp.com/ and subscribe to our "Email Alerts"
on-line. This press release may contain forward-looking statements.
Investors are cautioned that all forward-looking statements involve
risks and uncertainties, and several factors could cause actual
results to differ materially from those in the forward-looking
statements. The following factors, among others, could cause actual
results to differ from those indicated in the forward-looking
statements: the uncertainty that the Company will achieve its
short-term and long-term profitability and growth goals,
uncertainties associated with market acceptance of and demand for
the Company's products and services, the impact of competitive
products and pricing, the dependence on third party suppliers and
their pricing, its ability to meet product demand, the availability
of funding sources, the exposure to market risks, uncertainties
associated with the development of technology, changes in the law
and in economic, political and regulatory environments, changes in
management, the dependence on intellectual property rights, the
effectiveness of internal controls, and risks and factors described
from time to time in reports and registration statements filed by
Brooke Corporation with the Securities and Exchange Commission.
Investors are directed to Brooke Corporation's most recent annual,
quarterly and current reports, which are available from Brooke
Corporation without charge or at http://www.sec.gov/ , for a more
complete description of Brooke's business. DATASOURCE: Brooke
Corporation CONTACT: Anita Larson of Brooke Corporation,
+1-913-661-0123, Web site: http://www.brookecorp.com/
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